So i recently made money by buying a new car. Here's what happened over the past few months. I've been in the market for a new vehicle. My first vehicle i had was a 2019 toyota tacoma and i had it bought brand new for just over a year.

Now this truck was perfect for my lifestyle as a daily driver and fit well into my budget for my first vehicle. I didn't want something too expensive that i have to be worried about all the time. I wanted something that i could use every single day. That worked into my lifestyle.

Now this truck was perfect. For me, you could find me fishing. You could find me shooting. You could find me playing rugby on the weekend and it allowed me to do everything that i wanted in my day-to-day life so to fast forward.

A few months back from today, here's where things get interesting. I had bought that same truck out the door for 34 000 believe it or not after driving it for one whole year and putting more than 10 000 miles on the car, it had appreciated into 38 000. Now, let's do the math. I bought it for 34.

000 and i got an offer from a third party company for 37 729. This would leave me with a net profit of 3 729. So before we talk money, credit and how you can do the same as well, let's talk more about how i was able to do this in the past few months. So to start this off everything at its core begins at research.

I had looked into vehicles that held their value pretty well in terms of their depreciation, not tanking, and going down all the way according to car edge. The toyota tacoma actually ranks number one for resale value at years. Five and seven with a vehicle like this reliability depreciation all on my favor. The only thing i needed next was some type of element or factor that allowed this to actually start appreciating in value, and this comes down to basic economics, which is supply and demand because of the recent pandemic that we've gone through.

Supply chains have been affected drastically. In the car manufacture business with interest rates all across the board at an all-time low, this opened up the opportunity for pre-owned vehicles to start appreciating, to put it in the most basic understanding, the demand for vehicles were going up, because people knew that interest rates were Low and the supply for these same vehicles were going down. Not many new cars were coming out at all and the only option that many of these third-party companies or dealerships had were to start offering a higher amount for the pre-owned vehicles that other people had. In order for them to flip it or sell it for a profit on their end, this resulted in someone like me paying less for a vehicle like this and then eventually able to sell it for more now.

Naturally, at this point in the video, you would assume that i probably went ahead and sold the car, but i actually made one crucial mistake. I believe that i could time the market - and this is one of the most novice noob errors - that anyone can make in terms of investing or trying to make a profit with some of their assets that they have. I believe that if i kept waiting that supply chains wouldn't get any better, the pandemic would actually worsen up because of state mandated lockdowns, and i would eventually see the price of this go even higher. So i got a little greedy.

I didn't sell it at its peak and i kept waiting, and eventually it went back down to the price that i bought it for as someone in my situation. Fortunately enough, because of my youtube channel and because of the multiple businesses that i own, i've been able to purchase a new vehicle and actually hand this down to my parents. My parents have been driving a 2001 honda odyssey for as long as i can remember. This car is just as old as me, and it's one of those things where i knew i wanted to give them a little treat back, especially if i decided to gift myself something new.

My original plan was to actually purchase a new vehicle at the end of quarter four around the holiday season with christmas, my birthday and new year's right in that lump sum as a gift to myself. But i saw a deal on a new pre-owned vehicle that i couldn't refuse, so i decided to get a new vehicle, and this is now the audi s5 that i keep as my daily driver. What i've learned through the whole process is one it's okay to spend money and it's okay to treat yourself as long as you're able to stay on top of your goals. I don't see any shame in trying to get something that you find a lot of fulfillment happiness and an award to the achievements that you've made.

The second lesson i've learned through all this is: please don't try to time the market and don't get greedy. I should have taken the deal when i had the opportunity to sell that truck. The third thing i want people to walk away with is: please don't spend more than your lifestyle inhibits. What this means is, if you're someone who's making 50 or 60 000 a year.

It shouldn't make sense for you to get a 100 or 200 000 car stay within your limits and understand that having a good credit score, knowing your finances and also not being too extravagant with the things and keeping up with the jones mentality is the way you Want to live your life and trying to live a very financial smart way in this life. I believe it's a balance of not being too cheap with your money. Knowing you have a lot and also not going too crazy when you don't have enough money at all. It's that line between being cheap, frugal and also just stupid with your money.

If you're able to balance everything out, maintain a good credit score, maintain your debt manage your wealth, you do this. You can eventually treat yourself to things that may not make a lot of sense to other people, but things that you find a lot of value for yourself as cliche as it is. You only have one life to live if you do find a lot of fulfillment in cars, if you find fulfillment in hobbies - or maybe you want the brand new pokemon deck that everyone is talking about, you should invest in those things because it's things you like, but Only do this if it makes sense for your financial situation, the mistake that many people make is they buy things that they cannot afford and that's when you trouble yourself with going in debt, ruining your credit score and just blowing up your finances with interest rates that You don't necessarily have to pay if you do just a good job of a little bit of self-discipline now, although it may be rare for people my age to have two vehicles under their name and still be paying rent at a new apartment. I understand that if i keep achieving the financial goals that i have set, these are the rewards that i'm going to treat myself to and that i'm not going to feel too bad about if you've been working hard if you've been saving a lot of your money And you find fulfillment in these things, go ahead and buy it to me a purchase like this is way more than just flexing a new whip.

To me, this symbolizes a lot of what i've accomplished over the years. I've even been told by some of my other family members that many of our ancestors actually grew up on the rice farm. So as like you know, racist jokes, that people used to throw back in the day like right that actually used to be the truth. With my family, so in achieving a vehicle like this in something materialistic, although it's not the direction i'd like to head, it does show a clear indication on some of the success that i've been able to achieve over the past few years.

It's a reminder to myself: it's a reminder to my family. It's a reminder to my friends, my audience, my community and it's things that i personally find a lot of fulfillment in. Although some people argue that a car is one of the worst financial decisions that you can make, i'm sitting on the other side and saying: look if you worked hard for it, you deserve it. Do your research don't be spontaneous? I spent the past six to seven months, maybe even longer than that actually doing research on the vehicle that i wanted.

If you own your own business, look into tax deductions like 179, where, if a vehicle weighs more than 6 000 pounds, you can actually deduct it from your taxes as a write-off and also don't forget that a lot of leverage comes from the income you make and The credit score that you have so, if you're someone who struggles with either one of those i've made a ton of videos on my channel talking about the top best side, hustles or businesses that you can start for 2020 or if you're, someone who doesn't have the Best credit score: you can watch my videos on how to improve that, but guys this was my video talking about my journey and experience in my vehicles that i own now, and hopefully you guys were able to take a couple lessons away from this. That inspired. You motivated you or educated you in any way shape or form. Like always, don't forget to drop a like on this video subscribe to the channel, if you guys enjoy anything credit card related personal finance, traveling or entrepreneurship.

On top of that, don't forget to follow me over on instagram over at credit brian. You guys can shoot me a follow. There follow us on facebook at the credit society, we have 20 000 plus members and if you guys want to check out the links down below, i have a savings account that actually lets you have a free chance of winning 10 million dollars or a free tesla. At yada savings use my code jung when signing up for that app you'll get 100 or 250 plus free tickets.

When you use the code jung. So thank you all so much again for watching and until next time, peace out.