Blog: Model 3 Funding for 21 Year Old
So when I started this blog my initial goal was to be able to maintain the payments on the debt and insurance using the only income from this blog / any other means necessary to monetize my dream car. While this is still my goal there persists one major issue. I don’t have the income or credit required to finance or lease the $47,300 version Model 3.
To keep things simple, I currently have about three ways of gathering the money/credit needed to buy the vehicle. First and most unlikely but most beneficial to me would consist of me asking my friends and family for a 24 month 5% APR $48k cash loan. To which I would use this money to buy the Model 3 in cash from Tesla. Based on these terms I would be paying back $1,970.83 to them per month for 24 months. They would net $4300 a return on investment as interest from the original loan. I own the vehicle in a two year period. Lower than the vast majority of auto loans in the US currently and they get the money in a reasonable amount of time. The main issues I see with this option is why in the world would they loan me this money when if they were to put it into the market they would make 2% more over the course of the loan as well as what could be argued as a safer investment vehicle. The second issue is the total number of ridesharing rides per day that would be necessary to completely pay for the monthly payment. Based on an average ride fare of $7 and thirty calendar days per month I would need to give ten rides per day. While that doesn’t sound like a crazy amount for a person doing that as their full-time job, for someone like me who currently holds a 40 hour a week job, a full-time student and now a full-time blogger ;). There may not be enough hours in the day to accomplish this while not letting my current responsibilities slip. A lot of if’s, to say the least.
My second option, and most disgraceful, I would say would be to go to my 59 and 61-year-old mother and father respectively, hat in hand and ask for their signature as a cosigner. Not to mention on a car I sure as hell cannot afford on my current salary and then attempt to explain my reasoning as to why I want one and what this car would mean for my blog and ambitions. While this is simply not an option in my head as I would rather ride share in my Prius for long enough to save up for a down payment that might make a bank look me in the eyes. It is worth noting that this is my only surefire way at this moment that I could get behind the wheel of a Model 3 each and every day hence why I even still think about it and mentioned it. However still not willing to put my pride aside and ask them for help.
My third and most probable, at least currently in my head, is an idea I am calling Alesti Systems. Throughout my college experience, I have come across individuals asking my for my free time and number because they needed their ideas put to paper or needed me to create their sneaker shop ( don’t ask ). After taking one of these up one day and finishing my first project last spring as a sophomore figured I might be able to save up a little extra for the fall semester if I kept at this. So that summer I set to becoming a freelance full stack web developer. Only one problem, I was not nearly proficient enough to even call myself a half stack developer lol. After realizing this in my first demo for a client, I truly had no idea how to get to the end point I decided to cut my losses and outsourced the rest out to a recent graduate I kept up with. However, since then I decided that I never wanted to feel like that again and since have been reading book after book, course after course on React Native and mastering the concept that is NodeJS. Now after one full more year of school and three and a half books, Wes Bos Beginning React Native and his other Advanced React course. Both EXCELLENT resources if you too are looking to get into this field. I now feel as though I am in a perfect position to test my skills again at the freelance game. With two modules that I have built, I can use these to pitch to potential clients and retrofit the module to their needs and application. If you are interested in this please let me know, I have been considering a software development blog for some time.
So I guess the TLDR of this post since I feel it was a ramble is that my plan A is to freelance in React Native selling my pre-built modules and components to clients with existing sites or applications. Plan B, ask my family and friends for a loan with interest, and plan Z, to ask my parents to cosign…