Personal Investment & Financial Planning Q`s/Financial planning


Hi. I have a question, I have an 02 Buick Century Custom, 4 or so years ago my parents bought it for me, because i needed a car  and my old car was rotted to nothing, this car now started with 96,ish miles, now it has 126,ish miles, and its it getting worse, lets say more money to be put in when i only paid 1,200. and it'd cost 1,000 to fix it. Its starting even more day by day sounding rougher. Anyways i won't have it much longer.

My question is, i had 2 jobs one PT one FT, I lost my FT jobs due to a work accident, so they fired me in August, so now i only have the PT job which is like 2-up to 3 days a week, and now i re-established my unemployment. I am still driving my car as it only goes around town because of how bad it is. We don't know when it will die, MY concern is, being with what little money i have, my parents can't assist me financially cux they have a car loan now too. So with what little income im bringing in. My planning situation is to save 90% of my money from unemployment my work and use that as a down to pay down for a different vehicle as well as a trade. I dont have enough for an actual loan, since i dont bring much in financially. Is this a good idea?

Hi Marcy. Thanks for reaching out and sharing the details of your situation. Unfortunately, this forum is not conducive in answering general questions such as "is this a good idea". There are many factors that going into a decision like this and there is no specific answer that is right for all. If you have specific questions in regards to the decision you are trying to make, please let me know and I will try to help. Thanks,

Personal Investment & Financial Planning Q`s

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John D Smith, CFP


I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related comprehensive wealth management and investment concerns.


I have been providing fee only investment management and comprehensive wealth management services for the past 19 years.

I have a degree in Financial Planning & Counseling and I am also a Certified Financial Planner practitioner.

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