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re: Another just starting out thread.... 24 year old
Posted on 6/5/19 at 9:48 pm to hottub
Posted on 6/5/19 at 9:48 pm to hottub
3.49 on the truck.
I’ve recently been watching some Dave Ramsey videos on YouRube I guess I should stop.
I also recently ordered Rich Dad Poor Dad and Think and Grow Rich which I plan to knock out in the next couple weeks.
I’ve recently been watching some Dave Ramsey videos on YouRube I guess I should stop.
I also recently ordered Rich Dad Poor Dad and Think and Grow Rich which I plan to knock out in the next couple weeks.
1
Posted on 6/6/19 at 12:26 am to JohnDoe00
Company help at all with education? While investing its also pretty easy to invest in your career by getting an MBA. Not sure what type of work you are doing but this will help separate you from others in the future.
Posted on 6/6/19 at 4:33 am to JohnDoe00
Keep truck buy get very aggressive with payments
Posted on 6/6/19 at 8:54 am to JohnDoe00
quote:
3.49 on the truck.
at that rate, i'd invest first. only once you have hit any 401k match, maxed roth and funded a cash reserve would i make excess truck payments. if you can swing all that, throw an extra couple hundred on the truck note to pay it a year or so early.
Posted on 6/6/19 at 10:44 am to lsujro
No need to abandon Dave. Not everyone here has all the answers. Read as much as you can and follow what motivates you. Dave has methods to his madness. Glad to hear you are addressing this early. I saved the most amount of my money in my 50’s. Retired now. Nothing like being debt free. Dave promotes that. Wish I had heard of him in my 20’s. Downvote away??
Posted on 6/6/19 at 11:18 am to Popths
I honestly think that flow chart needs its own thread
Posted on 6/6/19 at 3:49 pm to JohnDoe00
If you invest the 40k now by the time you are 60 it will be worth around 600k...possibly more.
This post was edited on 6/6/19 at 3:51 pm
Posted on 6/6/19 at 5:00 pm to lynxcat
quote:
I recommend this. You'll just eat your losses if you sell it. This board is overly conservative on autos...basically a viewpoint of it only takes you A to B and drive the cheapest thing possible it until the wheels fall off.
You've learned the lesson, now just don't repeat it in the future. But also, enjoy yourself since you are young and clearly like having a nice truck.
I generally agree with this. You've already made the bad decision, but if you genuinely get enjoyment out of the truck, then don't beat yourself up over it. You just started work and don't seem to be loaded with student loan debt or expensive housing. If you get enjoyment out of the truck, keep it.
However, as someone else said, you're 24 once. If you like to travel, create some room for travel and/or experiential spending in your budget. If you are tight once you budget everything out and you don't get enjoyment out of the truck, sell it for a cheaper car and use the difference on experiences.
All things considered... you're single, making $57k, no mention of ridiculous student loan debt, and pretty low rent. I think you're in a good spot.
Make a budget and you should be able to squirrel away a good bit for retirement early while also enjoying your 20's.
Posted on 6/6/19 at 5:05 pm to kennypowers816
I really appreciate all the suggestions.
To clear it up.. No student loan debt and no other debts besides the vehicle.
Ill start investing/saving now and get a little travel in soon.
To clear it up.. No student loan debt and no other debts besides the vehicle.
Ill start investing/saving now and get a little travel in soon.
Posted on 6/6/19 at 7:22 pm to JohnDoe00
quote:
Ill start investing/saving now and get a little travel in soon.
I'm older than you now but was in a similar spot at your age. A couple overall pieces of advice:
- Don't chase the $$$$; it's more important to work for the right bosses, learn a lot, and gain broad exposure in whatever you do...promotions and raises will take care of themselves if you learn a lot at your age and excel when given opportunities.
- Travel can be great...if you are going to do it a lot then you should invest in how to do it cheap in your 20s. Learn about staying in hostels in Europe, which destinations cost more than others, what time of the year you can get a $400 RT flight rather than a $1000 RT. I've been fortunate to travel a lot in the last decade but a primary contributor is I learned how to do it in an incredibly cost effective manner. You can do 10-14 days in Europe for $2,000 or less and still really enjoy yourself.
Posted on 6/6/19 at 9:56 pm to JohnDoe00
Shed that truck ASAP. Max out your 401k and learn to live on your remaining salary. Keep $1000 and put the rest in a 529 for your upcoming kid. You will thank me later.
Posted on 6/7/19 at 7:40 am to JohnDoe00
28,000 on the truck is fine relative to your income and other expenses
Posted on 6/7/19 at 7:16 pm to AUCE05
Nobody’s thanking you for shite. 
This post was edited on 6/7/19 at 7:31 pm
Posted on 6/7/19 at 9:47 pm to Fat Bastard
You got one important part right...start early, it makes a HUGE difference. Car payments keep ya broke. Cash on the barrel from now on for autos. Thank me in 25 years.
Posted on 6/10/19 at 7:45 am to JohnDoe00
I get why some say keep the truck. Do it if you will get more enjoyment out of it. Nothing wrong with that when you are fully aware of the situation like you appear to be.
As for me, I'm a cash-is-king person who places great value on financial flexibility (disposable income/debt free) and setting up investing as soon as you get your first job.
I personally feel much better about things when I have a high cash flow. I would consider selling the truck to free up monthly cash that I would enjoy more than a truck. It isn't just about the loan payment. The truck is going to have higher fuel costs, higher insurance costs and probably higher maintenance costs than something I would prefer to drive over a truck, but that is just me.
Good luck.
As for me, I'm a cash-is-king person who places great value on financial flexibility (disposable income/debt free) and setting up investing as soon as you get your first job.
I personally feel much better about things when I have a high cash flow. I would consider selling the truck to free up monthly cash that I would enjoy more than a truck. It isn't just about the loan payment. The truck is going to have higher fuel costs, higher insurance costs and probably higher maintenance costs than something I would prefer to drive over a truck, but that is just me.
Good luck.
Posted on 6/10/19 at 8:18 am to JohnDoe00
I wouldn’t beat yourself up over the truck.
No need to beat a dead horse, but if you don’t get in a cycle of doing this every few years, this won’t have a major impact on your financial future.
Also, enjoy life. I try and have a good balance of saving and also enjoying the things I like. We all like different things.
Trust me, there those here that won’t drive a “nice car” but spend their money on other things. I know plenty of people that spend well over $500 on eating out alone.
There are also those that save every penny.
Best thing to do is to have a 5, 10, 15 year plan and work towards those.
No need to beat a dead horse, but if you don’t get in a cycle of doing this every few years, this won’t have a major impact on your financial future.
Also, enjoy life. I try and have a good balance of saving and also enjoying the things I like. We all like different things.
Trust me, there those here that won’t drive a “nice car” but spend their money on other things. I know plenty of people that spend well over $500 on eating out alone.
There are also those that save every penny.
Best thing to do is to have a 5, 10, 15 year plan and work towards those.
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