Can You Afford a $30,000 Harley Davidson on an $85,000 Income?

Financial Assessment for Motorcycle Purchase

• 🏍️ The individual is considering purchasing a 2025 Harley-Davidson Low Rider S with upgrades, bringing the total cost to approximately $30,000.
• 💰 Their combined annual income is $85,000 ($65,000 from the individual, $15,000 from their wife working 10 hours/week).
• 👨‍👩‍👧‍👦 They have two young children and are currently on baby step six, with no debt other than a mortgage.

Spending Habits and Budget Concerns

• 💸 A major concern is that the couple is spending more than they make, drawing about $1,000 per month from savings.
• 🏠 Their mortgage is $1,400 per month, and they contribute to tithing and 15% for retirement.
• ✈️ Expenses like restaurants, travel, and vacations are cited as reasons for overspending, despite claims of not doing a lot of it.

Investment and Savings Overview

• 🏡 They owe approximately $250,000 on their house, which is valued at $450,000.
• 📈 Combined work retirement accounts hold over $210,000, with an additional $150,000 in a separate mutual fund.
• 💰 An $80,000 emergency fund is also maintained.

Expert Financial Advice

• ⚠️ The financial advisor strongly advises against purchasing the motorcycle, stating the individual is "too broke to do it" and has not learned to live within their means.
• 💡 The advisor points out that the motorcycle will depreciate significantly, losing value quickly.
• 🏦 It's suggested that they have too much in their emergency fund and should consider paying off their mortgage, as a paid-off mortgage is safer than stock market investments.
• 🤝 A disagreement exists between the couple regarding paying off the mortgage versus keeping funds in mutual investments for perceived safety.