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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

Mar 27, 2018

Learning to drive and becoming a licensed driver is a fundamental life skill. Many teens and young adults anticipate with excitement owning their own car, sitting behind the wheel and driving with their friends to work, school, or activities. As young millionaires-in-the-making think about driving and car ownership, it’s important to develop a financial plan that works and takes into consideration the additional expenses that are associated with car ownership.


On today’s episode, I’m discussing the true cost of owning a car. I’ll highlight some of the key areas that many people often overlook when planning and budgeting to purchase their first car, some important statistics you need to know, as well as the benefits of paying off your car. I’ll also share some alternative transportation ideas you can use while you save for your first car or other important things you want to purchase in the future.


“When you’re considering purchasing a car, be sure to factor in these seven car ownership costs.” - Tracey Bissett


This Week on Young Money:


  • Automotive and car ownership statistics you need to know.
  • The 7 key cost categories associated with car ownership.
  • How much a new car depreciates when it leaves the dealership.
  • Why a 20-year-old single man pays on average 23% more than a 20-year-old single female for car insurance.
  • The average first-year total cost of owning a car.
  • How car ownership costs may be reduced the longer you own the car.
  • Alternative transportation strategies you can use while saving your money.


Alternative Transportation Options for Young Millionaires-in-the-Making:


  1. Bus, subway, light rail transit, or street car
  2. Car sharing plans such as AutoShare or ZipCar
  3. Taxi, Uber, or Lyft services
  4. Carpool with friends
  5. Carpool with family
  6. Ride your bike
  7. Walk


Resources Mentioned:


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