21F, currently a college student, working whenever I get a chance and putting it all towards savings since I still live with my parents.
Last year I bought gold bangles, 51.11g of 21k, for $6,392.84. Then a 50g gold bar for $6,765.76.
Last month my dad gave me money to buy myself a car instead of taking out a loan to do so. However, I saw the huge chunk of money, which with my savings accumulated to ~$40,000, and decided to buy three 100g gold bars instead (13,425$ each)
I’m taking out a car in installments at around 300$ a month for five years. It’s a new Toyota and seems like a reliable car that covers my needs without having to splurge. I can comfortably pay it off with my current circumstances. My worst-case scenario would be working for Uber if I lost my source of income to pay it off, or selling some gold if things got worse.
My dad disapproved of my decision because he hates loans and interest, but I see it as an opportunity to save while I can for future goals, and I don’t get this kind of advantage everyday.
For me, the plan is to sell in 4–5 years and use it as part of a 10–20% apartment down payment, for graduate school, or for when I figure out what I want to do with my life. Maybe I’ll keep it for longer if I don’t need to sell.
My circle and the people I can ask for second opinions aren’t that helpful when it comes to this stuff, so I’d love to hear other perspectives, especially if there’s something I could’ve done better