Tech

I’m 28 years old, have zero debt, and have a 401 (k), Roth IRA, and a bank with $ 45,000. My parents want me to save for my house. I want a Tesla Model 3. Who is right?

Dear Quentin,

I’ve been back and forth between buying a new car or putting a down payment on my first home. My parents are very concerned about money and are watching my finances carefully (yet) and I’m in trouble.

The original plan was to save 20% to 30% down payment on condominiums in the suburbs of Los Angeles and enter the market in about two years, but now it’s about 40% towards that goal.

However, the Model 3 is tempted because the Green Law may be imminent again, especially with all the additional bonus incentives my state offers, with a net final price of about $ 27,000. .. I’m not desperately in need of a new car, but this seems like a great way to save some money with a car with smart features.

“”
Model 3 has been tempted, especially with all the additional bonus incentives my state offers, as the Green Law could be on the horizon again.

I am 28 years old and have no debt as of January 2021. In terms of retirement, I’m ready to get the most out of my 401 (k) contribution this year, and my Roth IRA contribution has already reached its cap, and if everything is the same, I’ll be about 60,000 by the end of the year. I will receive a dollar retirement allowance.

When it comes to liquid assets and investments, I’m currently sitting at around $ 45,000. After being fired last year, I went home with my parents and started a new job in a remote location, so I’m currently saving and / or investing 50% to 60% of my take-away wages.

I don’t know if (a) I need to buy a car straight and empty my savings, because (a) I have time to save money again before the house crashes, (b) Absent Buy a car and keep saving for a down payment, (c) do both, or (d) invest money elsewhere.

As a financial conservative, my parents strongly oppose me buying a car. It’s a depreciable asset and I believe entering the market is my priority, so I think I should wait for the down payment and jump into the market every time I see it. Quite.

I believe I can buy a car, strap it on, and save more aggressively to replenish my money. Do you have any advice?

Pressure from parents

You can email TheMoneyist financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com.

Dear pressure,

what the hell!Succumb to your urge and scatter to Tesla
TSLA,
-8.55%

Model 3. You will be empowered by the knowledge that you will use your purchasing power to rebuild America while making the cool statement you have in the end. Arrived.. We fully embrace the American dream of driving the eco-warrior Tesla and becoming a smash van wollop in the midst of a tech-savvy zeitgeist. After all, we all have today, and ultimately global warming will come for us all.

Cruise the area where you want to buy a home in your 30s, 40s, or 50s (this all depends on the current and subsequent fares in the real estate market). Take a closer look at these homes and enjoy the scenery, assuming you are not hiding in a well-kept hedge. Go back home and honk to be amazed by Elon Musk’s bold vision. Then ask if you want to make room on the Model 3 driveway.

Of course it’s a joke. So far, everything is doing right.Buy a house the first And a $ 27,000 electric car later.. You already have your destination in mind. No matter how cool you think it is to drive, don’t allow the car to discourage you from its destination. Listen to your parents. They saw more than you have. They are trying to guide you on the path to financial freedom.And as great as they drive And To be seen driving, you don’t need Tesla to achieve it.

Moneyist:“Warren Buffett and Harry Potter couldn’t retire them early.”: Our spender’s neighbor said our adviser was “poor.” So why did we retire early?

Hello, MarketWatchers.check out Moneyist Private Facebook
FB,
-0.47%

A group where we look for answers to the most troublesome money problems in life. Readers write to me with all sorts of dilemmas. Please post a question or tell us what you want to know. Or consider the latest Moneyist column.

I’m 28 years old, have zero debt, and have a 401 (k), Roth IRA, and a bank with $ 45,000. My parents want me to save for my house. I want a Tesla Model 3. Who is right?

Source link I’m 28 years old, have zero debt, and have a 401 (k), Roth IRA, and a bank with $ 45,000. My parents want me to save for my house. I want a Tesla Model 3. Who is right?

Back to top button