Who likes car payments?

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Nick,

What field are you focusing to use your business degree in ?


Cars are great, but its not wise being cash poor and having the latest and greatest, big house and a layoff can cause a financial disaster.
 
Originally Posted By: Nick1994


Meanwhile here I am buying new tires for my car that have $185 in rebates


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Unless you're a trust fund baby, if you ignore the type of financial advice DR gives you're a fool. Now his political advice is p*ss poor but that's another story, his financial advice is solid. It was of major help for me anyway.
 
Originally Posted By: NHGUY
88 K car...budget $500 per year for repairs,x 5 years = $2500 max. New Dodge Dart,$17+K dollars,plus full coverage insurance,$500 a year registration,trade in value in 5 years....$6K? Net expense $12K+2500+ full insurance=$15K+
Net loss,$12,500+
Nope,not doing it.


See, I'd rather just shop for a good (or great) deal on a new (or used) car, which I've done. I don't want to drive some steaming pile of a rattle trap just to say I'm saving money. Subjecting myself to that simply isn't in the cards. I'll drive a nice car and enjoy every minute of it, and yes, I pay for full coverage insurance (which isn't that much due to my impeccable driving record) not because I have to but because I like the convenience and coverage it offers.

We have no $500 a year registration and my insurance, for full coverage, is around $1200/year.

If somebody is the type of individual that likes driving, then cost is not the only consideration, it is but one factor in the decision making process, many other parts which revolve around the traits and characteristics of the vehicle itself.

For somebody whose sole purpose of owning a vehicle is for it to get them from point A to point B as cheaply as possible, your argument works.
 
I think the problem is.... many Americans are impulsive, make poor financial decisions buying something they really don't need and over leverage themselves.
I've made some dumb decisions in my 20's and learned from those mistakes.

I know some wealthy folks and they drive a 10 year old Toyota or Chevy.
 
Originally Posted By: Nick1994
Originally Posted By: spasm3
Originally Posted By: Nick1994
I'm 20, almost 21. A lot of my friends have new or newer cars that they're spending most of their pay checks on. Ridiculous.



Start saving and planning for retirement now. You can enjoy doing well and retiring early if you wish. So many people have the big house and new cars and no retirement.
Yup. I'm a full time college student, majoring in Business. When I graduate in a few years is when I'll be stashing a lot more money aside. A lot of my friends just throw money away going to the club, buying fancy wheels for their overpriced car, and everything else.

Meanwhile here I am buying new tires for my car that have $185 in rebates



Well it always feels good to have your ego stroked, but ill give the devils advocate that the most responsible risk free path does not always win. Good guys sometimes come in last.
Say your friends have a good time at the club, are down say 3 or 4k in debt. But if theet a 150,000 jobit doesnt matter. All debts wiped in a year

Meanwhile they've had fun for 3 years rather then living like a starving student.
Perhsps even they've networked and found contacts that hooked them up with said higher paying job.

Pethaps they've found their future wife and suddenly forgetting all other happiness measures, they now have 2 incomes for their household which effectively cuts rent in half.

So going out and spending some money socializing and having fun is fine when your main earning years are later

Sorry to break it to you, but just setting thr scene when in the near future you start hearing how at least 1 or 2 of those partier friends turned out not just fine but better and has more money than you, even though you hunkered down and he was so wasteful. And you are left feeling why is he so lucky?
It's not just luck, its effectively planning your life and taking strategic risks.
It helps if you have wealth to begin with though so you can take those risks and not end up on the street
 
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What would BITOG be if we didn't have a weekly outlet to beat our chests. LOL

We must be the best people on earth. Let's give ourselves a hand. No debt. No TV. No leases. No fast food. No soda. No photo bombs. Definitely no new cars. What did I miss?

1324316156_baby_gorilla_chest_pond_fail.gif
 
Originally Posted By: dareo
94% make poor credit choices? Do you have any sources to back that up? Cause it looks like to me 37% of the population is at a 750 to 850 fico score for the 2013 calendar year. You don't get that high by having big balances, lots of inquiries, and certainly not any derogatory events.

Using the same data 34.2 % fell below 649. To me that says one in 3 is very smart with credit, one in 3 is very bad with it, and the other guy is just ok.
You can't go by credit scores to figure out how good someone is with money. Plenty of those with 750s are up to their eyeballs in debt. While people that don't use or need credit are going to have lower scores.
 
I will go so far as to say, if you are in any business major or program and NOT going out and networking and socializing you are doing it wrong
 
Originally Posted By: raytseng
Originally Posted By: Nick1994
Originally Posted By: spasm3
Originally Posted By: Nick1994
I'm 20, almost 21. A lot of my friends have new or newer cars that they're spending most of their pay checks on. Ridiculous.



Start saving and planning for retirement now. You can enjoy doing well and retiring early if you wish. So many people have the big house and new cars and no retirement.
Yup. I'm a full time college student, majoring in Business. When I graduate in a few years is when I'll be stashing a lot more money aside. A lot of my friends just throw money away going to the club, buying fancy wheels for their overpriced car, and everything else.

Meanwhile here I am buying new tires for my car that have $185 in rebates



Well it always feels good to have your ego stroked, but ill give the devils advocate that the most responsible risk free path does not always win. Good guys sometimes come in last.
Say your friends have a good time at the club, are down say 3 or 4k in debt. But if theet a 150,000 jobit doesnt matter. All debts wiped in a year

Meanwhile they've had fun for 3 years rather then living like a starving student.
Perhsps even they've networked and found contacts that hooked them up with said higher paying job.

Pethaps they've found their future wife and suddenly forgetting all other happiness measures, they now have 2 incomes for their household which effectively cuts rent in half.

So going out and spending some money socializing and having fun is fine when your main earning years are later

Sorry to break it to you, but just setting thr scene when in the near future you start hearing how at least 1 or 2 of those partier friends turned out not just fine but better and has more money than you, even though you hunkered down and he was so wasteful. And you are left feeling why is he so lucky?
It's not just luck, its effectively planning your life and taking strategic risks.
It helps if you have wealth to begin with though so you can take those risks and not end up on the street
I don't have an ego by the way. I just know I'm better with money than a lot of people I went to high school with. I don't go to clubs, buy stupid mods for my car or have a $400 a month car payment on a Camaro with $300 a month in insurance.

Just because I'm not stupid with money doesn't mean I don't go out with friends, don't have a girlfriend, don't travel, and don't have fun. I'm just not a ridiculous person who has to spend like crazy.

Maybe I should be like the people I went to high school with and buy a bunch of weed, get stoned all day, drink my life away, and buy cars that the value will tank in a few years and throw money out the window.
 
Originally Posted By: raytseng
I will go so far as to say, if you are in any business major or program and NOT going out and networking and socializing you are doing it wrong



I understand what you are saying, but how did he go from a full time student buying a $2100 camry and not wasting money, to not going out and a lack of networking ? There is something in between.
 
Originally Posted By: Mr Nice
Nick,

What field are you focusing to use your business degree in ?


Cars are great, but its not wise being cash poor and having the latest and greatest, big house and a layoff can cause a financial disaster.
I haven't made my mind up on which area in focusing on yet but I need to figure it out soon. I'm in community college and getting the very last of the credits I can transfer to a university (64 credits are transferable).
 
Originally Posted By: doitmyself
What would BITOG be if we didn't have a weekly outlet to beat our chests. LOL

We must be the best people on earth. Let's give ourselves a hand. No debt. No TV. No leases. No fast food. No soda. No photo bombs. Definitely no new cars. What did I miss?

1324316156_baby_gorilla_chest_pond_fail.gif



Judging by this thread...probably no sex.
 
Originally Posted By: Vuflanovsky
Originally Posted By: doitmyself
What would BITOG be if we didn't have a weekly outlet to beat our chests. LOL

We must be the best people on earth. Let's give ourselves a hand. No debt. No TV. No leases. No fast food. No soda. No photo bombs. Definitely no new cars. What did I miss?

1324316156_baby_gorilla_chest_pond_fail.gif



Judging by this thread...probably no sex.


lol.gif
crackmeup2.gif


Given the sites median age, I don't think you're too far off lol
 
Originally Posted By: spasm3
Originally Posted By: raytseng
I will go so far as to say, if you are in any business major or program and NOT going out and networking and socializing you are doing it wrong



I understand what you are saying, but how did he go from a full time student buying a $2100 camry and not wasting money, to not going out and a lack of networking ? There is something in between.


Well I just want to bring home the point to not be so prideful that you are frugal, cause it doesn't always pay off. The fact of mentioning the exact numbers of just how frugal one is, is just fishing for compliments and pats on the back that you're doing it right. and at the same time judging those who do things differently.

Unfortunately the truth is the world isn't always going to reward your frugality fairly. , so im just saying dont judge others, cause 5 years from now you'll be like [censored], this is so unfair.

Im not saying do what your loser friends do, everyone is different. I'm saying just don't judge them for what they do, you'll be eating your own humble pie later
 
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Originally Posted By: dkryan
Originally Posted By: RamFan
Originally Posted By: Jarlaxle
Originally Posted By: BRZED
If I don't have the money, I don't buy it, whatever it may be.


That. I can't pay cash, I don't need it.


Contrary to popular belief on BITOG; debt when taken in an intelligent and well thought out manner, can be a great tool and even grow an individual's wealth long-term.


The slight problem with your statement above is that 94% of Americans cannot, in any way, shape, or form, "handle debt in an intelligent and well thought out manner."

As demonstrated repeatedly, this country is way too materialistic and too focused on what it is "they got."






Your right as well. That's why Dave Ramsey uses an absolute when it comes to credit. The rest of us (the 6%) can handle it.
 
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Originally Posted By: MikeHigg
Unless you're a trust fund baby, if you ignore the type of financial advice DR gives you're a fool. Now his political advice is p*ss poor but that's another story, his financial advice is solid. It was of major help for me anyway.


That's your opinion. His advice CAN BE IGNORED and lead to success. See my previous post (Page One 3d post down).
 
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Man, I sure wish that I owed money on every one of my cars and had a first and second mortgage on my house; that way I could really begin building wealth...
 
Blanket statements in finance make zero sense. Consumer credit used wisely is an excellent tool for the smart consumer and can help build wealth.

Ramsey is great for people with zero financial common sense, but for people that do they can put their money to much better use and make better decisions without his advice.

I do listen to his radio show on occasion, he's a great start for people in debt.
 
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