Cars
Hi Everyone
I am really shocked to find out that many of my fellow colleagues have bought cars! I am so amazed. Yes, I am really happy for them that they have gotten their new 'toy'.
However, deep down, I feel that it is not really a wise thing for them to do. If I were them, I would actually prefer to be thinking of alternatives such as cabs (if there is a need for usage of cars). What I feel is that cars should not be educated as a need. Somemore it is a negative 'asset'.
Why?
I have calculated that some of them, their recurrent is probably $3-4k/month and the cost of having a car is about $1.5k (together with petrol and the monthly loan amount). That will make them have a remainder of $1.5k-$2.5k. How about business cost and other miscellaneous?
Hmm, it has come to my concern that a car should be acquired when one has at least 8 x of their income as savings. Then, they should think about getting asset driven things such as property, business, investment. And then car. This is my thought. But probably they should have the 8 x of income as savings as a backup.
I looked back that when I achieved what they have achieved last year, I was feeling 'not enough'. Wonder if they have this feeling.
Really feel quite unbalanced when I discovered...
I am really shocked to find out that many of my fellow colleagues have bought cars! I am so amazed. Yes, I am really happy for them that they have gotten their new 'toy'.
However, deep down, I feel that it is not really a wise thing for them to do. If I were them, I would actually prefer to be thinking of alternatives such as cabs (if there is a need for usage of cars). What I feel is that cars should not be educated as a need. Somemore it is a negative 'asset'.
Why?
I have calculated that some of them, their recurrent is probably $3-4k/month and the cost of having a car is about $1.5k (together with petrol and the monthly loan amount). That will make them have a remainder of $1.5k-$2.5k. How about business cost and other miscellaneous?
Hmm, it has come to my concern that a car should be acquired when one has at least 8 x of their income as savings. Then, they should think about getting asset driven things such as property, business, investment. And then car. This is my thought. But probably they should have the 8 x of income as savings as a backup.
I looked back that when I achieved what they have achieved last year, I was feeling 'not enough'. Wonder if they have this feeling.
Really feel quite unbalanced when I discovered...
