Facebook user shared on his Facebook on how purchasing his car was one of his worst decisions in his life. He stated on how he purchased his car when he was 19 when he did not have a license and even hired a driver to drive him around during that period.
Here is his full story.
“Lesson from one of my worst decisions
Nearly 10 years with this car and time to say goodbye…
I bought this car at 19 when I first made some money, honestly it’s the stupidest decision ever because I wanted to look like I’ve made it at 19.
What’s worst is I didn’t have a driving license until age 20, so I hired a driver to drive me around.
It’s not some supercar, but driving in Singapore is expensive.
So the car cost me avg $3,000/m onwards with all the road tax, insurance, maintenance, occasional breakdown, parking (this doesn’t include driver’s salary in the first 2 years)
I could have invested the money into my future, that money if invested with compound interest over 10 years could be an additional > $500k liquid but noooooooo, past Gabriel wanted to look like a baller…
Then this same car got towed away in front of my then girlfriend (thankfully she became my wife after) when I had no money to pay for it during the period I hit a downfall.
This car is a reminder of my past 10 years of foolishness, ups and downs, also a reminder that material stuff don’t bring me any Long term happiness.
Now that the COE has expired (for my international friends, that is some ridiculous certificate that cost >$30k to drive a car for 10 years in Singapore )
we’ve decided to scrap it. And go without a car for maybe a few months and see.
Since everyone is working from home, we’ve no need for a car until the baby is born.
It’s better to keep my expenses low now, so I can afford to take more risk for the things that are truly important.
The point is… if you live in Singapore, don’t get a car until you’ve really made a truck loads of money.
Be a good steward, reinvest your money to more important things. It’s okay to look poor in your 20s and 30s compared to your peers.
What people think about you will change when you reach your 40s or 50s anyway.
Think long term. Someone said “the goal is to become rich, not look rich”
With less liability, you have more flexibility and mobility to move faster.
Did this post speak to you?”