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Started By
Message
Advice for college student.
Posted on 5/24/12 at 11:01 pm
Posted on 5/24/12 at 11:01 pm
This is my first post on Money Talk.
Some smart people on here-- been reading for a while.
19 year old student at ULL. Love LSU (raised that way-- dont see the point in hating LSU).
Looking ahead to August. I want a Ford F-150 (recent model)-- around 15k.
My income is about 700$ a month. No bills at all.
I have a 2009 Hyundai Senata with 81,000 miles. Has a couple MINOR dings (no problems under the hood at all). I can prolly get 9,000 out of it.
Leaves 6k for payment (Need to build Credit also).
Would you do it?
or
Keep the car until it breaks down at 300,000?
Some smart people on here-- been reading for a while.
19 year old student at ULL. Love LSU (raised that way-- dont see the point in hating LSU).
Looking ahead to August. I want a Ford F-150 (recent model)-- around 15k.
My income is about 700$ a month. No bills at all.
I have a 2009 Hyundai Senata with 81,000 miles. Has a couple MINOR dings (no problems under the hood at all). I can prolly get 9,000 out of it.
Leaves 6k for payment (Need to build Credit also).
Would you do it?
or
Keep the car until it breaks down at 300,000?
7
Posted on 5/24/12 at 11:02 pm to LSUTigers00884
could look into Roth IRA to invest as well--
What is the best thing to do in my situation with 700$ to spend each month.
(free rent, free meal plan)
only gas (live on campus) and minor groceries.
What is the best thing to do in my situation with 700$ to spend each month.
(free rent, free meal plan)
only gas (live on campus) and minor groceries.
Posted on 5/24/12 at 11:09 pm to LSUTigers00884
quote:
19 year old student
quote:
I want a Ford F-150
At 19, it's not about what you want. It's about needs.
quote:
I have a 2009 Hyundai Senata with 81,000 miles.
Lots of life in that ride, brotha.
quote:
700$ a month. No bills at all.
What do you do? How do you not have any bills?
Drive about for the next 5 years and you'll be a happy man.
When I got back from Afghanistan I bought a 24k Chevy Silverado Crewcab.
That bitch was hard to park, sucked down the gas, and insurance for it was $220 a month.
Sold it for 25k, got into a new car that is great on gas, can park it, and cost $115 a month to insure.
Posted on 5/24/12 at 11:15 pm to wegotdatwood
quote:
what do you do?
Got a job on campus that takes care of everything. Mom covers insurance and phone since i'm in college.
My savings pays for college after TOPS.
So, spend the money? or put it back in something?
If i put it back, just a straight savings account?
Posted on 5/24/12 at 11:35 pm to LSUTigers00884
quote:
Keep the car until it breaks down at 300,000?
This. Only I'm not
, I'm serious. Keep the car until it breaks. Just starting out, your first priority should be to increase your income as quickly as possible. That alone will make up for a lot of mistakes (like buying new cars). Also, save as much as you possibly can. Then save some more.
Posted on 5/24/12 at 11:38 pm to foshizzle
quote:
save as much as you possibly can
so only save? no investing?
just want to make sure 5-10 years from now I'm not regretting dumb stuff I did.
Posted on 5/25/12 at 12:09 am to LSUTigers00884
If you want to make the correct financial decision- keep the car all the way through college.
Posted on 5/25/12 at 12:22 am to LSUTigers00884
quote:
So, spend the money?
No
quote:
If i put it back, just a straight savings account?
No, doesn't keep up with inflation. Depends on how liquid you want/need the $$$.
I'd save up some and put in a mutual fund and or stocks. Also, have some sitting in the bank. shite will come up all of the time.
Having peace of mind to me is worth so much to me. The only way I'll never be in bad debt is if something medically horrible happens to me or family. Other than that, I won't let it happen.
My parents got in a 170k hole and worked 4 jobs for 5 years to get out of it. Proud of them but it sure as hell wasn't easy. Hard on the whole family. Hard to ever be real happy when you're working 65 to 80 hours a week without a break. All of that and they are almost 60.
I learned a valuable lesson by seeing what not to do. Just glad they sacked up and took care of it. Most Americans wouldn't do what they did.
Posted on 5/25/12 at 7:58 am to LSUTigers00884
You are a college student and already have a car that gets good miles per gallon. Which will also last a good while. Why trade that for a large gas bill? Yes you may want a truck but do you need it? Use that as incentive to get through college and get a good job.
Posted on 5/25/12 at 8:12 am to LSUTigers00884
I would not buy a new truck, your car has many miles to give so you it until it dies. I would have at least 2 months worth of income in easily accessible savings (so about 1400), then I would start a Roth IRA. The most important thing for you right now though is to figure out what you want to do with you life. Decide what your passionate about, then figure out a way to make money doing that. Also, don't forget that you're in college, some of the best years of your life, enjoy them.
Posted on 5/25/12 at 8:18 am to LSUTigers00884
Don't buy new car. The F150 won't get you laid any more than a Hyundai will.
Open a Roth IRA today. Put the minimum in it you can. Use it as a savings account. Put money in when you can. You need to have your roth open for 5 years to pull from it without penalty when purchasing your first home. Money grows(hopefully) tax free.
Open a Roth IRA today. Put the minimum in it you can. Use it as a savings account. Put money in when you can. You need to have your roth open for 5 years to pull from it without penalty when purchasing your first home. Money grows(hopefully) tax free.
Posted on 5/25/12 at 8:26 am to LSUAfro
quote:
No truck.
Fine.
quote:
Savings as Roth Ira
Boom. Any particular one now?
Posted on 5/25/12 at 9:03 am to LSUTigers00884
I would hold tight on the senata, no reason to spend money on a car while in college unless you have to. Use the money elsewhere.
Posted on 5/25/12 at 9:10 am to LSUTigers00884
quote:
Savings as Roth Ira
Boom. Any particular one now?
Honestly I would spend it and enjoy college.
Stay out of debt but don't worry abt saving for retirement yet. You'll have plenty of years to save for retirement starting the second you graduate and get a job.
Posted on 5/25/12 at 9:19 am to ATL TGR
quote:
Spend it
No.
Posted on 5/25/12 at 9:20 am to ATL TGR
quote:
Honestly I would spend it and enjoy college.
Aint nothing wrong w/ having a savings account in college
quote:
Stay out of debt but don't worry abt saving for retirement yet
I'm not suggesting him to save for retirement, but create a "savings" account in a roth and after college he will potentially have some tax free gains to use to purchase a home with. The idea isn't for everybody, but for someone who wants to be a little more fiscally responsible.
You can open a Roth w/ most online brokerages. I had an Etrade account before I rolled everything in to my company plan. It came with a debit card for the checkings/savings account and I could easily move money in to IRA.
This post was edited on 5/25/12 at 9:23 am
Posted on 5/25/12 at 9:23 am to LSUTigers00884
quote:
No
You dont have to spend it but making 700 a month and trying to make an impact on savings/retirement is not going to happen.
Just hold onto it. If your worried about "wasting" it and thats why your trying to save some, dont worry about it. Thats no enough money to make an impact anywhere.
Posted on 5/25/12 at 9:25 am to hiltacular
You're 
And, a couple hundred bucks a month for 4-5 years can go a long way when you're starting out.
And, a couple hundred bucks a month for 4-5 years can go a long way when you're starting out.
Posted on 5/25/12 at 9:39 am to ATL TGR
quote:
Honestly I would spend it and enjoy college.
Stay out of debt but don't worry abt saving for retirement yet. You'll have plenty of years to save for retirement starting the second you graduate and get a job.
This. I wish I had a time machine to go back and loan myself 10 grand or so for spending/booze/travel money during college.
Just stay out of debt. Take roadtrips/travel/go out alot. You'll never have as much free time in your life to do this things once you start working.
Posted on 5/25/12 at 10:34 am to LSUAfro
quote:
lsuafro
im ignoring these guys.
quote:
online brokerages--etrade
you went to etrade.com and started an account?
Any more details on a Roth IRA? Go for 6% or 12%-- do i really have a choice?
More details basically
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