164 – No Assumptions

Hey welcome back! It’s Dr. D the “V”! How are you doing today? Welcome guys and gals!!! How are you all? I am so glad that you are with me today!

I’ve got something very very interesting for you. It’s actually a question from a listener that I think is going to be applicable to you. It’s really a good one!

Be sure to follow my LIVE daily broadcasts on Periscope at www.periscope.tv/davidmadow.

But before I get into it, here’s what I’m doing. I’m outside right now as usual. I’m actually walking back from taking my car in to be serviced and having a dermatological appointment. Nothing’s wrong with me, my skin is good. But I go once a year for a skin check just to make sure everything’s ok. And I’m going to highly recommend that you do this. Because you know something? You never know! I recommend annual physicals as well. But going once a year and seeing a dermatologist to have a complete skin check from head to toe, scalp to the bottom of your feet, is really important.

About 2 years ago she found a little discoloration on my chest that she said looks suspicious so she wanted to biopsy it. She did. She took it out and it was a very small little thing. Almost like a little mole but as it turns out it’s good that she caught it. She said that it was pre-cancerous. Pre-cancerous just means that the likelihood is there. It most likely wasn’t cancer but the possibility is there that if left alone it could turn into skin cancer. So I got it cut out and it’s gone. And that’s why I recommend going once a year and getting checked out. You never know what’s there. Something that you think might be ok, may not be ok.

As I am walking back, I passed a house I used to live in years ago. I’d say 15 to 16 years ago. And it brought back a memory because my next door neighbor assumed something about me. This came out years later. After I actually moved she told me this. And it was really bizarre. The moral of the story is, and I learned this a long time ago, never assume anything. You might think you’re right. You might think that what you’re assuming is definitely correct.

Here’s the thing this family made this assumption that I was some weirdo. Well maybe they’re right there 😉 [Dave laughs] But they thought that I was some weirdo living in a dark basement in this house. And the reason they thought that was because of my crazy travel schedule. You know me. A lot of times I am out of town for days or maybe even a couple weeks at a time. So this was before Yoko. It was B.Y. (before Yoko). I lived there alone. And I had my 3 cats. And what I would do is always keep this little light on in the basement where their food was and their litter box. And I had cat sitters that would come in and feed them. So there would always a little light shining in the basement 24/7. Just so they would have some light when they went downstairs. I know cats can probably see in the dark much better than we can but it was one of those things that I had a little light on.

So picture this, I am out of town for like a week at a time and the whole house is totally dark except for the light burning in the basement. So my neighbors formed this opinion, an assumption, that neighbor guy was a weirdo. All he does is sit in his basement and who knows what he’s doing down there. But he’s some weirdo and we’ve got to stay away from him.

It was so funny when that came out. I think it was when I was selling the house actually. They came over and we talked. I explained to them no that’s not what it really was. I am out of town a lot. And it was a light for my cats. And they said oh you’re not the weirdo that we thought you were. We thought you were some crazy guy.

So never assume! I’ve learned this and I used to assume things all the time. And I always thought that when I assumed something I was right. I was definitely right. But I’ll tell you something. It was 90% of the time when you’re assuming something about somebody else or something that happened. I’d say 90% of the time you’re not right. But you build this up in your mind. And you think, oh no it’s definitely right. It’s definitely true. But it’s not.

So if I could help you with that. Let’s start today. Never assume anything. Anything. Never assume. Don’t let the assumption worry you. Don’t let it ruin your life. Because it does. It will. Don’t assume.

So I got this question on Facebook from a really good guy named Eric. I don’t have it in front of me so I am going to try to recreate the question as best as I can. Actually I am just going to grab it because I don’t think I can do it any justice by trying to recreate it here. He asked it so beautifully and eloquently. Erik Ko, the guy that asked this question, is a vegan and long distance runner. He is a young guy who really really pays a lot of attention to his life and his finances. But he is extremely responsible. One of the most responsible people young men that I know I think. And he asks very very good questions. Eric’s question is…

“I’ve been wondering this and thought it might be a good topic for an upcoming podcast. What are your thoughts on buying a new car versus driving an old car into the ground? To give some specifics, I am very down to earth and typically get a safe reliable commuter car like a Civic, Elantra, or Tacoma. And in the past I’ve driven them an average of 9 years, well past the warranty. I currently have a 2012 Hyundai Elantra with 92,000 miles on it and the engine warranty is up at 100,000 miles. I’m torn because I like the peace of mind of a reliable car without having to worry about major repairs to which I cannot even do minor ones. So what should I do? Should I ditch that one and get another car? Should I keep it going?”

Oh my God! This is a total no brainer. What’s my advice guys? What do you think? What am I going to say to Eric?

Ok so number one, I know Eric and I know the guy. I am going to go out on a limb and assume (even though I shouldn’t assume), but I am going to assume that he takes good care of his things. I am sure that he maintains them. I will bet you that if you saw this Elantra, I am going to bet it’s in really good shape.

My advice to you Eric is to keep that car going. Do not sell it. Do not get a new car. And by the way, my feeling these days is to never buy a new car. Never, never, never buy a new car. Always buy a car that is probably in the 2 to 3 year old range with low mileage on it. You can go to cars.com and find almost anything. They’ve got pictures. They’ve got the condition. You can find cars that are only a couple of years old that look like they are brand freaking new. So that’s what I would do if I was buying a new car.

Eric, I would not worry about that warranty. That warranty is going to be up in 8,000 miles. But it does not make financial sense to go out and buy a new car just because it’s under warranty. It doesn’t make sense. Do the math on that. When you buy a warranty they are money makers for the dealer or car company so don’t worry about the warranty. When you’re maintaining a car, yeah it’s going to cost you every year but it’s generally not going to be all that much. It’s not going to be nearly the cost of ditching a car that’s almost out of warranty.

And buy the way people, always pay cash for your car. Another Dave secret. Always pay cash because if you cannot afford to pay cash for a car and want to finance it for 3, 5, or 7 years, you can’t afford it. I don’t care if it’s 0% interest. I don’t care. Pay cash for your car! No exceptions and never lease a car! Never! Leasing is the biggest rip off as far as financing your car goes. When you lease a car and drive it away, the dealers and the salespeople are laughing as you drive away. It is a total rip off. Do not ever lease a car again if you’re thinking about it.

Buy a car for cash. You might be saying well, I’ve only got $3,000 in cash. Then guess what? You’re buying a $3000 car until you can afford something better. And you drive that car and you take good care of it, and you work, and make money to invest. And when you can afford something better, you buy something better it you want to. Do NOT finance a car!

You might be asking why is Dr. Dave, Dr. D the “V”, talking about financial stuff on his lifestyle show. Well let me tell you something. It’s about lifestyle. If you’re financially strapped or stressed, or in debt, do you think your lifestyle is good? Do you think you are in good health? Do you think your stress is helping your health? I’ve learned some things during my life to be financially responsible. It is a game changer when you’re not stressed at all. When you put your head on your pillow at night, and you’re debt free, and you’re spending less money than you make, there’s a sense of peace that envelops your entire body. When you put your head on your pillow and you know that bill collectors are not coming after you even if you lose your job because you don’t have any debt. And when you don’t have any debt, you’re paying for food, you’re paying for your heat and air conditioning, you’re paying for fuel for your car, you’re paying for insurance, but when you don’t have any debt, you’re not in danger of losing things like your house. If you lose a job, it is a total game changer.

Now let me share with you about my cars because I think it’s going to help you. I have 3 cars between Yoko and I. I’ll tell you exactly what they are. I won’t hold anything back. Full disclosure here. I’ve got a 2005 Volvo XC90 which is about 12 years old and it has 108,000 miles on it. How do I know it has 108,000 miles on it? I just dropped it off for servicing because I take it for regular service. If you saw this car, you would think it’s maybe a couple of years old. You would think it almost came off the showroom floor. It doesn’t have crap all over the seats. The outside of it looks good. It doesn’t have any dings in it.

One of my secrets is that I park very far away when I go shopping. Grocery store, appointment, office, wherever it may be. Wherever I’m going. I park far away. Not near any other cars because everybody likes to park so damn close. And guess what? I walk to the door. I get my steps in and my car is in great shape. Like I said, if you saw my car it looks pretty good. And totally paid for.

Yoko’s car is a 2012 Jeep Compass. It’s a fairly modest Jeep. She hardly ever drives. She sees clients at home so she is mostly home all day. I think it only has 14,000 or 15,000 miles on it. I don’t have to even tell you that she takes great care of it. It looks like it is brand spanking new. She could sell this car for new. It has less than 15,000 miles on it! It looks great! And by the way, we don’t owe a dime for it. It was paid for in cash. It was bought used by the way. I think we bought it in 2013 so we bought it when it was like a year old. We got a great deal and paid cash.

And for my third car, what do I tell you about this one? When I was approaching my 60th birthday there was something that I wanted. These days I wouldn’t do it. But when I was approaching my 60th birthday I wanted a Porsche. So I went out and bought a Porsche. It’s a Porsche Cayman. It’s a cute little thing. I paid cash for it guys. It was used. Give me a break 😉 I know I don’t need it. It’s a 2007 and it looks brand spanking new. If you come to the Weekend to Awesome, I’ll show it to you. Maybe I’ll take you for a ride. It looks like it just came off the dealer’s showroom floor. It’s got something like 20,000 miles on it and I’ve had it for 2 years. Do I need it? No! Am I proud that I bought it? Eh it’s ok. Am I trying to become more of a minimalist? Yes! Will I probably sell it sometime in the very near future? Yes. But let me tell you something. While I have it this thing is sweet! It is so much fun to drive. It’s a 5 speed. It hugs the road and goes fast. It’s so much fun! But having said all that, I am going to be talking to you more about becoming more of a minimalist.

This Porsche is a cool car but it still requires insurance, maintenance, washing it, fuel and everything. It costs money. If something breaks down it’s a hassle. Do I need it? No, I don’t need it and I’m really trying to get rid of stuff. The time will come, probably sometime soon, where I say hey look it’s time to sell it.

And I tell you something, everytime I get rid of something or things, I really feel a big difference. It makes my life that much more simple. And by the way I hope you get this in time. We are going to be playing the minimalist game in my Facebook group, Supercharge Hangout. My buddy Jason Schramm and I will be playing this game all through the month of December. I’ll put a video up to explain exactly how it works. It will change your life, I promise you. I will be participating as well. I have found truly that when you start getting rid of stuff your life starts to open up. There’s a sense a peace that you wouldn’t believe. So I’m really trying to do more of this. I’ve been doing it for about a year but now I’m putting it into high gear. This game is going to be fun! I hope you join us. I’d like to see you there. It’s going to be a great month!

I’m going to leave you on that note folks! I hope I helped you! Financial stuff some people don’t really want to get involved with. They want to forget about it. But it’s so important to be financially responsible. I’m not a financial planner at all but I know enough to be dangerous. I know enough to do the right things in my life. It really helped me become financially independent, stress free, debt free, oh this stuff works! It works! We’ll talk about it soon.

Until next time guys and gals! I love ya!

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