How is buying a new car exercising delayed gratification?
Well, it cost several thousand dollars less than the BMW. I wanted the BMW, but I didn’t need it. You see, I was in a financial position where I could afford a new car without breaking my bank. My trade-in was about 1/3 the cost of my new car, and my down payment was about 1/3. That left a small monthly payment, which I got at a low rate and paid off in less than 2 years. Not having a car note is a wonderful thing! Delayed gratification is essential to good financial health. Had I bought a new car as a young Airman, I would have been saddled with crushing debt, probably for the entire length of the loan. It would have also used up the majority of my paycheck every month – leaving me with little else to use for enjoyment and living. Instead, I bought a junker and enjoyed myself. I traveled throughout England and Europe. I invested in my retirement accounts. I went out with friends and lived. And I have no regrets. I would still love to have that BMW. Not just as a status symbol – that c
