- November 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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Financial Situation and Goals
Currently, I am making around $900 a week after tax with my two jobs, and my portfolio stands at $5.6k. Additionally, I have just started making recurring deposits of $25 into a Roth IRA. My total monthly expenses amount to $565, leaving me with a comfortable amount of $3035.
I have been contemplating investing in a sports car, which costs around $13k. I see it as a way to reward myself for the hard work I have been putting in. However, I am unsure if this would be a responsible decision in the long term. The monthly payment for the car would be around $350 for 48 months, and I am uncertain if I can afford it.
Seeking Financial Advice
As a young individual, I understand that I still have a lot to learn when it comes to managing my finances. I am looking for insights from those who have more knowledge and experience in these matters. I seek guidance on whether investing in a sports car at this point in my life would be a wise decision considering my current financial situation and future goals.
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The AI Legalese Decoder can be of great help in this situation. By using this tool, you can gain a clear understanding of the financial terms and implications involved in purchasing a sports car. The AI Legalese Decoder can provide you with valuable insights and advice on whether this investment aligns with your long-term financial goals. Additionally, it can help you create a solid financial plan that ensures responsible decision-making and financial stability in the future.
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****** just grabbed a
Hell no. It’s not responsible in the long term or the short term.
Six grand in the bank is great. It’s not “Now I deserve a sports car” great. You’re gonna shoot yourself in the foot right out of the gate and tank the wonderful start you’ve made for yourself.
Why don’t you reward your future self by first building a three month emergency fund and then maxing out that Roth? $25/week doesn’t cut it. You can pay cash for a cheap car to get yourself around and buy something nicer in five or ten years *after* you’ve built a foundation for yourself.
Do not take out car loans.
Great job bringing in a solid income for your age, but the time to reward yourself is after youÔÇÖve actually done something. If youÔÇÖre saving $3k per month and have $6k in savings, that tells me youÔÇÖve either been doing this for (quick maths) 2 whole months or youÔÇÖre not actually saving as much as you say you are.
Wait a few years. Actually build up some savings. Max out your Roth IRA. DonÔÇÖt shoot yourself in the foot so early by taking on a frivolous car payment.
Yeh, donÔÇÖt buy the car.. itÔÇÖs a depreciating liability. You want to acquire assets. Reward yourself by setting yourself up for success in the future.
Update: I have a $2/raise coming up and one of my jobs with which should give me additional wiggle room
A used car will always need major repairs before you finish paying for it.
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I am glad you’re know that you can’t afford it. If you have a budget down and you realize that you can’t afford it. DONT BUY IT. If you stay focused and dont get distracted by pleasure in life, rewards will come. Having money in a hysa is a good deal.
Just save as much as you can
I want to commend you on your work ethic. So many are working a single part time job and can’t understand why they can’t make ends meet.
With your extra cash and lower income tax bracket, I would max out my ROTH IRA. The more you can get in while younger will yield a nice retirement nest egg that will be tax free income.
This assumes you don’t get an employer match on a 401k. Make sure you contribute to get the maximum match from employer. That us an instant return on your money.
You mention you had an efund, excellent.
After maxing for ROTH, I would buy solid dividend stocks to provide passive income. Or plan for a real estate purchase.
Forget the sports car. At 18, it will only get you in trouble. Get a solid economy sedan. Its not sexy and you will lose in a drag race, but you can laugh at the sports car owner, knowing you will finish 1st to retirement.