Having A Car At 19 Was The Worst Decision He Ever Made
In life we make a lot of decisions we either question or come to regret later.
Such is the tale of Gabriel Wong, CEO at Ascend Marketing, who learned his lesson investing in a luxury car when he was only 19.
In a Facebook post that has since gone viral with over 1.6k shares, Gabriel shares on why he calls it one of his worst decisions made.
Gabriel bought his first car, a Lexus when he was 19 because he believed that he could afford it. He didn’t even have a driving license then and he resorted to hiring a personal driver.
But paying an average of $3000 monthly soon took a toll when he faced a personal crisis and the car was towed away because he wasn’t able to pay the monthly charges.
In hindsight, Gabriel realized that he could have invested his money and with compound interest over a period of 10 years would have gotten him an additional $500k of liquid asset.
The car serves as a reminder of the decisions he’s made in the past 10 years that he deems as foolish. After 10 years, he decided to scrap it as the COE has expired.
In the light of recent events, he came to the conclusion that being prudent with money is better as he is also expecting a child. Gabriel also advised Singaporeans not to invest in a car unless they have a lot of cash to spare.
“Be a good steward, reinvest your money to more important things. It’s okay to look poor in your 20s and 30s compared to your peers. Think long term, the goal is to become rich, not look rich.”
Reporter’s Opinions: Well said, Gabriel.
Unless you’re Patrick Star whose been living under a rock, you should know by now, cars depreciate. It is not an investment; it is a mode of transportation if it is absolutely necessary for you to own one.
It may seem like living the baller lifestyle when you’re younger means you’ve made it in life or in today’s lingo, yolo.
But as you grow older, you will realize that there are more important things in life that you need as compared to a flashy car or bike simply because you wanted to impress society.
Remember the same society will look at you sympathetically while tossing loose change towards you in the name of charity.
So, before you yolo, think of the future you. You will thank yourself for not being a ballin’ mofo just because.
