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Hi how flexible is persistent with respect to location.. my wife got recruited into persistent via campus recruitment at bschool and location is Bangalore. But now I have a good opportunity for hyd and so hoping persistent would be okay in she joining hyderabad location too.. HR did not respond yet but want to check..Persistent Systems Limited
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Does the car get you from point A to B?
If so, then it’s financially not smart to upgrade unless you have cash to pay for the car.
A car is considered more of a liability.
Warren Buffett who can afford to buy General Motors drives an older car. He is happy and content with his choice. Enough said?
You should stick with your car. Additionally other CFPs have said that. But from the replies I’m seeing, you want validation in your personal preference to upgrade. Lead a horse to water...
Are you saying pay cash for a car I want? I think if I had a car I liked I wouldn’t mind driving it for 300k+ miles. I’m not the type of person that needs a new car every 5 years my car is 10 years old as is. Maybe a better question would be hypothetically I need a car I don’t have one how much is reasonable to spend assuming I have all the cash saved up for it right now.
With an income of 85k now you have an incredible opportunity to sock away huge amounts of money before some of the very expensive aspects of adulthood (marriage/kids) that many people experience. Max your 401k at 19.5k and your Roth at 6k. If you’ve still got disposable income after that start a non-qualified individual investment account.
I’m 40 and we make 200k gross. We drive a 2012 Camry with a salvage title ($8k cash in 2016) and 180k miles and a 2016 Kia Sorento ($15.8k cash in early 2019) because we needed a 3rd row of seats to haul kids’ friends around. We max two 401k’s and two Roths even with two kids that do sports, camps, and musical instruments.
A car is transportation and being able to retire at a reasonable age or having the resources to buy a sporty car for cash in 5-10 more years is absolutely worth the delayed gratification now.
My car is 19 years old with 283,000 miles on it. I love it and appreciate not having a payment.
I work with middle-class and a lot of blue collar folks and they love that I don't have a flashy car. Makes me more relatable and trustworthy to them somehow.
That being said, you do you. If you want it and can afford it, go for it.
We don't know your budget or finances, but since this is what you do you for a living, you should be able to make a smart decision. Just remember to let the numbers talk, and keep emotion out of it, because emotion makes for bad money decisions.
I'd say as long as your car is good stick with it and start saving for the new one. But also it's basically free lending right now so it's at odds for me
I mean I have a strongly disagree with this point with a lot of the FIRE people, life's for enjoying along the journey as well, so I wouldn't go to crazy, but my personal opinion would be get something in budget but something you'll enjoy.
What are your thoughts on getting a car now that would work for a family and have it paid off before I start a family? So that when I do have a family it is one less expense to fund when all the other expensive aspects you mentioned of adulthood hit? Right now my only expenses are rent, food and entertainment
As someone who bought a higher dollar certified used car in your situation back in the day, don’t do it.
What car did you get and what do you consider higher dollar?
Whichever route you decide to go, the used car market it absolutely crazy right now. My father works in the industry and they’re seeing 15-25% inflated prices at the wholesale auctions. I personal would keep driving the car you have, but at the least, save for another year or two and wait until the prices return to normal.
If you’re in finance, you should probably be able to figure out if you can afford a new car.
Sold my car for $4k bought a new to me for $10k very happy with it so far!