ok so i want to buy a used bmw at around 19,000$ my only job is through the net and this month im gonna pull around 2,500$ i don't pay any rent or anything but im thinking about moving out with buddies to apt. looking at around 300-400$ a month for rent. my net safefall is around 1,000$ a month meaning thats the least im looking to bring in. i have 1,200$ in my bank account right now. and im getting 4,000$ next month. can i afford to buy this BMW?
What is the monthly payment? For how many months? Don't forget you have insurance and any repairs that need to be done over time. If I were you, I would wait a few months.
Honestly, I would put 70% of your income back into your business until your making 2-3 times what you are now.
no, do not buy the car. chaos is correct in saying that you should be reinvesting your money into the business
Not right now, wait a little while, save some more money and make sure if something happens you will be able to make payments and stuff..Although if you finance that for 72 months, you're only going to pay like 300 a month I think..
The only safe way to be able to afford your BMW is to have all of the money saved up first and then buy it. If you lose your income or unexpected bills come in then your car will be repossessed.
I would have to say wait a while, take the amount that you think the payment would be and put it in the bank every month like it's a payment on a certain day of the month. Once you feel comfortable that you can make that payment each month, use the money you have in the bank as a down payment.
At least 50% of your earnings you should reinvest in, then the rest should go in your bank. I wouldn't even think about buying unless you had $15k+ in your account!
yup, thats true. So I would suggest you shouldnt buy the BMW now. Just wait a few more months/years and buy it after that
Don't live above your means - it doesn't work and doesn't impress anyone. In fact, it's kinda sad. Buy an expensive bike instead. Why buy one if you can afford it?