Please talk some sense into me....

[JIT]

You can’t just live for the future. Do you put off your dreams and passions...

Hey I'm all for following your dreams and passions etc, etc..., but aussieboy here didn't sound as profound as this, he just saw the car and realised he could afford it on his 2008 income and thought it would be cool to own, and had been planning on buying property prior to this, and admits to his own indecision and being easily swayed...so clearly he just wanted a slap in the face - which he got!

 

[alexlee]

Only live for the present and you HAVE no future. Harsh but that's how I've found it.
Alex

 

[aaarghhh]

Get the car.

Speak to an accountant how the car can be used as deduction.

I know a rumor of a swimming pool that was claimed as a fire extinguisher.

You'd probaby need to speak to a really good accountant.

Haha.
Aaron

 

[hobo-jo]

Install some defibrillators and say it's an ambulance

 

[GoAnna!]

I don't know how a big a dream this car is but I do think that at somersoft we often lose sight of why we are investing in the first place.

We invest so that we can follow our dreams whatever they might be .....a secure retirement, a fast car, to be free of a job so that our time is our own....

I image that if you have just spent years qualifying as a doctor that you actually plan to work as a doctor for a few years at least. I presume that your enjoy your job. I also imagine that your salary will rise over time. Take this into account. IF the car is part of your dream then go for it. How soon, how big is your choice but don't fall into the trap of thinking that the right journey is investing and then more investing and then more investing.......if you do this life and your dreams might pass you by.....

 

[BigCol]

My New Baby! SALEEN S7

 

[kingchevy]

Is someone going to tell him to buy a real car and not some pussy red thing??

something like this

 

[Harris]

Investing to me is simply a means to an end - Nothing more. Its not my life, its part of it.. I invest because it will secure my future when I dont have a very high paying job or perhaps when I dont feel like working .. In the meantime there are goals to achieve, cars to buy, destinations to travel, long list of doodads and anything that takes my fancy.

Dont listen too much to those who tell you that you will look like a tosser in a Porsche. Dont give a toss what others might feel.. most would be simply jealous. I find it all too frequently... tall poppy syndrome.. How can a 25 or 30 year old get paid that much..? Why do they deserve that car when we slog all week long and get paid pittance..? What value does he add to the society and failing all that... it ends up with either "too materialistic", "too shallow", "uncaring towards family" etc etc

Something I do that helps me greatly is that before I splurge on a big ticket item like a new car, I make myself a committment to increase my income by a factor of 1.5 to the value of additonal commitment. So I must increase the income by atleast $45k in the year that I would have taken addtional $30k yearly commitment on additional doodads/car leases etc. I am sure, if you are keen enough, you can find additional few hours to work in order to live your dream.

You can still find enough room to invest - You dont need to start with a $5mill portfolio, Just start slowly and let time do the magic and keep increasing the portfolio size.

I see all too often investors getting consumed by investing and keep hoarding till they have lost the desire to spend... till they become habitual scrooges.

Life is too short - No point holding your dreams for a long time if you can realistically afford them now. There is a foreseeable shortage of doctors for another couple of decades to come, so the only way your income can go is up.

Think big, think positive and ignore the tall poppy syndrome -

Harris

 

[wylie]

Can you meet the $3000 per month payments on this, AND move out of home if and/or when you want to?

I think "licking the marshmallow" as it is often called on SS, ie spending some money on a well earned "toy" or trip, or whatever is fine, but no good if you have a great car and have to bring your girlfriend over to mum and dad's place because you cannot afford a place of your own.

I think too many of us are being painted with the "scrooge, don't spend anything" brush, when there is a bigger picture that we can see.

I reckon if you buy a nice Audi or similar, it will still be a beautiful car and you will have plenty left over for a much nicer first home than many of us ever had. (Better still to buy a demo model and avoid that first big depreciation "hit".)

I also think there are plenty on this forum who could buy one of these, but the longer you do without it, the better off you will be. It is not a choice of this or a "bomb".

Plenty of times we have considered doing something "rash" but good sense always wins through.

 

[aussieboy2010]

Install some defibrillators and say it's an ambulance

hahahahahhahaha


gold

 

[aussieboy2010]

Investing to me is simply a means to an end - Nothing more. Its not my life, its part of it.. I invest because it will secure my future when I dont have a very high paying job or perhaps when I dont feel like working .. In the meantime there are goals to achieve, cars to buy, destinations to travel, long list of doodads and anything that takes my fancy.

Dont listen too much to those who tell you that you will look like a tosser in a Porsche. Dont give a toss what others might feel.. most would be simply jealous. I find it all too frequently... tall poppy syndrome.. How can a 25 or 30 year old get paid that much..? Why do they deserve that car when we slog all week long and get paid pittance..? What value does he add to the society and failing all that... it ends up with either "too materialistic", "too shallow", "uncaring towards family" etc etc

Something I do that helps me greatly is that before I splurge on a big ticket item like a new car, I make myself a committment to increase my income by a factor of 1.5 to the value of additonal commitment. So I must increase the income by atleast $45k in the year that I would have taken addtional $30k yearly commitment on additional doodads/car leases etc. I am sure, if you are keen enough, you can find additional few hours to work in order to live your dream.

You can still find enough room to invest - You dont need to start with a $5mill portfolio, Just start slowly and let time do the magic and keep increasing the portfolio size.

I see all too often investors getting consumed by investing and keep hoarding till they have lost the desire to spend... till they become habitual scrooges.

Life is too short - No point holding your dreams for a long time if you can realistically afford them now. There is a foreseeable shortage of doctors for another couple of decades to come, so the only way your income can go is up.

Think big, think positive and ignore the tall poppy syndrome -

Harris

Fair advice mate, can I ask what you do for a living? The reason i'm curious is that not all professions give the opportunity of working and thus earning more by choice.

This year i'll have gained my full registration and thus have opportunity to do locum work. Locum work pays extremely well since you get sent out to areas of need or get called to come and do a hospital shift on short notice etc, the rotations i have been given this year at my primary place of work are such that if i choose to do so i can work a lot more extra shifts at casual rates (locum work). As such i find myself often saying things like:

"hmm if i work this much more i might be able to afford that extra nice house".....when in reality the house is probably about 100k out of my budget.

or

" i can afford the car, all i have to do is take on this many extra shifts" etc etc

in reality though it's unlikely i'll be able to do that much extra work in order afford the things im convincing myself i can, ill simply be too exhausted.

 

[GoAnna!]

I think too many of us are being painted with the "scrooge, don't spend anything" brush, when there is a bigger picture that we can see.

Plenty of times we have considered doing something "rash" but good sense always wins through.

I think its easy to judge the way another person "wastes" money and think their choice is wrong especially when its such a big ticket item. Many of us "waste" money in other ways that fly under the radar such as chossing not to work when we are more than capable of doing it, not developing our career or earning to the highest capacity possible, just "throwing money away" on a day to day basis on coffees, shoes etc. I am choosing not to work at the moment because part of my dream is being able to spend lots of time with my pre schoolers. I have no idea what that is costing me on a monthly basis but no-one has a go at me about it. And I know now is my only chance to spend time with them as pre schoolers.

What is good sense? If I die tomorrow will I be be happy with how I lived today? If I live to 100 will I be happy with how I lived today? If the answer to both is yes then I think I am on the right path.

 

[Sunfish]

" i can afford the car, all i have to do is take on this many extra shifts" etc etc

in reality though it's unlikely i'll be able to do that much extra work in order afford the things im convincing myself i can, ill simply be too exhausted.

Years ago No 1 son bought a turbo Cordia. At the time I said that he would have a great set of wheels but no money to be able to take it out and enjoy his youth (recently qualified tradesman, not a doctor). He took no notice of me then nor has he since so I have no idea why he had a clapped out Sigma a few years later.

I still wonder if you have done the exercise to establish the total cost of ownership. Even insurance would be beyond me (even with lifetime rating 1). It will be greater than you think.

There must be so many other things a recent student has that are not quite as you would wish: Wardrobe, hi-fi, 'puter, the "toy" of choice (that's golf clubs, tinnie, sail boat etc).

I still reckon you would fall at the first hurdle if you did your sums: You can't afford it!

 

[wylie]

I agree with a lot of your comments GoAnna, BUT he did ask for us to "please talk some sense into me" and that is all I was trying to do.

Ultimately it is up to aussielad and he has to answer to no-one but himself.

We won't even know what he decides unless he decides to share.

 

[Above Average]

GoAnna!, I too am enjoying priceless time with my pre-schoolers.

I am fortunate that I am able to spend this incredibly precious time with them.

I realise that if I were currently working full time, we would be in a far better financial position, however, I am performing the most important job of all...caring for our 3 children.

Above Average

 

[JIT]

"hmm if i work this much more i might be able to afford that extra nice house".....when in reality the house is probably about 100k out of my budget.

or

" i can afford the car, all i have to do is take on this many extra shifts" etc etc

in reality though it's unlikely i'll be able to do that much extra work in order afford the things im convincing myself i can, ill simply be too exhausted.

I suspected that...

I have some doctor friends who do this. But if you look at your estimated salary as a second year doctor (base pay rate about $25/hr or less even?), and take out all the un-rostered overtime and locum shifts you do for the extra $ (when you're pushing 60-80 hours in a working week)...what kind of salary do you realistically think you will be making???

150k pa???

As if! - and certainly not in Adelaide.

I suspect it would be much closer to 70-90k pa...what do you think?

A high income earning potential does not make you wealthy (even though it's perhaps easier to do so)...especially if you spend it on more expensive toys.

You are no different to the tradie that finished his apprenticeship, is now on 40kpa, and bought himself a brand new XR8 Ute!!!

But perhaps you think you are, and some people here are posting here as if you are?!?!

I honestly think you are punching way above your actual weight class here mate, and far too early...and I think you probably realise this too.

And what's worse, it sounds like you haven't even done the sums properly yet...

Intelligence, education, qualifications and income can often count for very little in the wealth building game!

Good luck with your decision.

 

[BayView]

This year i'll have gained my full registration and thus have opportunity to do locum work. Locum work pays extremely well since you get sent out to areas of need or get called to come and do a hospital shift on short notice etc, the rotations i have been given this year at my primary place of work are such that if i choose to do so i can work a lot more extra shifts at casual rates (locum work). As such i find myself often saying things like:

"hmm if i work this much more i might be able to afford that extra nice house".....when in reality the house is probably about 100k out of my budget.

or

" i can afford the car, all i have to do is take on this many extra shifts" etc etc

in reality though it's unlikely i'll be able to do that much extra work in order afford the things im convincing myself i can, ill simply be too exhausted.

Why not do the sensible thing and use the REAL income for the property you were thinking of buying, and buy a nice, but more modest second hand car to fit the doc image, and use the locum shifts as your SAVINGS towards the toys. The locum shifts are money you wouldn't normally have, so treat it as such and don't touch it until the pruchase price of the toy has been reached.

The toys will be the incentive to do the extra locum shifts if and when you want, and only buy the toys with this money - no credit. By the time you've saved the money to pay for it, the Porsche will probably be worth about half anyway, so you'll get there even sooner.

A bit of delayed gratification will be required, but no-one got rich without some of that anyway.

 

[aaarghhh]

Install some defibrillators and say it's an ambulance

The worlds fastest ambulance.....

 

[evand]

Totally disagree. Thats a property investment mindset, mostly not a business one. It might be your experience but not everyones.

Mostly people get rich with risk, not delayed gratification.

A bit of delayed gratification will be required, but no-one got rich without some of that anyway.

 

[evand]

Boxers become better boxers by constantly sparring opponents above their own weight.

Business people/investors/etc become better and more successful by constantly getting out of their comfort zone. (fighting above their weight)

I cant understand the mindset of buying a 5k or 10k car (or this delayed gratification thing) when the guy is a 26 yo doctor, sounds smart and is obviously on a upward path.

In my opinion if you think success you'll have success. And if that means buying a few toys, well thats part of it.

I honestly think you are punching way above your actual weight class here mate, and far too early...and I think you probably realise this too.

A