[BimmerNugget]

Not sure what kind of "investment property" i'm suppose to buy with $44k within 50 mile radius of NYC. A rundown piece of crap 20'x75' 2 bedroom house in any of the five boroughs will run you $400,000 easy. $44k is definitely not even enough for a downpayment, let alone who the hell is gonna lend to a 22-23 year old.

I got my New York State real estate salesperson license back in high school before I started my biz.

Anything outside 50 miles of NYC is simply not worth investing in, unless it's some kind of resort, hotel, or large commercial/industrial property which I clearly can't afford.

I really have no clue what to do with my $44k, for now it's my safety net. But once I graduate and actually get a job, I was thinking I no longer need that safety net so I could blow it on a CPO M3? Btw, regional accounting firms in the Northeast pay around $56k for first year.

[rcracin]

Are you getting your Masters in Tax? EY's starting salary with an MS in Tax is around 68-70k.

44k is nothing to gawk at. Don't waste it. Put 10k down on an m3, finance 25-30k, and invest the 34k cash.

[SunnyD]

CPA here, worked public now controller at a private company. If I were you, I'd save the money and get a head start on retirement savings but if you MUST have the M3, then buying used and financing it is the way to go. Put down 10-20%, then invest the remaining.

[seedyrom]

A teenager gets a job on a farm and invests $5,000 a year from age 15, then stops at age 25, then lets the compound interest tick over. Total outlay: $50,000.

His mate doesn’t start investing till he’s 25, but then invests $5,000 a year for the next 35 years. Total outlay: $180,000.

At age 60, who has more money?

[bd307]

OP from some of your replies above sound like you are set and determined in the M.

Since you opened this thread and asked for opinion, we are all giving you these opinion based on our experiences. It is your decision at the end of the day and to be frank, it is your money. It also sounds like you are defending your decision when a few of us are providing some valuable experiences and advice.

Not be able to afford housing in the state you are currently in indicates you are not making enough or you perhaps should consider moving to other states.

To answer your question, use your money to invest into housing/retirement fund/stock markets/grow and expand your own business/open up a new business. Get a sensible car to get you around with little excitement.

Good luck.

[Archie Bunker]

Originally Posted by seedyrom

A teenager gets a job on a farm and invests $5,000 a year from age 15, then stops at age 25, then lets the compound interest tick over. Total outlay: $50,000.

His mate doesn’t start investing till he’s 25, but then invests $5,000 a year for the next 35 years. Total outlay: $180,000.

At age 60, who has more money?

I'm not sure because $5k x 35 is $175

I'm a CFO at a private equity firm. My accounting is simple, but I get to boss around and manage my company CFOs.

If you really want an M3 and you LOVE the M3, you can make it work while interest rates are low. Don't buy it if you don't love it. I would have never gotten a BMW had they not created the M2. I drove a Hyundai for years as I loathed all that owned a 1M. I'll never waste money on a car I don't love and want forever. I'm picky.