Here’s a rewritten version of the provided text, focusing on uniqueness while preserving the factual facts:
The habit of ordering takeout, especially through services like DoorDash, is a significant drain on finances, especially when contrasted wiht the cost of groceries. The author, who experienced poverty, finds the amount of food waste they generate astounding, equating it to throwing away hard-earned cash. Given the current high cost of groceries, the author advocates for cooking at home, suggesting that this practice could even allow for a more guilt-free indulgence in a pricey restaurant meal later.
A particularly detrimental financial practice is opting for longer-term loans simply because the monthly payments are lower. This is a common pitfall, exacerbated by the rising costs of major purchases like cars and homes. The author highlights long-term car loans as a prime example of this “scam.” Cars depreciate in value daily, meaning that extending loan terms not only incurs substantial extra interest but also results in owing more than the vehicle is worth by the time the loan is repaid.
To illustrate, financing a $10,000 used car at an average interest rate of 10% for five years results in a total cost of approximately $12,600. Extending this to a seven-year loan pushes the total cost to around $13,750. During this period, the car’s value is highly likely to decrease by 10-15% annually. In contrast, a three-year loan on the same car would add only about $1,500 in interest, allowing the owner to possess the car outright well before it’s likely to require major repairs. The author strongly advises that if a higher monthly payment is unmanageable, purchasing a less expensive vehicle is a far more financially sound decision than extending the loan term, unless the goal is to intentionally waste money.
