Resolute Capital's video: Car LEASE vs FINANCING vs Paying CASH Which is better

Resolute Capital - https://www.instagram.com/resolute_capital/ Connor King - https://www.instagram.com/connortking/ Banks Nash - https://www.instagram.com/banksnash/ DISCLAIMER: THIS VIDEO IS FOR ENTERTAINMENT PURPOSES ONLY. YOU SHOULD ALWAYS CONSULT WITH A PROFESSIONAL FINANCIAL ADVISOR BEFORE MAKING ANY DECISIONS WITH YOUR MONEY A LOT OF PEOPLE HAVE DIFFERENT OPINIONS ON PURCHASING CARS, WHAT DO YOU THINK ABOUT CAR LEASES? ARE CAR LEASES BAD? ARE THEY EVER WORTHWHILE? Definitely a lot of my opinions on cars are influenced by Dave Ramsey. He has a great explanation in his book, The Total Money Makeover. Most simply put, as far as getting a new car, whether you're getting a lease on it, financing it, or paying it in full - leases are the worst financially, financing is the second worse, and paying it in full is the best. The less money you are putting towards your car up front, even though it looks the best and you don't feel like you are spending too much right now, if you do the math you will find you are spending tons of money. It looks good in your eyes initially, but it is actually the worse thing you can do. If you do all the math on financing, even though you only pay several hundred dollars a month and can keep a lot of cash by spreading your payments out over 5 years, it initially looks good to keep the cash, but it is much wiser to either pay it in full or get a cheaper car. Something that happens a lot in financing, is you get a brand new car and finance it, then you realize several years down the road that you can't make the payments on the car. You try to sell the car, but you realize that it has depreciated so much in value that now your depreciating asset is worth far less than what you owe on it. It is a terrible cycle to be in, for your payments don't depreciate - you will have those until it is payed. At all costs, if you can, get a car with cash. Go for a cheaper car payed for in cash and slowly upgrade as you can. One cool thing to note, car dealerships and 3rd party sellers make the most from leases, second most from financing, and the least from cash payments in full. When you put all the puzzle pieces together, it makes the most sense to pay in cash, then finance, then lease. WHERE ARE SOME OF THE FIRST PLACES I SHOULD LOOK TO CUT BACK ON SPENDING? Probably the easiest one is eating out at restaurants. Every does this, so you are boudn to be able to cut back a little bit, even if it is a couple times a month. Small things like making coffee at home instead of Starbucks or Dunkin' Donuts. Probably some bigger ways, although not easy, is car payments and house payments. If you can downgrade on these it could save you a couple hundred dollars a month. The best would be if you could just pay them off, for this would save you big expenses per month. I know these aren't easy, more mountains to climb than easy cuts. Lastly, look at your bank statement, scroll through and see if you can find any recurring charges that you weren't aware of or things you don't need. Even if it is just $9.99 for a web service that you aren't using anymore. If you can get rid of this it could add up to a significant amount each month. Resolute Capital on Twitter! - https://twitter.com/CapitalResolute Checkout the website of our parent company - https://www.resoluteteam.io/ Sub count at time of upload: 178