AboutKindred Beisinger penname K D Elizabeth Beisinger Expertise I can answer questions pertaining to budgeting, savings, debt reduction, and total freedom from debt. I can assist in prioritizing expenses and obligations. I am willing to share and offer guidance in realistic money management, modest investments, and financial freedom. I am not an investment counselor, broker or accountant, I am a missionary that does not do fund raisers or ask for donations.
Experience I live comfortably and have been debt free since I was 40.
Question Hello, so first off, i have always wanted a motorcycle, every since i was a little kid. i am now 21. i have about 5000$ for a down payment, i would be looking at financing another 5000 over 2 years. I honestly believe i will have NO problem at all being able to budget for the bike. but the thing is, when i come close to actually closing a deal, i have second thoughts and procrastinate. There is something about picking out clothing and helmets, and actually going through with the whole process. just knowing that i have saved all this money, and now i will be giving it all away, and will be in debt for the next few months at least. i have a fluctuating income every month. But on average, i gross about 4000$ every month. the monthly payment on the bike over 2 years would only be about 300$, and after insurance and gas, i am looking at about 600$ a month for the bike, which is not a big deal. my question is, are these feelings normal? when i am close to closing a deal, i back down, i have been approved more than once, that is not an issue. but when i am driving my car and see all the bikes on the road now, i just want a bike so much more. so are these feelings normal? is it a sign that deep down, i know i shouldn't get a bike? because i REALLY want a bike. Does money mean too much to me? Any advice would be very appreciated. thank you
Answer Dear Mark,
I think your feelings are quite normal. I remember how badly my hand shook when I signed the purchase contract and loan for a car, years ago. It's a big decision, and a loan is a big commitment. Not to mention the economic uncertainties that exist in the world today. I don't know if your country is as affected as ours, but it is a reminder that nothing is certain. If you've been saving this money for some time, then you have a greater appreciation and concept of the value, which is to be commended. I don't know how you are in general about money, but if you make about $4000.00, and managing a budget, I'd say that's better than normal and average, but not necessarily that money means too much. I can't judge that one for you, but I can tell you, a large purchase does weigh heavily. Maybe the timing just isn't quite right. Don't be too hard on yourself. When you're ready to make the leap, do so. Maybe it's the idea of debt, you don't want, and I never recommend. What about buying a less expensive used motorcycle to see how you really like it and then when you're ready you'll have had time to save for a cash purchase and use it in trade. Just a thought . . .
I wish you well. And I love motorcycles too! I can't operate them well, but I love riding on the back!
Kind Regards,
Kindred
www.eingedi.us
