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Originally Posted by onthebottom
(Post 1585478541)
I've seen that as well, in our group of friends (credit my wife) I'm the poor white trash - their kids are all extremely well educated (Ivy league schools, masters degrees...) and basically unemployed / underemployed and living on mom/dad. They all thought they'd leave school upper middle class on their way to wealthy and are a bit surprised the world had not accommodated them.
At the end of the day the "scarcity" I'm creating is artificial, my children know I'd never let them fail, but I also won't let them not work. Buffett said it very well about his kids, I want them to be able to do anything but have to do something. |
A good general rule is that your car should cost no more than half of your annual income (so $140K to buy a $70K car). Looking at net worth, assuming you're retired, do you have enough in assets to generate income twice what the car costs.
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Originally Posted by OnPoint
(Post 1585480418)
Take part of it and give it to a cause/charity of importance to the person, take another part of it and enjoy it and life with it (however they define that) and take the last part of it and through a series of trusts establish a legacy for their children that both provides a better start than they might have had, yet are structured in a way that incents the children to pursue their own profitable careers.
My family member I mentioned is my 86 year old grandmother. Has major money but literally lives way below her means. She has always felt more comfortable amassing lots of cash and real estate and not spending on cars and other luxury items. It is a shame, as I feel there is a lot she could and can spend on enjoyable things.. but it is her call. I am not sure what she will do with her money when she passes, I am only 1 of 3 other family members she could leave anything to... and personally, I don't care if she decided to donate it all to charity. She earned that money her whole life and it is up to her to decide how and who that money goes to when the time comes. She is a great lady and I tell her all the time to spend it all right now... she just wont do it. I wish she would buy a C7 and have some fun... but nope, her 2005 Lexus is just fine for her. Everyone is different and I just say if you can do it .. do it. You only have one life, and if you are drooling over a new 2014 Corvette and its a bit tight- do what you can and make it happen. It will put a huge smile on your face that will probably motivate you to work harder and make more dough. :cheers: |
Originally Posted by Achmed
(Post 1585475119)
I guess you didn't read the part where he said he transferred assets to his wife in a deliberate attempt to misrepresent himself during the 10 week audit for his eligibility?
I've been paying into government employment insurance for 12 years. I lost my job once in between, and it never even occurred to me to apply for employment insurance - any spare time I had to look into and apply for EI I felt was better spent actually looking for a job instead. If I needed the EI, then it would probably be a different story. This stuff is meant for the needy. What's next, saying that because I pay into health insurance I should play sick to get some free nights and meals in a hospital? And they say ethnic minorities like mine leech off of the government lol. And your analogy about health insurance is flawed. If you intentionally faked sick to spend nights in the hospital and billed your health insurance, that's a crime and you'd be sent to prison for insurance fraud. Filing for unemployment when you legitimately lost your job is not a crime, nor is it even discouraged so long as you weren't terminated for cause. It's irrelevant how much he makes, like I said he'll probably never even recoup what he paid into it. I would gladly opt out of unemployment taxes if I could, the only reason it exists is that the typical American is too moronic to keep six months expenses saved. |
Originally Posted by PetroniDE
(Post 1585459944)
One rule I would use. When you can ask the salesperson "do you take cash", then financially, it is the right time.
Then the only question is: do you actually bring a briefcase full of cash and tell them, "start counting", or just bring a check. |
Originally Posted by BT ZR1
(Post 1585480366)
Personally i could care less what BB DOES , but the loans you are talking about need to be paid back and are not as easy to get as you imply and you are wrong about costing parents less.
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Originally Posted by thebeastifier
(Post 1585480770)
No I didn't read that part and it wouldn't have mattered if I did. Assets don't matter at all in terms of unemployment eligibility so if he did in fact transfer his assets to his wife he wasted his time. Not to mention he's a moron. What kind of idiot tries to hide assets by transferring it to his own wife? Any auditor who doesn't catch that is grossly incompetent.
And your analogy about health insurance is flawed. If you intentionally faked sick to spend nights in the hospital and billed your health insurance, that's a crime and you'd be sent to prison for insurance fraud. Filing for unemployment when you legitimately lost your job is not a crime, nor is it even discouraged so long as you weren't terminated for cause. It's irrelevant how much he makes, like I said he'll probably never even recoup what he paid into it. I would gladly opt out of unemployment taxes if I could, the only reason it exists is that the typical American is too moronic to keep six months expenses saved. |
Originally Posted by Achmed
(Post 1585480948)
Your very last phrase from "the only reason it exists..." proves my point. Thank you.
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look...what i am about to say is probably what most would not say if someone else were watching but might say off the record. If you are under 30 something and don't have kids...including obligation to kids...then certain things work to your advantage. income makes a difference but to be more realistic...it matters what your debits are each month in relation to the income level. If you are in the military without obligation or at home with mom and dad then obviously you can afford more than the average bear.
I personally bought my dream corvette at age 29 with many worries but did it never the less. I learned to not eat out as much... to not drive as far and to make sure certain things were tallied each month so that I could scrape by and have a corvette. in my mind people that buy corvettes are above the average person and are goal oriented. these individuals already realize the costs associated with owning a corvette and already realize the commitment needed for purchase. but to me if you are young, have a good job and are moving up the ladder I don't see any reason not to extend yourself for a corvette a little. Yes, a new C7 is a depreciating asset and should be left to guys like me. I personally bought a 67 dream car when I was young and over extended myself because it was to me...a safe bet. When I was 29 I was semi struggling... dreaming about a 67 but 10 years later I was a millionaire and was happy that I over extended myself to achieve my corvette goal. Not saying everyone would be... but keep your goals and dreams in front of you and dream about the life that you want... and one day you will be that much closer to achieving your dream. I find it hard to believe that if someone could qualify to purchase a C7 with an open mind could go wrong. They should realize as soon as a C7 Z or ZR1 comes available that the new will be immediately worn off as well as a lot of value. people that own corvettes are enthusiasts and dreamers. Most know what the deal is. If you have to ask the obvious then maybe you shouldn't worry about a corvette...yet. when you become more stable then maybe you can make the move to purchase. I tried many times until I was able to afford a corvette. its OK because it is a dream car, a dream purchase! i know if you are focused you will achieve your goal just like I did. good luck! |
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. |
Originally Posted by Supermassive
(Post 1585482002)
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. |
Originally Posted by MJM33067
(Post 1585480582)
A good general rule is that your car should cost no more than half of your annual income (so $140K to buy a $70K car). Looking at net worth, assuming you're retired, do you have enough in assets to generate income twice what the car costs.
OTB |
Originally Posted by Supermassive
(Post 1585482002)
I'm 33 single, no kids, and the only debt i have is cars (that would both be sold to make the corvette a reality). I also make close to 6 figure salary a year before taxes so yeah, the Corvette is a little steep but easily afforded due to the fact that I already comfortably pay $1000 a month for my truck and current car so making payments on a Vette would be well within my day to day comfort level.
This debate about percentages and whatnot is a joke. The comment "if you have to ask, you can't afford it" is apt here. It doesn't mean you have to be rich, it just means you have to understand your own finances. I could theoretically afford the payments on a Gallardo, but i would be stretching myself pretty thin there and would have to give up other hobbies in the process. This is why I believe that you have to understand your current situation and make your decisions based on what you can afford to pay. You are in the low cost / decent income phase of your life, wait until Wife, kids, house…. expenses come along. Do yourself a favor, sell a car and put some money in the bank. |
Annual income should be at least twice the value of the car.
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For many, many of us, a new C7 is ONE of the largest purchases we will have made in our lifetime. For the younger folks maybe THE biggest purchase. For those with a home, perhaps the second biggest purchase. For those more fortunate with a boat, or a plane, or a second home, or "whatever", not so much.
Being such a large purchase, it is human nature to seek reassurance that we are doing the "right" thing. And many replies to this post has contained wisdom and sound advise. The problem is that any answer, without knowing much more about the individual's finances and circumstances, is overly simplified. For example: "The C7 should cost no more than say 50% of one's yearly income." On average, perhaps not a bad rule of thumb. But it doesn't apply equally to say someone retired, with lifetime income, no mortgage, no consumer debt, and a nice fat investment account compared to someone with a young family, school loans, a large mortgage, modest savings, other special needs, and an income dependent keeping their job. So my answer to the OP is not to listen to any one of our replies. But, rather, listen to them collectively and apply them appropriately to your personal circumstances. :smash: |
Originally Posted by LT1xL82
(Post 1585482534)
For many, many of us, a new C7 is ONE of the largest purchases we will have made in our lifetime. For the younger folks maybe THE biggest purchase. For those with a home, perhaps the second biggest purchase. For those more fortunate with a boat, or a plane, or a second home, or "whatever", not so much.
Being such a large purchase, it is human nature to seek reassurance that we are doing the "right" thing. And many replies to this post has contained wisdom and sound advise. The problem is that any answer, without knowing much more about the individual's finances and circumstances, is overly simplified. For example: "The C7 should cost no more than say 50% of one's yearly income." On average, perhaps not a bad rule of thumb. But it doesn't apply equally to say someone retired, with lifetime income, no mortgage, no consumer debt, and a nice fat investment account compared to someone with a young family, school loans, a large mortgage, modest savings, other special needs, and an income dependent keeping their job. So my answer to the OP is not to listen to any one of our replies. But, rather, listen to them collectively and apply them appropriately to your personal circumstances. :smash: |
Originally Posted by drivestwin
(Post 1585461321)
Yeah, I didn't want to make it too scary, but.....
If you figure driving it 5000 miles.... 200 gallons of gas at $3.50 per gallon $700 gas per year or about $2 per day. Insurance..just quoted it, $419 per year for another $1.14 per day. Taxes of about $4500 for a year, so another $12.33 per day. I won't even throw in oil changes and tires and we are now at $24 per day of ownership. Granted the taxes will go down from there, but still......wow. Don't get me wrong. I don't think all of you are making a bad choice, I just wish I was in better $$ shape to join you all. And I've got stuff paid off. I will just continue to look over the forums learning and learning until a used one is within my reality. |
Originally Posted by JOEMC08C6
(Post 1585483402)
Geez, I was coughing on that $4500 for a year of taxes, but then I looked at your location, and yeah Nebraska does really gouge you in the pocketbook for a new car. :ack:
glad i live in the state of Texas wishing it was the country of Texas. |
Originally Posted by onthebottom
(Post 1585482252)
How many years income do you have in the bank?
You are in the low cost / decent income phase of your life, wait until Wife, kids, house…. expenses come along. Do yourself a favor, sell a car and put some money in the bank. I plan on selling both my cars to put a sizeable down payment on the Vette. The good advice about putting money in the bank...well i have a rainy day fund but it's there more as a cushion than anything else. i have no delusions of retirement and sitting idly around a house. I enjoy my line of work and will likely be able to continue in my industry for years and years to come. Saving money is the "wise and sensible" thing and I have nothing against people who do that, I just don't believe in the "make sacrifices now to reap rewards in the future" mentality. I am a here and now kind of person, i live in the moment, do things as they come up, and if I need to save up to do something later I have the flexibility in my life to do so. I may eventually have a wife, kids are less likely, but life is pretty screwy so nothing is ever set in stone. I will never look back on my life regret missing out on something like the new Vette. i know that sounds overly materialistic but I am still young and capable of doing things that i know that i might not be able to do as well in my 50's or older. I know there will be a bunch of the older generation that will expound on the virtues of patience and whatnot, but life is not guaranteed and if i were to die a year from now, i would prefer to have spent my money in a fashion of my choosing instead of squirreling it away in hopes that i make it to retirement with a huge nest egg so I can "potentially" live comfortably til I die. I know that my argument is thin, and i really do know that the "right" thing to do is to save money. But my passion, in all things gear head, drives me more than sense. So yes I hear your advice, but in my case, it's unwanted, and furthermore I hope you do not judge me because i want something now and not 10, 15, 20 years from now. I live in an automobile renaissance, performance cars that i would have dreamed of owning only 2 years ago are within my reach, why should I forego my dream when I can attain it in the near term? Why not buy my Vette now, and pay it off in a few years so that i have the toy I want paid off before I have to deal with marriage and the tribulations that go with it. To each their own I guess. |
Originally Posted by gixxerbill
(Post 1585483416)
that is stupid. i swear govts seem to try to find a way to hurt the economy
glad i live in the state of Texas wishing it was the country of Texas. |
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