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Started By
Message
re: It takes more than $55k to live secure in BR
Posted on 1/14/15 at 11:58 am to thesoccerfanjax
Posted on 1/14/15 at 11:58 am to thesoccerfanjax
I drive an 8 year old Honda Civic. My wife has a newer car, but we got it from her parents. We've had some help in other areas as well and still feel like money is tight.
While I'm not literally living paycheck to paycheck, I just don't see how people in my same situation afford two notes on $30k+ vehicles.
While I'm not literally living paycheck to paycheck, I just don't see how people in my same situation afford two notes on $30k+ vehicles.
2
Posted on 1/14/15 at 12:00 pm to Bmath
quote:
While I'm not literally living paycheck to paycheck, I just don't see how people in my same situation afford two notes on $30k+ vehicles.
just googled, according to the gubment I'm rich! sho don't feel like it
Posted on 1/14/15 at 12:09 pm to 777Tiger
quote:
thought the article said they need to take home 63k?
The wording in the article is confusing but they compare the 63k to the state average gross income, so I think we can safely assume they are referring to gross.
Posted on 1/14/15 at 12:10 pm to 777Tiger
quote:
quote: Which before taxes would put you in the $55k range. thought the article said they need to take home 63k?
Yes but op stated >$55k needed.
Posted on 1/14/15 at 12:12 pm to Bmath
quote:
I drive an 8 year old Honda Civic. My wife has a newer car, but we got it from her parents. We've had some help in other areas as well and still feel like money is tight.
While I'm not literally living paycheck to paycheck, I just don't see how people in my same situation afford two notes on $30k+ vehicles.
I don't remember where I read it, but I've read before that your car should be worth half your income or close to it. So if you have a family income of 75k, each car should cost around 19k. If you make 75k, you shouldn't be driving two 30k vehicles.
This post was edited on 1/14/15 at 12:14 pm
Posted on 1/14/15 at 12:24 pm to thesoccerfanjax
Gotta have shiny new things, even if you can't afford them.
Posted on 1/14/15 at 12:26 pm to The Torch
quote:
Makes sense - The ole lady and I make a little over $100,000 together in DFW with one kid and barely get by.
Mortgage, two cars etc etc etc
That's your problem..... Two cars you clearly can't afford.
Posted on 1/14/15 at 12:28 pm to Epic Cajun
quote:
I don't remember where I read it, but I've read before that your car should be worth half your income or close to it. So if you have a family income of 75k, each car should cost around 19k. If you make 75k, you shouldn't be driving two 30k vehicles.
Which only furthers my point. I read one article that said to use the 20% of combined take home rule. Like I said, most people over extend themselves with new vehicles.
Posted on 1/14/15 at 12:30 pm to Bmath
quote:
Like I said, most people over extend themselves with new vehicles.
and a lot of these "rules" are nonsense, if I make 500k a year do I have to buy a new Rolls or Bentley?
Posted on 1/14/15 at 12:36 pm to yankeeundercover
quote:
When I was little, I thought the saying was, "End's Meat" and I thought it had something to do with 'just enough meat to get by'... I knew what it meant contextually, but was surprised to see it written out.
You are not alone, I too suffered from this ignorance.
Posted on 1/14/15 at 12:38 pm to 777Tiger
quote:
and a lot of these "rules" are nonsense, if I make 500k a year do I have to buy a new Rolls or Bentley?
That's not what it is saying. It's suggesting that you do not go over that. I've read articles of about super savers with huge incomes only living on $50K a year and stashing the rest.
Posted on 1/14/15 at 12:39 pm to Salmon
quote:
wtf? what defines a "dignified life"?
First thought that came to my mind was being able to not call a trailer home.
Posted on 1/14/15 at 1:37 pm to Bmath
quote:
I read one article that said to use the 20% of combined take home rule. Like I said, most people over extend themselves with new vehicles.
20% of combined take home on car notes? I must be reading this wrong, because that seems like a lot.
Also, just to reiterate what you said, the "rule" that was I referring to was for the upper limit. Our two cars aren't worth half of our income.
Posted on 1/14/15 at 1:44 pm to Epic Cajun
I thought it was your house note, property tax, insurance that wasn't supposed to exceed 20% of gross
Posted on 1/14/15 at 1:46 pm to yellowfin
same here
but yeah...frick car notes
we only have 1, which is the most I will ever have, and I can't wait to pay that bastard off in a few years
but yeah...frick car notes
we only have 1, which is the most I will ever have, and I can't wait to pay that bastard off in a few years
Posted on 1/14/15 at 1:47 pm to yellowfin
Maybe that's what he was referring to. That makes more sense and is on the conservative side. Looks like I'm okay on that "rule", too.
Posted on 1/14/15 at 1:50 pm to Salmon
hell just my truck note is 1k a month....no idea what my wife's is
Posted on 1/14/15 at 1:52 pm to yellowfin
quote:
my truck note is 1k a month
nope...nope nope
my old roommate had a $1200/month car note on his Camaro. He made $31K working at Chase
he had to work at Chilis at night to afford his car
Posted on 1/14/15 at 1:53 pm to Epic Cajun
quote:
The wording in the article is confusing but they compare the 63k to the state average gross income, so I think we can safely assume they are referring to gross.
Why assume? They linked the study, go look it up. I did and figured out a couple of the inflated assumptions (see my earlier post in this thread).
Posted on 1/14/15 at 1:54 pm to yellowfin
quote:
hell just my truck note is 1k a month....no idea what my wife's is
mine was about that and the old lady's was about $1100, was very glad when I paid those off, now she's talking about wanting a new ride
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