What to do so that 25 years old can buy a car of tens of billions like Hien Ho?
Hien Ho is one of the famous female singers of Vbiz today. Although she has not released as many works as before, every time she appears, she makes social media waves, such as a duet with Vu at Song 22 music night.
However, this time, she constantly overwhelmed netizens with her wardrobe and luxurious life at the age of 25. In particular, in 2020, the female singer “pocketed” a car worth 5 billion VND. More shocking is that not long ago, Hien Ho also bought a Mercedes-AMG G63 priced at 13 billion VND.
Many people wonder how to be able to own such expensive cars at a young age. If you are curious and also want to have a car like Hien Ho, here are ways to save money on a car.
Hien Ho next to the car 13 billion
1. Calculation of prepayment
Calculate and choose an amount you can spend to buy a car. Then compare the products available on the market based on your preferences to see if it makes sense. Once you’ve determined the car you want to “buy” back, calculate your down payment.
According to the lending regulations of the banks in general, you can borrow up to 80-90% of the value of the car. So to roll a car with the form of installment purchase, you need to prepare a prepayment amount of: 10-20% of the car’s value and the cost of vehicle registration.
More upfront helps you qualify for a loan, plus it can help you pay lower interest rates and more affordable monthly payments. Also, figure out how much you’ll need for taxes and fees so you don’t miss them.
2. Budget for car-related expenses
You can refer to the 50/30/20 budget. Allocate 50% of your monthly income to needs, 30% to wants, and 20% to savings and debt repayment.
Deciding whether to factor car savings into the “needs” or “wants” part of your budget can be difficult, but think about it this way: A used car and a used car All new with upgraded features will all get you going. But when choosing a new car, maybe it’s just your wish, your dream.
Remember that car payments and other ongoing expenses, such as insurance, will become part of your budget. Many experts say that all car-related expenses should not exceed 20% of what you pay. Factors such as your driving record, age, and credit score will affect your premium. Compare premiums from multiple companies and choose the right one.
Singer Hien Ho also “pocketed” a car worth 5 billion VND in 2020
3. Limit unnecessary spending
When you’re saving up for a big purchase like a car, spend real money in control of other categories. Consider temporarily cutting back on items you buy just because you “want”. Transfer your savings into your new car fund.
4. Set up a savings account
Now that you know how much to save and how to save, the next step is to find a safe place for your money. You should open a separate account so that you are not “seduced” to spend your savings on buying a car for other purposes.
If you have a few years to save up – say you’re going to school and buying a car is a long-term goal – you can invest that money in better “money generates money” safes. Or if you’re risk-averse, it’s not a bad idea to have a savings account in the bank. The annual interest rate usually ranges from 6-7%.
5. Automate your savings
Once you have a place to store your savings, put money in it regularly. To make it easier, set up automatic transfers to a savings account. For example, every month after receiving a salary, a 10-20% amount will be immediately transferred to a savings account. As such, your savings will accumulate more regularly.
6. Sell or trade your current car
Buying a new car to replace an old car that is no longer suitable for personal needs? So why hesitate to sell it or ask if the policy at the place you bought the car is to exchange the used car. For example, if you want to buy a “car box” of 13 billion like Hien Ho, you can choose to sell the car for 5 billion to have enough money to buy a car.
Use appraisal tools to estimate the value of your car. So you’ll know how much it can add to your savings.
7. Find a part-time job, diversify income
To help close the savings gap, think about finding ways to earn more. A side job can speed up your progress. However, make sure it doesn’t interfere with the main work and is worth your time.
As can be seen, to buy a car worth tens of billions is not simple. However, you absolutely can do it if you find a strategy that works for you.
Photo: Synthesis
Law and readers
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
