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Is it normal to be paying like $550/month for 6 years for a $25k new car? posted:I'm a first time buyer, and idk I was very confused, and had nobody there with me to help. My bank credit score is 810, but the credit score the dealership used was like 750. I make like $2000/month. They said since I was a first time buyer/credit user that the numbers would be higher and it would be better to get a new car instead of used. Idk what anything really meant. I did pay a $2000 down payment as well. Ultimately after 6 years, I will have paid $40,000 for a car with a base price of $25,000. It just doesn't seem right to me. quote:they didn't tell me about any interest rates. I purchased the car weeks ago, and in that time learned about all that. I do not know what the interest rate was.
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May 15, 2024 01:37
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AreWeDrunkYet posted:There's a GWM lesson on the other side of it too. There are plenty of suckers, and the authorities are not particularly interested in addressing that kind of fraud. What's the worst that could happen? You become president and draw enough scrutiny to pay a fine? That ways lies a minefield. If you, starting out as a small time scammer, accidentally encroach on territory big time scammers regard as theirs, you'll be surprised just how interested the authorities will very swiftly become.
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May 15, 2024 01:41
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It's about e: missed the down payment hypnophant fucked around with this message at 02:06 on May 15, 2024 |
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May 15, 2024 02:03
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hypnophant posted:It's about Are you sure? BofA's calculator says it's 20%. 
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May 15, 2024 02:13
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Boris Galerkin posted:Are you sure? BofA's calculator says it's 20%. gently caress i'm tired, i was calculating a lump sum at the end
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May 15, 2024 02:21
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I would think with good credit he'd be able to refinance into something better loan-wise, but car buying is completely loving bonkers anymore, and I have no idea.
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May 15, 2024 02:28
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hypnophant posted:gently caress i'm tired, i was calculating a lump sum at the end To be fair, the other part of your statement: hypnophant posted:this is about the mildest learning about credit the hard way you could hope for Is absolutely true. With that credit score he should be able to refi out of this loan to his advantage. Hopefully a lesson learned and very little lost.
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May 15, 2024 02:42
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AreWeDrunkYet posted:There are plenty of suckers, and the authorities are not particularly interested in addressing that kind of fraud. I mean, it’s not really fraud in any legal sense. They’ll selling dreams to dreamers, but ultimately they’re just selling seats in a class, and I doubt they’re dumb enough to make any sort of concrete guarantee.
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May 15, 2024 03:08
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rjmccall posted:I mean, it’s not really fraud in any legal sense. They’ll selling dreams to dreamers, but ultimately they’re just selling seats in a class, and I doubt they’re dumb enough to make any sort of concrete guarantee. definitely classes like these can and are prosecuted as frauds if they attract enough attention. almost all will make false claims about course content to attract rubes, and even if they're circumspect in their claims, if there's not enough real content to back up the price they charge its still false advertising and an illegal swindle see trump university as a high profile case, of this sec page for a bunch of litigation brought for fraudulent courses https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-49
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May 15, 2024 03:51
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Quick and dirty crosspost I thought you'd get a kick out of.Call Your Grandma posted:WIBTA if I dump my big, gay horse
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May 15, 2024 05:05
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I was on vacation last week but just noticed there hasn’t been a bwm post in over a week. Just making sure everyone is okay?
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May 20, 2024 18:49
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ive been postin in the economics thread
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May 20, 2024 18:52
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Everyone's good with money now. We fixed it.
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May 20, 2024 19:01
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Residency Evil posted:I was on vacation last week but just noticed there hasn’t been a bwm post in over a week. Just making sure everyone is okay? I was gonna post: BofA deez nuts but thought better of it.
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May 20, 2024 19:09
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Residency Evil posted:I was on vacation last week but just noticed there hasn’t been a bwm post in over a week. Just making sure everyone is okay? I've been hate reading reddit where such nuggets of quote:I used to always have problems with splurging on purchasing. I would think, well who’s going to take me seriously if I can’t purchase luxuries for myself? Am I instilling confidence? Such a dumb take
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May 20, 2024 19:17
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if you only have  to your name there are many much better things to do with it than buying a 7 dollar coffee
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May 20, 2024 19:20
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Food $200 Data $150 Rent $800 Lattes $600,000 Barista Tips $100,000 Utility $150 someone who is good at the economy please help me budget this. my family is dying
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May 20, 2024 20:12
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adnam posted:I've been hate reading reddit where such nuggets of Ehhh I'm not sure if we are reading this completely differently, but I kinda agree with it. I get the anger over people doing the "you just have to stop buying starbucks every day and you'll be rich" platitudes. But if you're bad with money when you don't have much, you're gonna be bad with money when you have a lot. If you always try not to overpay or get taken advantage or not be wasteful, it scales to wherever you are in life. It's good to have that force of habit. Sure you get people who are irritated with you being cheap and drinking drip out of a thermos or asking for your leftovers to get boxed up, but I do think it matters. I suppose it's a fine line before you get to hoarding bits of string and have a basement full of empty cardboard boxes (I only have a small pile, damnit).
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May 20, 2024 20:59
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It's just conspicuous consumption with some self-help branding. Can kinda backfire, too. A lot of luxury spending is a good litmus test for marks for sales pitches and scams. Who do you think is a more fruitful target for your tech stock pump n dump, the owner of a Camry or a Cybertruck?
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May 20, 2024 21:28
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Idk if I had 1MM sitting in a 5% savings account I could buy a $6 latte and tip the barista $130 every single day and end the year with 1MM.
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May 20, 2024 21:32
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Baddog posted:Ehhh I'm not sure if we are reading this completely differently, but I kinda agree with it. I get the anger over people doing the "you just have to stop buying starbucks every day and you'll be rich" platitudes. But if you're bad with money when you don't have much, you're gonna be bad with money when you have a lot. If you always try not to overpay or get taken advantage or not be wasteful, it scales to wherever you are in life. It's good to have that force of habit. Sure you get people who are irritated with you being cheap and drinking drip out of a thermos or asking for your leftovers to get boxed up, but I do think it matters. I suppose it's a fine line before you get to hoarding bits of string and have a basement full of empty cardboard boxes (I only have a small pile, damnit). Yeah I understood it as "your spending will expand to the size of your paycheck" if you're not careful. The idea that you could afford a house of only you skipped the coffee is risible of course, but we've seen all sorts of examples of six figure incomes living paycheck to paycheck because of a lack of restraint
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May 20, 2024 21:34
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on the other other hand, the restraint typically matters only in a few domains. land, weddings, cars trucks boats, investment modalities ..
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May 20, 2024 21:36
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Boris Galerkin posted:Idk if I had 1MM sitting in a 5% savings account I could buy a $6 latte and tip the barista $130 every single day and end the year with 1MM. What about your background made you use "MM" for 1,000,000?
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May 20, 2024 22:08
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Groda posted:What about your background made you use "MM" for 1,000,000? That's a pretty common notation in some financial contexts.
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May 20, 2024 22:12
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ultrafilter posted:That's a pretty common notation in some financial contexts. Ah. I'd only ever heard it in US natural gas figures, when I still lived there.
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May 20, 2024 22:14
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Great question! I run my posts through a large language model (LLM) similar to ChatGPT to make myself sound approachable and intelligent. E: oh I thought you were shitposting gatekeeping. Uh, I have no background in finance I just see some people use M and some use MM . I flipped a coin?
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May 20, 2024 22:14
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Residency Evil posted:I was on vacation last week but just noticed there hasn’t been a bwm post in over a week. Just making sure everyone is okay? Mercury was in retrograde, which makes all financial decisions eventually return good results.
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May 20, 2024 22:20
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Us laypersons will usually say like $10M to mean $10 million, but I think hardcore accounting still takes $10M to mean $10,000 (us normal humans would say $10K) and $10 million is $10MM. Or it used to be anyway. Not sure how true that still is in TYOOL 2024.
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May 20, 2024 22:23
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also just as an international thing, mille means 1000 in latin and many european languages that took from latin have words based on that.
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May 20, 2024 22:30
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^^ Whence we get the English "mile," from the Latin mille passus, "a thousand paces." (Not mille passi, because passus is fourth declension.) For some people, there's no difference between a windfall of $10 and $1,000,000. (I've already gone beyond the scope of the thought exercise, I realize, which seemed to posit that the $10 bill was the sole asset of the protagonist.) But for a lot of people, they will spend (or, more precisely, not spend) that million a lot differently than they will a $10 bill found in a jacket they haven't worn since last fall. Just another Redditor trying to sound smart about money when they could have done it much better: "You spend $6 a day on a latte. Everyone deserves a treat, right? But when you start to make 50% more money than you do today, are you also going to buy a $3 cookie to go with your coffee? If so, you've just made sure your discretionary spending will keep pace with your income, and you'll always have to work harder to get the things you really want or need in life." Admiralty Flag fucked around with this message at 22:36 on May 20, 2024 |
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May 20, 2024 22:32
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Every day Jeff Bezos eats an entire African elephant and washes it down with a bottle of 18th century wine
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May 20, 2024 23:07
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Scratch Monkey posted:Every day Jeff Bezos eats an entire African elephant and washes it down with a bottle of 18th century wine It's probably just vinegar at that point, so that tracks.
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May 20, 2024 23:14
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MM is super common in the US oil industry. But then again we measure things in some of the most obtuse units imaginable, including my favorite barns/election. How many barrels are in an acre-ft anyways? (7758)
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May 20, 2024 23:24
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Boris Galerkin posted:Idk if I had 1MM sitting in a 5% savings account I could buy a $6 latte and tip the barista $130 every single day and end the year with 1MM. yeah this is my approach. Granted I had some savings when I was making sub 6 figures, but the best way for me to save was to make a lot more money. Then I could have $7 lattes twice a day and still somehow end up with additional savings. Yes lifestyle creep is important but I think things aren't scaleable. I could have lattes TID until I get an ulcer and still not approach the cost of a Porsche/BMW/Mercedes/Rivian lease/auto loan payment. The last thing I'm going to tell a poor person is to avoid that one thing that brings them joy because let's be honest, never drinking a latte again is going to be a drop in the bucket if you can't set aside solid retirement/rainy day funds.
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May 20, 2024 23:56
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Exactly. Things like this don't scale because income has a minimum threshhold to "covering basics" which often have a component of "paying off debt from when the income didn't do that" before we get into lifestyle creep or any of that. The $6 coffee is not the problem: the lack of a meaningful livable income is.
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May 21, 2024 00:05
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There is no amount of frugality that will make up for having a poverty income, but there's also no amount of income so high that you can't blow it with frivolous spending. For some people that means buying doordash 20 times a month, for some people that means buying a horse, for some people that means buying Twitter
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May 21, 2024 00:15
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adnam posted:Yes lifestyle creep is important but I think things aren't scaleable. I could have lattes TID until I get an ulcer and still not approach the cost of a Porsche/BMW/Mercedes/Rivian lease/auto loan payment. The last thing I'm going to tell a poor person is to avoid that one thing that brings them joy because let's be honest, never drinking a latte again is going to be a drop in the bucket if you can't set aside solid retirement/rainy day funds. I agree with this in principal, but the overwhelming majority of the time when I see people (whose finances I know) make that argument they are using the theoretical poor person with the one pleasure in life as a rhetorical shield behind which they hide their own squandering of a upper-middle-class income on daily doordash and other bullshit.
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May 21, 2024 00:25
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Cerekk posted:There is no amount of frugality that will make up for having a poverty income, but there's also no amount of income so high that you can't blow it with frivolous spending. Jeff Bezos could spend over ten million dollars a day for the next forty years and still leave his heirs generational wealth
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May 21, 2024 00:28
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Eric the Mauve posted:Us laypersons will usually say like $10M to mean $10 million, but I think hardcore accounting still takes $10M to mean $10,000 (us normal humans would say $10K) and $10 million is $10MM. Christ almighty, is this an American thing? Cause it feels like one, a deliberate spit in the face of SI prefixes for no actual useful reason.
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May 21, 2024 00:31
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brugroffil posted:Jeff Bezos could spend over ten million dollars a day for the next forty years and still leave his heirs generational wealth Wealth isn't income.
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May 21, 2024 00:31
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