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SVTPerformance's Chain of Restaurants
Road Side Pub
How to justify money spent at young ages?
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<blockquote data-quote="Rochard" data-source="post: 6730923" data-attributes="member: 17155"><p>I'm 39 years old and I when I look back I made a lot of financial mistakes. </p><p></p><p>The first one was my first Mustang, a brand new 1995 GT. The payments were $450 and combined with my other bills - credit card bills - my debt keep rising. I decided to buy a 66 Fastback and restore it, all on credit. A year later I was so far in debt that I needed to use my credit cards just to survive. I ended up in bankruptcy. I was able to keep the 66 Fastback because it was "not roadworthy" and not legal to drive because it wouldn't pass smog. I was also able to keep my GT because it was a lease and not a purchase. I walked away from about $30k in debt. </p><p></p><p>What I should have done was kept the car I had - a brand new Mazda MX3 - and instead of buying the Mustang that killed me with payments, I should have saved my money and bought the condo I was renting. My mortgage would have been off set by my room mates, and I would have been cash positive every month instead of slipping deeper into debt. On top of that, I would have had an investment that would have paid me out hundreds of thousands of dollars four or five years later (the condo was located in Danville, California). </p><p></p><p>Don't invest you money into cars. It's a waste. Yeah, you'll be the coolest cat on the block with your loud exhaust and your doing 3.5 seconds from 0-60. But the truth is that doesn't make you any better than anyone else, and the people who know better look at you and say "Dumb kid blowing his money on stupid stuff". </p><p></p><p>The housing market sucks right now. Houses will never cost less than they do right now; Now is the time to buy and it's really a buyer's market. Buy a decent house now and live in it for a few years, and watch the value go up. I bought a house in Phoenix for $220k in 2002 and three years later when I sold it I made a cool $250k profit or so - the house doubled in value in three years. Granted, you won't be seeing that kind of a profit any time soon in today's world, but would you rather throw money into car that will never return your investment, or put your money into a house / condo that will go up in value in the next ten years? </p><p></p><p>Let me put it this way.... Which is more impressive to a twenty-five year potential girlfriend - A fast car or someone that owns their own house?</p></blockquote><p></p>
[QUOTE="Rochard, post: 6730923, member: 17155"] I'm 39 years old and I when I look back I made a lot of financial mistakes. The first one was my first Mustang, a brand new 1995 GT. The payments were $450 and combined with my other bills - credit card bills - my debt keep rising. I decided to buy a 66 Fastback and restore it, all on credit. A year later I was so far in debt that I needed to use my credit cards just to survive. I ended up in bankruptcy. I was able to keep the 66 Fastback because it was "not roadworthy" and not legal to drive because it wouldn't pass smog. I was also able to keep my GT because it was a lease and not a purchase. I walked away from about $30k in debt. What I should have done was kept the car I had - a brand new Mazda MX3 - and instead of buying the Mustang that killed me with payments, I should have saved my money and bought the condo I was renting. My mortgage would have been off set by my room mates, and I would have been cash positive every month instead of slipping deeper into debt. On top of that, I would have had an investment that would have paid me out hundreds of thousands of dollars four or five years later (the condo was located in Danville, California). Don't invest you money into cars. It's a waste. Yeah, you'll be the coolest cat on the block with your loud exhaust and your doing 3.5 seconds from 0-60. But the truth is that doesn't make you any better than anyone else, and the people who know better look at you and say "Dumb kid blowing his money on stupid stuff". The housing market sucks right now. Houses will never cost less than they do right now; Now is the time to buy and it's really a buyer's market. Buy a decent house now and live in it for a few years, and watch the value go up. I bought a house in Phoenix for $220k in 2002 and three years later when I sold it I made a cool $250k profit or so - the house doubled in value in three years. Granted, you won't be seeing that kind of a profit any time soon in today's world, but would you rather throw money into car that will never return your investment, or put your money into a house / condo that will go up in value in the next ten years? Let me put it this way.... Which is more impressive to a twenty-five year potential girlfriend - A fast car or someone that owns their own house? [/QUOTE]
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How to justify money spent at young ages?
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