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Message
re: Let's talk retirement money. Or lack thereof.
Posted on 6/17/26 at 10:58 am to masoncj
Posted on 6/17/26 at 10:58 am to masoncj
quote:
Outside of our homes, Vehicle purchases are the second biggest one that almost all of us are going to make
Home purchases have land appreciation to offset depreciation.
Cars dont have that.
If people look at cars like depreciating assets instead of status symbols, there would be a lot more financial security in the country.
I share my 2007 Honda Accord with my 17 year old son (255,000 miles).
0
Posted on 6/17/26 at 11:02 am to Daygo85
Buying new cars keep many people broke.
That said, my mindset is shifting as NW has increased. Once you have a high enough NW, new/newish vehicles with full suite of safety features mitigates risk. For instance, I used to think teens should drove beaters so.as.not to.get accustomed to nice cars early and fall into the typical pattern.of.buying too.much car too often. But now, I'm strongly leaning to buy my teen driver a car with better safety features for their sake, other drivers and my own liability. If blind spot detection prevents one crash it could easily be worth the extra $ spent. Hopefully kids dont get spoiled though and start upgrading right after college.
I'm also looking at upgrading my own vehicle for better safety. An accident is one thing that could ruin my life at this point physically, mentally, or financially. If I can mitigate that risk by spending $40-60k it's well worth it now that I have enough $ already working for me and.no longer in accumulation phase.
That said, my mindset is shifting as NW has increased. Once you have a high enough NW, new/newish vehicles with full suite of safety features mitigates risk. For instance, I used to think teens should drove beaters so.as.not to.get accustomed to nice cars early and fall into the typical pattern.of.buying too.much car too often. But now, I'm strongly leaning to buy my teen driver a car with better safety features for their sake, other drivers and my own liability. If blind spot detection prevents one crash it could easily be worth the extra $ spent. Hopefully kids dont get spoiled though and start upgrading right after college.
I'm also looking at upgrading my own vehicle for better safety. An accident is one thing that could ruin my life at this point physically, mentally, or financially. If I can mitigate that risk by spending $40-60k it's well worth it now that I have enough $ already working for me and.no longer in accumulation phase.
Posted on 6/17/26 at 11:18 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.
But, if you don’t live another 30 years the joke is on you.
Posted on 6/17/26 at 11:35 am to REB BEER
quote:I was wondering if anyone was going to give Dave any credit. For this "bottom feeder" issue, he's spot on. For some other stuff, we can debate -- but this is the reason why Dave helps so many people. Because so many people don't have a clue.
Dave Ramsey is right; car payments are what keep people middle class forever.
Posted on 6/17/26 at 12:30 pm to TorchtheFlyingTiger
quote:
But now, I'm strongly leaning to buy my teen driver a car with better safety features for their sake, other drivers and my own liability. If blind spot detection prevents one crash it could easily be worth the extra $ spent
I agree with you, but blindspot detection has been available for 17 years (2009.) This still allows for a used car of a decent age. Our brains want to spend more money "for safety."
Posted on 6/17/26 at 12:37 pm to lsuconnman
quote:
But, if you don’t live another 30 years the joke is on you.
Term life policy.
No joke.
Now, get back to investing that $950!
Posted on 6/17/26 at 12:44 pm 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? 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.
It doesn’t make sense. I make a lot more than 60,000 a year and I’m perfectly content with my 10 year old SUV with 100,000+ miles.
I’d much rather put my money in appreciating assets (Housing/stock market/high yield savings account) than blow it on some car that’ll be worth half the price in 4 years.
This post was edited on 6/17/26 at 12:46 pm
Posted on 6/17/26 at 12:46 pm to LemmyLives
Dealers have targeted dads and old people with the safety spiel forever.
Posted on 6/17/26 at 12:51 pm 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. Dave Ramsey is right; car payments are what keep people middle class forever.
I’ve wasted a lot of money on cars and trucks but I enjoy driving a nice dependable vehicle. I couldn’t imagine saving everything I make. I like living in a big nice house and driving nice cars. 9k a month goes to car notes and my house every month.
I could have paid cash for a 600k home and had no car payments but what’s the point. Feel like I need to live a little. I enjoy my job and don’t mind if I have to work a little longer.
Posted on 6/17/26 at 2:54 pm to Daygo85
We just had to replace my wife's car, she was driving a 2013 Rav4 but it finally was reaching the end of the road. She didn't want to get rid of it, it was her first adult purchase coming out of pharmacy school back in 13, but it was going to need a lot of work to pass inspection. We ended up getting a 2024 Rav because she hated the new ones and they were crazy expensive.
I bought a new 4runner in 21 and got it paid off by 24. We've been plowing a lot into retirement accounts, so we did get a note on this new car (4 years). I plan on getting it paid off pretty quick though, the interest rate on used cars is nuts, even with excellent credit.
I bought a new 4runner in 21 and got it paid off by 24. We've been plowing a lot into retirement accounts, so we did get a note on this new car (4 years). I plan on getting it paid off pretty quick though, the interest rate on used cars is nuts, even with excellent credit.
Posted on 6/17/26 at 3:02 pm to notsince98
quote:
if people lived the way he preaches, everything would be so much cheaper and everyone would be better off.
This was my reason for starting this conversation. We have got to get people to see the light. Spread the word. Nobody gives a damn if you drive an expensive vehicle. You are not impressing anyone but the wrong people!
Posted on 6/17/26 at 3:14 pm to LemmyLives
quote:
I agree with you, but blindspot detection has been available for 17 years (2009.) This still allows for a used car of a decent age. Our brains want to spend more money "for safety."
Yup.
It is funny to see both sides arguing to justify their own behavior.
If you have money, spend it.
That is exactly what money is for.
My brain works differently.
I juxtapose appreciating assets and depreciating assets against one another when selecting how to spend money.
I am not trying to sway anyone's mind.
You do you (not directed at lemmy)
This post was edited on 6/17/26 at 3:15 pm
Posted on 6/17/26 at 3:37 pm to Rize
quote:you and I lead completely different lives
9k a month goes to car notes and my house every month.
Posted on 6/17/26 at 4:01 pm to REB BEER
The real kicker is what happens when social security gets depleted 100%.
Posted on 6/17/26 at 4:49 pm to Daygo85
I drive a 2018 toyota truck that I wrote a check for and live in a $350k house. My wife has a company car that we put most of our miles on. I let my assets work for me. I own other properties worth more than the one I live in and own them outright. We both max out our 401 K and invest a good deal more every year. I am in my mid fifties and will be retiring soon.
I would rather retire and travel while my dollars work for me than drive a Porsche, have an $250,000 boat or own a million dollar house. I don't understand the ones that live check to check and own nice things but I think I has to do with me having better parenting than they did. I have problems understanding why everyone doesn't follow the same blueprint...
I would rather retire and travel while my dollars work for me than drive a Porsche, have an $250,000 boat or own a million dollar house. I don't understand the ones that live check to check and own nice things but I think I has to do with me having better parenting than they did. I have problems understanding why everyone doesn't follow the same blueprint...
This post was edited on 6/17/26 at 5:00 pm
Posted on 6/17/26 at 4:50 pm to Daygo85
Loan 40K 4% $736/60mo. (Assuming trade in and and some down pmt).
Yeah I'm good riding my 5yr old truck. I don't need crazy tech, big screens, vent/heated seats, etc for my 10-20min ride.
Yeah I'm good riding my 5yr old truck. I don't need crazy tech, big screens, vent/heated seats, etc for my 10-20min ride.
Posted on 6/17/26 at 4:52 pm to BearCrocs
quote:
The real kicker is what happens when social security gets depleted 100%.
It won't. It is an easy fix. Let's not be dramatic.
Posted on 6/17/26 at 6:54 pm to cgrand
9k is what we spend as a family each month for everything
Posted on 6/17/26 at 7:00 pm to TheOcean
I’m not sure I could spend 9 grand a month if I tried
Posted on 6/17/26 at 7:22 pm 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?
I wouldn't do that loan if I was the bank unless they had a significant down payment.
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