Where do these people get thier money from?

[AirBuick]

I'm with 1320. The biggest mistake people make is spending 25k a year when they only make 20k! To make matters worse, they are spending it on "depreciating" assets, such as TV's, stereo's, trendy clothes, cars that lose dramatic value in a short time, and any other consumer items. You need to live beneath your income and begin acquiring "appreciating" assets, such as real estate, some types of stocks, even collectible cars. Learn to do this while living at home and give yourself a good start when you finally do move out. If you are taking home $1500/mo, then I wouldn't have your car payment any more than 300/mo. But still try to pay cash for a good used car and get by without the debt. The psychological upside to living like this is that you'll go out everyday knowing that all that you have is truly yours and not acquired by going into debt. You can do it! Good luck!

 

[ross87t]

Originally posted by MoosieTR54
what would be your guys opinions on what i should do..... i still live at home so i dont pay rent. never miss a credit card payment. make between 1500 and 1700$$ a month.... should i buy new? used? lease? any advice would be greatly appreciated.

What are you paying per month towards other bills?
Does your current car run good? If your barely have any monthly payments, I would suggest you save money for 12 months, and put a nice down payment on a car. Used, or new. This way, you can keep a low monthly payment. Do not lease. There is no point to. With the 0% financing these days, you can buy just as cheap as lease.

Ross

 

[salvageV6]

When I bought my car I put half down and took out a bank loan.

I paid the 4 year loan back in under 2 years, I hate loans.

Don't carry any credit card debt and pay cash for most small stuff.

I would save up $7K-$9K and buy a nice daily driver Turbo Buick and you will have cash for insurance and mods. each month, and NO PAYMENTS.

Best way to learn about them too. DRIVE IT!!!!

Happy New Year!!!!

 

[TRBON8R]

Originally posted by AirBuick
I'm with 1320. The biggest mistake people make is spending 25k a year when they only make 20k! To make matters worse, they are spending it on "depreciating" assets, such as TV's, stereo's, trendy clothes, cars that lose dramatic value in a short time, and any other consumer items. You need to live beneath your income and begin acquiring "appreciating" assets, such as real estate, some types of stocks, even collectible cars.

Now if you can find a way to make that philosophy work in CA on a single income that would be a neat trick!!! Make a "good" average income like 60k a year and just try to buy an "average" $500,000 home these days. I don't know anyone in CA that is single and living below their means unless they are 50 years old and bought their house before the insanity of the last 10 years. It's simply not possible unless you are talking about someone that makes well over 100k every year. Everyone is stretched to the max and it's getting worse. Did I mention I'm getting the hell out of here as soon as possible?

Actually I agree with you. I'm being a bit sarcastic out of the frustration I feel over this subject, but you are right. The less money you spend on "stuff" that depreciates the better off you will be.

 

[GNandGS]

If you live at home and "never miss a cc payment" I say DONT HAVE A CC!! Pay that thing off while you CAN, quickly!

THEN, get a car loan or whatever. Maybe. If you can get the card(s) paid off take THAT money along with what you WOULD be paying for a car loan and sock it away for the car you want.

Yeah, like I could follow my own advice....

 

[gnsrule]

The key in my case was to finance stuff. Before i was married, my first finance was a tv, after that i always kept something financed. We always had a CC balance, but nothing major, maybe 1500 total between 3 of em. BTW, check your intrest rates and if there high, call em, they can and do reduce rates if your on time
I could never save the cash, but could if it was a monthly payment. Along w/ the 3 tool payments ( Snap-on, Mac, Matco) and everything else, it was close, but then ya actually got stuff
Watch the monthly bottom line and stick to it.
It all depends on how close you watch your cash/wife, same differance

 

[BlackBuick84]

I'm 20 so most of my friends roughly the same age as me. The ones w/ nice cars got the money from their parents. One guy has a riced out 02 RSX that runs high 14s. Another friend has an 03 WRX that he crashed a week after he got it. Parents paid for the car an the repairs

It'd be nice to have that kind of money at my disposal but it feels better to pay for it all myself.

 

[crazygn]

yes it is sad, i have no clue what iam going to do, i work all week and have about $20.00 to spend in a month, yeep sad. My wife doesnt work, because i would have to fork out 200.00 or more for a baby sitter that i dont even know. Its not worth it for my wife to work.

i cant even keep up on the house, needs a roof now, the brick is falling down that hold the house up. Its nice to see some one just out of school with 2 30,000 cars.


well sorry guys ive been a little pi--eed ove this money thing

let me know when you find out how to make more money

 

[GN One Day...]

Originally posted by crazygn
yes it is sad, i have no clue what iam going to do, i work all week and have about $20.00 to spend in a month, yeep sad. My wife doesnt work, because i would have to fork out 200.00 or more for a baby sitter that i dont even know. Its not worth it for my wife to work.

You don't want her to work over the cost of daycare? She doesn't have to work at McD's. $200 for daycare would be a miracle around here.

 

[Gary Wells]

Previously posted by:
"crazygn'
".................... because i would have to fork out 200.00 or more for a baby sitter that i dont even know..............."

I assume that the 200.00 is for a week for the babysitter:
What else does she do for $ 200.00?

 

[Hotair85]

I work at a car dealership as a technician. I was in the showroom after the service department had closed and a lady and her daughter came in. She said to one of the salesmen that her daughter was going to URI and was home for the holidays. They were looking to trade her '02 Passat in for a used Jeep. She was willing to shell out $21,000 for her daughter to buy this '02 Grand Cherokee. As I was hearing this I said to one of the salesmen that was free "Ya know, that makes me sick! Everything I have I have had to work for! How can people afford to do that?" I am 18 and in college. I am flat broke. But I still have my GN! All the money I can afford to spend goes to that, which isn't much so it's slow going. I also have a commuter car. School plus commuting back and forth puts a heavy strain on the wallet. I can barely afford to mod the GN, let alone a WRX or something like that!

 

[crazygn]

200.00 is cheap for a baby sitter and iam sure it would be much more for a 5 year old and a 7 mounth old, is it even worth the exta 100 or so a month and have people you dont know watch your kids, i would rather be on the safe side i guess, when they are both in school she will be working again.


sorry guys i'll leave your post be now

 

[wistleofdeath]

I did the pay half borrow half deal. I go to ollege and I work at cat as an intern so its not too bad. It makes me mad when I see my friends with there nice camaros and mustangs and what not that mommy and daddy bought them and they just tear the hell out of them. Then take it back to mommy and daddy when it is broke.

 

[ThikStik]

Always be worried about the future. During the 90's i made good money (by middle class standards), now health problems are about to shut me down. Thing is, i did not buy anything new that was a big ticket item during those good years and i woulnt now. I have 7 cars and no car payment-maintenance does get stupid hectic sometimes. But you tell yourself while doing a brake job, oil change, etc , you know you are making tax free money and the job is done right. Plus it is a good way to burn calories.
I will never buy a new car-that's not what car guys should do. Unless its a special car that wont depreciate so badly. Or, Unless it's 1987 and your planning to mothball a GNX!

I really relate to you younger folks. There are more rich kids now than ever. I was a poor kid at an affluent high school. My first car was a 72 Pontiac Catalalina 9 passenger wagon that had 98k miles and NEVER hadhad an oil change. I told my dad not to buy it. I could be seen beating the starter to get it started after school. BUT, I was proud that I could keep it going-for it taught me alot.

 

[wlaukaitis]

Hi,

I had a '77 Chevy K10 in high school with no reverse gear (4 speed), 3 or 4 different shades of red primer and dual exhaust with 1 muffler missing. wasn't pretty but it was obnoxious There were a few kids that had Mustang GT's (In the mid '80's that was a big deal) One kid wrecked his 3 tmes and daddy paid for the fix 3 times on top of buying it as well. another snapper-head pretty boy had a '65 GTO which really irritated me, I have always wanted a GTO. And I still do.

However, my good old friend Jim had an '84 T-type (which I ended up buying from the dude he sold it to about 1 year after we graduated) what was cool is that he had just put the motor in it and he used to drive it to high school without a hood. Jim was in the auto reapair classes and he told me the GTO was rusted on the frame and whatnot, basically it was junk, I'll try to find the yearbook picture with his bimbo girlfriend on it.

anyway, I worrk for a school district and it will be interesting to see what these kids say when i get the GN running and bring it to work:

"Dude, you're the computer guy with that black car, what kind of car is it?"

Bill

 

[KEVINS]

Not everyone is into illeagle stuff. I live in Nebraska where $30-33K is said to be the average income. We met a nice couple over New Years and were invited back to his place and the guy and his girl friend are approx 30-33ish in age and he lives alone in his $250/300K BEAUTIFUL home along a golf course and owns a Porche. He is a Pharmaceutical rep and apparently makes great $$ doing it. She works for ABC doing advertising spots for the local channels. We were drinking $80 bottles of wine all night long like it was koolaid and we all had a blast!!

My brother inlaw declared banckrupcy a few years ago and now he's a millionaire here in town. He was working for a trucking company then decided to open up a cold storage place and now he's raking in the $$$

I am curious about the people who have a high paying jobs and what they do for a living?

I think I need a new job.

ks

 

[charlloots]

Originally posted by MoosieTR54
what would be your guys opinions on what i should do..... i still live at home so i dont pay rent. never miss a credit card payment. make between 1500 and 1700$$ a month.... should i buy new? used? lease? any advice would be greatly appreciated.

SAVE ,SAVE AND SAVE SOME MORE , dont buy nothing now

 

[mgmshar]

Originally posted by charlloots
SAVE ,SAVE AND SAVE SOME MORE , dont buy nothing now

...and, if you put even a small amount of money away now, while you're young, you'll be amazed at how much it's worth 30 years from now. Stocks, mutual funds, bonds, whatever. An IRA currently has a maximum annual contribution limit of $3,000. That's $250 per month, which isn't really that much, when you think about it. Plus, you don't pay income taxes on that money. Compounding of interest over long periods of time is a wonderful thing. When you can retire at 50 while your "rich" friends have to work until they're 70 to pay off their debts, you'll be glad.

 

[mgmshar]

I am curious about the people who have a high paying jobs and what they do for a living?

My belief is that there are three ways to "wealth" in this country. When I say that, I mean wealth that you generate yourself, not the kind that you inherit.

1. The normal route - pick a field, get a degree, and work your tail off for a corporation. This is the route that I took. Seven years of college and two degrees later, I make good, but not great, money. I work hard, make good money, and have lived debt-free. Assuming I don't pick-up an expensive wife, I should be able to retire some time in my 50's. In my experience, the best fields to make good money with a four-year degree are sales, information technology, or anything environmental. With the right company, you can make six-figures as a Sales manager (I've worked with more than one who did). Beyond that, I would suggest an MBA. Where I've been, it seems like the MBA's are the ones that move ahead and get the big $$$. Of course, they work a lot of hours to get there.

2. Start your own business. The good side is that if you navigate the waters carefully, you can make a pile of money (ask Bill Gates about that). The bad side is that if your business fails, you lose just about everything. Whatever business you start, you had better be passionate about it, because it will consume all of your time and resources, especially at the beginning (ask the vendors on this board about that).

3. Investments and/or speculation. Believe it or not, the single largest generator of wealth in this country (other than inheritance) is real estate and stock speculation. A lot of people made piles and piles of money during the 90's doing nothing more than picking stocks. Remember day trading? It can be done, but it takes knowledge, talent, and just plain good luck. Real estate is much more stable, but you won't see gains like stocks in the 90's, either. Unless you live in California .

It really is that simple. In this country, the more risk and time you put into your livelihood, the more you can get out of it.

Wow, that's too much philosophy for one night. I need to get back to posting about Buick's now...

 

[turbot2496]

Man, thats excellent info mgm but let me add

On point #1 the normal route it is not mandatory to go after a college degree. If a youngster was to go to welding school which takes about 6 to 12 weeks he could get out in the workplace and if willing to travel be making 70 per year right off the bat. Now take that 70 a year times the 7 years you took to go to college and he has a 490,000 headstart on you. More if you have built up college loans. A college degree is a definite asset and mandatory for alot of fields but many of your most successfull people in this country don't have one.

On point #2 Starting your own business is alot of work but is the best way to megamoney success while your still young to enjoy it. Nobody will work you harder than you will work yourself. Work your butt off and be smart and you will succeed. I have a friend thats building carwashes left and right and he's on his way. Started off with no more money than the rest of us. Working his butt off but he's not married and has no kids so its cool.

On point #3 Short term Speculation.... Well basically its gambling and you really want to stay away from it unless you have inside information or some good education and insight. Seen alot of guys go bust and get into some real jams messing with day trading and stock/futures speculation that really didn't know what the hell they were doing. If you ever do get some good info or insight you definatly want to be in a position to do something about it. ie say you have a friend in the army overseas and he calls you up and says"We dug this guy out of a hole about 1/2 and hour ago and we think he's Sadaam". If you were to have some info like this before it got out in the media you could make millions and people do all the time. If you don't have some excellent information, or just really good insight, I would stick with long term investments.