When I was in my 20s, I borrowed my mom’s car from a bank, but I never really had the money to pay off the loan.
So, I put down a deposit and made a loan.
Then I borrowed a second car and borrowed another.
Finally, I found a car I could afford, so I bought it.
In a few years, I had $2,400 in my car’s budget.
That’s what it was worth when I borrowed $5,000 to buy it.
When I bought the car, it was $1,400, but it was going to cost me $3,400 more to pay it off.
My loan was getting bigger, and I was starting to wonder if I’d ever be able to afford it.
But, my parents let me borrow $1 million.
I was shocked to find out it was all for a house in my neighborhood.
So I decided to take it off the books and invest it in a real estate investment trust.
It was a crazy gamble.
But it worked out for me.
Now, I’m a homeowner, but my mortgage is only a fraction of what it used to be.
I still owe $1.2 million in monthly payments.
That loan, along with the car loan that I paid off, is the biggest chunk of my $12,000 in car loans.
