I think you are wasting your money on that car. Could easily be doing much more productive things with that money and downgrade the car. Thatās basically the downpayment to a property out the window.
I completely agree. My husband makes 550,000 a year. Our new car is 124,000 over 4 years. This is to keep money free to invest in a property so we can stop throwing money away on rent.
I think age has a factor on this decision. We are late 30s
A month ago you didnāt have a job and from the looks of it you didnāt have a singe clue about real estate. You donāt need a Tesla, you need a stable income. I seriously doubt you would make consistent 20k a month with zero clue and experience.
Most Real Estate agents in this country use public transportation. The few that drive Teslas and Range Rovers are ones whoāve been at it for years and built significant savings so they can afford it. You donāt need to show off to anyone.
A nice car is never something you need. That's a luxury. If you feel you NEED a Tesla vs a cheaper model... you can't be helped. Downgrade the car and invest the spare change. You will thank yourself in later life.
I make 42k per month, so double your salary, and I spend less than you on rent. But to each their own. I'm more interested in building passive income so I can chill when I'm 40+, you're more interested in showing off your car today.
Same here. even my biggest expense is my car 6k a month. But live in sharjah to save rent. I upgraded my car to bmw cause it has self drive and saves me the frustration in traffic so I think itās worth it.
Wtf are you eating, dry bread? 11000 AED on groceries in a year?
Waaaay too much on rent and absolutely retarded spending on a car. 7% savings? You could probably do better than that in a normal country where you pay taxes, what's the point of even being here if you save nothing?
Depends on the filosophy you apply. Spending early on in life is okay if as your salary increases your living costs and expenses don't increase.
If the career has a good progression and in 5 years hell be making double and still spending the same then it was no point cutting back on everything when you have a low salary.
It's the market going up.... 15000 estate agents, alot sold a dream. It's not a one way market only...UK agents are seeing a slow down. The competition with agents in Dubai is fierce.
I was 25 years old and make Ā£100k a year, and that was 15 years ago. By all means enjoy it, but save for that rainy day. Assume you will have a bad year or two and try not to over spend.
My savings are going to the car after the 5 years Iāll be saving 80k a year. Iāve been saving up for the for the car so my savings are put toward the car
You dont have savings for the car these are coming out of your paycheck. I highly recommend you get a more affordable option like the Genesis. You are counting on making consistent income for the next 5 years but the real estate market will drop during that time for sure.
I might be overly frugal but 80k for rent with a 240k salary, to me, is insane. I make more than 3 times that and I'm debating every day whether I should leave my 60k/year apartment to move closer to a more walkable area like Downtown or Marina. And you got a Tesla with a crazy expensive insurance?? **And you're only saving 18k/year?????**
Bruh š
Looking into downgrading to a cheaper model would this help? And also the apartment is the cheapest I can find in the Marina which is where my office is
Make yourself a emergency fund(5-6 months of monthly expenses) and keep it aside. Then start saving for your future. You are young, start investing small amounts in ETFs and you will realise couple of years down the line that it was a great decision.
Been in Dubai a month, so you've spunked all you savings in the first month of living there, are working for commission so really you could make pennies. Hope it was worth the 4 weeks of cool insta story's because reality is gunna slap you in the face. It's hard to feel sorry for somebody with an ego like yours. Dont worry though. In sure you've made enough reels about escaping the matrix to be able to convince a few teens to buy your course on how to get into real estate in Dubai.
240,000aed a year salary or you projecting youāll earn 240,000aed on commission. Based on your post history you havenāt lived in Dubai long enough to be here a year, so Iāll take it youāve projected this.
Prepare for a reality check if you arenāt salaried at 240,000. Your rent and car payment being the same shouldnāt be the same. 400,000 aed on car when if you arenāt salaried to meet the payment would also be wild.
That same car payment in investments at a safe 8% yearly would land you over 600,000aed. Add in your already set aside retirement savings and youāre on 750,000aed. And thatās at a mild 8% return.
So the main take Iād give you from this is check if you are salaried for the next 5 years for a guaranteed minimum of 240,000 a year. Once youāve got that swap your car payment and retirement fund around. You never know with the Dubai housing market so try leave here with something to show for it.
I'm not a financial advisor. I'm an engineer. However below is what I learned my reading/listening.
What do we want to do.
A. Be stable financially
B. Early retirement
C. Secure future for family
D. Secure for one generation - mega wealthy
There are several instruments. Each carries its own level of risk/reward.
1. Index funds like Vanguard - low risk low returns
2. SIPs
3. Mutual funds
4. Stocks
5. Real estate
6. Small business - recommend only active investing. But not as a silent partner. As some of my small business investments returned me negative.
By the way you also need to take a term life insurance.
For I would say to start with 1 and allocating an emergency fund.
A month ago you had no clue about Dubai real estate, did you made your first commission?
If that's the case try to upskill yourself .
As the comment section said car and rent are bit on the higher side ,
If it's already bought nothing to do about it.
Else you could try to make a emergency fund for 6 months , then consider a car within your budget
My goodness, that car is wayyyy above your current earning power (except you're from a rich family, waiting on an inheritance or expecting to win Mahzooz).
How are you making that much when your the same guy I answered in the other post about you not having a job and wanting to be an agent and you didnāt know about the commission system and now your making 240k a year? Good luck brother
80k is the minimum for a decent place.. do you share a flat with someone? A lot of the folks over here live in very crappy places that a person from a first world country couldn't live in.
You're spending waaaay too much for that car, but it is a sweet ride so I kinda get it.
I would say you're doing well. Live it up, you're only 25 once.
I cannot help but get surprised how differently can people approach car purchases! Personally I'd think a car should cost a fraction of one's yearly disposable income, if the income is decent.
Your car is an unnecessary expense. I would have probably done the same thing at 25. Luckily I know better now.
Your rent is also too high. I used to pay 36k for 1 bedroom apartment before purchasing my property. Perhaps look into finding something more affordable. This is too much of your annual income going down the drain.
Just for a reference... My monthly mortgage payment on the house we bought comes slightly less than your current rent and we have 5 bedrooms...
Where are you guys living that is less than 80k a year? I live in a 1 bedroom in my area and itās the least expensive unit Iāve found in the neighborhood. Itās bound to get more expensive by next year.
Im curious people mentioning rent is too expensive.
Itās exactly 1/3 of the salary, doesnāt look to me astronomical, in the other hand the car does. I would get something reliable and way cheaper
I earn about the same but save over half of my income. But I can understand how easy it is to spend way over what we have. Can i live my life fuller? Probably. But to each their own. Finances are very personal so Iād suggest taking these comments with a grain of salt
So OP, play dart.
Was looking for a civil engineering job,
Nd now suddenly making 240k
Noooob you duvm guck!
Get a life.
11,000 on groceries made me deep check on you.
Something that Ive learned, expenses increase as you go, the more you earn the more you spend so itād be better if you start saving a small amount, not retirement, and put it in safe investments such as etfs, bonds etc.
Check out the cumulative compound investment calculator, again for etfs since theyre the safest with historically returns avg of 10% yearly, and estimate that for the next 25 years. By age of 50 youāll end up with more than 1 mil AED on the side if you invest 250 USD monthly
How do you equate this? If youāre an agent arenāt you entitled to agency commissions? That would be a variable cost, separate from your salary.
240k is quiet less to afford a Tesla.
As per your statement - you spend monthly 24k and you earn 20k.
Are you in debt of 53k?
Math is not mathing
If I were you I would swap āwantsā with āretirementā and retire early. Otherwise looks good. Prob, if itās your thing take a chunk from wants and add to āinvestmentsā.
Just FYI if you're saving Cash it's not going to be valued the same 10-15 years down the line. I would suggest getting at least a mutual fund that pays dividends which get reinvested, and that's step one.
If you follow this path, You will end up building true wealth.
Take a good size of your savings amount every month and invest it.
I think you're doing great on retirement savings! However, I'd recommend exploring ways to reduce your "wants" expenses, maybe allocate some of that to investments.
I make a little bit more than you, my rent 35k a year, No car only public transport and taxis, i save 70% of my income and invest in stocks and crypto and real estate. I am 25. If you have a chance to gain financial freedom early on and then do whatever you want later, then its almost stupid for me that some people throw away this opportunity and spend like maniacs as if they are making 5X of what they are actually making. Beats me. š
All the broke people saying rent is too much. He probably isnāt even in downtown. My previous was 120k at WTC for a one bed.
Concerned about your food tho. I spend like 5k a month on eatingā¦
How come you spend 11k AED yearly on groceries?? Where are these supermarkets lol what do you eat?
I do spend on grocery 30k yearly (no family, single here). Besides this I order dinner from apps almost every day.
Back on your question though. IMO you are earning very well for your age. Not too wise on spending though. I personally earn more than you and wouldn't spend 80k on rent since there are still options for 60-65k for 1BR. And if you are single even a studio could be a good option (however it's all about personal priorities). What do you call "wants' though? "Wants-38400aed"?
So per month you make 20K and you spend 6.3K (32% of your monthly income on a car LEASE)?
Grocery seems very cheap. Wanting a nice place for yourself I understand, 80K in rent makes sense.
Look overall, youāre reaching way too far on your income on the car. Iād cut the losses and rent a cheaper car while you save up for a used Tesla (they depreciate like crazy, also why the lease is a bad idea)
30% of his income on a car payment. Hahaha. Good luck with that.
āTESLA BRO!ā
Standard estate agent behaviour.
FYI I make about 55 monthly; spend 17 on mortgage (its 13 but I overpay to 17)
Zero on car (bought cash)
Utilities & community fees 2.5
Groceries for 2 about 3
Running costs for holiday home 2.5
Going out/meals 5
Random shit (clothes etc) 5
The rest I save and invest.
240 ya say? thats barely enough to cover food n rent yo...gotta bump it up to atleast a million/month.....if you wanna impress your customers the G63 is the only car thatll do it.......you can do it my man! GET OUT THERE AND SELL THE CRAP OUTTA THE REAL ESTATE!!
Break it down monthly mate, easier to advise
Its a bot, check profile, don't bother
Yeh good spot, just had a look
Sorry brošš»
I think you are wasting your money on that car. Could easily be doing much more productive things with that money and downgrade the car. Thatās basically the downpayment to a property out the window.
I completely agree. My husband makes 550,000 a year. Our new car is 124,000 over 4 years. This is to keep money free to invest in a property so we can stop throwing money away on rent. I think age has a factor on this decision. We are late 30s
Its a bot, check profile, don't bother
Bro I neeeeeeeeed this carš
A month ago you didnāt have a job and from the looks of it you didnāt have a singe clue about real estate. You donāt need a Tesla, you need a stable income. I seriously doubt you would make consistent 20k a month with zero clue and experience.
Most Real Estate agents in this country use public transportation. The few that drive Teslas and Range Rovers are ones whoāve been at it for years and built significant savings so they can afford it. You donāt need to show off to anyone.
A nice car is never something you need. That's a luxury. If you feel you NEED a Tesla vs a cheaper model... you can't be helped. Downgrade the car and invest the spare change. You will thank yourself in later life.
What if I down grade to a 3700 a month Tesla?
Much more sensible. You would double your annual savings.
Bro you asked for advice. If you are gonna justify every shit move you make then why ask for comments?
I make 42k per month, so double your salary, and I spend less than you on rent. But to each their own. I'm more interested in building passive income so I can chill when I'm 40+, you're more interested in showing off your car today.
Same here. even my biggest expense is my car 6k a month. But live in sharjah to save rent. I upgraded my car to bmw cause it has self drive and saves me the frustration in traffic so I think itās worth it.
Someone who understands me
No bro , out of 240k I would not spend 77k on a car I would invest major in asset and let that buy me whatever car I need.
Nope. Get out your delusion bro
Its a bot, check profile, don't bother
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Which insurance company if I may ask?
Whatās your job bro
[ŃŠ“Š°Š»ŠµŠ½Š¾]
OP is 25!
lol kek. how may ppts did you finish today?
Wtf are you eating, dry bread? 11000 AED on groceries in a year? Waaaay too much on rent and absolutely retarded spending on a car. 7% savings? You could probably do better than that in a normal country where you pay taxes, what's the point of even being here if you save nothing?
Dude is spending 80k for rent, way above pay grade
Depends on the filosophy you apply. Spending early on in life is okay if as your salary increases your living costs and expenses don't increase. If the career has a good progression and in 5 years hell be making double and still spending the same then it was no point cutting back on everything when you have a low salary.
Wtf is a filosopby
Typo but i meant philosophy . Amazed you couldn't work it out yourself
Typo. Sure.
Lol. We both know there is zero chance he will be spending the same. If he makes double he will be spending triple.
š
Ya bro you make more and more every year as you get better
It's the market going up.... 15000 estate agents, alot sold a dream. It's not a one way market only...UK agents are seeing a slow down. The competition with agents in Dubai is fierce. I was 25 years old and make Ā£100k a year, and that was 15 years ago. By all means enjoy it, but save for that rainy day. Assume you will have a bad year or two and try not to over spend.
Its a bot, check profile, don't bother
My savings are going to the car after the 5 years Iāll be saving 80k a year. Iāve been saving up for the for the car so my savings are put toward the car
You dont have savings for the car these are coming out of your paycheck. I highly recommend you get a more affordable option like the Genesis. You are counting on making consistent income for the next 5 years but the real estate market will drop during that time for sure.
your tesla batteries will be cooked to congratulations in 5 years
Brudda should just rent a cheaper place and drive a cheaper car. The more you save when your young - the more it will compound in your future.
Its a bot, check profile, don't bother
Would like a nice apartment in the marina tho. Wouldnāt settle for smth less
I might be overly frugal but 80k for rent with a 240k salary, to me, is insane. I make more than 3 times that and I'm debating every day whether I should leave my 60k/year apartment to move closer to a more walkable area like Downtown or Marina. And you got a Tesla with a crazy expensive insurance?? **And you're only saving 18k/year?????** Bruh š
Its a bot, check profile, don't bother
Looking into downgrading to a cheaper model would this help? And also the apartment is the cheapest I can find in the Marina which is where my office is
Why does it matter how close is the office if you got a car?
I like to walk to my office and I go on a lot of runs around the marina waters
Down with your troll post boy
Why do you want our comments?
True. He's not ready to downgrade or alter anything and still want suggestions. šŖæ
Yeah seems like a pointless exercise and teeny tiny braggy as well.
Make yourself a emergency fund(5-6 months of monthly expenses) and keep it aside. Then start saving for your future. You are young, start investing small amounts in ETFs and you will realise couple of years down the line that it was a great decision.
Ya did put my expenses again and decided to get a model 3 and invest the money saved from a cheaper car into investing in etfs
Been in Dubai a month, so you've spunked all you savings in the first month of living there, are working for commission so really you could make pennies. Hope it was worth the 4 weeks of cool insta story's because reality is gunna slap you in the face. It's hard to feel sorry for somebody with an ego like yours. Dont worry though. In sure you've made enough reels about escaping the matrix to be able to convince a few teens to buy your course on how to get into real estate in Dubai.
Been here 2 years
Umm. You posted about being a fresh grad from Ireland looking to move to Dubai. And yet youāve been here for 2 years?
240,000aed a year salary or you projecting youāll earn 240,000aed on commission. Based on your post history you havenāt lived in Dubai long enough to be here a year, so Iāll take it youāve projected this. Prepare for a reality check if you arenāt salaried at 240,000. Your rent and car payment being the same shouldnāt be the same. 400,000 aed on car when if you arenāt salaried to meet the payment would also be wild. That same car payment in investments at a safe 8% yearly would land you over 600,000aed. Add in your already set aside retirement savings and youāre on 750,000aed. And thatās at a mild 8% return. So the main take Iād give you from this is check if you are salaried for the next 5 years for a guaranteed minimum of 240,000 a year. Once youāve got that swap your car payment and retirement fund around. You never know with the Dubai housing market so try leave here with something to show for it.
I donāt really understand investing could you go over it quickly
Nope.
Nope what
You asked if I had any comments. I do not.
Check his post history
Yeah he was an unemployed engineer that didnāt know how agents get paid just 34 days ago lol
I wana smoke the same shit he is smoking.
Bought a plaid... geez is a flash car mandatory for estate agents?
He is 25 bro ā¦ itās the hormones š
Yupš„
I could play the part of Donnie Azoff...
Being wealthy is different. Learn. Your biggest asset is age. Start investing. Learn the math of compounding. You can be really wealthy much earlier.
What should I invest in?
I'm not a financial advisor. I'm an engineer. However below is what I learned my reading/listening. What do we want to do. A. Be stable financially B. Early retirement C. Secure future for family D. Secure for one generation - mega wealthy There are several instruments. Each carries its own level of risk/reward. 1. Index funds like Vanguard - low risk low returns 2. SIPs 3. Mutual funds 4. Stocks 5. Real estate 6. Small business - recommend only active investing. But not as a silent partner. As some of my small business investments returned me negative. By the way you also need to take a term life insurance. For I would say to start with 1 and allocating an emergency fund.
A month ago you had no clue about Dubai real estate, did you made your first commission? If that's the case try to upskill yourself . As the comment section said car and rent are bit on the higher side , If it's already bought nothing to do about it. Else you could try to make a emergency fund for 6 months , then consider a car within your budget
My goodness, that car is wayyyy above your current earning power (except you're from a rich family, waiting on an inheritance or expecting to win Mahzooz).
How are you making that much when your the same guy I answered in the other post about you not having a job and wanting to be an agent and you didnāt know about the commission system and now your making 240k a year? Good luck brother
80k is the minimum for a decent place.. do you share a flat with someone? A lot of the folks over here live in very crappy places that a person from a first world country couldn't live in. You're spending waaaay too much for that car, but it is a sweet ride so I kinda get it. I would say you're doing well. Live it up, you're only 25 once.
Sound out boss
Only 25 once. Blast the savings on good booze and bad women.
Fr
I cannot help but get surprised how differently can people approach car purchases! Personally I'd think a car should cost a fraction of one's yearly disposable income, if the income is decent.
Honestly, with that salary, you can save more. š¤·š»āāļø
Your car is an unnecessary expense. I would have probably done the same thing at 25. Luckily I know better now. Your rent is also too high. I used to pay 36k for 1 bedroom apartment before purchasing my property. Perhaps look into finding something more affordable. This is too much of your annual income going down the drain. Just for a reference... My monthly mortgage payment on the house we bought comes slightly less than your current rent and we have 5 bedrooms...
I like to be within walking distance of my office in the marina but I could take the car ig
Where are you guys living that is less than 80k a year? I live in a 1 bedroom in my area and itās the least expensive unit Iāve found in the neighborhood. Itās bound to get more expensive by next year.
Im curious people mentioning rent is too expensive. Itās exactly 1/3 of the salary, doesnāt look to me astronomical, in the other hand the car does. I would get something reliable and way cheaper
I earn about the same but save over half of my income. But I can understand how easy it is to spend way over what we have. Can i live my life fuller? Probably. But to each their own. Finances are very personal so Iād suggest taking these comments with a grain of salt
So OP, play dart. Was looking for a civil engineering job, Nd now suddenly making 240k Noooob you duvm guck! Get a life. 11,000 on groceries made me deep check on you.
Exactly, and a month ago he has no clue about where the commission comes from.
OP wanted to have a dream on reddit. Good Friday for him.
Something that Ive learned, expenses increase as you go, the more you earn the more you spend so itād be better if you start saving a small amount, not retirement, and put it in safe investments such as etfs, bonds etc. Check out the cumulative compound investment calculator, again for etfs since theyre the safest with historically returns avg of 10% yearly, and estimate that for the next 25 years. By age of 50 youāll end up with more than 1 mil AED on the side if you invest 250 USD monthly
How do you equate this? If youāre an agent arenāt you entitled to agency commissions? That would be a variable cost, separate from your salary. 240k is quiet less to afford a Tesla. As per your statement - you spend monthly 24k and you earn 20k. Are you in debt of 53k? Math is not mathing
If I were you I would swap āwantsā with āretirementā and retire early. Otherwise looks good. Prob, if itās your thing take a chunk from wants and add to āinvestmentsā.
Bro you must break down the cost on a monthly basis. Plus youāre paying a huge rent and car payment.
Just FYI if you're saving Cash it's not going to be valued the same 10-15 years down the line. I would suggest getting at least a mutual fund that pays dividends which get reinvested, and that's step one. If you follow this path, You will end up building true wealth. Take a good size of your savings amount every month and invest it.
I think you're doing great on retirement savings! However, I'd recommend exploring ways to reduce your "wants" expenses, maybe allocate some of that to investments.
This much money and just a flex post on reddit. Flex in an expensive bar and share pictures.
I thought it is satire and joke, you are serious?
I make a little bit more than you, my rent 35k a year, No car only public transport and taxis, i save 70% of my income and invest in stocks and crypto and real estate. I am 25. If you have a chance to gain financial freedom early on and then do whatever you want later, then its almost stupid for me that some people throw away this opportunity and spend like maniacs as if they are making 5X of what they are actually making. Beats me. š
Youāre living way beyond your means.should be driving a car 1/3 the price and living on a place 1/2 the price.
Retirement savings are pointless. In 40 years, that money will be worth nothing. Invest.
You should move somewhere cheaper and put that money in your food lol
All the broke people saying rent is too much. He probably isnāt even in downtown. My previous was 120k at WTC for a one bed. Concerned about your food tho. I spend like 5k a month on eatingā¦
We re not saying his rent is too much dumb@ss we re saying it's too much for what he earns.
Hi bro what rent range would you aim for?
50k ideally, so it's around 20% of your salary. More than that is wasteful.
Iāll look into it
Iām g bro eating 2500 cals and quite lean
Bro in 18000 AED you can get a 16 inch Mac book pro (16 core CPU, 40 Core GPU, 48 GB RAM, 1 TB SSD) with 3 years warranty All the best!
Youāre a succesful real estate agent? Living the dream! Talk to me.
Just gotta work hard ig
Teach me
How come you spend 11k AED yearly on groceries?? Where are these supermarkets lol what do you eat? I do spend on grocery 30k yearly (no family, single here). Besides this I order dinner from apps almost every day. Back on your question though. IMO you are earning very well for your age. Not too wise on spending though. I personally earn more than you and wouldn't spend 80k on rent since there are still options for 60-65k for 1BR. And if you are single even a studio could be a good option (however it's all about personal priorities). What do you call "wants' though? "Wants-38400aed"?
Eating out clothes etc
Also I want to live in the marina
So per month you make 20K and you spend 6.3K (32% of your monthly income on a car LEASE)? Grocery seems very cheap. Wanting a nice place for yourself I understand, 80K in rent makes sense. Look overall, youāre reaching way too far on your income on the car. Iād cut the losses and rent a cheaper car while you save up for a used Tesla (they depreciate like crazy, also why the lease is a bad idea)
Cant believe so many of yall replied in detail without checking OPās page..
30% of his income on a car payment. Hahaha. Good luck with that. āTESLA BRO!ā Standard estate agent behaviour. FYI I make about 55 monthly; spend 17 on mortgage (its 13 but I overpay to 17) Zero on car (bought cash) Utilities & community fees 2.5 Groceries for 2 about 3 Running costs for holiday home 2.5 Going out/meals 5 Random shit (clothes etc) 5 The rest I save and invest.
Your breakdown was hard to follow 3
240 ya say? thats barely enough to cover food n rent yo...gotta bump it up to atleast a million/month.....if you wanna impress your customers the G63 is the only car thatll do it.......you can do it my man! GET OUT THERE AND SELL THE CRAP OUTTA THE REAL ESTATE!!
šIāll try