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      08-04-2020, 06:55 AM   #23
wilbur_the_goose
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The smart move in the USA is to fully fund your 401(k)/403(b) (retirement account). I started when I was 22, and I'm in really good shape today.

It meant not spending on certain luxuries, but I don't want to work at WalMart when I'm 80!
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      08-04-2020, 07:05 AM   #24
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Made a ton of money in the stock market on Friday and yesterday. Enough to buy a couple bimmers actually. So that's one way to do it even during a pandemic and biggest drop in GDP in a long time or ever.
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      08-04-2020, 09:31 AM   #25
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It's all relative. To me, 2k on a wheel and tire set up is just what it costs. I go into every mod venture with an idea of what it should cost. If I can't afford it I won't do it. There's never a sense a doing something if you're going to cheap out on it.

But some people do spend insane amounts of money on wheels and tires that even I think is stupid. Like I said it all depends.
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      08-04-2020, 03:03 PM   #26
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Tacky question/mentality.
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      08-04-2020, 03:31 PM   #27
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Quote:
Originally Posted by Elvisfan View Post
With interest rates being so low, I finance as long as I can. 1.9 for 6 years. If I took the money out to pay cash,I would have lost a lot of gains of the stock market. I charge everything. Every credit card I have pays rewards. 5% on restaurants right now. We eat out a lot usually. Of course you have to have discipline to do that. I havenít paid credit card interest in 20 years. I charge furniture at Costco. Donít have to pay for it for 1.5 months and they give me 2% cash back. Itís a can't lose situation if you are smart.
Congrats on doing it right. Rest assured you are the exception, not the rule. The average American carries $6K in CC debt alone.
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      08-04-2020, 03:52 PM   #28
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Have a high paying job - self explanatory
Invest wisely - money makes more money
Max out retirement funds - money makes even more money when you save in taxes
Minimize debt - average credit card debt is 15-20%. That's an incredible return if you think of paying debt as saving you money. Don't be the people who have thousands in debt at 20% and then ask what they should invest in. Duh, 20% is an excellent investment.
Have excellent credit - a high score saves thousands on lower interest financing on homes and cars
Have 6 months of savings - it's easier to justify that new car when you know you can afford it even if you take 6 months off from working.
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      08-04-2020, 04:32 PM   #29
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Quote:
Originally Posted by jvit27 View Post
Tacky question/mentality.
I agree but,Iím going along.
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      08-04-2020, 04:52 PM   #30
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No wife or kids, I do all the work myself, and stick to OEM+. Never have I thought about big turbos and stuff that transforms the car several classes up, it would be smarter to just buy the proper car from the factory in that case. I do often joke with my friends about dragging the money shovel out for parts. I wouldn't have modded the car the way I have if I wasn't planning to keep it long term, I'm just going into my 30s and the car will be around until I'm 40+ as primary transport
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      08-04-2020, 05:27 PM   #31
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To me, life is too short to have the same car for 6 years. I like to swap out each car every 3 years, even my daily.
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      08-04-2020, 05:28 PM   #32
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      08-04-2020, 05:30 PM   #33
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Quote:
Originally Posted by Elvisfan View Post
With interest rates being so low, I finance as long as I can. 1.9 for 6 years. If I took the money out to pay cash,I would have lost a lot of gains of the stock market. I charge everything. Every credit card I have pays rewards. 5% on restaurants right now. We eat out a lot usually. Of course you have to have discipline to do that. I haven’t paid credit card interest in 20 years. I charge furniture at Costco. Don’t have to pay for it for 1.5 months and they give me 2% cash back. It’s a can't lose situation if you are smart.
Quote:
Originally Posted by jmg View Post
Have a high paying job - self explanatory
Invest wisely - money makes more money
Max out retirement funds - money makes even more money when you save in taxes
Minimize debt - average credit card debt is 15-20%. That's an incredible return if you think of paying debt as saving you money. Don't be the people who have thousands in debt at 20% and then ask what they should invest in. Duh, 20% is an excellent investment.
Have excellent credit - a high score saves thousands on lower interest financing on homes and cars
Have 6 months of savings - it's easier to justify that new car when you know you can afford it even if you take 6 months off from working.
^This and this. That's how I keep these expenses in the discretionary budget and not coming out of medium term savings. The money I didn't pay up front because I financed when I bought my car (0.9%, 60mo) has at least tripled in the couple of years of ownership.
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      08-04-2020, 06:13 PM   #34
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Pre-owned items are more affordable, so I would recommend going that route if you don't mind using already used items.

If I had to buy brand new, then I would need to sell more OSRS gold, I am a gamer by the way and that's an online game currency.
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      08-04-2020, 11:11 PM   #35
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Quote:
Originally Posted by ArmyNurseRN View Post
Work


OP here your choices
1st option: Ask your mom and dad for there credit card...
2nd option: find a sugar mommy or daddy
3rd option: what ArmyNurseRN said
4th option: go for broke
5th option: rent a room and eat cup of noodle all day.

Don't forget to
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      08-04-2020, 11:28 PM   #36
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Like everyone have said, buy things used. Car was used for less than $30K, almost all the parts I bought were used (other than the LCI radio trim).

I finished undergrad with no debt, worked while I was in school. Had my company paid for grad school, got a promotion right before I graduated. So pretty much have someone else paid or afford the depreciation for me... Plus I don't care about branded clothes and don't like to eat out, to the point my parents call me cheap. I guess that means something...
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      08-05-2020, 03:01 AM   #37
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I developed an app (was #1 selling finance app on GooglePlay) that splits my income into mandatory bills, fun (disposable) money, savings, and invest money.

Some months I buy nothing but a few nights out with the fun money, then have a double chunk for the car the next month. Sometimes I split a bit off a dividend for the car, before reinvesting the rest. I have a high income salary job, plus a few businesses bringing in income, absorbing a few of my living expenses into the businesses, such as fuel and telephone etc. I structure my car into my businesses, so claim depreciation and mod/maintenance costs back in tax. I have zero debt, and my income exceeds my outgoings.
All of that, and I buy second hand, reasonably high mileage cars cheaply, that are still neat and straight. A second hand F30 328i here in Australia is about $22K.

Oh, and I DON'T HAVE A WIFE. And THAT is the best financial advice that I could ever give you.
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      08-05-2020, 04:33 AM   #38
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I have a wife who is good at saving and we live within our means. She stresses over big purchases, I stress on the lots of little ones that add up at months end. We make a good team.

Also we were both shifted to permanent work from home along with All our colleagues Nationwide so savings on day care, commutes, lunches, even apparel, etc. I Generally buy Cars &parts used, and I don’t buy clothes or shoes or watches or guns or cigars or liquor nor model trains and Gave up all magazine subscriptions.
I do my own work both on cars and home repairs, I do my own yard work, etc.


As a result, My Personal Budgeted discretionary spending is about 200 a month and you can quickly save up for things at that rate when you don’t eat out, go to movies, or really do anything.

I also don’t do any major purchases but maybe once a year.
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      08-05-2020, 09:47 AM   #39
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Quote:
Originally Posted by ProjectF30 View Post
I developed an app (was #1 selling finance app on GooglePlay) that splits my income into mandatory bills, fun (disposable) money, savings, and invest money.

Some months I buy nothing but a few nights out with the fun money, then have a double chunk for the car the next month. Sometimes I split a bit off a dividend for the car, before reinvesting the rest. I have a high income salary job, plus a few businesses bringing in income, absorbing a few of my living expenses into the businesses, such as fuel and telephone etc. I structure my car into my businesses, so claim depreciation and mod/maintenance costs back in tax. I have zero debt, and my income exceeds my outgoings.
All of that, and I buy second hand, reasonably high mileage cars cheaply, that are still neat and straight. A second hand F30 328i here in Australia is about $22K.

Oh, and I DON'T HAVE A WIFE. And THAT is the best financial advice that I could ever give you.
What is the name of the app?

p.s. the second best financial advice...if you do have a wife know that it's cheaper to keep her
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      08-05-2020, 10:32 AM   #40
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Everyone has hobbies/vices. Some people love to travel and spend a decent chunk of change on that. Others may enjoy fine dining at upscale restaurants, or fashionable clothes. I used to snowboard, and that can be an equally expensive hobby.

Whatever it is, people tend to spend their money on what makes them happy. Being an enthusiast forum, for most people here, it's their cars. Would I rather spend $1000 for a dinner date at a Michelin-starred restaurant or grab some Taco Bell and "invest" it in my car? Obviously, from a financial standpoint neither is a "sound investment" and certainly won't yield a monetary ROI, but being a car guy, it does yield a sense of satisfaction and, dare I say, happiness. My GF tolerates it, as long as she also gets hers. YMMV.
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      08-05-2020, 04:51 PM   #41
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Quote:
Originally Posted by muniz_ri View Post
What is the name of the app?
It's called Easy Wealth Budget on Android. Not on Apple. It's the basic 60/20/10/10 principle.

Quote:
Originally Posted by muniz_ri View Post
p.s. the second best financial advice...if you do have a wife know that it's cheaper to keep her
Correct, but sometimes taking the hit is so worth it...
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      08-05-2020, 06:04 PM   #42
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Quote:
Originally Posted by ProjectF30 View Post
I developed an app (was #1 selling finance app on GooglePlay) that splits my income into mandatory bills, fun (disposable) money, savings, and invest money.

Some months I buy nothing but a few nights out with the fun money, then have a double chunk for the car the next month. Sometimes I split a bit off a dividend for the car, before reinvesting the rest. I have a high income salary job, plus a few businesses bringing in income, absorbing a few of my living expenses into the businesses, such as fuel and telephone etc. I structure my car into my businesses, so claim depreciation and mod/maintenance costs back in tax. I have zero debt, and my income exceeds my outgoings.
All of that, and I buy second hand, reasonably high mileage cars cheaply, that are still neat and straight. A second hand F30 328i here in Australia is about $22K.

Oh, and I DON'T HAVE A WIFE. And THAT is the best financial advice that I could ever give you.
You touched on what I was implying earlier: knowledge is power! Personally, I use quicken to organize both my personal finances and my corporate finances (as a business owner). I also have a business accountant who is also my personal accountant to help navigate the complications of my taxes (I do my taxes every quarter). I have one of my cars paid for by my business as a write off, and you can bet I'm trying to take full advantage by using my most expensive car (M3 CS).

Even if I didn't have a business, I would highly recommend quicken for my personal finances. I also access all my credit cards, investment and retirement accounts. I basically input all of my projected income and expenses years in advance to see almost exactly how my cashflow will be in the future.

Here is EXACTLY how I budget for fun stuff ie disposable income account:

I project my income for the entire year
I project all my expenses for the entire year
I budget for investments
I budget to max out retirement funds
I budget x% to go into savings for emergencies ie unemployment, recession etc. I try to have 6 months of funds available.

When I run payroll for myself I know exactly how much goes into where and how much is left over as disposable income.

HOWEVER, when the time comes to dip into disposable income, I still use a CREDIT CARD! I'll charge an entire $10k vacation on my card for the miles and points. Then I'll pay off the entire amount before the next billing cycle which I know I can do because of all the work I did above.

Same goes for car stuff: the more you know, the more you know what you can afford. I can even plan a few months ahead of time for the big purchases because I know when I will have enough in my disposable income account for the purchase.

Honestly, I'm a bit of a Quicken addict. I'm on it at least an hour or so once a week. If you aren't organizing finances with at least an app, you are flying blind.
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Last edited by jmg; 08-05-2020 at 06:10 PM..
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      08-05-2020, 07:45 PM   #43
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Since we're on the topic of budgets and apps... I found that zero based budgeting was really effective for me. Dave Ramsey's EveryDollar app is a great option for that method.
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      08-05-2020, 08:47 PM   #44
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The every dollar methodology can work, however it takes a lot of maintenance. Thats why I split into four buckets or accounts, and then I can enjoy life rather than watching every cent. If its a bill, it comes out of the money projected for bills. If its a surprise bill, it comes out of money put aside to invest at the end of the month. Everything else has a card specific to that purpose, and the money each account is there for that purpose. Sorry to derail thread with budgeting and personal finance chat.
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