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Let's talk retirement money. Or lack thereof.
Posted on 6/17/26 at 7:38 am
Posted on 6/17/26 at 7:38 am
A post in the OT about the '27 Silverado coming out with an MSRP of around $68,000 has some excited. Now you know this thing will have sticker prices of around 80k or more. Insanity.
Can someone explain to me why a person making around $60,000 a year would buy an $80,000 truck with very little or nothing in retirement savings? Now we are not talking about a 22 year old. I would have to say the average buyer for this truck starts around 35 years old. Again, insanity.
Can someone explain to me why a person making around $60,000 a year would buy an $80,000 truck with very little or nothing in retirement savings? Now we are not talking about a 22 year old. I would have to say the average buyer for this truck starts around 35 years old. Again, insanity.
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Posted on 6/17/26 at 7:48 am to Daygo85
There are simply two types of people—those with the ability to think ahead, and those who feed just about every base desire when given the slightest opportunity.
We don’t get along.
Choose friends and spouse wisely.
Train the youth in your life before natural instincts become insatiable habits.
When I put it that way there are those who grow into developed humans and those who don’t.
We don’t get along.
Choose friends and spouse wisely.
Train the youth in your life before natural instincts become insatiable habits.
When I put it that way there are those who grow into developed humans and those who don’t.
Posted on 6/17/26 at 7:51 am to bayoubengals88
quote:
There are simply two types of people—those with the ability to think ahead, and those who feed just about every base desire when given the slightest opportunity.
Pretty much this. There is demand for this stuff because nobody wants to delay gratification anymore. They want it NOW.
It's the main driver behind why most stay broke.
Posted on 6/17/26 at 8:02 am to bayoubengals88
Exactly
My 2008 Nissan Armada with 315k miles will not pass GA emissions this year (dont get me start as to how big crock emissions are…Aramda runs great btw) so we gave it to my brother in Alabama.
So anyhow I would love a new truck (never owned a new vehicle in my life) but I am currently in the market for a used Nissan Rouge or Pathfinder - 10k budget.
43 and I have 2.5m net worth with 1.9 in investable assets . I say that not as brag but that never having had a car payment as a choice freed up thousands of dollars to invest
Maybe one day i will splurge and buy a new pickup but not today. Got to get two daughters off payroll in the next five years.
My 2008 Nissan Armada with 315k miles will not pass GA emissions this year (dont get me start as to how big crock emissions are…Aramda runs great btw) so we gave it to my brother in Alabama.
So anyhow I would love a new truck (never owned a new vehicle in my life) but I am currently in the market for a used Nissan Rouge or Pathfinder - 10k budget.
43 and I have 2.5m net worth with 1.9 in investable assets . I say that not as brag but that never having had a car payment as a choice freed up thousands of dollars to invest
Maybe one day i will splurge and buy a new pickup but not today. Got to get two daughters off payroll in the next five years.
This post was edited on 6/17/26 at 8:03 am
Posted on 6/17/26 at 8:03 am to Daygo85
I agree many can’t afford it but there are many who can.
Posted on 6/17/26 at 8:14 am to Daygo85
quote:
delay gratification
For too many, None.I love Bama hits bulls eye.
We drove our cars for 11-13 years and paid ourselves a note once car was paid off to save $ to eventually pay cash for future vehicles.
The overall goal was our $ making more $ than we were by 45yo. Like little soldiers fighting alongside us. It required delayed gratification. It paid off big time.
Those who consume to consume cost their future selves $100,000’s (many or 7 digits) of wealth destruction. Many unknowingly.
I would have rathered 50 new vehicles in my portfolio than 1 in my driveway during accumulation years. And we lived a great lifestyle. Now, $ invested has created a couple of very nice ones.
This post was edited on 6/17/26 at 8:48 am
Posted on 6/17/26 at 8:22 am to bayoubengals88
quote:
There are simply two types of people—those with the ability to think ahead, and those who feed just about every base desire when given the slightest opportunity.
We don’t get along.
Choose friends and spouse wisely.
There's a coworker I have to work closely with everyday. He's 53 loves big vehicles. He trades in his vehicle every 6-18 months for a different one. He complains about being broke while making fun of me for driving a little four cyclinder that I have had paid off since February of this year. Hoping to get at least 5 more years out of it. I drive ~52 miles everyday to get to work and back home. Then he acts like I'm rich when I talk about investing and I don't even have that much.
Posted on 6/17/26 at 8:31 am to Daygo85
I just crunched some numbers, the monthly payment on $68000 at 0% interest and no TT&L is around $950 for 6 years.
If you invested that money instead in decent funds, you're looking at around a million dollars in 30 years.
Dave Ramsey is right; car payments are what keep people middle class forever.
If you invested that money instead in decent funds, you're looking at around a million dollars in 30 years.
Dave Ramsey is right; car payments are what keep people middle class forever.
Posted on 6/17/26 at 8:47 am to REB BEER
Totally agree
I don’t follow Dave advice on everything
But not carrying a car note or at the very least paying it off in four years or less and driving it until basically the wheels fall off is going to give you a huge leg up financially
Outside of our homes, Vehicle purchases are the second biggest one that almost all of us are going to make
I don’t follow Dave advice on everything
But not carrying a car note or at the very least paying it off in four years or less and driving it until basically the wheels fall off is going to give you a huge leg up financially
Outside of our homes, Vehicle purchases are the second biggest one that almost all of us are going to make
Posted on 6/17/26 at 8:51 am to LB84
quote:
Hoping to get at least 5 more years out of it. I drive ~52 miles everyday to get to work and back home. Then he acts like I'm rich when I talk about investing and I don't even have that much.
Your future self will thank you! Your cash generating assets will pay you handsomely. And his (not that far away…if 53 today), will have only a brand new whatever that is rusting as soon as it’s off the lot.
Posted on 6/17/26 at 8:52 am to Daygo85
The wife and I save for retirement but enjoy the now too. We do buy new cars/trucks but put half down and only finance half of it. We don’t do longer than a 3 year loan and we do that because we can get 0% or essentially 0% interest on the loans. We also go on 3ish vacations a year but never go in debt for them. We also project to get 35k a month in retirement due to both pension plans for the both of us and our 401ks we still add to. We also will be debt free, aka mortgage all we have now, within 5 years. We want to enjoy life now and later. It also helps we both love our jobs so we have zero interest in retiring early. Retiring on time will be tough for us because we love our jobs so much but 30kish a month may talk us into it. I did the math. Our pensions should come to 15k and a 4% withdraw from our 401ks should be 11-14k. The unknown is Roth and our regular investment account since they can vary more
Posted on 6/17/26 at 8:54 am to REB BEER
quote:
I just crunched some numbers, the monthly payment on $68000 at 0% interest and no TT&L is around $950 for 6 years. If you invested that money instead in decent funds, you're looking at around a million dollars in 30 years.
This!!!
I found myself doing this calculation while in college finance course. “If I gave up 1 Taco Bell run per week for 30 years…and invested it at 7% return…$$$ results.”
Awesome! Keep it up. Your future self will be paid well for it. Promise.
Posted on 6/17/26 at 8:57 am to masoncj
quote:
But not carrying a car note or at the very least paying it off in four years or less and driving it until basically the wheels fall off is going to give you a huge leg up financially
Pay yourself a note after note is paid off. If can afford note, you can afford to pay yourself the note. Accelerate your financial independence on future vehicle purchases. Gives yourself more financial options. Always a good thing.
This post was edited on 6/17/26 at 8:57 am
Posted on 6/17/26 at 9:03 am to Daygo85
quote:
Can someone explain to me why a person making around $60,000 a year would buy an $80,000 truck with very little or nothing in retirement savings?
Most of this country is financially illiterate. People bag on Dave Ramsey but if people lived the way he preaches, everything would be so much cheaper and everyone would be better off.
Posted on 6/17/26 at 9:04 am to tigerbacon
quote:
The wife and I save for retirement but enjoy the now too.
Right on!
quote:
Our pensions should come to 15k and a 4% withdraw from our 401ks should be 11-14k. The unknown is Roth and our regular investment account since they can vary more
Sounds like you may be facing steep RMDs if tax deferred is large. Plan for potential Roth conversions to save you lifetime of taxes / max after tax income during retirement years.
Therefore, also plan your taxable to have funds to pay for conversion and resulting ordinary income taxes. And, creating room in your tax tables by delaying pension, may be optimal. To say, depending on your age when you retire (sounds like you will be retiring later, runway length to lessen RMDs will be smaller), $30k/month out the gate may cost you more retirement lifetime taxes than optimal. Something to consider. Your 73/75yo self will thank you!
This post was edited on 6/17/26 at 9:10 am
Posted on 6/17/26 at 9:07 am to Daygo85
quote:is there a specific person making 60k who said they want to buy it or did you come up with this randomly? what is the context?
Can someone explain to me why a person making around $60,000 a year would buy an $80,000 truck with very little or nothing in retirement savings?
Posted on 6/17/26 at 9:11 am to Daygo85
I make close to $500k/year and drive a 2013 Tundra I paid $17k for used in 2017.
Some people are just idiots.
Some people are just idiots.
This post was edited on 6/17/26 at 9:12 am
Posted on 6/17/26 at 9:11 am to masoncj
quote:
Got to get two daughters off payroll in the next five years.
Lol roll the dice. I am still paying my 25 year daughter's car insurance. My choice but they don't come off the tit easily.
This post was edited on 6/17/26 at 12:17 pm
Posted on 6/17/26 at 9:48 am to Daygo85
There are a lot of plant baw that work tons of OT, making $100K+++. Those types spend big money on trucks.
Spent 35K otd on my truck and seriously hoping to keep it 20yrs.
Spent 35K otd on my truck and seriously hoping to keep it 20yrs.
Posted on 6/17/26 at 10:53 am to Daygo85
I bought a Ford F150 STX two wheel drive in 2023, it's currently paid for and has 24K miles on it.
Hopefully I'll get 10 years out of it (or more).
Hopefully I'll get 10 years out of it (or more).
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