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What's the dumbest thing people do that finically cripples them?
What's the dumbest thing people do that finically cripples them?
08-27-2016, 06:28 PM
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#121
- BuffDavy84
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- BuffDavy84
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The worst thing you can do is get a car loan SRS. You should drive a car that you can pay cash for at all times. Sure I drive a $60,000 car.... but its only 7% of my net worth SRS
08-27-2016, 07:26 PM
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#122
- PremiumLager
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Originally Posted By LMAOatYou⏩
Let say that you bought a brand new 2016 truck for $40,000 at $500 a month with no money down.I know nothing about leasing cars. When people trade them in each year what is the fee to go from the '16 to the '17?
At the end of 1 year that truck is only worth about $30,000 trade-in value if you took really good care of it. Then you trade it in for the 2017 model that cost $40,000. MATH TIME:
$500 x 12 = $6000 (amount paid in a year)
3% interest on the loan = $1300
$6000 - $1300 = $4700 (amount paid towards loan)
$40,000 - $4700 = $35,300 (Still Owning on 2016 loan)
$35,300 - $25,000 (Trade-in Value) = $10,300
$40,000 (2017 Truck) + $10,300 = $50,300.
$50,300 + $1300 (interest 2016) = $51,600
So basically you are paying an extra $11,600 to jump from a 2016 to a 2017.
08-27-2016, 07:43 PM
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#123
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Originally Posted By Teux⏩
i got over 150k miles on my 12' civicOne in three cars built today are leased. You have to be a bone head to buy a car new (higher end 50k+, not something 25k) if you are making less than like 150k/year. You lose minimum 10k right off the bat... Always buy 2 years older and you are saving a lot, just sell before 60k miles when all serious maintenance will be required.
would love to see what it costs to lease driving that much lul. wouldnt be possible since most leases are limited on miles
08-27-2016, 07:50 PM
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#124
- LMAOatYou
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- LMAOatYou
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Originally Posted By PremiumLager⏩
I am talking about trading in leased vehicles each year not ownedLet say that you bought a brand new 2016 truck for $40,000 at $500 a month with no money down.
At the end of 1 year that truck is only worth about $30,000 trade-in value if you took really good care of it. Then you trade it in for the 2017 model that cost $40,000. MATH TIME:
$500 x 12 = $6000 (amount paid in a year)
3% interest on the loan = $1300
$6000 - $1300 = $4700 (amount paid towards loan)
$40,000 - $4700 = $35,300 (Still Owning on 2016 loan)
$35,300 - $25,000 (Trade-in Value) = $10,300
$40,000 (2017 Truck) + $10,300 = $50,300.
$50,300 + $1300 (interest 2016) = $51,600
So basically you are paying an extra $11,600 to jump from a 2016 to a 2017.
At the end of 1 year that truck is only worth about $30,000 trade-in value if you took really good care of it. Then you trade it in for the 2017 model that cost $40,000. MATH TIME:
$500 x 12 = $6000 (amount paid in a year)
3% interest on the loan = $1300
$6000 - $1300 = $4700 (amount paid towards loan)
$40,000 - $4700 = $35,300 (Still Owning on 2016 loan)
$35,300 - $25,000 (Trade-in Value) = $10,300
$40,000 (2017 Truck) + $10,300 = $50,300.
$50,300 + $1300 (interest 2016) = $51,600
So basically you are paying an extra $11,600 to jump from a 2016 to a 2017.
08-27-2016, 07:50 PM
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#125
- Eskimo
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Originally Posted By PaddleBunt⏩
$1700 a year is def breaking the bank bro.Smoking always blows my mind. When you do the math on how much your spend smoking a pack a day per month it's pretty mind blowing. Not to mention the money its gonna cost you down the line in hospital bills.
Plus you can reverse the damage of smoking in a couple years so calm it down
Eating out every day or few days a week is pretty dumb, saved so much money when I stopped doing that.
08-27-2016, 08:04 PM
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#126
08-27-2016, 08:09 PM
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#127
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08-27-2016, 08:55 PM
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#128
- hotsaucebrah
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- hotsaucebrah
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Student loans for a degree that will not result in sufficient employment.
If your parents want to pay for your 100k liberal arts degree and to party for 4 or 5 years then more power to you.
But there are so many people out there who are saddled with student loan debt and realistically will not be able to pay it off.
The total debt is at $1.3 trillion dollars. Yes, $1.3 trillion.
If your parents want to pay for your 100k liberal arts degree and to party for 4 or 5 years then more power to you.
But there are so many people out there who are saddled with student loan debt and realistically will not be able to pay it off.
The total debt is at $1.3 trillion dollars. Yes, $1.3 trillion.
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08-27-2016, 10:42 PM
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#129
IMO it's not budgeting enough (or sometimes, any) of their income for saving & investing
brb rent $2k apartment
brb spending $300/month on car payment
brb $500/month on being a "foodie"
brb $200/month on dumb **** like ****ing IMAX tickets and Starbucks
brb 15 years later and still have the same net worth
these same people say they don't participate in the company-matching 401k, ESPP, contribute to IRA, or invest in a simple index fund in a regular brokerage account "because they can't afford it"... lol wat
brb rent $2k apartment
brb spending $300/month on car payment
brb $500/month on being a "foodie"
brb $200/month on dumb **** like ****ing IMAX tickets and Starbucks
brb 15 years later and still have the same net worth
these same people say they don't participate in the company-matching 401k, ESPP, contribute to IRA, or invest in a simple index fund in a regular brokerage account "because they can't afford it"... lol wat
08-27-2016, 10:57 PM
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#130
- _grape
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Originally Posted By FryDude⏩
killin' it here brotherVery few people ever reach that state. Most people exist in their never ending circle jerk of OMG
Mid/late 20's - OMG I've got to travel and take selfies, people have careers!, and my friends are getting married omg omg omg my life is over. I can't be left behind.
Mid 30's - Still paying down debts that should have vanished ages ago if weren't for your their throw caution to the wind approach to finances and swiping at will
Mid 40's - Man... this isn't what I signed up for
People lose sight of the fact we all author our own stories. You can choose freedom or debt, and there's no right or wrong answer, it's about making the decision that aligns with the type of life you want to lead.
There's nothing more tiring than hearing people complain about debts they sunk themselves into willingly. Humble yourselves ****ers....
Mid/late 20's - OMG I've got to travel and take selfies, people have careers!, and my friends are getting married omg omg omg my life is over. I can't be left behind.
Mid 30's - Still paying down debts that should have vanished ages ago if weren't for your their throw caution to the wind approach to finances and swiping at will
Mid 40's - Man... this isn't what I signed up for
People lose sight of the fact we all author our own stories. You can choose freedom or debt, and there's no right or wrong answer, it's about making the decision that aligns with the type of life you want to lead.
There's nothing more tiring than hearing people complain about debts they sunk themselves into willingly. Humble yourselves ****ers....
08-27-2016, 11:05 PM
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#131
08-27-2016, 11:07 PM
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#132
- mike.hunt
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1) cars
Buddy makes $15/hr just bought new $30k jeep. Said he can't afford $200/mon for 401k that matches 10% LOL, probably most financially retarded person ever. Always has newest iPhone, can't afford to go out and do anything
2) student loans
Know several people that owe 20-50k for silly things like physcology degrees and they gonna work their whole life for $15/hr trying to pay it off. Pretty sad really
Buddy makes $15/hr just bought new $30k jeep. Said he can't afford $200/mon for 401k that matches 10% LOL, probably most financially retarded person ever. Always has newest iPhone, can't afford to go out and do anything
2) student loans
Know several people that owe 20-50k for silly things like physcology degrees and they gonna work their whole life for $15/hr trying to pay it off. Pretty sad really
08-27-2016, 11:11 PM
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#133
- Eskimo
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Originally Posted By MiscMathematician⏩
They don't cost the same everywhere brah....Most people smoke a pack or more a day. at $9/pack thats over $3k. My parents, together spent almost $15k/yr on cigs
Dumb vices don't break people unless they are already poor.
Ok cigs cost 1-7k or whatever a year, so does soda, energy drinks, candy, coffee etc...
agree with everyone else saying not having a budget, even if it's a rough budget. Living outside your means is no way to live go ask any 50-60 year old who can't retire anywhere in the near future
08-27-2016, 11:18 PM
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#134
08-27-2016, 11:18 PM
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#135
- Mythenthefang
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- Mythenthefang
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Getting a loan for a house for 80 - 90% of its value.
Buying a house at all in NZ atm
Smoking
And the obvious - living beyond their means
Buying a house at all in NZ atm
Smoking
And the obvious - living beyond their means
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08-27-2016, 11:32 PM
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#136
- LMAOatYou
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Originally Posted By MiscMathematician⏩
I see. I guess I could see the value in that vs straight buying as long as you limit your mileageBest to work out a deal knowing ahead of time youll be trading it in. There can be additional fees for terminating leases early. But about $500/mo sounds right for a $40k vehicle. so around $6000-7000 to rent a car for a year pretty much.
something like a hyundai sonata can be had for around $6-7k for three years due to incentives etc. $2500/yr isnt bad for a brand new car all the time, never needing to worry about warranty, and minimal maintenance that the dealer will probably do for free. Over 12 years and you're down $30k, always using new vehicles for 3 years at a time. compare this to the $30k car that ran out of warranty 7 years ago and probably had OOP repairs done 5x or more, all maintenence for several years OOP. maybe even an accident or two further depreciating its value. and now its trade-in value is $2000 with 100k+ miles.
so if you just NEED to have a new car, leasing is better IMO. but not everyone can lease, particularly high milage drivers.
something like a hyundai sonata can be had for around $6-7k for three years due to incentives etc. $2500/yr isnt bad for a brand new car all the time, never needing to worry about warranty, and minimal maintenance that the dealer will probably do for free. Over 12 years and you're down $30k, always using new vehicles for 3 years at a time. compare this to the $30k car that ran out of warranty 7 years ago and probably had OOP repairs done 5x or more, all maintenence for several years OOP. maybe even an accident or two further depreciating its value. and now its trade-in value is $2000 with 100k+ miles.
so if you just NEED to have a new car, leasing is better IMO. but not everyone can lease, particularly high milage drivers.
Ill stick to my poverty under 6k cars. Ill be alright never owning anything new
08-27-2016, 11:35 PM
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#137
- 4ToTheFloor
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Live above their means and not saving. Smoking and drinking.
08-28-2016, 12:00 AM
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#138
- BrooklynB1
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- BrooklynB1
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Seeing ALOT of coping ITT. Live a little you *******s. Money spent on having a good time is some of the best ways you can spend. Traveling, going out with friends, etc is GOAT.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
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08-28-2016, 12:13 AM
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#139
- LMAOatYou
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- LMAOatYou
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Originally Posted By BrooklynB1⏩
Just because you don't travel or go out spending a lot on the weekends doesnt mean you are rotting. You heard of hobbies? Most of my hobbies are outdoors. Upfront I had to spend money on the gear for each but now it is basically the cost of gas to get me around and everything else is free.Seeing ALOT of coping ITT. Live a little you *******s. Money spent on having a good time is some of the best ways you can spend. Traveling, going out with friends, etc is GOAT.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
And if you drive 2 hours every day wouldn't it be more crucial to just get a comfortable ride rather than some expensive nice car? Not to mention you can always buy cheaper used cars.
Really though no hate to the YOLO folks. But Id rather just continue hoarding my money
08-28-2016, 12:21 AM
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#140
- Mythenthefang
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- Mythenthefang
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Originally Posted By BrooklynB1⏩
Saving enough to buy yourself freedom from the rat race is better than ANY "travelling" or "experience".Seeing ALOT of coping ITT. Live a little you *******s. Money spent on having a good time is some of the best ways you can spend. Traveling, going out with friends, etc is GOAT.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
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08-28-2016, 12:54 AM
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#141
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buying the organic peanut butter instead of no name.
buys picture frames with stock photos of happy families and hangs them in house so i feel like i have friends crew.
08-28-2016, 01:27 AM
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#142
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buying brand new cars ..
eating out at expensive restaurants..
waste of money imo
eating out at expensive restaurants..
waste of money imo
08-28-2016, 02:04 AM
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#143
- Kewbrah
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Different at different stages of your life.
Early on you have to get on top of your cashflow, which is where you can make a HUGE difference with something like a more modest taste in cars.
Then you have to own real estate. Just lol @ anyone saying you shouldn't. Almost everyone worth anything in the western world did it by buying real estate. Worried about a 30 year loan? Look at what houses cost 30 years ago. In 30 years you will laugh at what houses cost in 2016, and young people trying to buy their first one will cry when you tell them.
Point being that debt is your enemy during the first stage when it is dept on depreciating things and your cashflow isn't under control, and debt is your friend in the second stage when your cashflow is sound and it is for appreciating assets.
Early on you have to get on top of your cashflow, which is where you can make a HUGE difference with something like a more modest taste in cars.
Then you have to own real estate. Just lol @ anyone saying you shouldn't. Almost everyone worth anything in the western world did it by buying real estate. Worried about a 30 year loan? Look at what houses cost 30 years ago. In 30 years you will laugh at what houses cost in 2016, and young people trying to buy their first one will cry when you tell them.
Point being that debt is your enemy during the first stage when it is dept on depreciating things and your cashflow isn't under control, and debt is your friend in the second stage when your cashflow is sound and it is for appreciating assets.
08-28-2016, 02:11 AM
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#144
08-28-2016, 10:06 AM
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#145
- PremiumLager
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Originally Posted By BrooklynB1⏩
You can still do a lot in life without blowing every cent you earn. I'd much rather have some self control and retire early than to pretend I am a millionaire and work until I am 60+.Seeing ALOT of coping ITT. Live a little you *******s. Money spent on having a good time is some of the best ways you can spend. Traveling, going out with friends, etc is GOAT.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
Your quality of life jumps dramatically when you do cool chit every weekend. You can be a miserable ******* with 100k in your IRA if you want. Ill take my 25 in savings and spending everything on fun things.
Also I see alot of hate on nice cars. I always lol at people who think that anyone who buys a nice car is an idiot. I spend over 2 hours every day in my car, that is a BIG part of my life, why would I deprive myself?
Just lol. Keep coping *******s. At the end of the day a bus could take you out tomorrow, and all those years you spent rotting and saving every dime will go to chit.
Moral of the story, once you establish a savings account that will cover you for a while in the event of job loss, it is stupid to hoard money instead of using it to buy awesome experiences which nobody can take away from you. Takes one crash of the Jewish market for your life's investments to be worth jack chit.
08-28-2016, 12:13 PM
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#146
- iLiketoLift898
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-Spending too much money on partying/clubbing(brb 100+ bucks every weekend on getting drunk)
- Not creating a monthly budget and sticking to it
- Getting into pointless debt(cars, credit cards, small loans etc)
- Not putting their money into proper saving accounts and funds
etc...
- Not creating a monthly budget and sticking to it
- Getting into pointless debt(cars, credit cards, small loans etc)
- Not putting their money into proper saving accounts and funds
etc...
08-28-2016, 12:15 PM
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#147
08-28-2016, 12:17 PM
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#148
- AtomicVeggie
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Originally Posted By mikepman⏩
There's nothing wrong with putting everything on a credit card provides you pay it off every monthBuying everything with credit card
Smoking cigarettes
Smoking cigarettes
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08-28-2016, 12:27 PM
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#149
- TooAnabolic
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#1 having no budget and sticking to it.
#2 (for me personally) spending way too much money on food and eating out.
I spent almost $600 on food last month whereas I should have spent half that or less.
Over time that **** adds up. $300 to savings over 12 months would be $3600 with the potential to be invested, and that's just one source of bleeding money.
#2 (for me personally) spending way too much money on food and eating out.
I spent almost $600 on food last month whereas I should have spent half that or less.
Over time that **** adds up. $300 to savings over 12 months would be $3600 with the potential to be invested, and that's just one source of bleeding money.
Originally Posted By AtomicVeggie⏩
Technically you only need to pay off the statement balance each month. Paying more than that is pointless unless you need to reduce your credit allocation ratio to be closer to 30%.There's nothing wrong with putting everything on a credit card provides you pay it off every month
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