What level of income should we be at to own a car?
I feel that there should not be a fixed number. Instead, we have to lump all the things you want in life together and rank them according to the priority of ownership. Next, take the monthly salary you have and put aside savings to buy each item you want. Therefore, if you rank owning a car at number 1, you will be able to afford it sooner than if you rank it at number 3. Hope this helps you in making a decision. For me I rank retirement and homeownership above a car. So what I did was to open 3 saving pots, splitting my savings into 3 parts each month. I also put a higher percentage into pot 1 and 2. Thus, it will take me a longer time to attain car ownership than another person who ranks car ownership higher.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment