This is actually a big issue.
Almost any “office job”, regardless of pay requires a 4 year degree.
For $14/hr admin, we require a 4/yr, and there are enough people out there to keep these jobs filled.
Bullitt Mustang - $50k - How the Duck do people afford crap?
- Thread starter Corbic
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This is actually a big issue.
Almost any “office job”, regardless of pay requires a 4 year degree.
For $14/hr admin, we require a 4/yr, and there are enough people out there to keep these jobs filled.
I don’t think you grasp how 401k’s work. And I’m not saying that as an insult as most people don’t understand them. I’ll give a basic rundown.
The % match is based on the % of your monthly income going into the 401k. For example, if you make 5000 a month and have 5% going into your 401k that’s $250 a month you are contributing. If your company matches up to 5% that means they will match dollar for dollar up to 5% of your monthly gross income. So the company also puts $250 in your 401k. That a 100% immediate return on your investment by the way.
So while 1% is really terrible and not competitive in terms of employee benefits, it’s still a decent amount of money. You should absolutely be investing in your 401k. At minimum everyone should invest up to the company match.
Then you have all the BS games like my shitty employer - they claim 3% match, but it's 1.5% per pay period and a follow up 1.5% lump in March and they only match your contributions beyond your initial 3%.
I understand what youre saying. I currently contribute 10%. so It sucks lol.
This is what I did, LEASE! I turn cars over like I change my boxers. I'm tired of taking (eating the hit). I'll get a cobra the second I sell my house and after my lease ends I'll just buy something cheap to putt around in.
Leasing if fine if you have a place in your budget for the payment. Im nearly at the end of the lease with my Lexus and while Ill miss the exceptional DD fuel mileage, I wont miss having it be a hole in my monthly expenses.
Honestly, it was a great experience. Taught me that if I make payments on a vehicle, when those payments end I better own the car/truck and the title to it.
Honestly, it was a great experience. Taught me that if I make payments on a vehicle, when those payments end I better own the car/truck and the title to it.
The good thing about a lease vs owning is that the car company is responsible for the up keep and if you are like me (trading cars) it helps. I'd rather throw down 2-3k and wash my hands of a car I know I won't keep. The payment does come into play but I'd rather just have something new every few years and have a garage queen which my gf is totally cool with.
Then again like I stated above, once my lease is up I'm buying something practical to DD and get a cobra and have no payments. I just want to find something within my means that I can putt around in now that I basically telecommute.
I would consider leasing a car for my gf soon to be wife because of having kids and making sure they are safe commuting.
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I agree leases have their place. My girlfriend commutes ~6 miles per day to the train station and then wherever on the weekends. She traded in her old dodge stratus (basically a $700 car) as the sole down payment on her jetta sport lease. Payments are $175/mo... all in she basically spent $7k to drive the car for 3 years. Not a bad deal at all.
Houses and cars are the most expensive things the typical American will spend money on. What the heck kind of hobbies do you have, hookers and blow?
America's economy is debt based. That's why we're always teetering on the brink of financial crisis. (At least, economists and news outlets would have you believe we're always on the verge of financial collapse. It's actually a ploy to scare people into saving more money, which puts more liquidity into banks' and venture capitalists' hands. But anyway...) America thrives on capitalism. Capitalism and debt are longstanding bedfellows.
It's actually that kind of thinking that keeps people in debt. You can swap out "...live with parents..." with "...drive an old car...", "...wear cheap clothes...", "...not have a cell phone...", etc. and you have the reason why people choose to go into debt. Societal norms and pressures. What if that 40 year old's parents want him to stay at home? What if it's his house, and his parents live with him? What if he's paying rent to his parents? (Which wouldn't be any different than paying rent to somebody else or carrying a mortgage.) Don't forget the old "walk a mile in another man's shoes" thing.
Not directed at you, but why must people be so concerned about minding other people's pockets? Let them do them and you do you. Jealousy is a wicked mistress to lay with every day. She'll keep you miserable.
Don't get too excited. They get those taxes back once you retire and start collecting from your 401(k). Saving a little money now might cost you more later, especially with our tax laws. You can go with a Roth IRA, have the funds taken out after taxes, and pay no taxes on it when you retire. That's more money for you when you need it the most!
The personal savings rate in this country is a pathetic ~2.5%. That includes retirement savings.
Total household debt in the U.S. hovers right around 13,000,000,000,000.
Average new car loan months 65 months, and auto loan defaults have been consistently rising.
You have your answer
Total household debt in the U.S. hovers right around 13,000,000,000,000.
Average new car loan months 65 months, and auto loan defaults have been consistently rising.
You have your answer
My qeustion is. When people in severe debt pass away, is the debt then passed down to children or other family members?
Creditors get first crack at the estate, heirs get anything that's left.
Honestly, I think people spending anything more than $350/mo in payments per car are just being car-poor. Either that, or they have lots to put down or have equity in their cars all the time to rollover. Or they lease. We make really good money and have the fortune of having a super cheap apartment in San Diego, but I still wont pay more than that for a car anymore, no car is worth that sort of payment.
I think the more important question for when considering payments isn't the dollar amount, but rather what percentage of their income it is. A $500 a month payment makes sense for one person while being idiotic for another.
The way you put it isn’t true at all. In my experience the debt passes to the family i.e. spouse, then kids. So as long as the debt can still be paid in the case of a spouse also on the loan), the creditors don’t get a crack at the estate. Now to kids/someone not on the loan the debt has to be satisfied. How that is done is up to the executor/heirs.
It all depends on how much you make bro. I used to think this way when I was making $15/hour when I got out of the military in 2010.
It does not suck. That is 10% of your income you get for free. If you make $50k a year and you put $5k a year into your 401k which is the 10% max your employer will match your $5k and add another $5k per year. That is $5k free money into retirement.
That does not suck!
If you make $20k a month and you’re making a $500 or even $1k car note, you are crazy!
If you can’t pay for a car in full with that type of income, it’s because of your stupid spending habits!
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