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re: What do you consider "Upper Middle Class"?
Posted on 3/23/14 at 5:24 pm to Ellakennedi
Posted on 3/23/14 at 5:24 pm to Ellakennedi
quote:
I have made 6 figures since I was 23 and Al I have is 6k
I hope this is a bad troll attempt. Either you have a coke habit or you are trolling
1
Posted on 3/23/14 at 5:25 pm to Tiger Ryno
you should read his money board posts
Posted on 3/23/14 at 5:28 pm to Ellakennedi
quote:
2 $600 car notes
You need to take a hard look at yourself and have a Frank conversation with the wife. You don't need one 600 dollar note much less two.
Quit trying to keep up appearances and sell those cars and get two sturdy used ones.
I'm also guessing there are other areas where you could use a reality check on spending.
Posted on 3/23/14 at 5:59 pm to Tiger Ryno
Dave Ramsey disciples would shite their pants if they knew what just a used row crop tractor cost. Mindlessly following a financial prophet and chastizing those who deviate from financial equivalent of Calvinist self-deprevation is almost communist in nature, it's creepy.
Please let me know what used vehicle is available that is exceptionally reliable, will significantly outlast the payoff period driving an average or above avg. commute every work week, and travel with the family on the weekends in areas without public transportation at a payment price substantially below that $600. Also figure in residual value of the vehicle when it comes time to get a new one into the total cost of the vehicle. Not a whole lot of value to that honda civic with 200k miles on it. Oh, and if they're upside down on those new vehicles you mindlessly told them to trade in, add that to the cost.
Unless the OP is trading vehicles every two years, it is entirely possible that they ran the wheels off of their first two vehicles and needed new ones. If you drive it long enough, it pays to get a new vehicle with the interest rate climate and used car market the past 5-7 years or more. If you need a piece of equipment for work, how much does it really cost you when you get something less reliable?
Please let me know what used vehicle is available that is exceptionally reliable, will significantly outlast the payoff period driving an average or above avg. commute every work week, and travel with the family on the weekends in areas without public transportation at a payment price substantially below that $600. Also figure in residual value of the vehicle when it comes time to get a new one into the total cost of the vehicle. Not a whole lot of value to that honda civic with 200k miles on it. Oh, and if they're upside down on those new vehicles you mindlessly told them to trade in, add that to the cost.
Unless the OP is trading vehicles every two years, it is entirely possible that they ran the wheels off of their first two vehicles and needed new ones. If you drive it long enough, it pays to get a new vehicle with the interest rate climate and used car market the past 5-7 years or more. If you need a piece of equipment for work, how much does it really cost you when you get something less reliable?
This post was edited on 3/23/14 at 6:09 pm
Posted on 3/24/14 at 8:45 am to SWCBonfire
I am not a Dave Ramsey guy but Ramsey is referring to personal finances for people who have shown in the past that they are terrible with money.
This is more than likely a business expense and does not apply.
These people in here that are make 6 figures and barely staying aloat are the exact people that Dave Ramsey is catering to. Spending is an addiction and they are setting themselves up for failure.
quote:
used row crop tractor cost
This is more than likely a business expense and does not apply.
These people in here that are make 6 figures and barely staying aloat are the exact people that Dave Ramsey is catering to. Spending is an addiction and they are setting themselves up for failure.
Posted on 3/24/14 at 8:47 am to SWCBonfire
quote:
Dave Ramsey disciples would shite their pants if they knew what just a used row crop tractor cost.
What does that have to do with anything being discussed?
Posted on 3/24/14 at 8:51 am to SWCBonfire
I agree with that. The first time I saw the "always buy used" mantra for automobiles was in Millionaire Next Door.
Since that book was written, we had a major recession that involved a near-complete crash of the automotive market. The supply of used vehicles built in the 2008-2011 range is a constraint that drives used prices up. It is not always better to buy used anymore.
I am a fan of not buying more than what you need. I no longer need a pickup for work, so as soon as I am done running the wheels off of the one I have now, I'll probably be looking for an Outback or something similar with good fuel efficiency, resale, and four wheel drive. I'll definitely be considering both new and used and will try to finance as little as possible of the purchase. My current Silverado has about 130,000 miles and seems to have plenty of life left. It's been paid off for 5 years.
Since that book was written, we had a major recession that involved a near-complete crash of the automotive market. The supply of used vehicles built in the 2008-2011 range is a constraint that drives used prices up. It is not always better to buy used anymore.
I am a fan of not buying more than what you need. I no longer need a pickup for work, so as soon as I am done running the wheels off of the one I have now, I'll probably be looking for an Outback or something similar with good fuel efficiency, resale, and four wheel drive. I'll definitely be considering both new and used and will try to finance as little as possible of the purchase. My current Silverado has about 130,000 miles and seems to have plenty of life left. It's been paid off for 5 years.
This post was edited on 3/24/14 at 9:02 am
Posted on 3/24/14 at 8:53 am to Tiger Ryno
We have a couple of $550 a month car notes. I plan on keeping both vehicles for 10+ years though. It's a small inconvenience for quality vehicles. One was new since there was just absolutely no used ones for sale like I wanted, and one was used since they don't make them new anymore like I want. I was without car notes before these two, and we'll be without car notes again...it just so happens right now we have two.
Posted on 3/24/14 at 8:58 am to Gaston
My two vehicle notes are significantly more than that but they are at 1.99% through my credit union so I'm going to pay them off as slow as they will let me.
Posted on 3/24/14 at 9:00 am to Gaston
quote:
a couple of $550 a month car notes
Are you considering that high?
Posted on 3/24/14 at 9:04 am to yellowfin
Both of mine are credit union, and yea the new one I bought is crazy low like that. I think the used rate was 2. something.
After paying off two vehicles I really didn't like that much, Camry and GMC work truck, I really went after vehicles that I'd want for a very long time. We loved not having car notes, but the both vehicles were pretty janky. This just pushes off a boat purchase for a few years...if I can wait that long.
After paying off two vehicles I really didn't like that much, Camry and GMC work truck, I really went after vehicles that I'd want for a very long time. We loved not having car notes, but the both vehicles were pretty janky. This just pushes off a boat purchase for a few years...if I can wait that long.
Posted on 3/24/14 at 9:06 am to JPLIII
quote:
Are you considering that high?
Not at all, just people were saying you shouldn't have them at all. For the vehicles we have it is absolutely worth it. I wouldn't trade either vehicle for anything out there.
Posted on 3/24/14 at 9:13 am to JPLIII
Wife and I own both our vehicles. Hers has 83k miles, my truck has 93k. We've owned hers for almost 3 years now, the truck, been 13 months without a note. It has definitely helped us move our money to projects we've been wanting to do.
We make about 90k per year, which isn't a lot to some people, but I like to think we've done a good job keeping our other costs down. 90k is definitely not upper middle class in our area. I look at the filled-to-the-brim grocery carts of some lower class leeches and ask myself how much more do I need to make to live like them. I think in my area $120k per year would be upper. That's $12k shy of 3x the median household income for the area.
We make about 90k per year, which isn't a lot to some people, but I like to think we've done a good job keeping our other costs down. 90k is definitely not upper middle class in our area. I look at the filled-to-the-brim grocery carts of some lower class leeches and ask myself how much more do I need to make to live like them. I think in my area $120k per year would be upper. That's $12k shy of 3x the median household income for the area.
Posted on 3/24/14 at 9:17 am to yellowfin
quote:
What does that have to do with anything being discussed?
Because the same kind of people who don't have any self control with debt think it's all evil. It's not, it is a financial tool that is very beneficial if used properly. Those trumpeting for you to get out of debt, be debt free, eliminate all debt are completely ignoring the positive contributions debt can give to your quality of life, growth potential and cash flow, not to mention tax advantages and investment opportunities to purchase appreciating assets.
Dave Ramsey:debt::Temperance movement:alcohol
Just because you have no self-control regarding an inanimate object or device doesn't mean it is evil.
Posted on 3/24/14 at 9:20 am to SWCBonfire
Who said all debt is evil?
alcoholic:AA::out of control debt:Dave Ramsey
alcoholic:AA::out of control debt:Dave Ramsey
Posted on 3/24/14 at 9:22 am to Ellakennedi
(no message)
Posted on 3/24/14 at 9:29 am to yellowfin
quote:
Dave Ramsey disciples would shite their pants if they knew what just a used row crop tractor cost.
What does that have to do with anything being discussed?
Upper middle class people are able to afford new row crop tractors, obviously.
Posted on 3/24/14 at 9:30 am to SWCBonfire
I'm definitely no "Ramsey Disciple" as you put it but I don't think you really understand his methods or maybe you've never read any of his books.
Most consumer debt is bad no matter how you look at it, one of the only exceptions being 0% financing when you have the ability to pay cash but opt for the free money. If you're buying a sofa and financing out of necessity then you're probably a poor money manager.
I'm also pretty sure he doesn't intend for his advice to be used by businesses which is what you're talking about.
Most consumer debt is bad no matter how you look at it, one of the only exceptions being 0% financing when you have the ability to pay cash but opt for the free money. If you're buying a sofa and financing out of necessity then you're probably a poor money manager.
I'm also pretty sure he doesn't intend for his advice to be used by businesses which is what you're talking about.
Posted on 3/24/14 at 9:34 am to Cold Cous Cous
quote:
Upper middle class people know what a section 179 deduction is, obviously.
FIFY
Posted on 3/24/14 at 9:35 am to yellowfin
Ok Suze Orman
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