This brings us to one of the most irrational financial moves anyone can make - leasing a car. Estimates are that 25% to 30% of all car sales have been leases. This is 4 to 5 million “sales” per year. Personally, I’d rather be financially secure than appear financially secure.

A car-loan payment that would normally be $399 a month over 4 years can be just $249 a month with a lease, which is very appealing to those without cash on hand. The difference: With a loan, you own the car after 4 years. With a lease, you become an indentured servant, forever indebted to the car company master. The financial reasons for not leasing are numerous:

1. A lease starts a trend of perpetually paying a car payment. If you never paid a car payment, and the average car payment in America was $350 a month, putting that $350 a month in a mutual fund that made 10% would become $791,171 over 30 years.

2. If you get in an accident and the vehicle is totaled, you’ll still be responsible for the full lease contract amount. Even if the insurance company gives you back less than what you owe the dealership, you’ll still be responsible for that sum - as well as for the hospital bills your insurance won’t cover, of course. A sweet deal for them; less so for you.

3. Many times, the lease agreement will be for 5 years/60,000 miles. So, if you go over that 60,000 and keep it until the 5 years is up, you’ll pay a penalty for every mile over 60,000. Most people drive well over 12,000 miles per year. Which is why the limit is set at 60,000.

4. If you lose a job or experience a time of great financial hardship and cannot afford the payment anymore, the dealership will repossess the car and sell it at auction; if they sell it for less than you owe, you’ll be liable for the difference.

5. The car isn’t yours, yet they still make you pay for its maintenance. Again, you can’t claim the car as an asset. It’s technically still an asset of the dealership that leased it to you.

6. If you decide to take the option to buy the car at the end of the lease term, you’ll have paid much more than the cost of the car - even if you had financed it.

In order to get ahead in life, you need to invest in assets that appreciate. Does the appearance of wealth and success really outweigh actually being wealthy and successful? Does having a car right now, spending $3600 a year for 5 years, and then having nothing to show for it, really outweigh just taking the bus?

Driving doesn’t guarantee happiness. If it did, we’d be the happiest country on earth.