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SVTPerformance's Chain of Restaurants
Road Side Pub
The 2018 Mustang is Here - Full Details Inside
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<blockquote data-quote="MarcSpaz" data-source="post: 15514537" data-attributes="member: 183445"><p>I see you are in the world of finance, so I am assuming you have more of an insight into this than I do, but I am having trouble following your statement. I am not trying to start and argument. I just don't see the math working out. At least not from my personal experience.</p><p></p><p>Lets workout the math based on my life/neighborhood. I would assume that a significant amount of 25 YO straight out of college don't own a home, don't have a spouse or kids. At $85k a year, they are basically on the big end of the Bend Over spectrum of the IRS. So, figure between Fed income taxes and other federal taxes, you can knock at least $20k off the top. If they live in a state like VA, now you can take another $5k of income tax out of their net.</p><p></p><p>Now, we are at $60k. I am guessing they are in an affluent area to bring down that kind of cash straight out of school. So, maybe $800-$1000 a month for rent. And believe me, that is living in the ghetto in DC metro. Probably more like $2k a month to be in a nice area... but we'll work with the "hood" numbers.</p><p></p><p>So, we're at $48k. I am assuming they are obeying the ACA and paying "their fair share" of the insurance burden via the Exchange. Healthcare.Gov shows a 25 YO healthy guy that grosses $85k a year should pay a median fee of a tad over $360 a month in my area. That takes a 25 YO down to $43k a year.</p><p></p><p>So, $43k... assuming they have decent credit and can get a 72 mo loan at 5%... a $50k car, tax, tag, delivery, etc... you're looking at $850 a month.</p><p></p><p>Now we have to buy insurance. Man, Ben Dover again. 25 in a top-end Mustang... if you have a spotless record, maybe $200 a month if you don't own any other vehicles.</p><p></p><p>So, we are down to about $30k left. I have to pay $2,600 in annual property tax for the privilege of owning my Mustang. Now we are at about $27,500.</p><p></p><p>Without going down this rabbit hole any further, that leave the average single, 25 YO that earns $85k annually, about $528 a week for food, gas, clothing, household utilities, vehicle maintenance, entertainment, etc... God forbid you want to save money for a wedding or to buy a house. All of a sudden, $85k and buying a $50k Mustang doesn't seem like a good idea. At least not in my neighborhood. Can they do it? Sure. Will it be tough and general a bad idea? I think so.</p><p></p><p>Again, anecdotal at best... but its all I've got. What are your thoughts? And, sorry for the long post.</p></blockquote><p></p>
[QUOTE="MarcSpaz, post: 15514537, member: 183445"] I see you are in the world of finance, so I am assuming you have more of an insight into this than I do, but I am having trouble following your statement. I am not trying to start and argument. I just don't see the math working out. At least not from my personal experience. Lets workout the math based on my life/neighborhood. I would assume that a significant amount of 25 YO straight out of college don't own a home, don't have a spouse or kids. At $85k a year, they are basically on the big end of the Bend Over spectrum of the IRS. So, figure between Fed income taxes and other federal taxes, you can knock at least $20k off the top. If they live in a state like VA, now you can take another $5k of income tax out of their net. Now, we are at $60k. I am guessing they are in an affluent area to bring down that kind of cash straight out of school. So, maybe $800-$1000 a month for rent. And believe me, that is living in the ghetto in DC metro. Probably more like $2k a month to be in a nice area... but we'll work with the "hood" numbers. So, we're at $48k. I am assuming they are obeying the ACA and paying "their fair share" of the insurance burden via the Exchange. Healthcare.Gov shows a 25 YO healthy guy that grosses $85k a year should pay a median fee of a tad over $360 a month in my area. That takes a 25 YO down to $43k a year. So, $43k... assuming they have decent credit and can get a 72 mo loan at 5%... a $50k car, tax, tag, delivery, etc... you're looking at $850 a month. Now we have to buy insurance. Man, Ben Dover again. 25 in a top-end Mustang... if you have a spotless record, maybe $200 a month if you don't own any other vehicles. So, we are down to about $30k left. I have to pay $2,600 in annual property tax for the privilege of owning my Mustang. Now we are at about $27,500. Without going down this rabbit hole any further, that leave the average single, 25 YO that earns $85k annually, about $528 a week for food, gas, clothing, household utilities, vehicle maintenance, entertainment, etc... God forbid you want to save money for a wedding or to buy a house. All of a sudden, $85k and buying a $50k Mustang doesn't seem like a good idea. At least not in my neighborhood. Can they do it? Sure. Will it be tough and general a bad idea? I think so. Again, anecdotal at best... but its all I've got. What are your thoughts? And, sorry for the long post. [/QUOTE]
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The 2018 Mustang is Here - Full Details Inside
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