Car Loans - keeping America poor?

My family of 3 kids still at home runs on 15k a month. My wife is home with the kids and I won't buy a rig that I can't pay cash for.

When I bought our last truck I took a cashier's check for 20k and 30k in cash to leverage with. People love cash because it's not necessarily tracked instantly.....and the deal I swung reflected that.

I simply cannot and will not hand out more than about 40g's on a rig.....they're just not necessary at our income level.
 
Wasn't that long ago I didn't make $30k a year working like a dog. If I made $30k a month I'd be retired in two years.

Not really, $360k per year even if you saved nearly all of it is not going to fund an investment account you can live off of long term. Lets call it $234k after taxes and say you save $200k of that only spending $34k. That 400k invested using the 4% rule would only provide a withdrawal rate of $16k per year or $12,800 after taxes.
 
Oh my we are getting in the weeds now
"How does $30k a month not pay cash for two new cars, new boat, new RV and multiple vacations?

Two cars at $50k=$100k
Boat $50k?
RV $50k?
Five vacations $5k each=$25k
Total $225k, leaving $135k to pay for housing and other expenses. In what universe can a family not pay their bills, save for retirement and have beer money left over at $30k a month take home?"


Where are weeds we're getting into? I never stated gross.
 
Not really, $360k per year even if you saved nearly all of it is not going to fund an investment account you can live off of long term. Lets call it $234k after taxes and say you save $200k of that only spending $34k. That 400k invested using the 4% rule would only provide a withdrawal rate of $16k per year or $12,800 after taxes.
You don't know where my retirement account is at today.
 
Not really, $360k per year even if you saved nearly all of it is not going to fund an investment account you can live off of long term. Lets call it $234k after taxes and say you save $200k of that only spending $34k. That 400k invested using the 4% rule would only provide a withdrawal rate of $16k per year or $12,800 after taxes.

You would need to find out what other supplemental income or retirement/investment accounts he has or will have before you can make that assumption.
 
"How does $30k a month not pay cash for two new cars, new boat, new RV and multiple vacations?

Two cars at $50k=$100k
Boat $50k?
RV $50k?
Five vacations $5k each=$25k
Total $225k, leaving $135k to pay for housing and other expenses. In what universe can a family not pay their bills, save for retirement and have beer money left over at $30k a month take home?"


Where are weeds we're getting into? I never stated gross.
Youre taking it personally i was just making a general statement in regard to everyone. Ive been assuming everyone is referring to gross income(normal in my world). Apologies


Carry on with the hypotheticals
 
The last few threads I've seen dealing with finances/investments has me convinced that the average Rokslider is in the 1% category. Either that or you're dealing drugs on the side or your wives have OF accounts that are doing really well.
 
The last few threads I've seen dealing with finances/investments has me convinced that the average Rokslider is in the 1% category. Either that or you're dealing drugs on the side or your wives have OF accounts that are doing really well.
You didnt know that already??? Dont forget they are all over 6' and can bench 225 for 20 reps no probs. Only top 10%ers allowed here
 
The last few threads I've seen dealing with finances/investments has me convinced that the average Rokslider is in the 1% category. Either that or you're dealing drugs on the side or your wives have OF accounts that are doing really well.
I'm in complete agreement. In my area the median household income is $35k a year. Those folks worry about being able to pay the electricity bill. I'm fortunate enough to do better but some of the numbers being thrown around aren't even fathomable to me.
 
The last few threads I've seen dealing with finances/investments has me convinced that the average Rokslider is in the 1% category. Either that or you're dealing drugs on the side or your wives have OF accounts that are doing really well.

Maybe my wife deals the drugs and I have an OF page!?! Ever think about that? LOL!

General statement to all.
Spend less than you make, save more than you think you'll need, and owe nobody nothing. Your life will be very peaceful.
 
Maybe my wife deals the drugs and I have an OF page!?! Ever think about that? LOL!

General statement to all.
Spend less than you make, save more than you think you'll need, and owe nobody nothing. Your life will be very peaceful.
Double dipping, I like it.
 
You would need to find out what other supplemental income or retirement/investment accounts he has or will have before you can make that assumption.

Yea I was saying that stand alone making that for 2 years does not set you up for life. If he had a bunch of other savings, vested pension etc that is different. I could in theory retire in 2 years of making $360k but it has absolutely nothing to do with the $360k and everything to do with what I already have invested.
 
Meh I like my older diesel. My wife just bought a new Lexus gx550. Dealer would not take cash. Not a penny. Used a cashiers check for the down payment and 2.9 percent for 48 months. Rest of the fund are making bank in an index. I will pay it off in a yr or two and make the extra dividend. Happy wife happy life.

Can’t take it with ya, also need to be smart about living within you’re means. It’s all a balancing act, but you only get a short amount of time on this earth. Buy what you can afford and makes you happy.
 
How does $30k a month not pay cash for two new cars, new boat, new RV and multiple vacations?

Two cars at $50k=$100k
Boat $50k?
RV $50k?
Five vacations $5k each=$25k
Total $225k, leaving $135k to pay for housing and other expenses. In what universe can a family not pay their bills, save for retirement and have beer money left over at $30k a month take home?
He didn't say $30k/mo take home, I read that as $30k/mo month of income.

Lets assume a couple and they both have 401k jobs.
30k/mo income
Minus ~2300 in fica taxes
Minus ~3900 in funding 401ks (you'd be idiotic not to at that income level)
Minus ~4500 in federal taxes
Minus ~1200 in state taxes (just a ~4% place holder depending on the state)
Minus ~500 in healthcare contributions (employers tend to subsidize less for higher earners)
=17600/mo or 211200 a year take home.

That is still a very comfortable amount of money but its not the same thing a 30k/mo. The more the income the less you actually get in take home pay so its a relevant distinction when talking high incomes whether its take home or income.

If we're talking 30k/mo take home then yeah you likely can afford most of the above things as long as you aren't blowing massive cash of frivolous daily spending.
 
The last few threads I've seen dealing with finances/investments has me convinced that the average Rokslider is in the 1% category. Either that or you're dealing drugs on the side or your wives have OF accounts that are doing really well.

Numbers being thrown around are more like top 5% but valid point. Top 1% is nearly $650k per year.
 
He didn't say $30k/mo take home, I read that as $30k/mo month of income.

Lets assume a couple and they both have 401k jobs.
30k/mo income
Minus ~2300 in fica taxes
Minus ~3900 in funding 401ks (you'd be idiotic not to at that income level)
Minus ~4500 in federal taxes
Minus ~1200 in state taxes (just a ~4% place holder depending on the state)
Minus ~500 in healthcare contributions (employers tend to subsidize less for higher earners)
=17600/mo or 211200 a year take home.

That is still a very comfortable amount of money but its not the same thing a 30k/mo. The more the income the less you actually get in take home pay so its a relevant distinction when talking high incomes whether its take home or income.

If we're talking 30k/mo take home then yeah you likely can afford most of the above things as long as you aren't blowing massive cash of frivolous daily spending.
Maybe I'm a retard but I speak in terms of net when it comes to paying bills.
 
Numbers being thrown around are more like top 5% but valid point. Top 1% is nearly $650k per year.
The 'bottom' 90-95% of the 340 million American's income is like $30-36k/YEAR. And there are people here talking about that per month 🤣 So this place is high class
 
Youre taking it personally i was just making a general statement in regard to everyone. Ive been assuming everyone is referring to gross income(normal in my world). Apologies


Carry on with the hypotheticals

Normal for almost anyone speaking about their salary, etc. While I agree its not a good metric because take home is really the meat and potatoes to work with, its quite reasonably to assume gross in high level discussions unless clarified otherwise.
 
It's an account with Stifel. Not sure what the actual name of the product is. They dont call it a high yield savings, but that's what it is. You have to have 100k to deposit and get the rate. It was 5.5 for a while, but it's gone down a bit lately. After you deposit the 100k, you can draw it down if needed without interest penalties.

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That's a sweet deal, looking into them now, thanks!

Edit: is it their SmartRate account? That was the highest yield I could find and it was only 3.85%
 
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