Kevin O’Leary is right about cars, and his logic can save your retirement:
I’m a fan of “Shark Tank,” the CNBC show on which successful entrepreneurs listen as young hopefuls pitch the next big thing — and then maybe buy a piece of the action.
Recently, he talked about how he’s done owning cars — which is a fascinating idea. His logic is compelling, and it can be applied to prudent investing, too. “Cars cost a fortune in maintenance and insurance and just the amortization, which means, as they go down in value, you’re losing money,” O’Leary explained. “Let’s say I pay $25,000 for it. Two years later, it might be worth only 12 [thousand dollars].”
“I know people that go miles for only eight bucks. They’re taking advantage of a system that’s actually democratizing the cost of transportation. Why aren’t you?” And if the thousands of people using the unregulated title “financial adviser” somehow could add real value to your portfolio, I would be totally on board. But mostly they can’t.
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