You can probably hit at speed with, for example, a hypersonic weapon." "I would argue that the future operating environment will be extraordinarily more lethal than that which we've seen in the past," the general said, according to a transcript of his interview with Foreign Affairs. Milley said whichever country can harness these technologies for military purposes will have a noteworthy advantage on the battlefield and be successful in future wars. Mark Milley told Foreign Affairs in a podcast that aired on Tuesday.īreakthroughs in this space include the development of long-range precision munitions, the emergence of hypersonic weapons, an increased ability to sense and track environments, and integration of unmanned robotic systems. Technology is proving to be the driving force behind what is currently the "most fundamental" change - across all of recorded history - in the ways that wars are fought, Chairman of the Joint Chiefs of Staff Gen. The top US general has offered a terrifying and bleak picture of future battlefields, predicting that soldiers will have to be constantly mobile, dispersed, and almost completely hidden from the enemy in order to survive. I encourage my students to pay off their cars if they have the cash available because it also reduces the amount you need for emergency funds should you lose your income.Account icon An icon in the shape of a person's head and shoulders. Paying off your car loan helps increase your monthly cash flow to spend on other assets that aren’t depreciating like your vehicle. You can think of it as an investment by saving the amount you would have paid in interest. Stop and ask yourself if you want to pay that much extra cash for the same car. Using a debt payoff calculator with these average numbers for a new car loan with a $700 payment, it would cost $9,008 in interest and take six years and one month to pay off a new car. The average interest rate for new-vehicle loans is an estimated 6.7% in March 2023. Increasing interest rates are keeping average monthly payments above $700. Car dealers are apt at selling us buyers on a low monthly payment versus the total cost of a financed vehicle.īut new cars can lose as much as 20% of their worth in the first year, and they will continue depreciating in value, possibly to the point of having negative equity, or where you owe more on the loan than the value of the car.Īccording to Experian’s State of the Automotive Finance Market Report, the average loan amount financed for a new vehicle was $41,445 and the loan amount for a used car was $27,768 in the fourth quarter of 2022. I’ve personally seen many of my money coaching clients spending more than $1,000 a month on multiple car payments. Car Loan Interest Can Turn Your Budget Upside Down These dollars lower your taxable income and therefore decrease the amount of income tax you pay while increasing your take-home pay.Įven if you don’t have employer-based health insurance, you may have the option of setting up an FSA or HSA through a third-party company. Money to fund your HSAs and FSAs is collected before taxes. If the item is available, it has already been approved for purchase with health account funds. Over-the-counter drugs such as ibuprofen, cold medicine and allergy medicineĪ fast way to check if a product you are buying qualifies for an HSA or FSA is to search for it on FSA Store or HSA store, even if you buy it at another retailer.Medical supplies like bandages, thermometers and ice packs.Mental health services including therapy and counseling.You might first think of paying for things like doctor visit co-pays, prescriptions or eye contacts.īut I’ve caught so many of my financial education students not using these spending accounts on everyday items such as: Many people know that flexible spending accounts and health savings accounts are a way of setting aside money for out-of-pocket medical expenses.
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