Forbes: The One Monthly Payment Killing Your Wealth

[infamousred]

Cars can eat the fukk out of your pockets regardless. Leasing is just asking for constant output. I'll be damned if I lease anything that isn't a living space.

 

[Kane1]

Good credit + nice down payment = $330 car note on a dodge charger. .



About to trade in for something with better gas mileage

 

[Eastside Get The Money]

I'm not a car head by any means so I would never buy new anyway, but I've always bought my used cars.

I just need something to get me from A to B. Couldn't imagine having to dish out $300+ a month on a car note that's foolish

 

[Romell]

I cant help it bruhs. I like sports cars . Bout to cop a cayman gts next year

. Dope, but unlike a lot of the buckets being described in this thread that car is more likely to hold or even go up in value.

Also, buying used doesn't mean you have to buy a 90s bucket. I bought a used 2014 in 2016 and it's rare car with better amenities than some coming out in 2017. Shop smart.

 

[Mr. Somebody]

If your yearly repairs exceed ir come close to a year of monthly payments it's time to make a decision.

 

[Soundbwoy]

the biggest mistake I made financially was to get a 5 year car note for a fukking neon I was miserable during those 5 years and hated that car, since then Ive been paying cash for used car and getting a mutual fund account and a life insurance instead of a car note

 

[Drake is God]

Inflation averages about 2% annually. Just playing the regular sp500 averages 8-10% annually over time. You're gettin money breh. Biggest factor is actually puttin in the money.

Unless you make over the required income limits do a Roth IRA. Growth is tax free brehs. Even if you make high income do a regular Ira and every year do a backdoor Roth.

Whether you pay taxes now and let your investment grow tax free, or you let your pre-tax investments grow, and then tax it upon retirement the result is more or less the same.

 

[Truefan31]

Whether you pay taxes now and let your investment grow tax free, or you let your pre-tax investments grow, and then tax it upon retirement the result is more or less the same.

Depends on the tax rates in the future. It's wise to have both pretax and post tax. But I prefer Roth. I have both though.

 

[Turbulent]

Homes can depreciate, even though they typically appreciate. And cars typically depreciate, but classics can appreciate.

I think that is what he was trying to say.

As far as property appreciating, I don't think you should buy a house with that expectation unless you are truly an established real estate investor. I would buy a house with the expectations of it providing me a place to live or income as a rental property. Then when something like 2006 - 2010 happens, you're not nearly as screwed, because the property is still serving it's function.

wise words.

and that's the thing about real estate. everyone thinks they're a hustler who can just flip houses easy. everyone goes on the assumption that the markets will just keep going in the same direction with no set backs. people compare the rent payment vs the straight mortgage payment and forget to factor in the costs of maintenance as well as the risk of capital loss if you need to move ASAP and the market isn't in the sweet spot. people forget to factor in cost of vacancy if they get into rental proprieties.

and i'm actually pro ownership when it's all said and done. but people need to go in with their eyes open and plan for all the shyt i mentioned.

 

[awkwardblackgirl]

My 03 Honda Civic still rolls.

Yep, I'm driving my 05 Honda Civic til the wheels fall off. Do you have an aux in yours? I was watching a video on youtube that it's actually pretty easy to install...I stay getting clowned cause my car is full of CDs lol

 

[Vice Queen]

Yep, I'm driving my 05 Honda Civic til the wheels fall off. Do you have an aux in yours? I was watching a video on youtube that it's actually pretty easy to install...I stay getting clowned cause my car is full of CDs lol

I don't. I bought a cheap wireless FM transmitter but, cheap. If I play music off my phone I just stick my phone into my cup holder.

 

[BamdaDon]

I was about to post a thread on this...

Only reason car companies are making guap is because they are decreasing the credit score requirements and giving out 6 year - 7 year car loans.

look at this shyt man go broke for materialism brehs

Car bubble like mf breh. Same thing happened with the housing market. This shyt will crash too just like the student loans.

 

[NSSVO]

My payment is pretty small considering I knew I was getting out. I know A1C's that bought a car, got hyped up by the brehs at work, and turned that car in to get a truck. So they are paying two payments for no fukking reason. This breh told me I should have got an Altima so people know I got money. People want to stunt for people who don't give a fukk.

 

[Wild self]

That's why I saved thousands before I graduated from high school. Don't buy a car until your savings nearly double the retail value of a car. shyt, I could buy 2 7-series BMWs and still have money left over, but living below your means >>

 

[TLR Is Mental Poison]

I agree with the article, but I think people who say "only buy a car cash" are too extreme. Money is CHEAP right now. You can borrow $10K@2.5% for 5 years for like $700. Is it worth $700 to have an extra $10K in my bank account for 10 years? Hell to the MF yeah. Credit is like anything.... good in moderation, destructive in excess.

It is retarded that Americans buy 15-17 million new cars a year though. The average car on the road is getting older = cars last longer. U know the average car on the road in the US is like 12 years old??? You can go buy a 5 year old car at half the price, get a warranty, ride that out for another 3-5 years, rinse repeat. Have to play it smart