Sorry double post! How does one delete a post now?
LOL i'm pinoy as well so i can relate to your situation. our daughter is 26 and she still lives with us and our son is 29 but just moved out last year bec of he has a fiance now. we've always told our kids that you will be always welcome to live with us until you decide you can be on your own. we're a bunch of enablers hahaha! heck i still handwash my daughter's audi, put gas and give her shopping money then her salary is also shopping money bec it's rent free and food is free...everything is free. don't feel bad living with your parents...they actually like that. it's the filipino/asian way...LOLThank you guys so much for the responses. Short answer, I am not getting the R8 anymore. I’ll discipline myself and be patient.
Also thank you for the members that had posted very specific responses with advices. I will DEFINITELY listen to your guy’s advices. I was never taught not one bit of these in school so I sincerely appreciate and feel very grateful for the advice. I’ll just learn more online for more specific information. For anyone reading this, this isn’t an ending for this topic. I would still like to hear your inputs and even more advices if you guys have any for me to comfortably afford my dream car one day or any advice in general. In the meantime I will be focused on growing my businesses, while still saving like crazy, and helping my family, and investing. Thanks guys! 🙏🏼
Also, for the living with the family part. I guess it’s just a Filipino tradition lol. I have Filipino parents and they have absolutely no problem with their kids living with them for as long as they want to help support us succeed. I’m very thankful for that. I guess I can afford to live on my own but I’d rather be at home working on my businesses while having company with my family. Living by myself working all day on my businesses on a set routine would probably just lead me personally to loneliness and depression. But I’ll definitely have my own place once I have my own significant other and plan on a family.
I actually did similar. Lived with my parents till 26 and saved for a condo. I bought an FR-S right out of college at 23 (2013), then upgraded to a Focus RS, and then after I bought a condo, bought the R8. I never felt like I missed out on anything and being able to fully build up the FRS was actually fun and taught lots of good lessons. Also building equity into each of the cars helped with the R8 purchase; I barely owe anything on it.I was in a similar situation as you, very high income right at a young age: 23 years old making 200k/year. Cars are an absolute money pit so I started saving towards a condo instead. After buying the condo, at age 26 I purchased a 2014 R8 for just under 100k after tax.
Look at affordability by your net worth, not your income. The car's price should be under 50% of your total net worth (if you are a hardcore car guy). If you want to secure your future financially aim for under 25%.