Quote:
Originally Posted by Maloney
Who has no obligations? Also, do not forget he lives in San Francisco, which the median home costs $775,000. If he purchased the median home, he would commit $4000 per month of his $6,771 monthly take home pay. Let's say he buys a $50,000 M3 on top of that, just to have have a median home and an M3 he is committing to $4865.00 per month in bills. Now he has to insure the car, assuming since he just graduated college, 23 Y/O male in an M3, so his rate would be anywhere from $150 to $200 per month. This leaves him with $1700 to survive every month. I'm not saying buying a home is a great investment, but some sort of shelter is necessary in life.
I think it's better to get advice on not to do it, than from idiots like you telling people they are fine without looking at the true finances and telling him he can afford a new 911. You sound like mortgage lenders of the 2000's.
He just graduated college and getting his first paycheck so he wants to get himself a bad ass car. I understand that, but having a bad-ass car and not being able to fill it up or move out of Mom's house isn't very bad-ass.
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The reason why I said zero obligations is that I would look at any additional obligations besides the cost of the car and the cost of maintaining it as detrimental towards his decision to acquire it.
By the way have you ever heard about renting? Roommates? Money saved up?
I'm not the idiot that placed him in a 3/4 million house just for arguments sake.
I am not the sort of person that would even consider a house an investment right now. Mortgage+hazard insurance+equity loss+taxes+upkeep+possible homeowners association fees................do you get the point.