|
flyboi posted:It doesn't but I can't wrap my head around that payment. I am more than ok with my cost and have no debt at all and manage my income fine but how is $660 even possible? If I couldn't afford it I wouldn't have my car. Lmao. You just made some awesomely bad with money posts. baquerd posted:That's fine and all, if you enjoy the car that much so be it, but if you have a car payment or a mortgage, that's typically considered debt. The only obligations that aren't usually considered debt are taxes, utilities, and insurance.
|
#
?
Apr 16, 2015 06:08
|
|
|
|
| # ? May 15, 2024 01:52 |
|
|
overdesigned posted:The only person I knew at college who got a marketing degree now waits tables in the suburbs. Sooooo yeah. The only guy I know from college with a marketing degree makes like $160k a year in NYC for a well known website.
|
|
#
?
Apr 16, 2015 06:11
|
|
|
SiGmA_X posted:You can't afford it. That's why you leased it. You'd have paid for it otherwise. That is probably usually true, but you really can't say that as a blanket statement without knowing anything about the person's finances. I've never leased a car and never plan to, but I used to sell 6 figure cars. For some of my customers (who could absolutely afford the cars), there were various legitimate reasons why they made the decision to lease.
|
|
#
?
Apr 16, 2015 12:33
|
|
|
baquerd posted:That's fine and all, if you enjoy the car that much so be it, but if you have a car payment or a mortgage, that's typically considered debt. The only obligations that aren't usually considered debt are taxes, utilities, and insurance. When I rent a car, is that considered debt?
|
|
#
?
Apr 16, 2015 12:52
|
|
|
P.D.B. Fishsticks posted:When I rent a car, is that considered debt? Will you be penalized for returning the rental car early?
|
|
#
?
Apr 16, 2015 12:57
|
|
|
Tyro posted:That is probably usually true, but you really can't say that as a blanket statement without knowing anything about the person's finances. I've never leased a car and never plan to, but I used to sell 6 figure cars. For some of my customers (who could absolutely afford the cars), there were various legitimate reasons why they made the decision to lease. Back in the car thread a lot of people made some good points about rich people leasing instead of owning, since they wind up paying for the actual utility they get out of the car rather than that plus the entire rest of the car (which is constantly depreciating).
|
|
#
?
Apr 16, 2015 13:01
|
|
|
P.D.B. Fishsticks posted:When I rent a car, is that considered debt? A couple times a year? Probably not. Regularly? Well, that's a lease.
|
|
#
?
Apr 16, 2015 13:23
|
|
|
SiGmA_X posted:You can't afford it. That's why you leased it. You'd have paid for it otherwise. I could go buy a 2015 M4 today if I wanted to.. But I'm unwilling to part with 70(-90)k and as such, I can't afford it. I lease because I don't drive much, the coverage on a leased BMW vs owned is much more comprehensive and at the end of the day it isn't hurting my retirement or investments. Sure I could probably spend the money more wisely but I'm a DINK family that will never have kids and already save enough. To each their own?
|
|
#
?
Apr 16, 2015 13:36
|
|
|
Knyteguy posted:http://www.cnbc.com/id/102581574?__source=msn|money|headline|story|&par=msn The thing is I personally know several boomers that live upper middle class lifestyles and have neg,ative net worth. I get the impression most of these people are worried that social security won't fully support their upper class lifestyle. If you told me that a person couldn't live a decent life only social security I might be worried but if the consequences are that my coworkers have to leave their McMansions, move into a more diverse neighborhood and give up a few expensive luxuries I'm not worried. Sephiroth_IRA fucked around with this message at 13:53 on Apr 16, 2015 |
|
#
?
Apr 16, 2015 13:49
|
|
|
flyboi posted:I lease because I don't drive much, the coverage on a leased BMW vs owned is much more comprehensive and at the end of the day it isn't hurting my retirement or investments. Sure I could probably spend the money more wisely but I'm a DINK family that will never have kids and already save enough. To each their own? No, if you do not drive a sensible used $2500 domestic compact that you paid cash for, then you are Bad With Money and we have some scolds on hand to berate you.
|
|
#
?
Apr 16, 2015 14:02
|
|
|
BEHOLD: MY CAPE posted:No, if you do not drive a sensible used $2500 import compact that you paid cash for, then you are Bad With Money and we have some scolds on hand to berate you. ftfy
|
|
#
?
Apr 16, 2015 14:11
|
|
|
BEHOLD: MY CAPE posted:No, if you do not drive a sensible used $2500 domestic compact that you paid cash for, then you are Bad With Money and we have some scolds on hand to berate you. Yea, it gets a bit tired listening to people say everything that isn't ramen noodles and a beater piece of poo poo is "bad with money." People can have nice things in their life and not be stupid. You can have a hobby, a nice car, a nice house or whatever it is that you enjoy in life. Being "good with money" doesn't have to mean doing everything as cheaply as possible. If you are already in tons of debt, can barely pay your mortgage/rent, and then go and lease a $600/month car, yes that is definitely "bad with money." Being able to lease a car you enjoy and still have a reasonable budget and save for retirement/emergencies/whatever, that is the complete opposite.
|
|
#
?
Apr 16, 2015 14:50
|
|
|
District Selectman posted:The only guy I know from college with a marketing degree makes like $160k a year in NYC for a well known website. My wife does very well in marketing, but with a business degree. I always figured marketing was like journalism. Something you get a minor in while your major is something broader. subx posted:Yea, it gets a bit tired listening to people say everything that isn't ramen noodles and a beater piece of poo poo is "bad with money." It gets tiring, yes. But I think the point is cars are, on average, incredible money pits. Most people would be better served spending less on their automobiles, but we have such an emotional attachment to them that we overspend. And I speak as someone whose spouse has bought two brand new Buicks in the last 4 years. You can often get 90% of the utility for 50% of the cost, but few people do. The fact that poor people make some of the worst car buying decisions only makes matters worse. Krispy Wafer fucked around with this message at 15:01 on Apr 16, 2015 |
|
#
?
Apr 16, 2015 14:52
|
|
|
Krispy Kareem posted:And I speak as someone whose spouse has bought two brand new Buicks in the last 4 years. 
|
|
#
?
Apr 16, 2015 15:35
|
|
|
How bad with money is this? I turned our tax documents over to the CPA last week and she warned me we were going to probably end up owing "quite a bit". But whenever I call her she's out of the office or doesn't have the numbers in front of her. So it's April 16th and I have no loving clue what she transmitted electronically to the IRS last night. I wish I knew where 'quite a bit' sat on her monetary scale. LeeMajors posted:Buicks...so many Buicks. The first one was too small. Now we have an Enclave that averages 16 miles per gallon.
|
|
#
?
Apr 16, 2015 15:47
|
|
|
baquerd posted:A couple times a year? Probably not. Regularly? Well, that's a lease. since i buy groceries regularly, am i leasing bananas from the supermarket? i get regular haircuts too, so whats my barber equity like?
|
|
#
?
Apr 16, 2015 15:51
|
|
|
Krispy Kareem posted:I wish I knew where 'quite a bit' sat on her monetary scale. I use a spreadsheet that is customized to my tax situation which calculates my taxes to the dollar. It is basically 60 lines and is kind of separated out like the 1040 is, and handles all sorts of annoying extras like AMT, extra medicare tax, 1099 income with payroll taxes, etc. My point is, you can probably put something together that fairly accurate for your situation in less than a couple hours, and use it every year for the rest of your life. I highly recommend it.
|
|
#
?
Apr 16, 2015 15:53
|
|
|
Why do poor people have the most cars? I live in a marginal neighborhood, and the blocks with the poorest looking houses have TONS of cars parked out front. Probably 5 cars per household. It seems like it should be the opposite, and rich houses should have like 12 cars parked out front, while poor families should be sharing one. The shoebox houses on my street also have a lot of shiny Escalades and very evident truck equity parked out front. Maybe more of "SAD with money" stories, but my wife works in legal aid and sees some cases of people who are royaly screwed when it comes to finances. The worst part is that they often don't even grasp how they got into the situation or how they might get out of it. They're just at the mercy of the world. One lady has $40,000 in student loan debt for a xray technician "degree" (possibly a certificate) and $30,000 in credit card debt. She then got in a car accident and got spine and brain damage so now she can't even work as an xray tech, but was denied for disability payments because she can still technically work in a remedial capacity (walmart greeter?). Oh, and she also has had two kids by two abusive fathers who are now working her over with their lawyers to get custody of the kids, even though they're the ones who should probably be paying her (or in prison). Another guy had been getting letters about how he owes money for child support, but he doesn't understand the letters or even know how/if/why he should reply. He showed up to legal aid all  with a pile of mail he's received for months but ignored because his wages are now being massively garnished and he can barely live. If he had taken any action at any point in the process, he probably could have arrived at a much more favorable solution. He had no idea how the law works.People with very little education are exploited like crazy and don't even know where to go to improve their situations or what options are available to them. This makes me incredibly grateful for the knowledge and insight I have into how the system works. Thesaurus fucked around with this message at 15:57 on Apr 16, 2015 |
|
#
?
Apr 16, 2015 15:55
|
|
|
Droo posted:I use a spreadsheet that is customized to my tax situation which calculates my taxes to the dollar. It is basically 60 lines and is kind of separated out like the 1040 is, and handles all sorts of annoying extras like AMT, extra medicare tax, 1099 income with payroll taxes, etc. We have confusing taxes and a small LLC so doing this poo poo ourselves isn't going to work. Having a CPA can be very good with money. Obviously what they charge varies greatly, but I'm only paying about twice as much as TurboTax when you add in Federal and State electronic filing fees. You just have to make sure they're a real CPA. My wife's uncle had a lady doing his business taxes who was just a PA. That C is very important when the IRS calls about some sketchy deduction you took. Also find one that returns your calls on April 16th.
|
|
#
?
Apr 16, 2015 16:09
|
|
|
Thesaurus posted:Why do poor people have the most cars? Some might not be poor but have chosen nice things over a nicer house/neighborhood. I get that. My neighbor works two min wage jobs and lives in a small place like me but she just bought a nice car and has nice things. She seems happy. There's also roommates to consider. My wife once lived in a place with her aunt and two people renting rooms. So needless to say there were a lot of cars in the driveway.
|
|
#
?
Apr 16, 2015 16:15
|
|
|
Thesaurus posted:Why do poor people have the most cars? I live in a neighborhood with a real mixture, some houses are $1M+ if they're beachfront or on the boat channels, other houses at $500K, and duplexes/apartments renting down to $1500/month. The very expensive houses always have 2 nice cars, usually luxury. The cheaper houses usually have 2 BFC-approved older imports with a few splurges here and there. The apartments (where we live) are almost all big newish trucks for the husbands and massive SUVs for the wives. Then many of our neighbors will have a third car for absolutely no reason (no additional drivers, not a fun or hobby car). The trucks especially are mind-boggling because most of these guys don't use them for work.
|
|
#
?
Apr 16, 2015 16:30
|
|
|
In my family, you don't trade in or sell your old car, you park it in the driveway and let it rot "just in case." Something similar to an A&E Hoarders mentality.
|
|
#
?
Apr 16, 2015 16:36
|
|
|
Pretty much this. They usually end up going to the next kid in the family who gets a drivers license, or just sit there and deteriorate.
|
|
#
?
Apr 16, 2015 16:40
|
|
|
I'm 6'5". I commute to an office job in an F-150 and happily burn fuel at 14mpg. Sometimes it's less about "bad with money" and more about "good with legroom."
|
|
#
?
Apr 16, 2015 16:42
|
|
|
flyboi posted:I lease because I don't drive much, the coverage on a leased BMW vs owned is much more comprehensive and at the end of the day it isn't hurting my retirement or investments. Of course it is, the opportunity cost is less money in your investments and either a later, or less wealthy retirement. That doesn't mean leasing a BMW is the "wrong" decision for you. Bad with money isn't choosing to lease a BMW, it's spending money without understanding how it affects your future. If the car sets your retirement back by one year, and you would rather retire one year earlier than have the car, it was a bad with money decision. If you would rather work the extra year and enjoy the car, then it was the right choice for you.
|
|
#
?
Apr 16, 2015 16:45
|
|
|
I feel like I'm back in economics 101 learning about car opportunity costs
|
|
#
?
Apr 16, 2015 16:47
|
|
|
But what is the opportunity cost of a post.
|
|
#
?
Apr 16, 2015 16:56
|
|
|
Mocking Bird posted:In my family, you don't trade in or sell your old car, you park it in the driveway and let it rot "just in case." Something similar to an A&E Hoarders mentality. Yeah, they are meaning to fix them "when they can get the parts" but never get round to it. Or they are just keeping the cars for family/friends who are off somewhere else working/jail.
|
|
#
?
Apr 16, 2015 17:06
|
|
|
Zool posted:
No you see nobody actually enjoys the cars they drive and anyone who claims otherwise is bad with money.
|
|
#
?
Apr 16, 2015 17:10
|
|
|
It might be a foreign concept but people who aren't middle class tend to live with other non familial adults, all of whom require a car. Also poor people horde for the same reason that they splurge - they have no certainty about their future financial situation.
|
|
#
?
Apr 16, 2015 17:13
|
|
|
Series DD Funding posted:But what is the opportunity cost of a post. Getting my work done, maybe 1/100th of getting a promotion.
|
|
#
?
Apr 16, 2015 17:18
|
|
|
Series DD Funding posted:But what is the opportunity cost of a post. Depends on the post.   
|
|
#
?
Apr 16, 2015 17:18
|
|
|
Series DD Funding posted:But what is the opportunity cost of a post.
|
|
#
?
Apr 16, 2015 17:20
|
|
|
Krispy Kareem posted:Depends on the post. Chick fila is good with money because it never matters how much you spend, it always be worth it
|
|
#
?
Apr 16, 2015 17:20
|
|
|
Baja Mofufu posted:The trucks especially are mind-boggling because most of these guys don't use them for work. Series DD Funding posted:But what is the opportunity cost of a post.
|
|
#
?
Apr 16, 2015 17:27
|
|
|
Zool posted:Getting my work done, maybe 1/100th of getting a promotion. Then I've missed out on many promotions
|
|
#
?
Apr 16, 2015 17:30
|
|
|
High Lord Elbow posted:I'm 6'5". I commute to an office job in an F-150 and happily burn fuel at 14mpg. Sometimes it's less about "bad with money" and more about "good with legroom." I'm 6'3" and probably fatter than you and I drove all the way from Central Florida to Key West (like an 8 hour drive) almost non-stop in my goddamn 2014 Altima getting 40mpg and it had plenty of leg room and I was totally comfortable the whole way. You're killing the planet so you can drive a big-dick truck 
|
|
#
?
Apr 16, 2015 17:46
|
|
|
Krispy Kareem posted:Depends on the post. I have no idea what this post means. I can't be alone. Some chick said something dumb about AIDS, then turned into a 70's porn star and said something about twitter getting hacked, now they work at some drivethru?
|
|
#
?
Apr 16, 2015 18:03
|
|
|
Spermy Smurf posted:I have no idea what this post means. I can't be alone. Don't act like that's never happened to you. (I'm also wondering how the hell those 3 tie together, unless the middle step is a joke about what comes between collect underpants and profit )
|
|
#
?
Apr 16, 2015 18:18
|
|
|
|
| # ? May 15, 2024 01:52 |
|
|
Krispy Kareem posted:The first one was too small. Now we have an Enclave that averages 16 miles per gallon. I know people have different tastes and whatnot... I just can't imagine a scenario where someone thinks to themselves 'I just really want to buy a Buick.' Let alone twice.
|
|
#
?
Apr 16, 2015 18:20
|
|