Business

Financing vs. Leasing A Car: A Breakdown From Douglas Eze of Largo Financial Services

Published

3 years ago

October 1, 2021

If you’re interested in buying a car anytime soon, you may be wondering whether it’s best to finance it or lease it. There are many things to consider before making a decision that suits your lifestyle.

Here’s your guide to financing and leasing a car from wealth strategist Douglas Eze.

Leasing A Car

Leasing a car is good for people who don’t drive much or for people who have multiple cars.

For a middle-income American, there’s a lot to consider including out-of-pocket costs, mileage, and monthly payments.

While leasing may offer lower monthly payments, you’re still buying the car for the value of the car. If the car is $50,000, you’re leasing it for that same price. The major downside? You’re not receiving any discounts. Yes the finance guy will tell you that you will be paying lower because of the expected depreciation during the lease period and a possible benefit is that you can take it in for maintenance anytime you want, but, at the end of the day, when you lease a car, you’re not only paying more out-of-pocket each month, you’re also restricted by mileage.

Financing a car allows you to invest your money elsewhere. Your dollar today is more valuable than your dollar in the future. Your dollar today needs to be working for you and making you money.

Financing A Car

When financing a car, you own the car and get to keep it for as long as you want. If this is the option you choose, think about your financing options. Where do you want to finance it? How long do you want to finance the car?

Remember, a car cannot give you any equity. It’s more of a liability than it is an asset. Financing a car strategically offers you the opportunity to invest money elsewhere.

You may think that someone with a credit score of 850 whose income is over 7 figures would buy a car mostly or all up front. But, if they are wise, they won’t do this. Rather, they will finance for the longest term possible or allowed by the finance company. Again, it’s not that they can’t take a short loan term, because they most likely could, they do this because they are looking at the monthly out of pocket money. Here’s an example.

If someone purchases a $30,000 car, they are often presented with two loan options; 36 or 60 months. The 36 months option has an auto loan rate of 1.79%, resulting in a monthly payment of $857 and the total interest amount of $835 paid. The 60 months option, with a higher interest rate of 2.19%, results in a monthly payment of $528 and the total interest amount of $1700 paid.

Many will pick the 36 month option because of its low interest rate. However, the smarter decision would be to choose the 60 month one. Although you end up paying $865 more in interest total ($1700 minus $835), if you take the difference in the monthly payment, which is $329 a month ($857 minus $528), and save it, you will have $19,740 saved. Better yet, if you put it in an account that pays a 4% guaranteed interest, then the value will be $21,812. That’s WITH a $2072 interest earned.

The key is having access and control of your hard earned money. Keeping this example in mind, Douglas Eze can still show you how to pay off the car in 3 years without even making an extra payment.

Build Your Wealth Strategy With Financial Expert Douglas Eze

20 years ago, Douglas Eze founded Largo Financial Services. His calling is to equip individuals and families with the education and resources to build generational wealth. Douglas’ primary mission is to identify the areas his clients may be unknowingly throwing away money and empower them with the tools to begin saving for their future.

Largo Financial Services is Licensed in 50 states and the District of Columbia. To inquire about insurance, annuities, college plans, and tax-free retirement, schedule a free consultation with Douglas Eze and his team.

Business

EFX Algo’s April Ascendancy: Commanding $37.63 Million in Deposits with Profits Soaring to $3.27 Million

Published

3 days ago

April 30, 2024

Matthew Wiles

As of April 11, 2024, EFX Algo stands out as a formidable force in the automated trading industry, showcasing extraordinary growth with a record-breaking $39 million in deposits across over 520 accounts. This month alone, EFX Algo realized gains of $321.24k, contributing to an impressive yearly profit of $2.75 million, cumulating a total profit of $3.5 million.

This financial technology powerhouse, co-founded by industry leaders Danny Reardon, Bogdan Padua, and Joe Amara, revolutionized the investment landscape by merging advanced technology with deep market insight to deliver a truly automated, hands-free trading experience.

EFX Algo is marking a significant footprint in the financial technology landscape. This article delves into the remarkable achievements of EFX Algo, spotlighting its rapid growth and the exceptional monthly gains that captivate investors globally.

A Financial Phenomenon

EFX Algo began as an idea between co-founders with a shared ambition to democratize the trading market. Today, it stands as a juggernaut in automated trading, having processed over $39 million in deposits across hundreds of accounts. As of recent evaluations, EFX Algo manages these substantial funds and delivers impressive gains, with reports showing an upward trajectory of $1.43 million in profits in just one month.

“We created a platform that exhibits robust performance and reliability time and again,” Reardon said. “I think I speak for all of us at EFX Algo when I say we are proud to show our numbers, because they reflect our aims: Democratized trading profits for all.”

Innovative Trading Strategies and Performance Metrics

At the heart of EFX Algo’s success are its innovative trading strategies, designed to cater to various investor profiles from conservative to aggressive. The platform’s ability to yield consistent returns is evidenced by its performance metrics, boasting gains that significantly outperform traditional investment benchmarks.

“We employ a diversified approach, meticulously back-tested and refined, to ensure stability and growth amidst the volatile financial markets,” said Reardon.

Unparalleled Support and Client Success Stories

Beyond its financial accomplishments, EFX Algo shines in customer support and satisfaction. The platform has been likened to having a personal assistant, akin to ‘Alfred from Batman,’ always ready to assist and enhance the investment journey.

Testimonials abound of users experiencing substantial portfolio growth, with one investor highlighting a 20.5% increase in just four months.

“We care about empowering investors with the tools and support necessary for success,” Reardon shared.

A Transparent and Trustworthy Trading Partner

Transparency and trust form the cornerstone of EFX Algo’s philosophy. Through real-time data verification with Myfxbook, clients and would-be clients alike can independently assess the platform’s performance, ensuring that their investment decisions are based on genuine and untampered data.

“We believe our openness cements our reputation as a reliable partner in the automated trading industry,” Reardon said. “We are building a community of informed and enabled investors.”

A Visionary Leap into the Future of Trading

EFX Algo is a vision realized, transforming the space of automated trading and setting new benchmarks in financial technology innovation. As it continues to grow and expand its horizons, EFX Algo proves to be a gateway to financial equipment and independence. With its impressive growth, consistent performance, and dedication to client success, EFX Algo stands as a paragon of investment excellence, reshaping the future of trading one transaction at a time.

About EFX Algo

Founded by Danny Reardon, Bogdan Padua, and Joe Amara, EFX Algo is an innovative, fully-automated trading bot designed to provide 100% hands-free, high-return investment opportunities by transforming yearly gains into monthly profits, previously exclusive to an educational network and now available to the general public. The software is designed to manage investments and execute trades in the financial markets without the need for manual intervention. For more information, please visit: https://www.efxalgo.com