Larry Lambo
Superstar
With kids, no.
On your own, do you.
On your own, do you.
If you make $86K and have a mortgage + kids, is it a good idea to buy a $70K car?
- Thread starter TLR Is Mental Poison
- Start date
But wait wait wait just a minute. One doesn't have to spend the 70k at once. Maybe the mortgage payments are small and the kids are smart and athletic so they don't need college funds?
chickenteriyaki
Pro
I have clients whose net worth are 8 to 9 figures and most either drive an old (I'm talking about 5-15 yrs old) mid range luxury car or they drive Toyotas.
If you make 86k a year, the max you should spend on a car is $35k as a single person. A married person (single income) with a mortgage and kid(s)? $18k max and that's being generous.
If you make 86k a year, the max you should spend on a car is $35k as a single person. A married person (single income) with a mortgage and kid(s)? $18k max and that's being generous.
nope .. my investment car will be my baby old school
Sunalmighty
Superstar
I've never been into cars like that. 70k for an automobile? That's a down-payment for a nice piece of rental property.
Financing = not paying it at once
If you have a small mortgage, pay it off faster.
Your kids being athletic/smart doesn't guarantee they will get full scholarships. And even if it does they could use that money for something else.... starting up a business, down payment on their own property etc
No matter how you look at it spending $1500/mo on a car if you're only making like $5000/mo with kids is just not good business fam. Especially when the same damn car costs like 1/3 the price used with a warranty
joeychizzle
光復香港，時代革命
The top debt causing problem in the world, I think, is people in a certain tax bracket trying to live above their means.
You see someone on the level above you stunting on you, and you think you can match him, but you can't. Because even the one stunting on you could be living above their means. Try not to let purchases you make take chunks outta your paycheck/savings.
Try and observe the general rule of 50/20/30. As in 50% of your check goes towards rent and utilities. 30% is for entertainment, e.g. clothes, nights out, restaurants, weed, etc. And the last 20% should be saved up somewhere you will not touch unless it's serious. (I personally try and save 30%).
I need to learn to play the stocks game properly though
Make my money work for me :phewmayne:
edit: i'd rather spend the money on a holiday than on a car tbh.
You see someone on the level above you stunting on you, and you think you can match him, but you can't. Because even the one stunting on you could be living above their means. Try not to let purchases you make take chunks outta your paycheck/savings.
Try and observe the general rule of 50/20/30. As in 50% of your check goes towards rent and utilities. 30% is for entertainment, e.g. clothes, nights out, restaurants, weed, etc. And the last 20% should be saved up somewhere you will not touch unless it's serious. (I personally try and save 30%).
I need to learn to play the stocks game properly though
Make my money work for me :phewmayne:
edit: i'd rather spend the money on a holiday than on a car tbh.
you can get this for 30k
Heafcliffe
Hope there's puddin' in the clink...
Duke in OP's story getting this neg. Stupid decision-making. 