Buy a car for my dad
I’d like to buy my pops a car. How much should I have saved / disposeable income to do it and still stay financially stable? What are the considerations? TC: 305, but salary is 155, rest is bonus and stock. car payment for the car im eyeing would be ~30% of my rent. I have ~40k liquid, but I’d like to make a decent down payment and have not crazy monthly payment. Car would be ~45k total. Unsure if I should sell some stock.
Dont really have any advice but you're so nice for wanting to do this. One day I want to buy my mom a house too.
Why just mom?
When my dad passed away he told me to make sure I take care of my mom. I remember that forever :)
Screw QTdN03 ... It's a good thought, get your old man a fancy toy if you want to.
Shit happens in life. People lose their jobs and their fortunes every day. I’m speaking from experience. Never give someone a gift that could potentially be repossessed by the bank if life turns upside down.
Then don’t lose your job or your fortune.
This post is so sweet. Well done son. Your Pops will be proud 👍
300k tc. U should be able to buy 10 Corollas, 6 Tesla's, or 1 porche. U can do it
You want him to live under a bridge for the rest of the year ?
So be it if he wants to buy that many cars for his dad
Did you even ask if your pops wants a car? You will be wasting money if the car is not needed
Why don’t you have more money saved with that TC?
Wait a year, save more 100k then buy your dad a car. Your tc is good but your Net Worth is peanuts.
Whether you wound up buying something with the advice given on this thread, you are a good man. I am sure your dad is happy and proud of you. 👍
Do NOT buy something for someone else that you’d have to make payments on.
Sure, that aside tho, I still want to calculate the financial variables to see when it’s a viable thing to do. IE if not for me then for my kid’s first car, etc.
Agree, just keep saving until you’ve got enough cash to buy it out.