I posted this on the Rich Dad Forums but I didn't get a huge response, most of them were from other fastlane users so I decided to post it here.
Lately I've been selling alot of my expensive things that I don't use like my snowmobile, etc. because in the end they were just liabilities. This has grown my bank account from $2k to $6k.
I'm happy about this, but I'm in a time period where I have to take care of some expenses. My senior year is coming up and I need a car. Previously (you can read some of my older posts from last fall) I was interested in a Camaro/Mustang/944 which are gas guzzlers. I've decided to get a reliable car like a Honda Prelude which will cost me around $4k-$5k. This would leave me with roughly $1k.
But my other problem comes in with my struggle of what a liability actually is. I've been playing guitar for three years and I started taking drum lessons in March. In my "game plan" as Robert G. Allen would say, I want to become financially free by investing in real estate and then eventually start a serious band. It's a huge goal of mine, but I think I could accomplish it.
My problem is that my drum teacher really wants me to get a drum set and I do too, but I would obviously have to take in the costs. I was looking at intermediate sets that would cost me about $900, whereas an actual studio set that I could record with today would put me up at $1,200. My drum teacher thinks I should go the extra mile because I would just end up buying the $1,200 set next year because I would be unhappy about the $900 kit.
I feel like a liability is something that doesn't make you money, which in a sense a drum set is. But I also feel like I want to do this after I'm financially free and it is highly involved in my goals.
Runum gave me great advice by saying I should invest the money first and then let it pay for my car/drum set. But I'm 17 and I can't invest in real estate. So should I just let $1k-$2k sit in my account for a year that I would use in my drum set? Or should I purchase everything and try to make back the $2k by pulling off four or so bird dogging deals?
As you can tell I'm confused :smxE:
Thank you for your help!
Lately I've been selling alot of my expensive things that I don't use like my snowmobile, etc. because in the end they were just liabilities. This has grown my bank account from $2k to $6k.
I'm happy about this, but I'm in a time period where I have to take care of some expenses. My senior year is coming up and I need a car. Previously (you can read some of my older posts from last fall) I was interested in a Camaro/Mustang/944 which are gas guzzlers. I've decided to get a reliable car like a Honda Prelude which will cost me around $4k-$5k. This would leave me with roughly $1k.
But my other problem comes in with my struggle of what a liability actually is. I've been playing guitar for three years and I started taking drum lessons in March. In my "game plan" as Robert G. Allen would say, I want to become financially free by investing in real estate and then eventually start a serious band. It's a huge goal of mine, but I think I could accomplish it.
My problem is that my drum teacher really wants me to get a drum set and I do too, but I would obviously have to take in the costs. I was looking at intermediate sets that would cost me about $900, whereas an actual studio set that I could record with today would put me up at $1,200. My drum teacher thinks I should go the extra mile because I would just end up buying the $1,200 set next year because I would be unhappy about the $900 kit.
I feel like a liability is something that doesn't make you money, which in a sense a drum set is. But I also feel like I want to do this after I'm financially free and it is highly involved in my goals.
Runum gave me great advice by saying I should invest the money first and then let it pay for my car/drum set. But I'm 17 and I can't invest in real estate. So should I just let $1k-$2k sit in my account for a year that I would use in my drum set? Or should I purchase everything and try to make back the $2k by pulling off four or so bird dogging deals?
As you can tell I'm confused :smxE:
Thank you for your help!
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