I’m 46 and single, have $120K in money and $400K in retirement, and personal my residence. Ought to I purchase my dream $30K motorbike?

Expensive Quentin, I’m 46 and single, and I’ve no children. I’m at the moment having an inside debate as as to if to purchase a $30,000 Indian motorbike. It’s a need, not a necessity.  I’ve the deed on my residence, which is valued at $360,000, and personal each my automobiles outright. I’ve over $120,000 in


Expensive Quentin,

I’m 46 and single, and I’ve no children. I’m at the moment having an inside debate as as to if to purchase a $30,000 Indian motorbike. It’s a need, not a necessity. 

I’ve the deed on my residence, which is valued at $360,000, and personal each my automobiles outright. I’ve over $120,000 in numerous checking and financial savings accounts, and roughly $400,000 cut up between a Roth and conventional IRA on a preferred robo-investing platform.

I’ve lived inside my means my total life, and although I’ve a watch for high quality and costly issues, I’ve by no means actually put issues on credit score and have solely bought objects I’ve saved for.


‘I herald $6,000 monthly as a 100% disabled veteran and thru a place I’ve on the board of a small nonprofit.’

I herald $6,000 monthly as a 100% disabled veteran and thru a place I’ve on the board of a small nonprofit. I’ve no credit-card debt — or any debt, for that matter — and my healthcare and dental are absolutely coated by the VA with no copay for all times.   

Every month, I find yourself with roughly $1,500 to $2,000 in spite of everything my payments and bills are paid. A earlier profession will afford me an $1,800-per-month pension, which is vested and begins paying out at age 55.   


‘Although I’ve a watch for high quality and costly issues, I’ve by no means actually put issues on credit score and have solely bought objects I’ve saved for.’

Given my debt-free standing, I may probably be contributing greater than I at the moment do to my retirement accounts. I’ve line-of-sight to over $9,000 monthly after I retire earlier than I consider minimal withdrawals from my retirement accounts, so it’s not as huge a priority.

It’s laborious to spend a greenback as an alternative of putting it in my retirement account with compounding curiosity and my time horizon. I may be doing extra with my checking and financial savings as my emergency fund has swelled, and I do know I may put a few of that cash to work for me in higher methods with increased returns.  

Ought to I purchase the bike?

Frugal Bike Lover

Expensive Frugal,

Don’t you hate it when somebody says, “Are you aware what it’s best to do?” As somebody who loathes the phrase “ought to” when utilized in reference to others and doubtless nonetheless makes use of it far an excessive amount of, I’m reluctant to say whether or not it’s best to do something.

Individuals who say, “Go for it! Purchase it!” are sometimes residing vicariously via others. What they actually imply is, “I can get an identical thrill by encouraging you to purchase this overpriced coat, and I don’t must pay a penny.” So it’s wealthy for anybody to say it’s best to or mustn’t purchase one thing. That stated, I’m not a motorbike fan and I’ve no want to trip one. I gained’t be residing vicariously via you when you do purchase it.

It’s not the most effective use of your cash. You already know that. However you might be in nice monetary form for somebody of your years: You personal your personal residence, you’ve got an in depth eye in your retirement earnings, and you might be cautious about going into debt. You’re a veteran and also you’ve served this nation — and, having seemed up the bicycle in query, I’ve to say it’s a factor of magnificence.

I’ve one suggestion earlier than supplying you with my reply. Why don’t you strive the motorbike out for some time by renting one earlier than committing $30,000 to it? You’ll be able to see if the novelty wears off, and if it brings you all the enjoyment and freedom you count on from this piece of equipment. It would additionally prevent the trouble of reselling it when you determine it’s not for you.

I’ve beforehand steered folks away from shopping for a $30,000 bracelet and buying a Tesla TSLA. Nevertheless, this time is totally different. For all the above causes, if you would like it, go for it, get pleasure from each minute of it and trip fastidiously. On this case, I don’t wish to trip roughshod over your goals. Simply do me a favor and put on a helmet. There may be valuable cargo beneath.

You’ll be able to e mail The Moneyist with any monetary and moral questions associated to coronavirus at [email protected], and comply with Quentin Fottrell on Twitter.

By emailing your questions, you conform to having them printed anonymously on MarketWatch. By submitting your story to Dow Jones & Firm, the writer of MarketWatch, you perceive and agree that we could use your story, or variations of it, in all media and platforms, together with through third events.

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