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Frugality Check: Are You Spending 5% Of Your Net Worth Or 10% Of Your Income On Cars?

General Discussion Forum - Saving Advice - www.savingadvice.com
Found this benchmark today and thought it is pretty interesting to test how frugal or smart with money you are.

Did you spend 5% of your net worth OR 10% of your yearly income on your car? That's 10% of your total income x1..not 10% of your monthly income. If you make 50k/year..the 10% rule puts you at a $5,000 car.

Total of 2 cars I have is 65k (purchased price).

Definitely did not fit the income rule of 10%, but barely made the 5% net worth.
Date: Jan 9, 2017   


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