A friend of mine is considering purchasing a fairly loaded Harley to the tune of $25g's. Being 40, he wondered how much money he should have in investments or in the bank before pulling $25k out to buy a bike. I thought $200k (not including any home equity), but other friends of mine said they'd finance a Harley even if they had $0 in the bank. How much should someone have before making a purchase on a luxury item like a Harley?
2007-12-04 09:16:24 · 25 answers · asked by Anonymous in Cars & Transportation ➔ Motorcycles
If he has the money, he should get the bike & worry about retiring later.
You need to live before you die. ;)
2007-12-04 10:21:07 · answer #1 · answered by >>Phoenix<< 6 · 14⤊ 4⤋
I would not go with a fixed amount but how about this: If you are meeting your 401K match program at work and you are contributing the maximum amount to a Roth IRA annually then you are doing enough. If he can meet these conditions and still make the bike payment then go for it. If he waits for 200K he might not get the bike for another ten years. However DO NOT dig into savings for the bike. The real money in long term investments is compound interest which he would be loosing. The trick is to invest over time not to deny your self a life.
Add on: Is everyone on here twelve years old? all the answers that say get the bike, to hell with the future are getting good marks. I like my bike but if I could not take care of retirement first I sure wouldn't have gotten a bike. You are not sure you will live that long but can you guaranty that you will die before then?
2007-12-04 10:25:00 · answer #2 · answered by Molliemae 4 · 4⤊ 2⤋
Well, I've always said if you don't have the money, then you don't need it!!! The main thing that is wrong in the world today is that everyone seems to think that you don't have to save for something anymore. It's a ( I gotta have it now) kind of world out there and if people don't start realizing that you cannot live on credit, soon, this country and the world are in for a rude awakening. Tell your Friend that he, or she will appreciate this new bike alot more if they wait until they have the cash for it.
2007-12-04 10:51:35 · answer #3 · answered by Bear 3 · 2⤊ 0⤋
in the adventure that your job has a 401(ok) plan, contribute a minimum of 10%. in the adventure that your corporation has a adventure, that's added loose money! this could be a stressful transition while you're no longer at present contributing something, yet you may confirm issues to decrease out, consisting of on an standard basis lattes, cigarettes, conveniences ingredients, etc. once you get will improve sooner or later, as an occasion, a 5% improve, rather of spending extra, improve your deduction by using the quantity of the upward push, as an occasion, to fifteen%. commencing now you have approximately 25 years to allow it your money develop in the previous retirement, and by using benefitting from the time fee of money theory and getting interest and dividends on your money, you will make it lots extra handy on your self to construct a comfortable retirement for your self. that's a magnificent delight to work out your retirement balances develop over the years on account that money is yours which you have been able to place away.
2016-10-10 06:15:24 · answer #4 · answered by ? 4 · 0⤊ 0⤋
I'm just curious if there is any kind of award for being the biggest jacka$$ on the forum? Your lame sarcasm is getting really old dude. We all get it. You hate Harley's and think the people that buy them are idiots, point made. Now move on with your life already. No one thinks you are humorous. And to all of you that haven't figured it out already, none of his questions are even serious, just simple minded attempts to put down on what someone else has. Do a little research and read some more of his questions.
2007-12-05 00:47:37 · answer #5 · answered by Anonymous · 7⤊ 1⤋
A Harley isn't a "luxury" item in my mind. More of a neccessity. Why do you reccomend pulling money out of a 401K? HD has financing available for zero down. A great way to buy a bike or a home these days. Why not enjoy today what you can pay for tomorrow?
He should leave his money in the 401K invested in all stocks. From what I heard, the Dow hit record heights just a few months ago and is doing great. I even heard that the government was going to freeze interest rates on houses. Your friend should look into doing a HELOC to buy his bike since interest rates are steady and housing values won't drop with this great news from the government!!!
2007-12-04 09:21:40 · answer #6 · answered by Balding HD Rider 3 · 3⤊ 5⤋
As important as it is to save for retirement, a guy has to live too. Just as long as it's within his means.
I would hate get old and then realize I could have done more things in my life than sit at the computer and antagonize people whom I don't know and who happen to not have the same tastes that I have. If he really wants a Harley, he doesn't have to spend $25k.
You act as if all Harleys are priced like Gold Wings. Not the case.
2007-12-04 10:48:16 · answer #7 · answered by Anonymous · 17⤊ 2⤋
Sounds like alot of extras on his ride. Look at the price of others in its like for sale a couple years old. If you buy a most fx or fl models in a couple years they are still about what you payed for it. You sell it and buy another new one and before long you are riding one under warrenty and have no payment or a small one in a few years down the road.
2007-12-04 11:21:01 · answer #8 · answered by ronnny 7 · 3⤊ 1⤋
What do you care? I agree 100% with Kato. Get a life already. Take your anger, small peni$ syndrome, your plastic Ninja and go away already!
2007-12-08 08:26:34 · answer #9 · answered by COblonde 3 · 0⤊ 0⤋
Hey HD Willy
Why worry about money? He could always sell a kidney, or two, I guess.
Keep on runnin'
2007-12-07 07:16:37 · answer #10 · answered by Dingo 5 · 0⤊ 0⤋
If you can't afford to throw $25k down on a bike then you can't afford to retire.
2007-12-06 16:59:52 · answer #11 · answered by bill b 5 · 6⤊ 0⤋