I thought the mustang was what I wanted

[FJohnny]

I get that when you're a young guy it feels PRETTY DARN GOOD to get into a really nice car and drive away.

But imagine you are a 45 or 50 year old middle aged guy. Can you picture it feeling REALLY EFFING GREAT to know your house is fully paid off, you owe on absolutely nothing and the only reason you still work is because you actually like what you do?

I really wish school curriculum had compulsory courses in personal financial management. A bunch of 'Rich Dad, Poor Dad' style of studies would go a long way. Pretty darn good or really effing great is just a choice you get to make. The earlier the better.

Only you can know the value you get out of a vehicle. Basic transportation for one guy could be another persons anchor to sanity. You know you so you have to decide how to proceed.

That said I'm guessing most people would agree that for the average married guy with kids, having four vehicles (some financed) and renting a home sounds heavy on liabilities and light on assets. It's never too late to make a plan.

Good luck with the decision and all the best to you and your family.

 

[TK1299]

Pontificate

I’ve always heard to pontificate before making a major decision. After you climax you’ll probably lose interest

 

[03Sssnake]

I’ve always heard to pontificate before making a major decision. After you climax you’ll probably lose interest

LMFAO....I meant to type ponder lol...IDK how the **** pontificate ended up in there or how I missed it...

 

[Coiled03]

I get that when you're a young guy it feels PRETTY DARN GOOD to get into a really nice car and drive away.

But imagine you are a 45 or 50 year old middle aged guy. Can you picture it feeling REALLY EFFING GREAT to know your house is fully paid off, you owe on absolutely nothing and the only reason you still work is because you actually like what you do?

I really wish school curriculum had compulsory courses in personal financial management. A bunch of 'Rich Dad, Poor Dad' style of studies would go a long way. Pretty darn good or really effing great is just a choice you get to make. The earlier the better.

Only you can know the value you get out of a vehicle. Basic transportation for one guy could be another persons anchor to sanity. You know you so you have to decide how to proceed.

That said I'm guessing most people would agree that for the average married guy with kids, having four vehicles (some financed) and renting a home sounds heavy on liabilities and light on assets. It's never too late to make a plan.

Good luck with the decision and all the best to you and your family.

Yeah, the problem with that scenario is that in order to achieve it, you have to live WAAAAY below your means until you reach that age, like uncomfortably below your means.

I get that debt is a bad thing. But you have to strike a balance between living responsibly and enjoying life. Nobody wants to drive rusted out beaters for the next 25 years after college.

 

[FJohnny]

Yeah, the problem with that scenario is that in order to achieve it, you have to live WAAAAY below your means until you reach that age, like uncomfortably below your means.

I get that debt is a bad thing. But you have to strike a balance between living responsibly and enjoying life. Nobody wants to drive rusted out beaters for the next 25 years after college.

I completely agree with you that a balance is the right way to go. And no one should have to drive a rusty beater at all, let alone 25 years. But, assuming a reasonable paying job, it is not actually the case that you have to live a shitty young life. It's a matter of making choices that support your goals. I'm sure most people hear examples of compounded savings from just making a coffee at home instead of getting one at Starbucks every day.

Say, 30 days at $3.33 per day for the coffee. ($3.50 less the $.17 the one at home cost.) Invest the money saved in a retirement plan that is tax exempt. Let's keep round numbers. 10% interest. You start at 25 years old and retire at 65. You still drank coffee every day but made it at home. (The interest rate is for example purposes only. So is the $100 per month and the retirement age. More or less of any is very possible.)

You have $632,000 in your account when you retire. Just from drinking your own coffee. Fix your own car and it gets better. Paint your own house, even better. Twin turbo your '18 for around 5 grand instead of $15K and you are golden! (Love that story, @gimme11s). You can still do pretty much all the other stuff you want to do.

I went to university with a bunch of guys who liked to act the hero. They made sure you knew that the bottle of wine they were drinking was $85. Mine was $15. I think I enjoyed mine as much, especially after the fourth glass. Most are still working and at least one that I know still has a mortgage. I have been golfing for years and still like the $15 bottle.

I'm not advocating no fun in life. Fun is hugely important or life just isn't great. But I've heard life is really not great when it's time to retire and a guy can't afford to. And it's not fun when your kid needs braces (all 3 of mine did) at around $6K apiece and the money isn't there. So, fun is all relative, I guess.

Didn't mean to lecture. My kids hate that. But they all max out their retirement contributions every year.

Have a good one, man. All the best.

 

[CompOrange04GT]

I completely agree with you that a balance is the right way to go. And no one should have to drive a rusty beater at all, let alone 25 years. But, assuming a reasonable paying job, it is not actually the case that you have to live a shitty young life. It's a matter of making choices that support your goals. I'm sure most people hear examples of compounded savings from just making a coffee at home instead of getting one at Starbucks every day.

Say, 30 days at $3.33 per day for the coffee. ($3.50 less the $.17 the one at home cost.) Invest the money saved in a retirement plan that is tax exempt. Let's keep round numbers. 10% interest. You start at 25 years old and retire at 65. You still drank coffee every day but made it at home. (The interest rate is for example purposes only. So is the $100 per month and the retirement age. More or less of any is very possible.)

You have $632,000 in your account when you retire. Just from drinking your own coffee. Fix your own car and it gets better. Paint your own house, even better. Twin turbo your '18 for around 5 grand instead of $15K and you are golden! (Love that story, @gimme11s). You can still do pretty much all the other stuff you want to do.

I went to university with a bunch of guys who liked to act the hero. They made sure you knew that the bottle of wine they were drinking was $85. Mine was $15. I think I enjoyed mine as much, especially after the fourth glass. Most are still working and at least one that I know still has a mortgage. I have been golfing for years and still like the $15 bottle.

I'm not advocating no fun in life. Fun is hugely important or life just isn't great. But I've heard life is really not great when it's time to retire and a guy can't afford to. And it's not fun when your kid needs braces (all 3 of mine did) at around $6K apiece and the money isn't there. So, fun is all relative, I guess.

Didn't mean to lecture. My kids hate that. But they all max out their retirement contributions every year.

Have a good one, man. All the best.

If you think $15 alcohol is the same as $85 alcohol it shows that you have shitty taste.

There’s nothing wrong with enjoying shitty alcohol .. but if you enjoy it the same.. that’s on you.

A $20 bottle of crown is good for getting drunk, a $50 bottle of crown reserve is a completely different taste

 

[cbr repsol]

Yes all the guys below me is a seniority thing. Everyone is hourly unless your management .

 

[FJohnny]

If you think $15 alcohol is the same as $85 alcohol it shows that you have shitty taste.

There’s nothing wrong with enjoying shitty alcohol .. but if you enjoy it the same.. that’s on you.

A $20 bottle of crown is good for getting drunk, a $50 bottle of crown reserve is a completely different taste

Uhhh....okay. You are absolutely right. I guess my point was that I didn't have to do completely without. I would bet that many people would not find the more expensive wine to be 6 times better than the other. Maybe a bit, but 6?. Maybe they couldn't even really tell. Who knows? But you're right, the big buck one generally tastes better. No argument there.

Perhaps my example was a bad one? How about $400 ripped bluejeans? Are they 40 times better than Costco jeans? To some, they probably are. But I would hope the person buying had enough money to do more than just nice jeans. If you are also really into jeans then I will just concede the win to you.

Not looking for a battle, just hoping people have a nice life.

All the best.

 

[nickf2005]

Uhhh....okay. You are absolutely right. I guess my point was that I didn't have to do completely without. I would bet that many people would not find the more expensive wine to be 6 times better than the other. Maybe a bit, but 6?. Maybe they couldn't even really tell. Who knows? But you're right, the big buck one generally tastes better. No argument there.

Perhaps my example was a bad one? How about $400 ripped bluejeans? Are they 40 times better than Costco jeans? To some, they probably are. But I would hope the person buying had enough money to do more than just nice jeans. If you are also really into jeans then I will just concede the win to you.

Not looking for a battle, just hoping people have a nice life.

All the best.

I get what your saying. Decisions aren't always about can you afford it, but rather is it worth it and what are the repercussions down the road.

My wife and I could afford a lot of things we don't have and do. However, we have early retirement and a paid off mortgage by 45 in our goals. So, I primarily drink Bud Light and she picks up the $12 bottles of wine. to cheap alcohol!

Sent from my SM-G965U using the svtperformance.com mobile app

 

[HillbillyHotRod]

Planning, planning, planning. It is one thing to have nice things and another to be up to your eyeballs in debt to have them. Having a home mortgage is not that bad and can be paid off early, but has so far tax benefits. Plan for 30 years down the road. Will you have enough to retire on? Will you be paying for kids education? Way too many today live for today and do not even think of the future.

 

[HISSMAN]

Why do you need 4 vehicles?

 

[cbr repsol]

Why not? 2 are paid for.

 

[nickf2005]

Why not? 2 are paid for.

Because car payments suck?

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[roadracer247]

It’s an interesting feeling, as I’m reading through this thread to actually notice that I’m getting older. To put it briefly, I’ve started recognizing situations playing out in front of me, where life experience has taught me, that some people just have to learn the hard way.

There’s some really solid advice in this thread. And no, I’m not patting myself on my back. I’m referring to some of the other responses I’ve read. I don’t have all the answers. But I am starting to notice the ones that have something solid to offer...

Anyway, at the end of the day everyone is entitled to use and spend their money as they see fit. Take care.

 

[FJohnny]

Anyway, at the end of the day everyone is entitled to use and spend their money as they see fit. Take care.

That's my favorite advice so far.

 

[cbr repsol]

Car payments suck if u can’t pay them. I’ve done 2 car payments for at least 12 years. Some deals are better than others. Some cars hold their value more than others . When the car gets old or there is something different I want I usually make the trade. I bought my 04 cobra owned and drove it for 5 years , put about 45k miles on it and sold it for 22k cash
So that’s one that held its value and was worth it for me to sell cause all the money was mine.

 

[nickf2005]

Car payments suck if u can’t pay them. I’ve done 2 car payments for at least 12 years. Some deals are better than others. Some cars hold their value more than others . When the car gets old or there is something different I want I usually make the trade. I bought my 04 cobra owned and drove it for 5 years , put about 45k miles on it and sold it for 22k cash
So that’s one that held its value and was worth it for me to sell cause all the money was mine.

I'll agree to disagree. Car payments suck regardless if you can "pay" them or not. In your scenario, you have $1,000 a month leaving your account for cars. You know what kind of return that would have in a 401k? You could retire years before you're "supposed" to.

Again, like somebody said above, I don't necessarily care how somebody decides to manage their finances. I just don't understand how a middle-class person is ok with wasting a grand a month to pay for extra cars.

Sent from my SM-G965U using the svtperformance.com mobile app

 

[CompOrange04GT]

“ oh you can put $1000 a month in your 401k”

And what if you don’t live long enough to use that 401k money?

This same argument happens every month here ..

One person lives life by the moment then someone has to say “ you should save” blah blah

Here’s a fact: less than 1% of us guaranteed on this site can drop $30k to buy car cash tomorrow without it effecting their life.

Car payments were made so we could enjoy things.. same with a mortgage. I’d say less than .01% of us on this site have $200k laying around to just buy houses.

Some of us have car payments because.. wait for it.. WE CAN..

He doesn’t sound like his family is starving. **** it... enjoy life while you’re alive

 

[FJohnny]

And what if you don’t live long enough to use that 401k money?

Here’s a fact: less than 1% of us guaranteed on this site can drop $30k to buy car cash tomorrow without it effecting their life.

The question should be 'What if you DO live long enough...' A person needs to be honest and realistic when making decisions about this stuff.

Average life span USA is around 78 years and change. Statistics suggest that you are going to make it to retirement age unless you know something we don't know. It's even worse for us Canadians as average life span here is over 82 years. Health care system? Who knows? But we have to save an extra four years worth.

Is that other fact really a fact? No offense but it sounds made up. I suspect many people here could easily buy the car for cash and do so regularly for far greater than 30k. And there are a lot of retired guys here. Many could pony up 200k if need be. One in ten thousand seems a bit skimpy.

Maybe I'm wrong and we need a poll.

 

[cbr repsol]

I’ve had friends from work pass away either unexpected, cancer, car accident or accidental pill overdose.
Friend of mine died with leukemia at a ripe age of 42 he was health and in shape . The leukemia came out of no where . Another co worker was on her way to work . She got t boned and died at the hospital, she was about 45 . Another conworker I was really close to died at 51 from a accidental overdose.
Yeah we may like long but we may not. So I’m gonna live my life day by day. Today was my oldest daughters 10th birthday. Was a really fun time with friends and family. My daughter told me it was he best party ever and thanked me. We all ate good food . The 300 bucks I spent was priceless . The memories I have will last and the memories my daughter has she will always know her dad was ther for her and always will love her. That’s more to me than anything. I fought for years to get 50/50 custody of my two girls from my first marriage. California courts a seriously a joke. They give them moms all the chances and rights , but that’s another story. With 50/50 custody I still pay child support. But as another person mentioned. We aren’t hurting for anything. I have no credit card debt. We have a nice home , food is always on the table. Yes some car payments but I’m not driving junkers . Been there and done that . I’m a mechanic on the side and I still don’t want money pit junkers. So not trying to say I’m to good or anything like that . I was driving a ford escort for a while years ago because that’s all I could afford . Was paying 2500 a month in child support and alimony . It sucked at the time and I’ll never forget where I came from and I’ll never be too good to drive a junker or a bucket . However I work way to hard for my family , myself and my new wife . I want my kids safe so I will continue to have a car payment or two even if I always trade in for the newest stuff. At the end of the day it’s only money. There is always more to be made .