Quote:
Originally Posted by tranquilized
I spent every cent I had on modding my cars for years. I was about 23 when I came to the conclusion that a nice car should be a reward for having earned enough spare cash, not the main priority at the expense of everything else. Being almost $20k in debt sure helped me come round... So I sold my EB V8 and bought a tired XF Panel Van on gas. Drove around in a panel van for the following 15 years.
Cleared the debt in a year or two, saved a bunch, started a business, sold the van to go travelling but when I got back I just had the business buy another van (XH this time, a small step up) and kept spending my money on travel.
Wasn't until a couple of years ago my partner and I bought our first house with a decent deposit, at the not so young age of 37.
Long story short though, I have no regrets at all. I loved driving around in my nice cars when I was 18 and into my early 20's. But I'm so glad I gave it away when I did and got to experience other things.
Lot's of people will tell you spending money on cars is a waste, and for them it would be because they aren't into cars. Maybe they spend all their money on something else - people keep mentioning drugs as though there couldn't possibly be any other alternative, but I know people who spend every cent on music studio gear, or travelling, guitars, whatever. People who save every cent or put it all on their mortgage are boring people, good luck to em.
When you're on your death bed you definitely won't be regretful for not saving enough money, but like everything in life it's all about striking that balance.
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I was 37 also when my partner & I bought our first house. The biggest regret I have is the $170,000 wasted on rent before I bought. I would encourage anyone to buy a property as soon as you can. I would highly recommend not rushing into having kids. Get yourself set up first. Just because everybody has children doesn't mean you have to. It is a huge responsibility, massively expensive and you are committed for life. I don't know why so many rush into it when everybody complains how tough it is.My partner & I work hard & she likes her time off unplanned.We have dogs instead, which is a big enough responsibility and it gives us our 'parenting' vibe The cost of rent these days is more or less the same as a mortgage repayment. The cars available these days also don't have to cost a lot to look good or go hard. Example. back in 1977, an XC Falcon 500 sedan with a 4.1 six was an absolute barge and a slug in the performance stakes. A 2007 BF XR6 in N/A is a looker and quick,and there's the turbo version. Stock, they go well and look great without having to spend anything. With the XC you need to do everything and it costs a fortune.The comfort I get knowing I can't be evicted and I have an investment is priceless. As many others have said and I guess what I am trying to explain, is everything in moderation and have a good think before you commit to things. Ask yourself: Do I really need this. Will this improve my life. What are the pro's & con's. You can have pretty much everything you want if your disciplined. Start as early as you can, it just gets harder every day you leave it. Most believe the Government will phase out the pension as we become more and more like the USA every year. The country cannot afford to keep taking in more and more people who depend o welfare. Add to this a growing ageing population and it simply will not be able to maintain
You young people, work together and help each other buy units or houses. All of you live in one and pay a big chunk off, then borrow against that and do it again. Thats how other cultures do it, makes a lot of sense.