Investment Property or Bronco

[Rvbronco]

All fair and some comical. I can do both however this is not a need purchase. The poor work for their money, the rich have their money work for them. I seem to never forget that saying...

One big thing about investing..only invest what you can afford to lose. Best of luck .

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[Joker]

I am starting to second guess the Bronco purchase instead of buying a rental property and building more wealth. Have my money work for me or give it to somone else?

Bronco or Gold

 

[Headsong]

Can you take the roof off? And put it back on?

 

[ssolypop]

I am starting to second guess the Bronco purchase instead of buying a rental property and building more wealth. Have my money work for me or give it to somone else?

It all comes down to your financial goals. Have your goals been met and a new car (being one of your goals) is next on the list? If you haven't written down your goals and timeline then maybe start with that. Chasing more money and more investments can be never ending... When/How to enjoy your wealth can be just as challenging. So write it down and that will shed light on your dilemma

 

[Hkak45]

Think of the Bronco kind of like Bonds.... it’s a safe way to slowly lose your money lol

On another note be cautious out there on rental properties. Hard to evict someone not paying rent and then they destroy your house and you are left with not only no rent but also thousands in repairs. And someone still squatting in your house that you can’t legally kick out.

 

[Wizard1183]

I don't own rental property, but know people that do. It just seems like one big hassle after another for them. I'd go Bronco or stock market lol

Stock market trumps Bronco 20fold

 

[da_jokker]

I'd love to let my money continue to work for me, but I don't want an 800 per month car payment. The market is a roller coaster... The 800 per month for 5 years is a guaranteed liability.

So although it hurts... I'll be converting investment money to Bronco money.

 

[PecOBX]

Can't take that $ with you to the grave.

I obviously don't know your financial position but you have to find a balance between being responsible and having fun with your hard earned $.

I agree - depending on your situation you need to find a balance. I’m in my upper 50s and have been fortunate to put ourselves in a situation that when the Bronco came up (I was not following it closely before the reveal) we were able to make it work. It will be the first time I have ever bought a brand new car off the lot. But if we weren’t in a position to manage the Bronco cost I wouldn’t have ordered one.
Good luck with your decision. Rental property can be a smart move.

 

[Cheshire]

I am starting to second guess the Bronco purchase instead of buying a rental property and building more wealth. Have my money work for me or give it to somone else?

Your satisfaction with investments grows through time while your new car euphoria diminishes fast. If you're asking this question, you already know what the best answer is.

 

[Big Island Bronco ?♂️]

First off if you’re looking to own investment property I would personally talk to many different landlords and see what their actual Cap Rate is for your real estate market. Take Hawai’i for instants, realtors are pushing everybody to invest in property here and rent it out but in all actuality after you take all expenses into account the Cap Rate for new investors is less than 5%! Now take into account that the stock market on average over the last 80 years has a ROI of 7%. You have a lot to think about especially since mortgage rates are at all time low‘s. Personally as someone who grew up extremely poor, raised by a single blind mom, I spent the last 20 years not having a car payment and thus paying a bill to myself investing it in the stock market. Now in the year 2021 I’m able to afford to buy land in Hawai‘I and build my dream house and purchase a FE Bronco for cash. In the past when people would ask me why I worked so hard I would say I was creating a life I don’t need a vacation from . The key to building wealth is to have many different sources of income and to limit fixed expense! Good Luck

 

[Compta38]

buy bitcoin instead of bronco

this...with the printing presses going rampant and an administration that doesn't know which end is up the dollar is becoming every increasingly worth less and less. Eventually we will be wiping our asses with dollar bills because it will be cheaper than buying toilet paper, that is if it doesn't end up government issued.

 

[HoosierDaddy]

All fair and some comical. I can do both however this is not a need purchase. The poor work for their money, the rich have their money work for them. I seem to never forget that saying...

You just summed up all 17000 of the "Rich Dad, Poor Dad" series of books. LOL

That being said, I really enjoyed the original "Rich Dad, Poor Dad" or book 1, I guess now. It introduced me to a new way to look at money, investing and wealth.

 

[HoosierDaddy]

this...with the printing presses going rampant and an administration (a House and Senate for the last 30+ years...) that doesn't know which end is up the dollar is becoming every increasingly worth less and less. Eventually we will be wiping our asses with dollar bills because it will be cheaper than buying toilet paper, that is if it doesn't end up government issued.

fixed, LOL

 

[Chris S]

It's hard to give financial advice w/o knowing your current financial position, goals, age, etc. but I'll reiterate a previous comment that Rich Dad Poor Dad (and moreso the followup book, CashFlow Quadrant) are great books that can change you life...they certainly did so for me.

W/o knowing more, I'd suggest financing the Bronco 100%, spend the cost of the Bronco on Bitcoin, and when the Bitcoin doubles in value sell 1/2 your position and pay off the loan. That's a conservative approach...I have almost $2k/mo. in car payments, but the wealth I've created by using banks' money to finance they and allowing my own money to keep on working has been very effective to say the least.

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