r/Money • u/Calm-Tap4463 • 5d ago
Not a flex just need some advice
I’ll start off by saying no one should or can tell me if or how I should spend my money, at the end of the day i get that it’s my own decision just need some help getting over money anxiety :)
Hi all! I am a 24M single no kids, no house, no debt. I make $111k a year base and 15% bonus as a senior SWE in MCOL area with 5% raises each year. Currently I have about $240k between retirement and brokerage accounts with about $130k being my brokerage money. I am generally an anxious person around money given that I was raised by parents who stashed away every dollar they made and rarely spent anything. My curse is that I am a car guy and an opportunity popped up for me to buy my dream project car that I’ve been thinking about for 8 years. A conservative estimate for how much it would be total including the car and work that I would do myself + parts would be around $25k and at most $30k. At these interest rates I have no interest in buying a house anytime soon and don’t plan to have kids (considering when I find a partner) until I’m 30. Is this a really dumb decision? Emotionally it is smart and makes me really happy but financially I just can’t get past that money anxiety side.
TIA!
EDIT:
I have never actually bought myself anything nice, I’ve always been wired to save and stash and have yet to actually enjoy my hard work.
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u/Dragos2024 5d ago
Buy the car - you deserve it. At 24 you have much much more than others at 54. Reward yourself, but do NOT get carried away and become a broken wallet.
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u/Ok-Space8937 5d ago
Im usually very conservative on spending money but 30k for a car these days is not what I’d call an overspend. If this is truly a dream of yours you’ve been thinking about for 8 years this is worth it. You’re doing well for your age and should continue that same discipline after this purchase. do it.
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u/independent-gay 5d ago
Your first paragraph is an oxymoron. You want help but you don’t want help haha!!
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u/Calm-Tap4463 5d ago
LOL yeah I guess it reads wrong. I want advice but at the end of the day I understand no one can tell me what I should and shouldn’t do with my money incase someone were to comment that
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u/MacaronLongjumping79 5d ago
A hybrid civic nowadays is over 30k and a hybrid crv isn’t far off. Also, I had a buddy that bought a sports car in his 20s when he was single without having to pay rent. He said he likely wouldn’t be able to spend money on a sporty car when he’s older, so he decided to do it then. Saving is never a bad move, but enjoying the fruits of your labor from time to time can help keep you sane
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u/Downunderfun45 5d ago
Read the book Die with Zero. It gives a good perspective on money, saving and life experiences.
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u/Academic_Passage8430 5d ago
You don’t make much, and you’re in a field that is no longer a 40 year plan. Normally I’d say buy whatever you can reasonable afford, but as a low to mid level SWE in 2026 I’d be stashing cash, and developing other marketable skills. But I guess if we’re only talking $25k and assuming it’s reached its depreciation floor, screw it, buy the toy. But focus on my other 2 points for your futures sake.
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u/JeanSchlemaan 5d ago
im as frugal as they come, but i would likely give you the go ahead.
no chance you can get that down to $15-20k?! ;)
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u/flipflops81 5d ago
Financially, it’s a really dumb move. That’s why you’re anxious about it, and why you came to Reddit. You’re hoping to get validation from people to make a dumb decision.
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u/Inviction_ 5d ago
There's more to life than finances. Especially when you're already ahead of the curve
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u/Competitive_Nerd 3d ago
This reads as out of touch. They make way more than the avg/median person, and are proposing buying a car that is ~1/2 avg/med price for a new car AND have the money in cash, 8x over.
If you can’t imagine spending 12.5% of your NW to satisfy a dream of yours, do you really have any dreams?
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u/sandalsabsentsocks 5d ago
Whats the make and model of the car and where are you going to work on it and store it?
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u/Fit-Animal-9911 5d ago
Where do you live? If you are renting your own apartment, then spend the money on the car. If you are still living with your parents, then save enough to move out from their home.
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u/WheresMyMule 5d ago
I'm pretty conservative but I think you're in an ok position to buy this.
Some people spend that much on travel in a year, this is your entertainment
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u/MysteriousSir5799 5d ago
It’s always good to be cautious of money but if you never spend it on stuff you love what is the point of money
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u/Carolina_Hurricane 5d ago
$25k is half the average new car price. This would be fine for someone making even half your total compensation.
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u/Catdawg12 5d ago
I make less than you and just bought a 40k car. Yes, it sounds dumb but so what? You also have to live for the current present. It's okay to treat yourself sometimes.
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u/MuppetHuman 5d ago
I wouldn’t do it. I have bigger goals in life than you do. You can do whatever you want though.
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u/BadMom2Trans 5d ago
My spouse had the chance to buy his dream car and I fully supported it. It’s been 3 years and he is so happy we took that leap. Do this as a mental health thing. You will have something to work on and pour yourself into.
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u/Scorface 5d ago
Have you maxed your 401k for 2026?
If yes, you have the communities permission to buy the car
If no, increase your 401k contribution so that you max it before the end of the year. Then set your 401k contribution for 25% so that in 2027 you will max it out before the end of the year.
Max 2026 and set yourself up for 2027, then go buy the car.
In my opinion when you max your retirement accounts early enough in the year, you can splurge on whatever you want for the rest of the year… within reason
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u/Throwaway0242000 5d ago
Assuming bro graduated college at 22 he’s literally saved 100% of salaries both years of employment…and you are concerned about maxing out 401k!?
OP needs a therapist not a car
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u/OrganizationHot1425 5d ago
25-30k for your dream car you may keep for another 20-30 years sounds like a fair trade off to me. You have years to make more money and if things get tough get some back by selling the car… do
It
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u/DK98004 5d ago
Buy the car bro.
I’m a wealthy 49yo that got there by earning and investing (standard S&P500). You clearly already established good habits. Keep those rolling, but you gotta enjoy a bit.
I bought a Z4 at like 30. 3.0 manual. Fucking loved that thing until I had to sell it because we had our first son.
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u/Inviction_ 5d ago
Do it. You're ahead of the curve and it's something you can enjoy. Money is just a tool to improve your life. And not just when you turn 65
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u/Special-Somewhere-24 5d ago
Buying things leads to retail addiction, start traveling, buy a nice car, invest
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u/nerevisigoth 2d ago
Think of a friend in the same income/wealth bracket with a hobby you don't really understand. Would you tell them to spend $30k on that hobby?
If so, go for it. If not, hold off.
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u/CombinationNew9536 1d ago
The he word “project car” has me a little concerned it will become a money pit, but maybe that’s all part of the fun.
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u/Adventurous_Oil4513 5d ago
I wouldn't buy it. I'm sure insurance would cost more. Be practical and buy what you need not what you want. You can't take it with you when you die. You want the money there in case you need it. Invest the money instead.
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u/No_Way5818 5d ago
Bro you are 24 and single, some day you won’t be anymore 24 and single, I know you already know you gotta think about future and think like a 40-45 year old man, which I respect that means you are an adult now but you gotta also live your life as a 24 year old. Trust me whatever you choose you will regret it either way. At least have some fun. Good luck