Car Loans - keeping America poor?

WeiserBucks said:
Maybe I'm a retard but I speak in terms of net when it comes to paying bills.
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The post you replied to used the phrase "If the Joneses only make $15k/month in today's economy" which I would interpret as speaking in gross, which I agree isn't nearly as useful as net but folks commonly say they make X and that is a gross number.

I think we've covered now that 30k/mo net is something most of us would be happy to figure out how to spend/invest. Can we agree there?!? ;)
 
pods8 (Rugged Stitching) said:
I think we've covered now that 30k/mo net is something most of us would be happy to figure out how to spend/invest. Can we agree there?!? ;)
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Yes.
pods8 (Rugged Stitching) said:
The post you replied to used the phrase "If the Joneses only make $15k/month in today's economy" which I would interpret as speaking in gross, which I agree isn't nearly as useful as net but folks commonly say they make X and that is a gross number.
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Everyone I know that constantly brags about their gross pay is falsely inflating their financial significance as if it matters to anyone who might be listening.
 
WeiserBucks said:
Everyone I know that constantly brags about their gross pay is falsely inflating their financial significance as if it matters to anyone who might be listening.
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Dunno how much its bragging vs not always understanding the big picture, kinda like how lots of folks don't wrap their heads around taxes. There is an amount your income/deductions would owe, a refund just means you paid in too much, a bill means you didn't pay in enough, they get angry about those latter two numbers instead of realizing all along they could have used the handy little IRS withholding calculater to figure out the first number and dial in their with holdings. But they act like they can't look behind the wizards curtain and the resultant number is magic.

When many can't even figure out the above number how can they accurately discuss net/take home? They could think its one thing and then find out if far different. Also talking net in terms of financial strategies is lacking qualifiers, like do you have a maxed out 401k and HSA (if applicable) already. Etc.

Anyways, you took exception to someone's statement based on how you viewed it, some of us viewed it a different way and conversation ensued. I think we're all on the same page now.
 
Buying a new vehicle is fine if you get a 0-3% interest rate and you keep and use the vehicle for its lifespan. High interested rates and/or repeatedly buying new replacements is what will kill you.

What is also ridiculous are the aftermarket parts upgrades that guys do on a new rig. They buy a $65k pickup at 5%+ interest, and they take it straight to the shop for lift/leveling, wheels, tires, airbags, shell, etc., and then in 3-5 years, they take a beating selling it or trading it in so they can do it all over again with the latest new model.
 
30k a month were I live in South Dakota I would maybe work 5 more years till I’m 50 and be able to retire and run dogs around the country and buy some land to train dogs on. Seeing what people pay in taxes or even registering cars in other states is wild. I’m pissed when I get my tags every year for 70 dollars for my pick up or the 1200 in property taxes for my house I built 10 years ago.
 
I’ll keep it simple car loans are part of the problem but it’s society in general. Most want instant gratification and live beyond their means. “Can’t take it with you when you die” so I’m going to spend most of it and not think about working forever. Many don’t have a plan or real goals to work towards.

I see people eating out all the time and buying gifts for every holiday there’s an ad for. Same as upgrading to newer vehicles frequently because one can afford the payments.

I lived on a tight budget in a one bedroom 600sqft apartment with 2 70# dogs and a baby for years to pay off student loans, pay cash for wedding, and down payment for a house. Our house was 48% of our combined take home pay when we moved in. So things were still tight then. Now things aren’t as tight for obvious factors (refinancing, jobs/promotions) but I still only do DIY hunts and am working towards retiring early to mid 50s. Time will tell on that but going without for me is pain free.
 
ianpadron said:
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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It may be. And I may have gotten a promotional rate at the time. As long as it's the minimum 100k deposit, it sounds like that's what it is. It started out at 5.5 iirc. But went down a bit on the last month or so.

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Tangent story. Out of college I moved across the country to do a fun summer job before looking for career work, then I settle in there and started looking for a career job. Didn't find something in the first month, was bored and could use some cash so I got a job at a plant nursery warehouse. The owner wanted to know why I wanted to work there, I said I lived close, I was bored, could use cash and was looking for a career job but when I found one I would give them 2 weeks notice and not just ghost them. They were fine with that and I did that for 4-5mo before I got hired and followed through on what I agreed.

That set the stage for having a conversation with a coworker who was a stereotypical younger person that is financially illiterate. His first question was if I was going to buy a sweet car. I said no I need to pay off my debts. Then he wanted to know if I'd buy a sweet car. I again said no that I'd probably start saving towards a house, etc. and as needed replace my vehicle with something reliable/functional. He looked so disappointed and all I could do what shake my head.

Yes he would have been the person in a shitty apartment with a car that cost more that his rent.
 
maxx075 said:
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.
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You can't believe everything you read on the internet.
 
maxx075 said:
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.
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Or lying.
 
maxx075 said:
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.
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Why do you think the deals on here are so good?
 
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