Forbes: The One Monthly Payment Killing Your Wealth
- Thread starter eufemism
- Start date
Suleiman Bey
Banned
Unless it was a piece of shyt you paid a good bit and could've gotten a 2016 something for what you paid, not necessarily that type but something new.
Funny y'all are discussing this topic. I was just thinking about how my wife's dad and some his friends are in that 7 figure annually range but drive buckets they all got nice houses. You would never know they had money with what they drive and wear. Only one of them out of 5 drive nice cars he got a Lamborghini, Bentley all that good stuff. The ones I know who got a lot of money are conservative. They always preach to me about saving and setting yourself up for early retirement. That's why I'm against leasing and financing cars because normal people don't account for life's end game they don't think retirement or rainy funds when something crazy will happen. They think well I'm making this much monthly I afford this car note. When I think back I cringe sometimes at the things I use to do to prove I got it like make 50k and drive a s63 while laughing at the guy driving the Toyota but in reality the guy with the paid off Toyota should be laughing at me for dumping so much of disposable income into a depreciating asset. When I shoulda just been smart with my disposable income and put that towards investment,bonds and property. But you live and you learn
beenz
Rap Guerilla
I can afford, it, but that's $6000 annually I could allocate elsewhere or even invest.
beenz
Rap Guerilla
Funny y'all are discussing this topic. I was just thinking about how my wife's dad and some his friends are in that 7 figure annually range but drive buckets they all got nice houses. You would never know they had money with what they drive and wear. Only one of them out of 5 drive nice cars he got a Lamborghini, Bentley all that good stuff. The ones I know who got a lot of money are conservative. They always preach to me about saving and setting yourself up for early retirement. That's why I'm against leasing and financing cars because normal people don't account for life's end game they don't think retirement or rainy funds when something crazy will happen. They think well I'm making this much monthly I afford this car note. When I think back I cringe sometimes at the things I use to do to prove I got it like make 50k and drive a s63 while laughing at the guy driving the Toyota but in reality the guy with the paid off Toyota should be laughing at me for dumping so much of disposable income into a depreciating asset. When I shoulda just been smart with my disposable income and put that towards investment,bonds and property. But you live and you learn
its not just them. warren buffet still lives in the same house he bought in omaha as a young man. this is the 2nd richest man in the world I believe.
That still makes it a depreciating asset... lol. If an item decreases in value over time, regardless of the rate at which it decreases, it is a depreciating asset.
Suleiman Bey
Banned
Most things depreciate over time. Including the ever so coveted homes and property. And some cars actually go up in value, just as homes and property. Again, value is always subjective.
You don't have to share space in order to share expenses. I'm a big fan of multi-family properties, where everyone can have their own space.
Bought a 2010 Camaro Ss in 2010. Lost it due to a car accident in 2014. That was God.Pay 900 a month on car note and insurance brehs
900 my nikka.... how old was u
Breh how was driving it? I was thinking of getting a 6th Gen also, probably like 2013. They're like 10-12k now...150/ month is manageable
I have an 08 Ford Focus my parents got me, and I'll be driving that until it hits 200k miles and simply won't run anymore.
Doesn't matter if I'm making 250k a year
That being said, the Tesla is a beautiful piece of technology
But I'd rather put that more toward shares of the company than the car itself
Doesn't matter if I'm making 250k a year
That being said, the Tesla is a beautiful piece of technology
But I'd rather put that more toward shares of the company than the car itself
That's 6k a year that could be going toward a Roth IRA or appreciating bonds
Drake is God
Sweeterman
Of course if the choice is between not saving and saving via a Roth IRA for the future, then the answer is that you should open up a Roth IRA, but in the long run you're still wasting money by giving it to Uncle Sam.
beenz
Rap Guerilla
my buddy who's damn near a millionaire drives a 2013 hyundai he bought in cash as well. and that was after years without having a car due to not needing it where he used to live.
but he ALWAYS stressing that you should be taking excess money and using it to buy shyt like stocks or bonds or other securities that actually can make your money work for you.
Ehh, manufacturers warranty is a godsend though.