[Litos]

Originally Posted by karliejai

please get ur priority straight and dump ur BMW. This shit aint for you right now. You are the one that's on the internet asking for advice.

Get rid of the car (i dont care how much you put down, or how low you monthly payment is. The money that you put into the car is a luxury and deprecating object and you are not making enough to have a comfortable living right now)
spend the money on more education to build up yourself aka your resume
invest the money safely if you would like

bottom line, you dont make enough to have luxury RIGHT NOW. maybe in the future.

odds are he hasn't even started saving money for his kid's college....

[ching]

Originally Posted by Litos

odds are he hasn't even started saving money for his kid's college....

Well, I think you'd need to have a reasonable emergency fund first. I can't see how the OP can have enough of an emergency fund on his income, but to each his own.

OP, I think you are lucky that you have a loving family and kids which is not something everyone is able to achieve. That being said, I think people are picking on you because to almost everyone on the board, you are in desperate need of financial advice. If I were you, I'd focus more on making money instead of looking for ways to spend it. I'll paint a picture of my background so you can see where I'm coming from...

For me, I killed myself in my twenties to give myself a financial cushion that I have now in my 30s. I'm not rich but have enough financial freedom to work on the things I want to work on. If you are intent on reading other people's stories, then at 21 I was still in university. I graduated from my program at 23 with about $30k in the bank despite paying my own way through school (tuition, housing, everything). I did this by aggressively pursuing great summer jobs and being frugal while at school, which was easy because most students are also poor and being frugal is just a way of life. Upon graduation, I managed to get a well-paying job. After a couple years of making over $100+k, I bought felt financially comfortable enough to buy a .... a Golf GTI. Some people would have bought a more expensive car, but housing where I live is expensive and most people buy with a down payment > 25% so I wanted to save-up to buy a house before spending too much on a car. I also had a philosophy that because a car was a luxury and thus expense (not a asset), then I had to be comfortable with writing off the car without causing myself undue financial hardship. I don't want to give the impression that I didn't spend money and enjoy life - I did - it was just measured against the amount of savings I had at the time and where I wanted to be financially at retirement.

Good luck.

[kevinbahnz]

what OP did not disclose was that he's asian and his parents helped him get the BImmer probably for graduation or something and he still lives with his parents or other family members. I was there once..

[Letsrunem8]

Just to give my whereabouts since I'm 21.
Started working when I was 16
Bought my first car when I was 17(dodge srt-4)
Went to UCI for a year
Too expensive so I left and went to a local cal state..
Sold the SRT and got a S2K at 19
Sold the S2K and got a 08 328i e92
At 21
Bought my mom a is250
Sold the 328i because I figured being 21 and affording a BMW and Lexus while going to school and working full time is impractical.
Now I'm back with another S2k while almost turning 22.

Point is, I've been working my ass of since I was 16 while going to school. I knew I wanted a bimmer, but I put my future ahead of my current wants. Plus giving a $700 monthly payment for both cars didn't make me happy. I could've afforded it if I wanted to live in my car, but I decided having a paid off car and a monthly payment on my behalf gone to be a much better option. I'm rest assured with my bank balance as well and I don't have any debt for school. I honestly have no idea how you do it

So I'd sell the car..

[Wraith.]

Originally Posted by kevinbahnz

what OP did not disclose was that he's asian and his parents helped him get the BImmer probably for graduation or something and he still lives with his parents or other family members. I was there once..

..... well if that's true then it's worse than I thought.

[Litos]

^^^^^^^ probably true.