Lawyer Making $200K Explains Why She Drives A 14-Year-Old Vehicle & Is Told To ‘Live A Little’
This woman has the right idea about finances.
worradirek / Shutterstock Most people are of the mindset that the more money you make, the more you have to spend. While that is technically true, it doesn’t mean that spending that money is always a good idea.
One lawyer shocked TikTok by explaining one of the frugal choices she made in spite of her high salary.
A lawyer shared one of the frugal lifestyle choices she made on TikTok.
Annie Unbroke, a lawyer and single mom from Canada, is the founder of Get Unbroke, a movement to help women find financial freedom. Unbroke recently shared some surprising information with her almost 9,000 TikTok followers about one way that she saves money.
“I make almost $200,000 a year as a lawyer, and I drive a used 14-year-old vehicle,” she stated.
Unbroke explained why she made the decision to own an older vehicle. “I was able to buy my car in cash, and I chose to do so rather than taking out a loan on a newer vehicle because cars go down in value really fast,” she said.
“Even if you get a decent interest rate on a vehicle loan, the vehicle is going down in value so fast that sometimes people end up owing more on a vehicle than it’s worth,” Unbroke said. “This is something you want to avoid at all costs.”
Her message was simple: “So, if you’re able to buy an older, reliable used vehicle in cash, rather than taking out a loan on a new or newer vehicle, do it.”
Not everyone understood why Unbroke would make such a decision.
Unbroke received quite a few comments from people who wondered why she wouldn’t spend more money. One person said, “Lady, you make 200K a year! Live a little.” Unbroke responded to this comment in a follow-up video.
“I got a lot of comments like this in response to my post saying that I make almost $200,000 a year and I drive a used 14-year-old vehicle,” she said.
Unbroke explained that she does spend her money, but she just doesn’t see the need to put it into a car.
“And in response, I would say that I do spend money on things that I value, like travel and experiences with my kids, and I would rather spend my money on these things than a depreciating asset,” she stated.
Furthermore, Unbroke said she is choosing to eschew consumer culture and save for the future instead of spending all of her money right now.
“But, more importantly, we live in a culture of consumerism and instant gratification, and rather than buy into this and buy myself a shiny new object now, I’m building for my future and working towards a goal of financial independence,” she said.
Others wondered about the taxes Unbroke has to pay on her high salary.
“Aren’t you annoyed [by] how much tax you have to pay?” one TikTok user asked.
Unbroke addressed this question directly in another video and explained that she didn’t feel that way at all.
“I do pay about $50,000 a year in federal and provincial taxes, but this doesn’t upset me because I’m fully aware that I’m in the position I’m in because I grew up with a certain amount of privilege,” she said.
“I grew up in a white middle-class family. My parents were able to support me through my education,” Unbroke shared.
“And I’m happy to pay taxes to support those who aren’t as fortunate,” she explained. “If I made more money, I would expect to pay a higher proportion of my income in taxes.”
From Unbroke’s views on consumerism and taxes, it’s clear that she has a very good attitude about finances that must serve her well. We could all learn something from her.
Mary-Faith Martinez is a writer for YourTango who covers entertainment, news and human interest topics.