Joseph, a YouTuber focused on personal finance, recently shared insights on why those earning Sh100,000 per month should carefully reconsider purchasing a personal vehicle.
In one of his recent videos, Joseph highlighted an example involving a couple with a monthly income of Sh90,000. Due to the heavy financial strain their car brought, they were eventually forced to sell it, which left them unable to set aside any savings.
“I had a conversation with a couple making about Sh90,000 each month. After analyzing their earnings and expenses, it became evident that buying a car was a poor financial decision. They ended up having to sell it,” he explained.
Joseph pointed out that many people finance their cars through loans, which come with monthly repayment obligations. For someone earning Sh100,000, around Sh30,000 would likely go toward the loan, while essential expenses like rent, food, and other daily needs could exceed Sh40,000. To READ FULL story Click here>>>>Reason anyone earning Sh100,000 shouldn’t buy a car and you will thank us later.
