Funny Question
Le Mans Master
Joined: Nov 2009
Posts: 6,882
Likes: 234
From: Bangkok, Thailand
Le Mans Master
Joined: Nov 2009
Posts: 6,882
Likes: 234
From: Bangkok, Thailand
I'm 55 and an IT guy. The g/f pushed me to get another Corvette and sell my Challenger R/T. When we met I had a Nassau Blue Metallic 99 Coupe that she really liked. She loves the 07 Z51 Coupe we bought a few months ago. Finally got a good one 
Pro
Joined: Jun 2008
Posts: 516
Likes: 6
From: Spartanburg South Carolina
I like the way you think. I am like you. My girfriend and I got our condo for 110,000 and its a roomy 2 bedroom with all updated amenities and we don't have to do any maintenance (the ups of condo life). Meanwhile, friends we work with all are buying 300,000+ houses. Nothing wrong with that at all, however I could see us possibly living in this condo for the rest of our lives, with our family car, our work car, our sport car, our track car, our corvette, our corvette, and our corvette outside in the parking lot
.. by the way I actually was just offered a chemical operator position in a biochemical lab, I turned it down though. How do you feel the career outlook is on this type of field if it all relates to what you do?I picked my major (Electrical Engineer) because it's a trade that can pretty much be used in any industry. I specialize in Controls and Automation....and that can be used in Chemical Plants, Warehousing, Automotive, etc. I don't need to know how a specific product is made, I just need to know how to automate a process. And when it comes to controls, the industry standards have pretty much been the same forever. Only thing that changes is the software and programming packages. But once you have experience with 1 or 2 major players...all the others are basically the same and easy to pick up.
Melting Slicks
Joined: Aug 2014
Posts: 2,587
Likes: 873
Work for government. Got my first C6 at age 35 bought outright. On my second one. TBH, if you can budget right you can afford anything with financing. Own 2 homes now, 1 fully paid for that I rent out for extra income.
I would suggest only getting what you need and can afford first and build up equity and funds. Good sound financial planning and management is key to getting what you want and increasing what you can afford.
I would suggest only getting what you need and can afford first and build up equity and funds. Good sound financial planning and management is key to getting what you want and increasing what you can afford.
Racer
Joined: Apr 2014
Posts: 489
Likes: 63
From: Mason OH
Self employed. 44. Just paid it off last month in less than 4 years. I don't like owing people money. Only reason I finance stuff is to keep my credit score active. And its fun to make banks think they are gonna make a lot of money in finance charges off me.
Drifting
Joined: Feb 2013
Posts: 1,407
Likes: 48
From: Scottsdale Az
68 & retired, I pretty much a do it yourself guy with cars & home projects, had my '13 GS since new but will be selling it next year as soon as I can order a 2020 SUV , on going lower back pain is making it very difficult to enter & exit my car when I'm parked next to something close,
also need better visibility at intersections seems here all corners have large bushes or boulders to see around, will miss my vette but enjoyed it for 7 years, time to move on
also need better visibility at intersections seems here all corners have large bushes or boulders to see around, will miss my vette but enjoyed it for 7 years, time to move on
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Instructor
Joined: Jun 2018
Posts: 176
Likes: 49
From: Plainfield, IN
I worked for an Austrian guy in the mid '70s, who had come to this country in the mid-late '60s. He grew up with hardships that Americans cannot even relate to. His philosophy was: With one (weekly) paycheck, you should be able to pay your mortgage and buy a week's groceries. I don't think many Americans are doing that, especially today.
For me, wife and I are both RNs, this is a second career for me, 41 and just got my c5 to celebrate my midlife crisis.
Race Director
Joined: Mar 2010
Posts: 16,897
Likes: 5,363
From: T-Town WA
2016 C6 of Year Finalist
Team Owner
Joined: Mar 2014
Posts: 21,631
Likes: 1,144
From: Below the bottom of Berby Hollow, NYS
Ya know, when I read this I thought "That's kinda stupid...most people dont have money like that." But before I said anything, I did the math. Its actually very reasonable.
For me, wife and I are both RNs, this is a second career for me, 41 and just got my c5 to celebrate my midlife crisis.
For me, wife and I are both RNs, this is a second career for me, 41 and just got my c5 to celebrate my midlife crisis.
People used to spend less than they earned and saved the difference -- creating wealth. It's less common today; a lot of people have high incomes but spend most of it on "stuff", creating no wealth and thus having a low net worth. People who were adults here during the Great Depression, or those who lived in Europe during WWII and maybe lost everything they had, hate debt -- with good reason.
Today, many "financial advisors" encourage people to take on large mortgages -- just the opposite of what people who lived through extreme hardships would advise. But most of those people are dead, so we live in a New World filled with people for whom that is unknown or forgotten about. But, the laws of economics are as rigid as the law of physics.
"Those who do not learn the lessons of history are doomed to repeat them." -- George Santayana, Spanish philosopher, 1863-1952
Americans are spoiled beyond comprehension by most of the world. Even a lot of America's "poor" have big flat screens, high speed internet, air conditioning, cell phones, etc. -- supplied by taxpayers.
Can this go on forever? I have no clue, but if I had to guess I would say no.
I just hope I don't have to live through it.
Safety Car
Joined: Jan 2011
Posts: 4,959
Likes: 526
Heh, well I think here's the point: It isn't that most people don't have enough money, it's that they live too high for the amount of money they do have.
People used to spend less than they earned and saved the difference -- creating wealth. It's less common today; a lot of people have high incomes but spend most of it on "stuff", creating no wealth and thus having a low net worth. People who were adults here during the Great Depression, or those who lived in Europe during WWII and maybe lost everything they had, hate debt -- with good reason.
Today, many "financial advisors" encourage people to take on large mortgages -- just the opposite of what people who lived through extreme hardships would advise. But most of those people are dead, so we live in a New World filled with people for whom that is unknown or forgotten about. But, the laws of economics are as rigid as the law of physics.
"Those who do not learn the lessons of history are doomed to repeat them." -- George Santayana, Spanish philosopher, 1863-1952
Americans are spoiled beyond comprehension by most of the world. Even a lot of America's "poor" have big flat screens, high speed internet, air conditioning, cell phones, etc. -- supplied by taxpayers.
Can this go on forever? I have no clue, but if I had to guess I would say no. I just hope I don't have to live through it.
People used to spend less than they earned and saved the difference -- creating wealth. It's less common today; a lot of people have high incomes but spend most of it on "stuff", creating no wealth and thus having a low net worth. People who were adults here during the Great Depression, or those who lived in Europe during WWII and maybe lost everything they had, hate debt -- with good reason.
Today, many "financial advisors" encourage people to take on large mortgages -- just the opposite of what people who lived through extreme hardships would advise. But most of those people are dead, so we live in a New World filled with people for whom that is unknown or forgotten about. But, the laws of economics are as rigid as the law of physics.
"Those who do not learn the lessons of history are doomed to repeat them." -- George Santayana, Spanish philosopher, 1863-1952
Americans are spoiled beyond comprehension by most of the world. Even a lot of America's "poor" have big flat screens, high speed internet, air conditioning, cell phones, etc. -- supplied by taxpayers.
Can this go on forever? I have no clue, but if I had to guess I would say no.
I just hope I don't have to live through it.
Drifting
Joined: Aug 2016
Posts: 1,273
Likes: 205
From: Kansas City MO
I'm 34 and bought my Vette when I was 32.
My entire career has been in sales across multiple verticals starting in retail clothing sales. My current role is Sales Manager in Commercial Banking. I love what I do.
My entire career has been in sales across multiple verticals starting in retail clothing sales. My current role is Sales Manager in Commercial Banking. I love what I do.
Burning Brakes
Joined: Apr 2015
Posts: 1,106
Likes: 192
From: El Cajon Ca.
[QUOTE=Bruze;1597632953]
Today, many "financial advisors" encourage people to take on large mortgages -- j
You are so right. When the wife and I went to the bank to withdraw money to pay off our mortgage, the advisor tried to talk us in to letting him invest it instead. He said you need a write off. I asked if he would guarantee in writing that I would earn 3.375% with absolutely no risk. That was our mortgage interest rate at the time. He said he couldn't do that. I said quit wasting our time then and issue a cashiers check.
Although I had wanted a Corvette for a long time, I couldn't justify buying it until 4 and a half years ago. One month after my 74th birthday.
Today, many "financial advisors" encourage people to take on large mortgages -- j
You are so right. When the wife and I went to the bank to withdraw money to pay off our mortgage, the advisor tried to talk us in to letting him invest it instead. He said you need a write off. I asked if he would guarantee in writing that I would earn 3.375% with absolutely no risk. That was our mortgage interest rate at the time. He said he couldn't do that. I said quit wasting our time then and issue a cashiers check.
Although I had wanted a Corvette for a long time, I couldn't justify buying it until 4 and a half years ago. One month after my 74th birthday.
Last edited by Batman75; Jul 20, 2018 at 11:08 AM.
Melting Slicks
Joined: Jul 2015
Posts: 2,800
Likes: 565
From: Mesquite NV
Retired Air Force. Owned & restored a few used Corvettes while in. Thanks to some good & smart investments over the years, was able to pay cash when I bought my 2006 Corvette with the Z51 & 3LT as my retirement gift to myself; also was able to pay cash for my 2013 Camaro 2SS RS and 2014 Traverse LT
Drifting
Joined: Aug 2016
Posts: 1,273
Likes: 205
From: Kansas City MO
You are so right. When the wife and I went to the bank to withdraw money to pay off our mortgage, the advisor tried to talk us in to letting him invest it instead. He said you need a write off. I asked if he would guarantee in writing that I would earn 3.375% with absolutely no risk. That was our mortgage interest rate at the time. He said he couldn't do that. I said quit wasting our time then and issue a cashiers check.
Although I had wanted a Corvette for a long time, I couldn't justify buying it until 4 and a half years ago. One month after my 74th birthday.
Although I had wanted a Corvette for a long time, I couldn't justify buying it until 4 and a half years ago. One month after my 74th birthday.
With that said, there is obviously some assumed risk here, especially if you're investing in the market or with an adviser.
Last edited by doomi; Jul 20, 2018 at 11:49 AM.
Burning Brakes
Joined: Apr 2015
Posts: 1,106
Likes: 192
From: El Cajon Ca.
It depends. I purchased my Corvette with cash. But the rate environment is so low that I can do better either by investing or investing in myself. So I went ahead and got a loan on the car at 2.99% for extra dollars to invest in my "side job/hobby" of flipping electronics and tools. My typical ROI on the items I flip is nearly 50%, so I'm coming out way ahead and don't have to tap into any of my cash reserves.
With that said, there is obviously some assumed risk here, especially if you're investing in the market or with an adviser.
With that said, there is obviously some assumed risk here, especially if you're investing in the market or with an adviser.
Avoiding risk may have something to do with the fact that I survived many years as an electrical lineman without any injuries. Before we had bucket trucks we climbed wood poles and steel towers working on energized high voltage electricity. More than half of my 45 years on the job involved those risks. The rest was in management.
Drifting
Joined: Aug 2016
Posts: 1,273
Likes: 205
From: Kansas City MO
You have close to 45 years to live before you're my age. By then you may realize that there isn't anything like being debt free and avoiding risk as much as possible.
Avoiding risk may have something to do with the fact that I survived many years as an electrical lineman without any injuries. Before we had bucket trucks we climbed wood poles and steel towers working on energized high voltage electricity. More than half of my 45 years on the job involved those risks. The rest was in management.
Avoiding risk may have something to do with the fact that I survived many years as an electrical lineman without any injuries. Before we had bucket trucks we climbed wood poles and steel towers working on energized high voltage electricity. More than half of my 45 years on the job involved those risks. The rest was in management.
But like you said, I'm in my mid 30's and can afford to be a bit more aggressive and risky because I have many years to recover.
Burning Brakes
Joined: Apr 2015
Posts: 1,106
Likes: 192
From: El Cajon Ca.
That's a solid point. I was just pointing out that there definitely are some merits to using credit if you are wise about it. I've been debt free and I've also used credit wisely to invest in myself and my future. I guess the way I look at it now is that I have the cash reserves to pay off my debt at any time w/ plenty of savings left over and I'm only using it because I can make more money than I'm paying in interest... it feels like being debt free.
But like you said, I'm in my mid 30's and can afford to be a bit more aggressive and risky because I have many years to recover.
But like you said, I'm in my mid 30's and can afford to be a bit more aggressive and risky because I have many years to recover.
My brother was in the same trade as I and being 7 years younger, he didn't want to work until he was as old as I was at retirement. He was born and raised in San Diego. The only way he could retire early was to leave California. He sold his house and moved to Ozark Mo. about 12 years age. He realized it was easier to be debt free there than it is in So. Cal.
Burning Brakes
Joined: May 2016
Posts: 767
Likes: 67
From: NH
35, commercial flooring estimator, no Corvette 
My wife is a community director (property manager)
Agree you need the 2 incomes for buying the cars and house and everything else.... unless you're making at least 200K alone. We could afford a new C7Z, but would rather be saving in 401K and a bunch in extra savings... yes I'm cheap... I'll get one in about 4-5 years.
My wife is a community director (property manager)
Agree you need the 2 incomes for buying the cars and house and everything else.... unless you're making at least 200K alone. We could afford a new C7Z, but would rather be saving in 401K and a bunch in extra savings... yes I'm cheap... I'll get one in about 4-5 years.