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Message
re: Bad credit auto loan, big down payment
Posted on 2/27/14 at 10:13 am to anc
Posted on 2/27/14 at 10:13 am to anc
quote:
Someone with your kind of income at 27 years old could really be smoking by 40 if they don't waste their money on toys.
Or dead....
These conversations are always silly on here and it being a MT board there is obviously a larger % of financial outliers on here than the typical OT type board.
You can't live your financial life preparing only for turning 60 and you can't live your life as if you'll never turn 60.
Finding that comfortable spot is often ignored on here.
Avoiding debt on unnecessary goods is obviously the advisable path, but it's not always the devil.
2
Posted on 2/27/14 at 10:17 am to anc
quote:
Someone with your kind of income at 27 years old could really be smoking by 40 if they don't waste their money on toys.
Some people call it living life. Imagine all the money you would save if you never spent any of it
Posted on 2/27/14 at 10:20 am to LSUAfro
quote:
Or dead....
No kidding. This is what fuels my travel bug. No guarantee I'll hit all the places I want to.
quote:
Imagine all the money you would save if you never spent any of it
Saving can get to the point of what the DVD collection was 15 years ago. Why do you have all that money? Because its more than you have.
This post was edited on 2/27/14 at 10:21 am
Posted on 2/27/14 at 10:32 am to Teddy Ruxpin
If the OP wants to buy a nice toy, and he understands the risk/rewards of said nice toy, then by all means, go for it.
However, the OP also said he wanted to buy a 50K truck because he got a bigger tax write-off. First off, if the truck is only for personal use, the only tax write-off is a one-time itemized deduction for the sales tax, and he only gets that if his total sales tax deduction is more than his total state income tax deduction. Oh, and the sales tax deduction for new vehicles expired in 2013. So unless Congress acts to retroactively reinstate it (50/50 shot) then he gets NO write-off for personal use.
OP says they are employee. If they need to use truck for work, they are probaly going to get reimbursed for mileage. Unless they get paid as 1099 contractor. If they do, then there might be some write-offs available, but they are only bigger if you spend more money.
Think of it this way. For every dollar you spend, you save, at most, 30 cents in taxes. So it really costs you 70 cents to spend that dollar.
Tell you what. Everyone send me a dollar, and I will send you back 30 cents. Sounds like a good deal?
However, the OP also said he wanted to buy a 50K truck because he got a bigger tax write-off. First off, if the truck is only for personal use, the only tax write-off is a one-time itemized deduction for the sales tax, and he only gets that if his total sales tax deduction is more than his total state income tax deduction. Oh, and the sales tax deduction for new vehicles expired in 2013. So unless Congress acts to retroactively reinstate it (50/50 shot) then he gets NO write-off for personal use.
OP says they are employee. If they need to use truck for work, they are probaly going to get reimbursed for mileage. Unless they get paid as 1099 contractor. If they do, then there might be some write-offs available, but they are only bigger if you spend more money.
Think of it this way. For every dollar you spend, you save, at most, 30 cents in taxes. So it really costs you 70 cents to spend that dollar.
Tell you what. Everyone send me a dollar, and I will send you back 30 cents. Sounds like a good deal?
Posted on 2/27/14 at 10:36 am to Teddy Ruxpin
quote:Exactly. I've known too many not make it to their golden years with large nest eggs they never tapped.
No kidding. This is what fuels my travel bug. No guarantee I'll hit all the places I want to.
Posted on 2/27/14 at 10:40 am to LSUAfro
quote:
Avoiding debt on unnecessary goods is obviously the advisable path, but it's not always the devil
I think the OP picked the one item(auto debt) that is most easily avoided. At least according to the general consensus on this board.
That's why we have 4 pages on
quote:.
Bad credit auto loan, big down payment
Posted on 2/27/14 at 10:56 am to LSUAfro
quote:
I've known too many not make it to their golden years with large nest eggs they never tapped.
On the flip side, I see on a daily basis in my line of work, people that never expected to live this long and are financially cash strapped.
Posted on 2/27/14 at 11:04 am to Will Cover
quote:
I've known too many not make it to their golden years with large nest eggs they never tapped.
Luckily for OP, he's developed a foolproof plan to avoid that problem.
Posted on 2/27/14 at 11:13 am to Will Cover
quote:
On the flip side, I see on a daily basis in my line of work, people that never expected to live this long and are financially cash strapped.
Absolutely. Hence the
quote:is an essential thought.
Finding that comfortable spot
If I live to 85, I'm going to be upset and have to consider exotic dancing for supplementary income.
Posted on 2/27/14 at 11:46 am to LNCHBOX
quote:
(Let me preface with this is not aimed directly at you Teddy, you just brought up the psychology aspect)
And this right here is why making these threads is a waste of time. Regardless of how simple the OP's question is, a bunch of people that have completely different priorities will come in and basically call the OP stupid with his money blah blah blah and try to change his mind based off how THEY feel.
These threads would go a lot smoother if people would just answer the question asked. I'm sure everyone saying it's a bad financial decision has some hobby that they blow money on that would be better spent or saved elsewhere.
This is just my opinion, and I'm sure I'll get blasted for it.
I could not possibly agree more with your statement. There were very few people that tried to answer his question, just wanted to change his mind. BTW OP i would expect a rate between 8-12%.
People buying new and/or expensive cars on MT board get blasted as much as able bodied people on welfare gets blasted on the OT.
EVERYONE has something they spend money on that someone else thinks is wasteful. The point about finding your balance between saving for the later years versus spending too much now is a great argument. You need to prepare for living well at a old age but you also need to enjoy the younger years of life.
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