Off the top my head,
After you've paid off credit cards
After you've paid off student loans
After you've created a multi-tiered emergency fund
After 529 contributions
After you've paid off a the current car
After you've maximized 401k/403b contributions (or self-employment IRAs)
After you have a car less than 5 years old
After you start building a slush fund in your taxable account
OK, it sounds like you've already done all this. You have enough now, you just need a strategy.
I'd start a fun car fund by contributing monthly to a different account (cf KlangFool's advice above). I.e., pay yourself with a car payment while you start your search for a desirable car. It may take years to find the car you want at the right time. I was shopping for a Honda S2000 for a few years but never bought one, but in that time I saved enough money to buy another car with cash. Can you get away with buying a used RS6 Avant as a family car?
If you buy used, you'll save on depreciation. If you choose to have 2 used cars for yourself, then you can regularly exchange out the older/more expensive one.
Garage space and insurance are the other factors. I own two cars right now and wince at insurance costs, but I tell myself to keep it lower than my charitable contributions to keep my priorities in order. I know this is mental justification but it's useful to me.
Have fun!
After you've paid off credit cards
After you've paid off student loans
After you've created a multi-tiered emergency fund
After 529 contributions
After you've paid off a the current car
After you've maximized 401k/403b contributions (or self-employment IRAs)
After you have a car less than 5 years old
After you start building a slush fund in your taxable account
OK, it sounds like you've already done all this. You have enough now, you just need a strategy.
I'd start a fun car fund by contributing monthly to a different account (cf KlangFool's advice above). I.e., pay yourself with a car payment while you start your search for a desirable car. It may take years to find the car you want at the right time. I was shopping for a Honda S2000 for a few years but never bought one, but in that time I saved enough money to buy another car with cash. Can you get away with buying a used RS6 Avant as a family car?
If you buy used, you'll save on depreciation. If you choose to have 2 used cars for yourself, then you can regularly exchange out the older/more expensive one.
Garage space and insurance are the other factors. I own two cars right now and wince at insurance costs, but I tell myself to keep it lower than my charitable contributions to keep my priorities in order. I know this is mental justification but it's useful to me.
Have fun!
Statistics: Posted by AspirationalBH — Sat Jun 08, 2024 9:44 pm — Replies 13 — Views 489
