Monthly car payments are not bad, what’s bad is👇🏽 . ➡️Spending more than 5% of your monthly income on car payments ➡️Buying a car you cannot afford because you started making some money ➡️Buying a car you cannot afford because your family is expanding . Let’s do the math . Monthly income = $5250 Car payment = $600 Car insurance = $85 Gas monthly = $120 Total monthly car payment = $805 . In the U.S, you are paid bi-weekly which comes to $2625 every 2 weeks of which $402.5 will go to car payments , leaving you with $2.2k . That’s $2.2k to pay off your credit card, invest, save and if you are house poor, maybe half of that goes to your mortgage . Building financial freedom with these forms of debt is often tough to do. Avoid this financial trap by: . ➡️Buying cars at auctions : there are online websites where you can do this ( do your research) ➡️Buying boring cars and focusing on building your savings and investments ➡️Taking monthly payments on used cars, this is oft...