The Doctor’s Bill: Possible Financial 9-1-1 Regarding A Porsche 911?
For an audio version of this post, please click on the speaker icon (top left).
Welcome to this episode of The Doctor’s Bill (Can You Afford It?).
Wonder if you should buy that big ticket item or not?
Well here’s your chance to have a wealth management expert, Johanna Fox Turner, of Fox & Company Wealth Management analyze your overall finances and make a final verdict on whether or not you can indeed swing for the fences and splurge on yourself or whether you should just walk away.
[Johanna and I have no current financial relationship]
Disclaimer: This is not meant to be a substitute for paid professional advice but only meant to serve as a suggestion/guideline.
The following are the details from our submission form:
How do you plan on paying for this item/experience?
On A Happiness Scale of 1-10 (10 Being Happiest), rate what this item/experience will do for you A) Short Term and B) Long Term:
A) 8 B) 8
Any Children (If so please provide ages)?
How Many Years Till Planned Retirement?
What is your total household income?
State Income Tax (if Any)
What is your % Annual Savings Rate? (savings/gross income)
Estimated Annual Living Expenses (Current):
Estimated/Desired Annual Living Expenses (In Retirement):
Market Value of Primary Home [For Renter =$ 0]
Additional Real Estate Holdings Equity (Market Value-Debt):
Current Liquid Asset Value (Savings, Checking, Etc.):
Retirement Assets (401k/IRA/HSA):
Brokerage Account (Taxable):
Miscellaneous Asset Value:
Student Loan Balance:
$0 (paid off $317k)
$80,000: Remaining balance of 2 vehicles ($150k initial cost) and remainder of pool payoff on home equity line
Unfunded Future College Costs & Years Left Till Needed:
- 12 and 14 years remaining until freshmen in college
- Have about $10k thus far
Other Unfunded Goals and Years Remaining (Today’s Dollars):
$50k (have about $50k of a $100k rainy day fund)
Any other pertinent information not addressed?
I live in the middle of nowhere
- There are no restaurants, few stores, little to spend money on.
So does this young surgeon get to carve up the roads with the epitome of German luxury sports cars?
Or will buying a Porsche wreck his financial future instead?
Click on the Doctor’s Bill Image and find out the verdict:
After you see the verdict please come back to this page and comment whether you agree or not with the decision (and no cheating by looking at comments first!)
If you would like to submit your own Doctor’s Bill request please fill out the submission form.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.