In light of my recent post about our family budget, I'm going to answer the question about why I now am ok with having debt for a vehicle. We decided it would be a better option given the times, to do a monthly spread of payments. I didn't realize that our old vehicle was what was destroying our low backs until we got our new vehicle and we both rarely get low back pain now. I kept track of our maintenance costs and then how much and how long it would take to save for another vehicle and it just didn't make sense. Our previous vehicle was highly sought after and it was costing us a year in maintenance what a new car payment would cost us (that had a warranty).
That's what you do in life - count the cost. Imagine scenarios and understand the risks and benefits. You can either do it or you can't. For me with my health and brain issues, I need a reliable vehicle to drive and this became our plan for our family and future to purchase a new vehicle every 6-8 years and use our trade-in value of our prior vehicle. Of course times change and we can reassess later when it comes that time to see if it still makes sound sense for us.
I remember calling Dave Ramsey over a decade ago about buying a home with no money down and before I could explain we were veterans, he cut me off and answered the question with the typical yada yada yada. I remember being so insulted because I had highly respected him. But that was good for me because I then turned to GOD. God gave my husband and I both the peace and direction to buy our first home and we did. It was DEFINTELY one of the best decisions we ever made!
It also shook up my understanding of God because I had the Dave Ramsey religion of seek wealth and avoid all debt. I then began to realize that God doesn't want us to seek being rich. Why had my end goal become to be a millionaire in retirement? Did I actually need a million? I found out that we don't actually need that and we were forsaking the present for the future that may never come. We may die before retirement and we would have lived a sad life always restricting ourselves and putting off so much until later. The real change came when the cardiologist told me and my husband that I was going to die and there was no hope in 2019. That caused us to live differently. We decided that we wanted vacations to places we have never been before. So, we took that first family vacation in 2019. It is important to us because we don't know how long we have together, and with our kids it is but a very short time.
We lowered our retirement goal to what we could live on like we're living now and you know what, we didn't need a million to do that! We know how to live frugally and how to live really frugal if we ever need to because we practice frugality from time to time. It is a great skill to have but please enjoy life NOW because we aren't promised tomorrow. Yes, prepare for the future but don't make it your end all be all of your life! And don't put off life saying you'll really live when retirement comes.
If I die soon, I have lived life and enjoyed my time with my husband and kids. We have had adventures that we would have never had together had I sought after the elusive wealth of retirement and delayed it all. Don't let it blind you. Have those times now and cherish the memories later.
Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof. - Matthew 6:34
Additional note: I don't believe that a mortgage and vehicle (that are agreed upon set payments) are the same as debt from other loans with varying interest like credit cards, which are a sure way to destroy your finances. Everyone has debt - you either pay a landlord a debt to rent or you pay a bank a debt to eventually own the house. If you don't pay either one, you lose your home. Even if you bought your home with cash and claim you're "debt free" - you're not because you have a debt of property tax that if you don't pay, you will lose your home. I am not talking about those who simply go into debt to show off or because of covetous reasons but I'm talking about the need of housing and in most cases, transportation.
