Wednesday, 22 October 2014 07:43
Buy the dream car!
I’m in college, but I’m not the typical college student. I’ve gone back to law school after working for several years. My wife and I have followed your plan, and we’re completely debt-free. I’m cash flowing school, and we’ve been fortunate enough to build up about $2 million in investments. The other day I saw what I consider to be a collectible car I’d love to have — a 1988 Pontiac Fiero that’s in excellent condition for $10,000.
Should we wait until I finish school, or is it okay to buy it now?
Wow, I’m impressed. You guys are in great shape. You’re totally debt-free, cash flowing law school and you have $2 million sitting there. My advice? As long as you’ve got the cash on hand, and it won’t hinder your college plans, your lifestyle or come out of your investments, buy the car!
You’ve worked your butts off to the point that $10,000 is nothing in your world. It’s like most people buying a biscuit for breakfast. I mean, a purchase like this doesn’t even move the financial meter.
Remember, there are three things you can do with money — save, spend and give. You’re in an incredible position here, so there’s no reason not to have a little fun. You’ve earned it. Now, you might have to open your own practice when you’re through. I remember the Fiero, and owning something like that might make you unemployable …
I’m kidding, of course. But you guys have done a fantastic job. You’ve been smart with your money, and now there’s nothing wrong with having some fun and buying a little toy. Congratulations, Rick!