Now that you have gone through the process of reviewing both the book and market value of your vehicle, the next step is understanding the difference and why it may not be worth what you thought. Depreciation is something we all experience but may not understand how it works. Following this process before buying a vehicle, will save you thousands ensuring you intentionally buy a vehicle from a place of logic instead of emotion.

Once you have reviewed the book value of your vehicle, you will want to look at the market value in understanding what people are willing to pay. Taking a look at various platforms where you can search for a comparable vehicle to pinpoint the estimated value for that vehicle will give you peace of mind. Understanding then how to value your vehicle not only on year, make, and model, but also based upon modifications and personal preference will be an important next step to ensuring that you price your vehicle right.

When you are looking at how to best value your vehicle, you will want to start with pulling its book value. Taking a look at two tools in particular that will help you accomplish this. These tools will give you a starting point to value your vehicle and provide you with an idea of where you stand from an equity standpoint whether you plan to keep the vehicle or not.

The vehicle has been a long standing symbol of freedom for young American’s. This said, there are a number of ways to get around today causing a shift in consumer behavior. Looking at how the auto industry responds to the consumer, the industry itself, as well as how it’s affected by the overall economy shows just how interlinked the auto industry is with the American lifestyle.

Most of us have found ourselves caught up in thinking about, researching and even making a new purchase that a neighbor, friend or even co-worker has made. Causing us to be continually discontent with what we have and therefore, always looking to level up. We can justify these purchases based on the grounds of us deserving or even needing the purchase. When encountering this peer pressure, how can we set parameters to ensure we are only making purchases that fit our specific wants and needs versus that of those around us though?

One of my favorite topics is transportation and leveraging that purchase to serve you well. We have all been told that cars are something you purchase and expect to plummet in value. What if I told you it doesn’t have to be that way? Looking at vehicles in a non-traditional approach to buy vehicles with purpose ensures that you are only buying a vehicle if it makes sense for your financial picture. The thought process of purchasing a vehicle always with the end in mind, will prevent you from carrying negative equity forward. In this theme we will be covering this overarching concept along with the industry as a whole.

Take a look back over the theme on income in order to clearly know whether you are where you want to be. Reflecting on whether you have been living your life based on your vision, or what someone else has defined for you. More specifically looking at what industries are in-demand and how you may pivot to focus in on the field or niche that allows you to do what you are innately gifted at, passionate for, while providing an income to you, your spouse, and family. The top fields of this year are healthcare, information technology, management, finance, engineering and law. Now you may not want to pursue a career in one of these industries, but exploring where your energy is best spent based on where you want to go, will ensure you are applying these tools to build a roadmap.

In order to figure out how many streams of income you need, take the time to figure out what truly matters to you. Starting here will help you determine the quality of life you want to live. Are your purchases intentional in order to actually improve your quality of life, or haphazard causing you to move further away from the quality of life you want. Margin is focused-in on giving you options and options can have a tendency to breed more options. This then can lead to better decision making, whether from a career standpoint or even just simply what you spend your money on. Figuring out where you are at will be the first step. Looking at what your top priorities are, then how many streams of income you currently have, and what you need to build up to.

In order to figure out how many streams of income you need, take the time to figure out what truly matters to you. Starting here will help you determine the quality of life you want to live. Are your purchases intentional in order to actually improve your quality of life, or haphazard causing you to move further away from the quality of life you want. Margin is focused-in on giving you options and options can have a tendency to breed more options. This then can lead to better decision making, whether from a career standpoint or even just simply what you spend your money on. Figuring out where you are at will be the first step. Looking at what your top priorities are, then how many streams of income you currently have, and what you need to build up to.

Have you thought about adding a side-hustle or extra job in order to expedite the process of accomplishing your goals? Well you're not alone, as so many have added additional sources of income to make ends meet. As we reviewed the three P’s, the next step is to figure out what needs to happen in order for you to move toward the career that would be most meaningful to you. In order to move into what you ultimately want to do, you most-likely need to make some changes. Figuring out whether these changes look like gaining a level of experience, education, certifications, or even contacts in the field that you want to go into will be key. Making a plan to transition well from the role you’re in to the role you want to be in will require work but an intentional side-hustle of some kind will help to expedite this process.