so i work with this kid who lives at home and has a second job. he has about $30,000 extra sitting in his bank account that is buring a hole in his pocket. he currently drives a busted up 95 mustang. he is planning on buying a new jeep wrangler. he asked me what i would i do. i told him i would buy a used reliable vehicle that gets good gas millage. and then build a hot rod. he is entertaining the idea. we shall see what he will do. but the question i have. what really cool project would you get or finish with an extra 30K? id start by finishing the ones that i already have. then i find doner vehicles for some of the other things bouncing in my head. for instance a willys wagon with a modern day drivetrain, or a big 50s or early 60s cady. there is one more... something i dont ever think was built. sorry i gotta keep it under wraps for now. so what would you do?
If he hasn't already attended college, he should first secure an education. If he already attended college, he should buy a house before prices and interest rates rise. Secure a future fist.......hot rods are a hobby.
Wow. An "extra" $30,000 huh? And he's young? A car would be the last thing I would push him to spend it on. Invest now and buy all the cars you want when you get older. That's a heck of an advantage in this day and age.
He should stash it and buy a $5,000 50's car, get into the world, learn some ****, then go build his dream car. His tastes will have evolved to what he really wants and not what he thinks is cool now, which will sure as **** change.
THIS!!!!!!! please dont let him blow 30 k on a P.O.S. jeep cherokee new cars are the worst thing to spend money on I learned my lesson 23 years ago since then all I buy is newer used and save 40% off the sticker price
What fun is that!? You mean partyING? IMO, there is no such thing as "extra" money. Plan as far ahead as you want, but the bottom line is what you've done along the way...
If he's into buying a Jeep, tell him to get one that has a little experince on it. I drive an '88 Wrangler everyday and it has an old AMC 258 with 185k miles on it. Wouldn't trade it any newer fancy car. I didn't pay much for it and save my money for car and motorcycle projects. Why spend everything on one new daily driver when you can have a little of everything?
i agree with dreddybear. and some of you others. i treid on the house thing. he dont wanna do that now. he has other money in savings and investments. hes gona sped this money on a vehicle. maybe not all of it but a good chunck. lets ignoring the smart of responcible thing to do. what do we want to do.
Place it in a money market account. Act like it is not there and start another saving account for a hot rod or car of his choice.
College was already mentioned/done that. He is going to buy a decent milage car. Not 30 g's on a jeep. Tech school at night to learn a trade would be ideal. Investing money today is suicide. The chain of events in Europe are already here.
going to school doesn't do much for you any more. I have 4 people that are on the team I manage that have a BS or Masters degree. They work the same job as the 20 something kid that is still in school. I have a few friends that never went to school but make well over 100K a year because they can code and do IT work. As far as a house... People keep saying "now is a great time to buy" They said that two years ago and the houses on my block went down another 20K.
Not arguing THAT point at all. When we're lying down...and NOT getting up again, the only thing that matters is our memories. What good is a ton of money in the bank if you haven't lived? Note: This is a particular sore subject with me; as one of my best friends from college has chosen this life path...won't even go out to eat. He's pushing 50 and what has all the scrimping got him? NOTHING. He has no kids to leave it to and has pretty much alienated everyone he knows by being a total miser... Hate to see it. Rant over...
dang....with an extra 30k I'd probably put an injected 409 in my '55 instead of a sbc. I'd probably also finish a few of my gas pump projects....and still have cash to spare!
Go for the house with a big garage in the back behind a gate where the neighbors can't see what he is working on. Interest rates are low and housing prices are low. Lock in a 30 year fixed rate loan. At the rate the government is printing money inflation is just around the corner. Charlie Stephens
He must be part of the 1% those idiots on Wall Street are protesting!!! Live once, buy whatever hot rod gets you laid! O, I forgot...none of em do...hahahaha
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