re: Let's talk retirement money. Or lack thereof.

Let me add this. There are many people making $60k a year and also drive old vehicles. Life happens, decisions are made and not all are bad or made from ignorance. In my case, we chose to have my wife stay home and homeschool our kids all the way through high school. Buying a new car was not even discussed. I participated in 401k as much as possible and we lived within our budget. Both are grown now and one is living on her own and the other starts law school this fall. I’m definitely behind on retirement but I’m making it up as well as I can. I’m making much more now. I’m 55 and my wife just finished her degree at Auburn (life happens) and will join the workforce. I would not change the decision if given the chance. I’ll keep driving my ‘02 Chevy until the wheels fall off, then buy more wheels. I don’t envy anyone who makes or has more money. There is no virtue in wealth or poverty as far as I’m concerned.

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9k is what we spend as a family each month for everything

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I spent a lot less when I lived in BR.

Mortage BR $2800 Spring TX $6700.

I probably spend 15k a month total spend for my wife and I each month.

I've been told that's what old dudes do. They'll reach retirement and finance their boats 10-15yrs. If they die, the bank can have at it. A low end bass boat now is 50K+ minimum.

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I let my assets work for me.

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This!!!

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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.

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I think many people get their rocks off on showing up like they have arrived in life by having nice things, oblivious to having wealth.

This does not mean sacrificing everything today for tomorrow. It’s about balance. I know the ones you are speaking to. Some make $$$ and they spend $$$$$. “Affluence” for some is like a drug. And quite a few of them are far from wealthy.

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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!

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You are not wrong! In addition to this, getting loans to buy things makes people think they can afford more crap than they really can. The extra $ now available via loans to buy things they shouldn't creates more demand. "Luxury" products would be significantly cheaper if poorer people didn't have access to loans so they could buy crap they shouldn't. The effect would trickle down making everything cheaper. Federal student loans should have given everyone all the real world proof needed to see how many types of lending create significant economic problems.

Everybody here shits on Dave. I promote his book all the time when trying to mentor younger people.

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Everybody here shits on Dave. I promote his book all the time when trying to mentor younger people.

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Yep. He may come off as down right rude, but his plan would be great for probably 80%+ of Americans.

I don't follow all of his rules, but I will say that I read one of his books for youth when I was 17 and it really got me interested in personal finance from a young age.

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I am watching the news today and see several interviews with people 70 years old+ shoveling sandbags at a public sandbag distribution center. I can't imagine shoveling/throwing sandbags around at 70 to protect my house. If I am voluntarily living somewhere where I need public sandbags, and need to do it all myself, then I made wrong decisions in life. Those 70 somethings bought the fancy truck every 5-7 years when they had their youth.

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To be fair, most 70 year old guys I know who still have their health probably volunteered for sandbag duty.

That’s the sort of thing they love doing. They probably already had their house in order and were getting bags ready for other people.

I’m a buy and hold vehicles a long time guy. But I HATE the blanket thought that buying used is always the money-ahead decision compared to new. All things being equal, you must buy vehicles more frequently when buying used. You’re also under more reliability risk. I’d love to see a really comprehensive analysis of the options, but it’s a nuanced conversation.

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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."

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Agree with Torch on this. I used delayed gratification for most of my life and drove older trucks. At this point in my life, I like all the safety features and they improve ofen. The headlights alone make my 2025 Sierra worth it. The cost is insignificant due to the patience to allow my investments to reach very comfortable levels.