Id like to get some feedback and suggestions on a little scheme Im trying to hatch. We have 3 kids, and the family car, a 7 seat Zafira is on its last legs. We would like to get a new car (or nearly new), but Id really like to avoid paying for it! At least with after tax dollars.
Had a bit of a hiccup in my career last year, we are back on track now, and managed to hold onto the portfolio, and keep the kids fed. I was lucky enough to borrow some money when we didnt need it which has helped us smooth the transistion to my new job. We have $30k in a LOC which we now feel comfortable enough letting go of, perhaps to buy a new car. we have some other savings we will hold onto for a rainy day.
Anyway, my scheme is to buy something with this $30k whose income is enough to pay off a new car loan. I was thinking of buying an ATM machine
http://www.ownyourownatm.com.au/thank-you-for-your-enquiry-2012.html
The boss thinks its a bit complicated a scheme, but I really like the idea. I thought Id get some feedback and suggestions on what is likely a risky move for me away from my core investing skill set.
Had a bit of a hiccup in my career last year, we are back on track now, and managed to hold onto the portfolio, and keep the kids fed. I was lucky enough to borrow some money when we didnt need it which has helped us smooth the transistion to my new job. We have $30k in a LOC which we now feel comfortable enough letting go of, perhaps to buy a new car. we have some other savings we will hold onto for a rainy day.
Anyway, my scheme is to buy something with this $30k whose income is enough to pay off a new car loan. I was thinking of buying an ATM machine
http://www.ownyourownatm.com.au/thank-you-for-your-enquiry-2012.html
The boss thinks its a bit complicated a scheme, but I really like the idea. I thought Id get some feedback and suggestions on what is likely a risky move for me away from my core investing skill set.