Looking for some financial advice

[alphalanos]

heres the story:
Last summer i was in a car accident. someone hit me, and the settlement is now at about $20,000. of which i will receive roughly $10,000-$15,000 after bills, etc. My first instinct, as I'm sure many people on this forum would be, is to use (some of) it on my car, or if not that, something awesome like computer, entertainment system, etc. but heres the problem: Im about to go to college . and my parents are pretty much against me putting more money into my car. i really wanted to do an engine swap, but i know its really not that good of an idea to be spending the money like that.

im sure you all know how strong an urge to do an engine swap or some other large purchase is, but what is the smart desicion here? save it and just wait until im older? i had planned to spend a small amount of it finishing up some other things on my car (paintwork, new sound system, shocks, repairs etc.) and buying some new clothes.

[TexasF355F1]

Take my advice and save it. Wait until your done with college and buy something bigger and better to modify. Take some classes on the stock market and investments and learn how to invest. Use that money to pay for school, you'll be glad you did later.

[Porsche]

Originally Posted by TexasF355F1

Take my advice and save it. Wait until your done with college and buy something bigger and better to modify. Take some classes on the stock market and investments and learn how to invest. Use that money to pay for school, you'll be glad you did later.

While cars are nice to have (the faster the better) you've got to think somewhat long term and realize that school will get you a much better car someday. It's a tough thing to grasp now, but the hard work you put into college will pay off much more than an engine swap would.

Investing is a good idea too, unless your parents are helping you out for school, but even then, I would advise against a car. Belive me it's tough to stay away from cars though. I've been eyeing an 86' 944 Turbo for a good month now, I'll make enough money this summer to get one, but I don't have the need at school (Just finished second year of Uni, 3 left) I keep telling myself that after school, I can start to have the nice things life offers.

[sganc4life_4]

Yea, i have an eclipse gst, I plan on doing an engine swap after college, since im gonna run the thing until it doesnt run nemore

[crayzayjay]

Blow it all on candy.

[clawhammer]

Depends on how much the swap is going to cost. If it's $5-6k on a K20, then probably not, but if it's going to cost $2-3k on a B16, then I'd go for it, BUT don't spend money on anything else. Save the rest.

[sivic02]

Dont spend it, I wish I had a few grand laying around. It would have kept me out of a lot of financial trouble while in college.

[YogsVR4]

Originally Posted by Porsche

While cars are nice to have (the faster the better) you've got to think somewhat long term and realize that school will get you a much better car someday. It's a tough thing to grasp now, but the hard work you put into college will pay off much more than an engine swap would.

Investing is a good idea too, unless your parents are helping you out for school, but even then, I would advise against a car. Belive me it's tough to stay away from cars though. I've been eyeing an 86' 944 Turbo for a good month now, I'll make enough money this summer to get one, but I don't have the need at school (Just finished second year of Uni, 3 left) I keep telling myself that after school, I can start to have the nice things life offers.

I agree with Jason as well.

You'll be a lot better off in the long run putting that money away until your out of college.

[illegal_eagle187]

yep save it for college and once u get out, you'll have a degree and u will get a good job and be able to get the engine swap with the money you will make