Quote:
Originally Posted by AleksanderSuave
I just turned 30, so I might have some perspective to share with you.
Unless you own property, and your current car is giving you trouble that you cannot fix for an amount lower than the car's worth, you dont need this car.
Your job situation is likely not as stable as you imagine it to be during this Financial crisis.
If your current car isn't paid off (or worth reasonably more than what you have owed on it), you're not strong in a position to buy another, financially, so you'll be rolling over old debt to get into new debt.
With the car payment, you will also have insurance, maintenance (tires and modifications arent free).
That will easily eat the $1000/mo income surplus you're saving now.
Buy a house. Rates are historically low. I'm on house number 3 now. The only thing I've ever regretted is not buying a bigger house, when the market was prime for it, because when I sell any house Ive owned, Ive always doubled my money.
If you have 6 month's worth of living expenses saved up, you're doing solid. True living expenses. Cost of everything you pay for now, monthly.
Double that to a year's worth and keep it safe. Use that money to build a secondary stream of income or equity. Then buy whatever car you want.
TLDR: Economy is uncertain now, you have decent income, but thats without knowing relatively what your expenses are. Job can disappear and getting hired now for good money is close to impossible.
The only loan I would sign for (and currently am) would be to refinance down any interest rates on existing debts.
Cash is king.
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Some good points. Better yet become an Ins broker and get 30 sales folks working under you. All 1099. They make you tons of money, Covid-19 proof industry to work in and the great thing is your income goes up every single year for life! Granted several good companies you represent, 90% + retention or better, service is great. No brainer imo. Yes, I'm an Ins broker. Work hard in the beginning and cruise afterwards. Spend most of my time on the golf course working on larger deals with company owners, etc. Find the people who OWN EVERYTHING is key. That's where the money is.