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Money Guy Show
Is It Ever Okay to Break the 20/3/8 Car Buying Rule?
Jun 12, 2024
Discussing the ethics of breaking the 20/3/8 car buying rule for work-related vehicles. Analyzing the implications of accelerated depreciation and vehicle usage in personal and business contexts. Exploring the impact of lacking heirs on retirement planning and legacy decisions. Sharing strategies for teaching children financial principles and responsible credit card usage.
23:46
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Quick takeaways
- Deviation from 20/3/8 car buying rule for work vehicles is discouraged due to accelerated depreciation risks.
- Premature liquidation of retirement assets like 457B plans can result in increased tax liabilities and hinder long-term wealth accumulation.
Deep dives
Reasons to Adhere to the 23.8 Rule for Car Purchases
The podcast discusses the importance of following the 23.8 rule for car buying, particularly focusing on a scenario where a self-employed individual considers breaking this rule for a work-related vehicle. The speakers emphasize that even if the vehicle is a business asset, it is not advisable to deviate from the 23.8 rule due to accelerated depreciation and potential financial implications. By considering factors like accelerated depreciation and vehicle usage patterns, the podcast highlights the risks associated with bypassing the 23.8 rule for car purchases, urging listeners to prioritize financial prudence.
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Discover
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