Advice for my younger brother

[Alim]

It's heartening that you still give your parents money. Anyway, it all depends on your priorities in Life.

 

Some pple, spend so much on car & mods, no savings to get married. In between, go "part tor" with GF also need to spend money.

 

When struggle to get married, will end up quarreling with wife over expenses if she see you spend more stuff on your car than family. Worst of all, if ever have children, expenses adds on. My wife & I spend about $2k/month on both my kids education, insurance, extra classes, etc. Whenever they fall sick, we'll spend even more.

 

If my priority is NOT getting married or have children, we can easily afford a better car & car-related expenses with $2k/month?

 

For TS's brother when taking car loan, he has to consider all the above.

Edited May 15, 2009 by Alim

[Slayer]

if his current monthy saving cannot even cover the cost of running a car, having a car is almost certainly upset his lifestyle and up the stress level.

 

Having said that, I'd say why not? 'Want' does not necessary means 'NOW'.

He can always plan for it. Just like getting married, getting a house.. plan for it and work towards it lor.

 

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.

 

[Alim]

Young also can learn responsibility.

If don't start now....then when?

People learn from mistakes and experiences.

 

Buying a car in Singapore is not going to bankrupt him, its not a serious mistakes that will harm his whole life.

It will be a learning experiences for him...jsut like going to NS, working life, marriage life, etc etc.

 

Take marriage.....will one say this young brother is too young to get married?

So why are marriage life, marriage expenses, marriage troubles/fights (with wife and inlaws, etc) more Tolerable to people........and not a car?

 

There are 2 big ticket items that can make a person bankrupt...

 

1) Property

2) Car

 

Invest in property still got chance for appreciation, car lose money from day one.

 

Car loans drive some to insolvency

 

[Kingcopa]

Nowadays young ppl dun know what is inside their brain. I know of someone who is earning less than 2k a mth (doing sales) is getting a car. 40K. He n his wife to be's combine salary is slightly ard 3k plus. Just got a resale flat, went thru ROM but not yet customary. Now they are buying a car after he just got his license!!!!!!!!!!!

 

For me, i only get my car when i am earning 3.5k and i was like struggling like hell liao.

 

 

[Zenithpool]

I am earning 2.1k/month, and I drive a humble 1.4

 

It is possible, depending on the other commitment. For me, my job require me to drive (thou salary may not justified for 1 ). but I don have much other commitment. Hence, I am still OK, with monthly salary paying HP, petrol, parking, ERP, maintainance, and using bonuses to pay for road tax and insurance.

 

But when friend jio luxury past time like KTV, u have to LLSS reply no free lah...

[Alim]

I know of this young chap who zapped credit card like nobody biz for all his car mods. In the end, he couldn't keep up with the payment and was made a bankrupt.

 

What an irony, spend so much on the car and in the end have to give up on it.

[Jamstart]

Like I said, let all these people fall down, let them know what is "pain" like.

[Wbucket]

Wow, you are definitely daring. I earn about 1k more than you and I am bearing surviving with my SG cheapest car. If talk about having money to buy flat or get marry, even worse.

[Wbucket]

If no GF and no family and no flat, then 2.2 is fine. Else it is going to be hard. I got my car when I took home 2k, it can be hard already. Now I have a bit more take-home, want to save money for house and if lucky, marriage, also hard. Tell him to do a spread-sheet on his monthly expenses. That would help him see a clearer picture of whether he can survive and what he needs to give up to own a car.

 

Or tell him to save at least 1k per month without car first. If he can do it, like for 6 months, then he would have some money to downpay too.

[Jl1500k]

I think just let him buy lor, talk so much also no use one if he has already make up his mind to buy. Own it then he will know it whether he can afford a car now. No lesson leant pp mindset will not change one.

 

 

[7007]

For 1st time buyer, it is best to buy a used car. If can find those left 2 to 3 years with good condition till scrap, it will be most ideal!. At the end, your bro will have a car or scrap paper as trade-in for next better ride..... But the safest bet is still to save up till you can pay in full cash irregardless whether it is new or used ride... if I calculate the interest I have paid for all my previous cars, I could have own a very nice luxury car liao!

[Dunno]

My advise is, drop the idea. Buying a car is easy, but what's the point if he has to struggle to use and maintain the car. He has not got his own house yet. When the time he's married (assuming he's go lots of savings to pay for the wedding), he will need to buy a flat and have kids. Let's say kids later lah, buy houe and renovation also need money. Then still got electical/water bills, monthly household items, furnitures, TV, etc, all use instalment plans??

 

2.2K, forget it, spend $300 per month on public transport is a much wiser move. Don't see people have car he also want to have. Wait till his salary more than 3k then consider owning a car.

[Quirky_ster]

For 1st time buyer, it is best to buy a used car. If can find those left 2 to 3 years with good condition till scrap, it will be most ideal!. At the end, your bro will have a car or scrap paper as trade-in for next better ride..... But the safest bet is still to save up till you can pay in full cash irregardless whether it is new or used ride... if I calculate the interest I have paid for all my previous cars, I could have own a very nice luxury car liao!

 

My first car.. 17yr old Datsun 120Y Panel Van... paid cash for $3k include insurance and road tax... earning $1.7K oni at that time.. enjoyed my ride very much coz freedom to go anywhere! osos coz' no loan to worry about.. just petrol.. petrol and petrol.. then scrap car to junkyard!

 

I doubt today's youngster can do that.. nah...

[Hensony]

Your suggested approach (i.e. asking questions) is definitely better than telling a youngster the consequences of his decision/action. I will definitely keep this in mind. I got lots of cousins, all way younger than me, as my mum had many siblings and they started their families late. As some bros have pointed out, young people don't like being told how to lead their lives. Well, all of us were young once. I guess we can understand how the young feel when they are bombarded with advice from well-intentioned elders.

 

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...

 

[Zenithpool]

Wow, you are definitely daring. I earn about 1k more than you and I am bearing surviving with my SG cheapest car. If talk about having money to buy flat or get marry, even worse.

like I said, bo pian as works need. if not, I would rather stay with my bike and can go holiday on bike to boleh land or thailand once every 6 month

 

now, can only drive up to Genting once a year

Edited May 15, 2009 by Zenithpool

[Quirky_ster]

Your suggested approach (i.e. asking questions) is definitely better than telling a youngster the consequences of his decision/action. I will definitely keep this in mind. I got lots of cousins, all way younger than me, as my mum had many siblings and they started their families late. As some bros have pointed out, young people don't like being told how to lead their lives. Well, all of us were young once. I guess we can understand how the young feel when they are bombarded with advice from well-intentioned elders.

 

 

Am hitting a wall talking with my children.. so take up some course and seminar and learn this technique.. it works wonders.. BUT needs TONS and TONS of patience especially to young children... controlling own emotion is the hardest part..

 

still learning to cope with the patience part... slowly getting there bro...

 

When you make them in charge to make the decision.. it's easier.. especially the part when asking them to educate us on their thinking process...

 

But for youngsters and teens.. it's the best part... somehow rather.. they open up more to questions compared to advice, recommendation, pointers and instructions...

 

Be dumb, Ask questions!

 

So.. what do you think of this approach?..

[Bigg]

or should he get a carpool membership?

[Hensony]

If I can get my message across, I don't mind appearing dumb