Advice for my younger brother

[Bigg]

my younger brother wants to buy a car. he takes home about 2.2k a month.

 

i myself spend 1.3k +- a month on my ride. obviously i earn more than him and i earn comfortable enough for me to pay for car+ support wife+kids+etc+++

 

as an elder brother, i want to protect my 'baby' brother leh. i dont want him to suffer in the long run. Lets say even if he spends 1k a month on a korean ride, he only has 1.2k left for others, bills/savings/etc/give mother/etc. He gonna get married soon, how to pay for wedding/hdb/and all like that. i am trying of ways to make him look at the bigger picture.

 

So i need your help guys. To those who currently earn around the amount as my brother, and have a car, how easy/hard is it for your monthly survival.

 

1) do you guys think its 'safe' to buy a car at his current take-home pay. if so, would a korean be good enough?

2) how can i say it to him nicely to him.

 

 

 

 

[Bigg]

Lets say even if he spends 1k a month on a korean ride

 

by the way. 1k is for everything: installments/petrol/carpark/erp/cashcard/insurance/roadtax/

Edited May 12, 2009 by Bigg

[Leslielai]

This kind of ppl will not listen to reason.

 

Just whack the crap outta him.

 

 

[Bigg]

wah lau eh leslielai, give better comments/advice leh. hahah

[Leslielai]

wah lau eh leslielai, give better comments/advice leh. hahah

 

 

Pardon my brute approach...hahaha

 

Seriously, let him make the mistake and he may turn out more sensible :p

[Modykoh]

my younger brother wants to buy a car. he takes home about 2.2k a month.

 

i myself spend 1.3k +- a month on my ride. obviously i earn more than him and i earn comfortable enough for me to pay for car+ support wife+kids+etc+++

 

as an elder brother, i want to protect my 'baby' brother leh. i dont want him to suffer in the long run. Lets say even if he spends 1k a month on a korean ride, he only has 1.2k left for others, bills/savings/etc/give mother/etc. He gonna get married soon, how to pay for wedding/hdb/and all like that. i am trying of ways to make him look at the bigger picture.

 

So i need your help guys. To those who currently earn around the amount as my brother, and have a car, how easy/hard is it for your monthly survival.

 

1) do you guys think its 'safe' to buy a car at his current take-home pay. if so, would a korean be good enough?

2) how can i say it to him nicely to him.

simple...u do the sum for him...if he still think he can afford...the choice is his.

 

[Babyt]

if ur bro is sensible enough, he sld know he will be living on a tight budget for the next few yrs.

 

if he really one...sld consider Chery

[Pcslim]

Mathematics already show he may end up in deep financial trouble years to come. Surely his heart rules over his head now when he makes this decision.

 

Maybe u can share with him - what is more important in life? His wife/family or a car?

[Silver_blade]

simple...u do the sum for him...if he still think he can afford...the choice is his.

Agree. He is old enough to think for himself. There is very little people around can do....expect to tell them your concern and end there.

 

Maybe he can find his out and make that extra $$$ to support his lifestyle...maybe not. It is all part and parcel of growing up and growing old.

[Application9999]

Frankly...when we are young, we came thru the same stage where we wanted to own a car badly...I am one of those young punk 16 years ago....but then hor,....during that time, COE car is popular and my first car is a $8k MAZDA 323...so still not having problem even I earn $2k per month then...

Edited May 12, 2009 by Application9999

[Bigg]

i was thinking of keeping quiet and let him find out himself and learn.

[Byond]

Depends on what car he is getting...

Why not work out a break down plan for expenses

let him see the real picture

U must also include

1) yearly road tax

2) yearly insurance

3) potential expenses for traffic summons / offenses

4) potential repairs in case of accident

5) the 10k maintenace and wear and tear in due of change...

plus alot of things lah...

 

my lst sales job 2.5 years ago, my basic only 2.3k, tpt allowance 700$ (not subjected to CPF cut)

means basic take home is 1840 + 700...

Petrol every month is 500$ as i travel alot

plus the every 6 weeks of 10,000km maintenance (S$300 est as i go agent to service for my lst 3 years of warranty)

confirmed by 3rd week of the month, I am penniless due to insufficient pay

This type of life, very tough...

everyday worry about money leh

BUt its quite hard to convince ur bro...

i understand how ur bro feels

initially, i tot i am able to support the car...only after i jumped into the s--t hole then i realise how deep it is

Now life is alot better...managed to break out of the job and found a better paid job...

 

Moreover, with a car, its very very hard to put aside savings for future use....

without a car, I can save up $500 to 700$ per month

with a car, if i can save up $300 every month, its very good...

GOOD LUCK

Edited May 12, 2009 by Byond

[Quirky_ster]

If he have a gf already that they plan to get married soon.... make them sit and decide on the car together.. which means, the burden of owning a car is shouldered by both of them.

 

As such the combine income of say $4.5K is manageable to own a car of $1k monthly ( all inclusive )

 

BUT if this is not the case, then the girl will say.. your car your burden your problem.. I want my things taken care of... then let him and gf decide.. only encourage them to talk about the finance openly..

 

If he have no gf to get married to yet... go on and tell him to go and get whatever car he wants to fulfill his dreams .... but also tell him that with this kind of pay dreams cannot go in parallel... things have to come in one at a time.. so dun get married, dun go holiday and dun cheong every weekend until your car loan is settled!

 

it will be easier to agree and ask him about the consequences... Youngster dun like elderly to shove instructions/advice/talk into their throat..... instead ask questions... what car, when, how much, what's the budget plan, what's the future will be like, what's the contingency plan... when wanna get married, when wanna buy house.. Does he think money will be enuf... then how about credit card, how will he repay..

 

Just ask and ask.. it will make him feel he is matured.. tell him you just trust his idea and support his plan but just wanna make sure he got everything covered.. coz' otherwise you have to start a saving plan and cut your own expenses, downgrade your car and lifestyle as a backup plan in case he screw things up and you need to save him from financial disaster...

 

 

[Bigg]

thanks for sharing byond and quirky_ster!

Edited May 12, 2009 by Bigg

[Macrosszero]

1. Not enough. I take home 3k and find it tough going to have regular savings yet keep up with my car expenses, especially when unforeseen matters like accidents, breakdowns and petrol price spikes come in.

 

2. Tell him, "You don't earn enough money to support a car, don't buy one unless it is helping you make money."

 

 

 

If he wants to own a car, buy a secondhand and/or off-peak car.

[Silver_blade]

Agree. We were all young once....we all wanted a car of our own when we have the license. I bought mine 1st car, with the money I made from freelance design work (during the pre-'97b crisis) when I was 19yrs old when I was in NS. I paid $13K for it and got back $9K when I scrapped it 2.5yrs later. Spent slightly more than 50% of my NS allowance on petrol/parking...but I was happy. :D

[Damienic]

I got my first car when I was earning around 3.3K...even at this level which is 1K more than wat your bro is getting, I feel it is tight supporting a car..most of the months I have little savings or no savings at all then..I can't really imagine anyone getting a car with monthly pay of below 3K...not advisable even if it is a Picanto..

[Silver_blade]

Well said.