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You can pay for it, but can you afford it?

Jorge

Bronze Contributor
Oct 5, 2007
583
103
32
37
Mendoza, Argentina
Nice read, so true!

No more parking for you ;)

BTW Can you afford your vacation? Just a though, because I can't afford mine...
 
OP
OP
R

RaisingWealth

New Contributor
Feb 12, 2008
52
3
12
Ottawa, Ontario
I can afford it. I've got a pretty substantial savings because I put half the money I earn away into savings (always have). The real problem now is how to repay my savings having paid for the ticket.

The goal is to earn ~3k and put that all into savings to pay for the ticket and the extra half I need to earn to spend money, and to do that before I leave for vacation.

PS: Thanks for the rep speed :D!
 

australianinvestor

Bronze Contributor
Aug 4, 2007
467
102
25
Australia
Nice article, but here's my take:

You can only afford it after you have purchased or created an asset which produces the passive income to cover the payments for it.

Eg: I want a new car. If it's $500 a month, which asset can I buy or create and at what rate of return, in order to produce $500 a month?

Then, the car is free*. Everybody can afford free :)

Rep+ for the article, thanks.


Daniel

* Free because the asset pays for it, and the opportunity cost of the capital/time invested is offset by the value produced by the asset after the car payments stop.
 

Runum

Platinum Contributor
FASTLANE INSIDER
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Speedway Pass
Aug 8, 2007
5,978
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DFW
:iagree: Put your money into assets that will pay for your toys. My renters are paying for my trip to Phoenix to meet all of you guys.:cheers:
 

Jito

New Contributor
Dec 2, 2007
147
8
21
Bay Area
Honestly, I skimmed through the article. I think most people here are financially smart enough to know if they can afford something or not. Seems like Suze Orman type thinking...save your money, put it in mutual funds and enjoy yourself when you're 65. Yeah no thanks..
 

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