if you make $6000 per month after taxes..
11-30-2009, 08:43 PM
#61
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Originally Posted by MrClean,Nov 30 2009, 06:17 PM
Once you actually graduate...
Given historically low interest rates and the extension of the federal tax credit program, your first purchase should be a house or condo, then consider what car to put in the garage. Don't be that guy that buys a new big dollar sports car and parks it outside an apartment.
That's my 2 cents.
Given historically low interest rates and the extension of the federal tax credit program, your first purchase should be a house or condo, then consider what car to put in the garage. Don't be that guy that buys a new big dollar sports car and parks it outside an apartment.
That's my 2 cents.
and NYC who keep pestering me to come out. Even if you aren't mobile most people don't have great job security and are likely to go back to school within a few years.
Plus, let's be honest... what use is a house to a single person? Honestly, give me 600-800 square feet for myself and I'd be much more happy than if I was in 2,000. Way too much cleaning and empty space for all the furniture I don't have and don't need. Servicing mortgage debt is a great idea if you actually need a house, but if you don't it's just spending a lot of money on interest for something you don't really want. There are better investments out there than a mortgage. Condos make more sense, but that's basically like living in an apartment anyway... and even with the real estate slump the rent/buy discrepancy is still completely out of wack. Why buy a 2bed condo for $800,000 plus $800/month HOA fees when you can rent one for $2,000? On the other hand, where I live now buying is a whole lot more attractive to buy as there isn't really any rent/buy discrepancy to speak of once taxes are factored in.
11-30-2009, 08:51 PM
#64
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Originally Posted by cbehney,Nov 30 2009, 12:27 PM
It depends. Is your wife leased or purchased? And what's her residual value?
11-30-2009, 09:59 PM
#65
Originally Posted by hariku821,Nov 29 2009, 09:12 PM
72k a year after taxes really is not that much.. If it were me i wouldnt go over 30k really.. So maybe a newer s with boost or 370.
I'd get a car over $50K.
12-01-2009, 02:46 AM
#67
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To the OP -
I was in a similar position to yours a few years ago. I was one of the 'lucky ones' that got a GREAT job with my minty-fresh bachelors degree and was a young man with few responsibilities. Enjoy it. Go burn some energy and sow your wild oats. See the world, act (a little) irresponsibly. Experience life. Don't die/maim yourself, which is much easier than you might think. Get it out of your system in 12 - 18 months and then follow all the rest of the advice you're getting here. If you have a stable job and a career path with room for growth and earnings, you'll recover from your silly spending. I don't reccomend putting it all into some uber-car, as the more you learn, the more cool ways you'll find to spend it.
Things I would reccomend based on my experiences:
Travel. Go everywhere. I'm still working on this, but going strong.
Paying off debt. This is invaluable. Spend cash freely - but don't live on credit.
Things I would not reccomend:
Crashing things. Probably going to happen anyways, so use your safety gear.
Drugs. A quick way to loose that sweet job.
I started at 22 and went completely wild for 2.5 years. I'm now the wise old age of 26, but I have no debt, own my toys and bought a home (with a 3 car garage for the toys). It can be done, just don't loose that job while you're busy having fun.
I was in a similar position to yours a few years ago. I was one of the 'lucky ones' that got a GREAT job with my minty-fresh bachelors degree and was a young man with few responsibilities. Enjoy it. Go burn some energy and sow your wild oats. See the world, act (a little) irresponsibly. Experience life. Don't die/maim yourself, which is much easier than you might think. Get it out of your system in 12 - 18 months and then follow all the rest of the advice you're getting here. If you have a stable job and a career path with room for growth and earnings, you'll recover from your silly spending. I don't reccomend putting it all into some uber-car, as the more you learn, the more cool ways you'll find to spend it.
Things I would reccomend based on my experiences:
Travel. Go everywhere. I'm still working on this, but going strong.
Paying off debt. This is invaluable. Spend cash freely - but don't live on credit.
Things I would not reccomend:
Crashing things. Probably going to happen anyways, so use your safety gear.
Drugs. A quick way to loose that sweet job.
I started at 22 and went completely wild for 2.5 years. I'm now the wise old age of 26, but I have no debt, own my toys and bought a home (with a 3 car garage for the toys). It can be done, just don't loose that job while you're busy having fun.
12-01-2009, 04:27 AM
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So that's about 95K a year before taxes?
If you don't have kids and just rent then you are in business to have some fun
I'd say don't spend more than 1000$ a month...
Get a ever so slightly used 2009 320HP Cayman S with about 5000 miles or so.
They are perfect cars. Seriously. In a daily driver I couldn't see what could someone want more unless the car was worth more than 100K.
If you don't have kids and just rent then you are in business to have some fun
I'd say don't spend more than 1000$ a month...
Get a ever so slightly used 2009 320HP Cayman S with about 5000 miles or so.
They are perfect cars. Seriously. In a daily driver I couldn't see what could someone want more unless the car was worth more than 100K.
12-01-2009, 07:28 AM
#70
If you're coming from no income and college, I'd wait to purchase anything big until you see how your budgeting goes. You might find that you'd rather have the g's for a vacation, engagement ring, etc. Saving some money up front gives you a cushion for unexpected things. It's much harder to do if you've already spent your whole budget.