4 ms·
"I rent but paid cash for a recent BMW last year" One tip I can offer is not to do things like that. A house or condo is generally an investment that increases
by dean 16y ago
"I rent but paid cash for a recent BMW last year"
One tip I can offer is not to do things like that. A house or condo is generally an investment that increases in value, so you should buy that for yourself instead of buying it for your landlord. And paying a lot for a car that will be
virtually worthless in 10 years won't help you achieve your goal.
- roel_v 16y agoCouldn't agree more. Seems like the OP needs to start with basic money management skills before doing fancy things. 100k isn't a lot. I suggest reading getrichslowly.org/blog, it's focused on getting out of debt but the same principles apply to personal finance beyond that point.
- wagerlabs 16y agoUmm... I forgot to mention that I'm still an illegal alien :). My wife received her residence just last year so the BMW (1.5 y.o when bought) was really a gift to her. Plus, I really wanted one after driving the 2004 Fiat Punto (no air conditioning!) for over 2 years. I still have the Punto and hope to get a residence this year. It's an 80% mortgage when I do and 50% while I don't so I'd rather wait.
- mikebo 16y agoBuying isn't always a better idea than renting. The OP lives in Spain, but the nytimes has a US based rent/buy calculator that is very good: http://www.nytimes.com/interactive/business/buy-rent-calculator.html http://www.nytimes.com/interactive/business/buy-rent-calcula... It basically comes down to how long you'll be in the house, and how much you think it will appreciate over that time. There are plenty of scenarios where renting comes out ahead.