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I'm immigrant and I'm 24 and live in HCOL. I just got a first job which pays good money as SDE in pre ipo Startup. I never was able to save before so my NW: 0. But now I have a difficult choices to make. I wanna enjoy my youth, so wanna start with buying a car. Some used options which I like about 35k (Volvo, Mercedes, jaguar) . I have null credit score and no credit cards, what's the best way to solve this, take a loan even with bad ARP because I really like to drive and travel around. A lot of posts that it's time to invest, , I'm not even sure if I want to retire at 40,and do what with that money? My goal is to try and start my own business later in 30. Should I still worry about retirement right now? Tc: 175k and paper money Yoe: 2
Car is a money sink. Rather than owning you can rent if you're doing weekend trips. More flexible and let you experience many different kinds of cars. While you might not want early retirement, having financial freedom as early as you can brings peace of mind which is priceless.
Especially insurance without any driving record will ruin your income - a few thousand bucks a year on top of car payments, gas, maintenance...
* Good and fun to splurge at your age, but realize that a car is an expensive sunk cost (unless your wanna try to flip it in the used car market, maybe not so much now). Be smart with what you buy, the initial loan will help you build your credit for sure. Don't screw up the credit build-up. * Every older person I talked to (like 20-30 years older than me) said to start saving/ investing earlier than later. Check out "Your Money or Your Life" for good insight on what relationship you want with money Good luck!
do what you want, start worrying about retirement when you turn 30 at earliest.
With the magic of compound interest, even a little savings now will mean a lot down the road
Two main options to meet your goals: 1) Get a secured credit card, use it regularly and make monthly payments for a minimum of six months. By then you will most likely get offered a normal credit card and have a score in the 600s. You can then apply for a car loan and get a semi-decent apr. Pay this regularly for one year and your score should be in 700s. Then you can apply for a refinance with better apr if you choose to. 2) Directly apply for a car loan and, in the case that you get approved based on your income, accept the shit apr. Pay this for at least one to two years, and then apply for refinance. The main blocker is if you are on an h1b (you stated you are an immigrant) banks may be reluctant to offer a loan ghat extends past your current visa expiration. It is still possible to get one though, so you have to shop around. Also, if you are trying to optimize expenses and grow your score rapidly, option one is best. Be sure to keep multiple lines of credit and loans open to maximize your score for the future.
You a scrub right now homie and you gotta be about that life. Can’t be rollin a Jaguar day 1, you startin from the bottom. This ain’t Disney! $3000 2006 Toyota Corolla, that’s where it’s at mang.
OP needs to have made that $175k+ TC for a few years so he has savings. The Corolla is a solid start - it will keep you motivated and when you finally get that $35k car, you'll be happy and saving aggressively for other goals becomes easier
if you like to travel but don’t have a car to have basic freedom to explore the area around you, you’re not living life. the brands you noted will have crap cars at that pricepoint. Buy a new vehicle that’s fuel efficient and reliable. Build your credit asap. You can look into some programs from a few companies that give XxxX miles + insurance for cars of a certain class at a fixed price, temporarily. Iirc Hertz has a program (volvo, MB, Audi and others did too, but only in certain markets as pilot programs) Edit- https://www.volvocars.com/us/care-by-volvo/ (cars-aaS)
Max 401k match, invest 20-30% of the remaining of your paycheck(stock, real estate). Do whatever you want with the rest. Use a budgeting app like YNAB. By 30th your NW will be ~1mil
For building credit—Get a credit card, and never use more than 30% of the limit and then pay it down each month