I'm a 27 y/o and I just found out about minimalism and financial independence. I'm not looking to be one of those people that spend the least amount for every item, as I do believe that some expenses are worth the extra few dollars -- meaning occasionally (1-2x/month) eating out, spending that extra $1-2 on the detergent that I like rather than the cheapest, going on vacations every once in a while, as well as having semi-expensive hobbies.
I have ~$50k in student loans, and in 2017 I got my first "big boy job" out of grad school. I make just over $100k/year in a low cost of living area so I decided to buy a nice new $33k sports car my first few months on the job.
I was wondering if there were any recommendations based on my current lifestyle/debt on what I should do? I read through the FAQs and saw nothing about how quick to pay off debts vs having money tucked away, etc. I can put away just over $2k/month into a savings account. I have no credit card debt, and my savings has just over $1k in it right now (started building it this year).
I've read other things about saying I should maybe sell my car? I was wondering what other people's thoughts on this were. I'm about $10k under on the loan (KBB says it's worth ~$20k, I have ~$30k left), so if I sold it, I would still have ~$10k to pay off. Also since it's new it will most likely not need as much routine maintenance as if I buy a used $5k car. I'm thinking reliability might be good to have since I didn't plan on selling this car ever, and it should last a good 10+ years since I'm good on the up keep. Any future car I buy will definitely be used if I buy one later down the line.
I posted this in /r/financialindependence but it was removed for being more of a personal finance question. I was wondering what the best approach was for heading towards financial independence and was hoping to have some insight from people.
Submitted January 15, 2019 at 09:28AM by KinkyBelayer http://bit.ly/2VPoIFz
