In June of 2020, our family was on the hunt for a large vehicle that could fit our 4 growing kids and tow our camper. We found the perfect late model Yukon XL posted by a private owner on Facebook Marketplace in Chicago. After a test drive, inspection and asking questions about it, it seemed to check out, drive well and had lower miles and a better price than others we saw online. On the way home to Michigan from Chicago, the check engine light started blinking…when a light blinks, that is usually not a good thing. We immediately pulled over and had the car scanned to learn the reason for the blinking and learned…the transmission was going out. Yikes. Apparently, the car had to warm up more than a 20-minute test-drive to present the problem. We called the person we bought it from to get some context and he replied, “We sold it as is. We gave you a good deal on it.” Yikes. We have purchased many cars over the years and never had this experience.
When we meet with new clients, we often get questions like, how much should I be saving on a regular basis? Certainly, each client’s situation is unique and requires a different strategy, but a great number to shoot for is 10% of your gross income into a high-interest savings account. Why?
