Solutions 4 Financial Independence: 10/10/17

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BRIDGEPORT, W.Va (WDTV)- Question: What is the best way for millennials to approach making a car payment?

Answer (John Halterman, Beacon Wealth Management): "Cars are actually an easy thing to get it because, fortunately you don't have to put down a lot of money like you do a house.

I always say, it would be good to save money absolutely! Anytime you can put money down that's going to lower your car payment.

The biggest challenge I see from millennial's is just really having an emergency fund. Something where they build up short term money, it's very liquid, it's not subject to the market, really getting that initial $10-$20,000 saved up.

So what I would tell people is, if you have payroll deduction at your work or even if you don't go ask your employer, would they take a little bit out of your paycheck, let it go to the credit union, let it go to the bank. That way every couple weeks you're getting money built up and then when you go to buy that car you can make a decision. Hey, can I afford that car payment? The interest rate is not a big deal, it's very low no matter where you go. Then if I can't afford it, how much do I have to put down to make it reasonable? Because that's the real key, it's making sure that the car payment is within your budget. Too many kids, because they see the shiny car, they make their payments to big. By saving, this helps you get your payments down."