An uncontrolled appetite for extravagant and flashy cars is wreaking havoc on many Americans' financial lives, according to a prominent personal finance expert.
Sam Dogen, author of the blog , has devised the 'one-tenth rule,' which stipulates households should spend no more than 10 percent of their annual income on a car.
It means somebody making $50,000 a year before tax should spend just $5,000 on a car, regardless of whether it's new or used or whether they buy it in cash or take out a loan.
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