Very soon I will be selling a bus I converted for $15k. I'm not quite sure what my best course of action is to put this money to use. I'll provide some background on my financials down below.
23 years old, 788 credit score, zero debt, $31,500 projected pretax income for 2021, $500 rent per month, $3800 as of today in checking/savings, $5000 in a roth ira (low fee index funds), $4000 in low fee index funds), $14,000 in managed American funds mutual funds
What the consumer side of me wants to do is take the cash from the sale of my bus and put it toward buying a new or close to new Honda civic. Would potentially finance about 7k either through the dealer @ ~1%, or sell my current truck for around 7k.
I feel like the alternative is to max out my IRA for the year now (I have every intention of doing this by the end of the year regardless, need 4k more for the year), and invest the rest in index funds.
In my mind getting a newer, reliable car would be huge. I've owned a series of beater cars, and feel like I'm cursed with mechanical failures and other issues and end up spending a lot of money on repairs. If I got a civic, I can see myself keeping it 15+ years. On the other hand, I have dreams of early retirement/ financial independence, and feel I should forsake my wants now, in order to reap the benefits later.
Just curious what some thoughts are, and maybe there are some other courses of action I haven't even considered. Thanks in advance for the help!
Edit: added commas to finanical info for easier reading
Submitted February 14, 2021 at 07:21PM by rainmann1 https://ift.tt/2Zh76oR
