The biggest money pit I see when I interview prospects with financial problems is the car — always. I have even seen people paying half of their disposable income in car payments (plus insurance, tolls, repairs, maintenance, tickets and all the other costs we don’t often consider). It’s insane. Here’s a post from Jay Miles in Quora.com, in answer to a young man thinking about buying a Tesla, that says it perfectly:
“No, don’t buy a car. Cars don’t make money. They’re depreciating assets. You already have a wife, so there’s no need to show off.