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Originally Posted by Blu_Frg
If my career plans pan out, I'll be making around $120K at my next job level.
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Never go on that kind of logic. Concentrate on the job and not the payout. You'll be surprised how often things like this don't work out and it's generally not a good idea to make plans on what you don't have and on what may or may not come to fruition.
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As for now...have zero debt whatsoever, and land a fantastic job. I landed this job through sheer effort and networking without anyone nepotism or strings being pulled.
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Excellent!
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- I wasn't projecting to spend only 60 a month on gas. Thats just how much I'm spending so far on my zhp with fairly limited driving.
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Expect the S65 to eat 30-50% more! :P
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- I max my 401k contributions by the amount my employer matches. My take home pay reflects retirement contributions and health insurance.
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Generally that means either 100% of 4% or 50% of 8%.
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- I have a stock portfolio worth a little under $10K that I inherited as a graduation gift but I do not plan on liquidating that for anything. I consider myself to be pretty financially savvy and recognize that although the stock markets are complete shit right now, this portfolio could double within the next 5 years. So I won't be touching it. If anything, I'll be adding to it over time.
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Putting more money there instead of in the M3 may bring you a house and a newer/better M3 in the future. Stock never loses in the long term (at least so far).
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- I have excellent credit (>750) and pay off my card every month in full. But I do have a car loan for my zhp and all inclusive costs for my car including insurance and gas amounts to roughly 720 a month.
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Credit is a funny thing. I have a higher credit rating than my dad. He has over 10 times my net worth and 0 debt.
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I'm just so emotionally driven to have an m3 right now and think I can afford to spend a couple hundred more to have a used one; I realize a new one is out of the picture right now.
In conclusion, I will not be leasing a new m3 or whatnot. The only way I can see myself getting into one in the very near future is if I sell my zhp at market and pay off its loan and use the proceeds to put a downpayment on a used m3 in the 45-50k range and finance the rest. But even then, I'm hesitant to be in that much debt, even though I feel pretty secure in my job and future prospects.
So in the end, I'm at a battle of reconciling my pure emotional drive to drive a car of my dreams with my financial common sense saying not to.
Not sure what I'll do but I definitely won't be getting into an m3 anytime soon. If I do, maybe after winter ends in Boston :P
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But you're making the right decision, +1 to you!
