- April 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Personal Finance Situation Analysis
I have recently taken a hard look at my finances and realized that I am dedicating a significant portion of my monthly income to cost of living expenses. Currently, I am allocating 79% of my take-home pay solely to cover these essential expenses. Despite this financial strain, I am in urgent need of a new vehicle as my current car is unsafe to drive.
### Current Financial Snapshot
At 24 years old, I have managed to save $10,000 in a High-Yield Savings Account, have $38,000 in my checking account, and hold $6,800 worth of stocks. Remarkably, I am debt-free thanks to the financial aid and income generated from my service in the state’s National Guard. This support allowed me to graduate from college last May and secure a starting salary of $54,000 as an engineer.
### Future Financial Prospects
Furthermore, I am enrolled in a professional development program that promises salary increases totaling $10,000 annually for the next three years. Following this, my income is projected to reach $100,000 as I pursue my master’s degree starting next fall. Given my financial background and aversion to debt, I am seeking guidance on the best approach to acquiring a new vehicle.
### Seeking Financial Advice on Vehicle Purchase
I understand the importance of financial prudence and am inclined towards purchasing a used vehicle priced around $16,000 post the year 2017. However, I am unsure whether to finance the purchase through a car loan or pay in cash considering my credit history. Any suggestions or guidance on navigating this decision would be greatly appreciated.
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****** just grabbed a
I’d say buy a 10k Toyota. The best one that 10k can get you and then move up in car when u get that 6 figure salary.
Oftentimes it’s exaggerated that older cars are “death traps”. Reassess and if you still think you need another vehicle, I’d buy a used Corolla under 30k miles in cash. A quick search shows a 2022 can be had for under 20k.
I’d sell the 6.8k in random stocks and pay the rest with your savings. For a used car loan right now you are looking at >5% easily and you have the cash to avoid paying that interest.
The logic behind selling the stocks is you have no business investing in non tax advantaged accounts when you haven’t taken advantage of tax advantaged ones first I.e. Roth IRA, company 401k
Why do you have $38,000 in checking?? Put the majority of that into an HYSA. Max out your Roth IRA for 2024 if you have not done so yet. Take like 10K and buy a used reliable car from an owner directly. My favorites are Honda Civics and Toyota Camrys. I think if you have $38K in cash right now, you might as well just get a used car outright and avoid a payment. You can build your savings up again since you made it to 38K.
Dude you’re killing it lol. Get a used Toyota and ask about a car again in 25 years.
Agree with what everyone else has said here. Get the cheapest Toyota or Honda you can find and pay as much cash as possible. Interest rates on used cars are ridiculous, even with good credit (IMO.) But, a Corolla or civic will basically outlive us all if taken care of 😂
Put 3 months of your salary in HYSA. Fund 401 K , start an Roth IRA 2023 fund fully ( you’re not late April 15 deadline) , start 2024 IRA. You can leave one month salary in your checking account as cushion. Fund Health Savings Acct.
Sell the car you’re driving now . Get a Toyota or Honda used $10,000 or 15,000.
Remember your car insurance is going to go up.
Put any extra money into a brokerage. Use Vanguard or Fidelity invest in S and P 500 funds. Best of luck
The single most common financial mistake I see from regular people is buying more car than they need. Don’t be one of those people. You should be able to get a 3-7 year old vehicle that doesn’t break the bank.