I posted this on the Rich Dad Forums but I didn't get a huge response, most of them were from other fastlane users so I decided to post it here.
Lately I've been selling alot of my expensive things that I don't use like my snowmobile, etc. because in the end they were just liabilities. This has grown my bank account from $2k to $6k.
I'm happy about this, but I'm in a time period where I have to take care of some expenses. My senior year is coming up and I need a car. Previously (you can read some of my older posts from last fall) I was interested in a Camaro/Mustang/944 which are gas guzzlers. I've decided to get a reliable car like a Honda Prelude which will cost me around $4k-$5k. This would leave me with roughly $1k.
But my other problem comes in with my struggle of what a liability actually is. I've been playing guitar for three years and I started taking drum lessons in March. In my "game plan" as Robert G. Allen would say, I want to become financially free by investing in real estate and then eventually start a serious band. It's a huge goal of mine, but I think I could accomplish it.
My problem is that my drum teacher really wants me to get a drum set and I do too, but I would obviously have to take in the costs. I was looking at intermediate sets that would cost me about $900, whereas an actual studio set that I could record with today would put me up at $1,200. My drum teacher thinks I should go the extra mile because I would just end up buying the $1,200 set next year because I would be unhappy about the $900 kit.
I feel like a liability is something that doesn't make you money, which in a sense a drum set is. But I also feel like I want to do this after I'm financially free and it is highly involved in my goals.
Runum gave me great advice by saying I should invest the money first and then let it pay for my car/drum set. But I'm 17 and I can't invest in real estate. So should I just let $1k-$2k sit in my account for a year that I would use in my drum set? Or should I purchase everything and try to make back the $2k by pulling off four or so bird dogging deals?
As you can tell I'm confused :smxE:
Thank you for your help!
Lately I've been selling alot of my expensive things that I don't use like my snowmobile, etc. because in the end they were just liabilities. This has grown my bank account from $2k to $6k.
I'm happy about this, but I'm in a time period where I have to take care of some expenses. My senior year is coming up and I need a car. Previously (you can read some of my older posts from last fall) I was interested in a Camaro/Mustang/944 which are gas guzzlers. I've decided to get a reliable car like a Honda Prelude which will cost me around $4k-$5k. This would leave me with roughly $1k.
But my other problem comes in with my struggle of what a liability actually is. I've been playing guitar for three years and I started taking drum lessons in March. In my "game plan" as Robert G. Allen would say, I want to become financially free by investing in real estate and then eventually start a serious band. It's a huge goal of mine, but I think I could accomplish it.
My problem is that my drum teacher really wants me to get a drum set and I do too, but I would obviously have to take in the costs. I was looking at intermediate sets that would cost me about $900, whereas an actual studio set that I could record with today would put me up at $1,200. My drum teacher thinks I should go the extra mile because I would just end up buying the $1,200 set next year because I would be unhappy about the $900 kit.
I feel like a liability is something that doesn't make you money, which in a sense a drum set is. But I also feel like I want to do this after I'm financially free and it is highly involved in my goals.
Runum gave me great advice by saying I should invest the money first and then let it pay for my car/drum set. But I'm 17 and I can't invest in real estate. So should I just let $1k-$2k sit in my account for a year that I would use in my drum set? Or should I purchase everything and try to make back the $2k by pulling off four or so bird dogging deals?
As you can tell I'm confused :smxE:
Thank you for your help!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
