[selbyp93]

Originally Posted by wtwo3

I love cars and I love new cars. It's a matter of priorities. Lots of financial advice out there treat a car like a utility, and as such deprioritizes a car to the bare necessity rather than something that might be a passion for someone.

In my life, I've approached situations a little differently than the typical - do this OR that. I've always said to myself, if there's something I want that maybe seems to conflict with my life goals, I don't approach it with a "well I can't do that so I won't".... I've approached it with, "what do I need to do to make it happen while still maintaining my life goals".

I've got a life goal of owning a Ferrari. I don't make 7 figures, so rather than thinking it's some sort of crazy pipe dream, I asked myself, within the boundaries of my financial situation and life goals, how can I make owning a Ferrari a reality? What changes can I make today, to achieve that goal? So I came up with a long term plan to create an investment account specifically aimed at being a "toy car fund". I then had to make sure this fit within the bounds of what my life goals were in general.

How can you apply similar logic to your situation? Lay out all of your life goals. Start thinking about what you need to do TODAY to make your life goals happen 5-10-15+ years from now. Based on those changes, continue working backwards, considering each priority in your life, and allocating an amount to that. Eventually you'll end up in a situation where you've organized a plan of action, or you've identified a gap you need to fill to make something happen. If you need to fill a gap, then think about what you can do to fill that gap. If you buy an investment property now which generates a steady stream of income for you, will that fit within your financial goals and also help open up new opportunities to get that new car?

TLDR: Don't sacrifice one life goal to achieve something else. Instead ask, how can I achieve both?

Solid piece of advice