- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: $100,000 income: No big deal anymore
Posted on 7/26/17 at 10:17 am to slackster
Posted on 7/26/17 at 10:17 am to slackster
quote:i figured my first sentence made it clear I was referring to this thread and similar threads.
A lot of people? It would be a change for less than 28% of the households in the country.
1
Posted on 7/26/17 at 10:19 am to Jimbo21165
quote:
My wife is a 38 year employee at State Farm.....she's "old guard" management, team leader, claim Rep, etc......she makes a dollar or two.....
I'm a 35 year employee in the petro chem/refining/ civil/heavy industrial construction business. My degree is Construction..... which is a BS in applied science. Not an engineering degree, but along the same lines....
$100k is chickenfeed......
who gives a frick, i'll still kick your arse
Posted on 7/26/17 at 10:22 am to southernelite
quote:
Everyone is different. Now, if they're trying to have fancy cars to flaunt, that's one thing. But I've seen some people drive brand-new 250s and live in mobile homes. The truck is important to them. Doesn't make it right or wrong, just their preference to spend the money on the vehicle rather than the house.
You're right but people like that generally are not good savers/planners. Way too in the moment, which is why even with a high salary they live paycheck to paycheck.
I'd still argue that if a car is that important to you, but one a year old. Better than losing 30 percent driving it off the lot.
Posted on 7/26/17 at 10:26 am to Jimbo21165
quote:
$100k is chickenfeed......
quote:
Jimbo21165
quote:
Those that have to brag on themselves are usually lying.....
Just saying
Posted on 7/26/17 at 10:30 am to southernelite
quote:
Now, if they're trying to have fancy cars to flaunt, that's one thing. But I've seen some people drive brand-new 250s and live in mobile homes.
Those people are still "flaunting", their target audience is just different from those who spend money on luxury vehicles.
Posted on 7/26/17 at 10:31 am to ghost2most
quote:
You're right but people like that generally are not good savers/planners. Way too in the moment, which is why even with a high salary they live paycheck to paycheck.
I won't disagree there.
My ultimate goal is set up passive income streams that will pay my mortgage and two car notes.
Posted on 7/26/17 at 10:31 am to ghost2most
quote:
People and their vehicles crack me up. Buying a new car is such a sucker's deal. Total waste of money. If you have to have a different car, at least buy one a year or two old.
That's what I've always figured, but when I was looking for a new Civic last year, there wasn't really that big of a difference in the cost between new and 1 or 2 year old models. I guess that's one of the downsides of a vehicle with a high resale value.
I plan on driving the thing for about 15 years, so I figured frick it, may as well spend the extra ~$5k and go new. I wanted something that would last that long because I think that by then, self-driving cars will be well enough established. Didn't want to buy a ~5 year old car with 70K+ miles and put myself in a situation where I had to buy another vehicle before then.
Posted on 7/26/17 at 10:41 am to GreatLakesTiger24
quote:
i figured my first sentence made it clear I was referring to this thread and similar threads.
Gotcha.
Posted on 7/26/17 at 10:42 am to ghost2most
quote:
I'd still argue that if a car is that important to you, but one a year old. Better than losing 30 percent driving it off the lot.
My truck is over 3 years old and I still haven't lost 30% of the value
Posted on 7/26/17 at 10:43 am to THRILLHO
quote:
I plan on driving the thing for about 15 years, so I figured frick it, may as well spend the extra ~$5k and go new. I wanted something that would last that long because I think that by then, self-driving cars will be well enough established. Didn't want to buy a ~5 year old car with 70K+ miles and put myself in a situation where I had to buy another vehicle before then.
I've had the same thought process with cars and automation. But still went used. I'd duct tape that sucker to the finish line if automation wasn't far off.
Posted on 7/26/17 at 10:45 am to yellowfin
quote:
My truck is over 3 years old and I still haven't lost 30% of the value
Enlighten us.
Posted on 7/26/17 at 10:57 am to slackster
I paid about 31k for my truck in 2009 and KBB says it's worth around 13k so I've got 42% equity in an 8yr old vehicle with 105k miles. Some vehicles like Jeep Wranglers, Honda, Toyota and most full sized trucks retain their value pretty well.
Posted on 7/26/17 at 11:16 am to jdeval1
quote:
I paid about 31k for my truck in 2009 and KBB says it's worth around 13k so I've got 42% equity in an 8yr old vehicle with 105k miles. Some vehicles like Jeep Wranglers, Honda, Toyota and most full sized trucks retain their value pretty well.
The best resale value on full-size trucks after 36 months, according to KBB, hovers around 60%. Yellowfin may have a great entry price, but in general, 30%+ drop in resale value over 3 years is the rule.
A Tacoma has a resale value of 71% after 36 months, but no other mid/full size truck comes close.
Posted on 7/26/17 at 11:19 am to Epic Cajun
quote:
As I said earlier, it's absurd that people will have two vehicles that cost them 100k combined, and will live in a house that is sub 200k.
My neighbors live in $280k house with two $100k SUV's.
Posted on 7/26/17 at 11:28 am to Quinn225
quote:
My neighbors live in $280k house with two $100k SUV's.
People can do what they want with their money, but that is a pretty beetle-headed move.
I bought a new vehicle, but it's a Jeep and lightly used models were going for only about 2-3k less than the new model that I purchased.
Posted on 7/26/17 at 12:32 pm to deeprig9
quote:
100,000 income: No big deal anymore by deeprig9quote:How much did a house cost in 1980?
My dad's house was brand new in 1980, $60,000. Last appraisal was a few years ago, $185,000. 60,000 x 3 = $180,000 $30,000 income x 3 = $90,000
quote:$100k today is the $30k of the 80s
checks out.
Real estate is to wide a variable to determine inflation with. There are homes in Baton Rouge that were less than $50k in 1980 that are now well over $250k. I also know many houses that were in the $80,000 range in 1980 that haven't even doubled in over the past 3-4 decades. It's all about location and the years won't make much difference for some, others will skyrocket.
This post was edited on 7/26/17 at 12:34 pm
Posted on 7/26/17 at 1:24 pm to cjared036
quote:
you need $300,000 a year for many years to build personal wealth.
I guess, if you live a lifestyle similar to Mike Tyson. Granted, it's so much harder now than it was 30-40 years ago but I would still tell anyone young who is actually facing this that it isn't how much you make, it's how you (are willing to) live in the first 5 years or so that "can" make or break you FOR LIFE!! My oldest daughter and her husband just took on a "semi- retired" status in their mid-30's. Neither finished college and neither made over $100k yearly. They roughly adhered to advise I gave them, mainly on the most simple of concept of "where" and how to buy their first home.
"Personal wealth" is a wide brush but they fell in love with New York City and its opportunities to experience the arts, culture, sports, and widen their's and their kid's horizons for life in general. They just moved to the Lennox Hill/E.65th area by the Park... $1 million will get you a dismal, one bedroom, 700 sq' shoebox condo in that neighborhood... and they have a nice place. Their philosophy is enjoy "retirement" when you are young, not wait until 65 when health may decline.
What I'm saying is before anyone gets depressed because they can't make $100k, much less $300K the best way I know of to gain wealth that will give you freedom is... live like a pauper your first 5 years of your career... get (save) some equity EARLY in life. Invest **WISELY**!!!
This wonderful, American, "capitalist" concept of compounding the value of your capital is a magical thing if given the exponential head start of two or three extra cycles, even if on a much smaller "seed" amount.... rather than waiting until you slowly save a bigger chunk by age 30-40. The longer you wait, the more life demands, your living habits take over, and that "early, extra compounded cycles" ship will soon sail... and yes, then you may need $300k a year.
This post was edited on 7/26/17 at 1:29 pm
Posted on 7/26/17 at 1:32 pm to slackster
Posted on 7/26/17 at 1:50 pm to yellowfin
quote:
Paid 52,500 for truck in February of 2014
Pretty sure that's what my brother paid for that Shelby GT 350.
But nice truck baw
Posted on 7/26/17 at 2:32 pm to yellowfin
quote:those trucks would sell for 40ish and wholesale is about 36-38 But yes you are still doing well. I traded in my 2013 almost same exact truck with 50k a year ago and mannheim was 36-37. I got 37 and needed tires.
Paid 52,500 for truck in February of 2014
This post was edited on 7/26/17 at 2:43 pm
Page 20 of 21
Popular
Back to top
Follow TigerDroppings for LSU Football News