If you got 100k out of the blue, you seriously would not have ANY fun with it? Not even a steak dinner?
But for many a car is a necessity. If you are saying don't buy a new car to replace your old reliable car, that makes sense (boring, but good financial sense). But to say do not buy a car under any any circumstance is not good advise. A vehicle opens up many doors of opportunity. And leasing a vehicle would be the worst way to handle the investment (after 3 years you pay thousands of dollars you got nothing but a high residual on a vehicle you don't own). I think the real issue if you need a car is do you finance the car at say 6% and then take the money and invest hoping you make more than 6% or pay for the car in cash so you don't pay any interst fees. You could also try and work out zero interest on teh car loan . . . but if they do that they are probably charging more for the car. But in the end, if you need a car and you get 100K . . . go get yourself a damn car (used honda or toyota would be prudent, a new Acura would be a blast)
I have no issue with somoene buying a used car with the money. Just don't buy anything over 10k. it really makes no sense.
I would also buy one of those Dyson Air Blade hand dryers for my bathroom. Those shits are mad baller. and one of those Japanese toilets.
It seems like Mediocre Man has read "Rich Dad, Poor Dad" at least judging by the text you wrote above.
To me, fun is retiring before the age of 50 and traveling the world. Staying at the villa we bought in Mexico several years ago, and the other vacation homes we purchased over the years. To me, fun is not spending all my money as a youth, and then having to work longer. I buy things all the time, but only after I pay myself first. If I can't afford it then I don't get it. Most people who have worked hard for their money and invested it wisely drive things like volvo's. People who don't drive extravegant cars and work longer to afford their lifestyle.....when really it's not the best life because they are still working. When I was a mere lad at 30, I was given $2000 from my uncle who said he had been saving it for me. I split that money and put $1000 into some stocks for both of us. 14 years later, each of those $1000 investments are worth $500k. Had my uncle done that when he was saving it fo me he would have been able to give me more than a million. Now, I could have taken that money and bought a video game system, or went on vacation, but instead I am leaving it there and having no fun with it because in a few short years I am doing nothing but relaxing all over the world
I have read it. I would say about 1/4 of the book makes any sense. For me, it isn't the best financial advice.
lease it? Now we are really giving away money....Cant anybody be happy with an $8000 -$10000 used car.....going overboard on cars is such a waste
Ya, I said a used car under 10k is a better idea. I was just speaking of "if you had to have a really nice car." Most of the time you can find loopholes and write off the lease payments.
The hand dryer would be cool though. I definately have my vices. We even bought a bidet after a trip to Europe. For anyone lucky enough to have used one, you know what I am talking about.
Yeah, but what if you died tomorrow. You would have lived an unfulfilled life (not saying that you don't have fun currently). Why enjoy your money when you are old and boring and have nothing else to do? I actually enjoy working, and really don't see retirement as a goal I would ever like, so I have fun in the present. Saving and planning for the future is great, but you can't get stuck in the trap of "building that nest egg for retirement", when the future is uncertain.
