Forbes: The One Monthly Payment Killing Your Wealth

[Klyk21]

I agree. my wife out here trying to get a new car, when her current car is a 2013. I'm like

I'm driving in a 2005, and not even considering a new whip. not trying to throw that money out the window.

 

[Mr. Jack Napier]

I see it all the time at my job, smh.

Whenever I do decide to cop a whip, I'm not willing to spend no more than $300 a month, and that's including insurance.

 

[Originalman]

That's why I said single man. If you have a family, both of those areas are no go's.

Plus in Chicago unless you work in a suburb, you don't really even need a car like that. Just as long as it's functional. Cause you're 100% going to get door dings from swinging doors and bumper creases from idiots trying to parallel park if you drive enough.

Plus rust and car erosion in 5 to 7 years. Not even talking about car getting fukked up and needing maintenance due to fukked up roads and extreme cold.

 

[Bay Area]

Im 25, I might sacrifice my credit for the next 7 years and just let my car go. Id save more money in the long run.

 

[Originalman]

Seven pages deep off an article that's just common sense .






If I can't afford to pay it on the spot with cash , I can't fukk with it.

That is how I do it with these cars man. I just don't believe in paying interest on a item that depreciates.i hate giving the bank free money on shyt that won't increase in value.

I have bought all my cars cash. Bought my wife a 2014 Honda accord cash last year. Then took her ride and gave my old ride to my nephew.

 

[Originalman]

No, they're journalists like any other publication. They simply write for a magazine that has the cache of being of financially focused, but they are regular Joe Schmoes.

People take talking points from people who are in the same position as them and because they have the "Forbes" name next to them, they automatically assume they're handing out "major keys to success." No, they're regurgitating the same adages they heard from someone else who couldn't retire until they were 65....like that's a win.

If people can't afford a car because they have to finance it and pay a big bill each month, then people can't afford most of the things that "smart people" do with their money....like take out a mortgage for 30 years on a property that's not guaranteed to increase in value. But "smart people" will argue til their blue in the face over how a house is a can't lose proposition even after recent evidence such as the Great Recession confirmed that more people lose everything over a house much more easily than they do a car.

Peace

Yep I have actually encouraged folks to save their money (as much as they can when times are good if they want a house). Then when the economy tanks they can actually get one on the cheap whether foreclosed or one that is for sale cheaper than it would be when the economy is good.

I seen too many folks in 2008 lose everything. The problem is folks take they total life savings and put it down on a house. Then when the economy tanks they might lose their job (or have the bull shyt sub prime loans) and then they can't pay their mortgage.

Folks forget it ain't just the mortgage with the house it is the repairs, up keep and taxes that can get you too.

 

[3rdWorld]

That's why I prefer disposable piece of shyt cars I can buy once off and toss to the side with no worries when it begins acting funny.

 

[Originalman]

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.

Yep

 

[Originalman]

i used to pay $250 a month in car insurance when i financed my car

once i paid it off it dropped to $98 a month

Yep that is another reason why I buy these hoe ass cars cash.

 

[Originalman]

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

Truth

 

[Truefan31]

I see it all the time at my job, smh.

Whenever I do decide to cop a whip, I'm not willing to spend no more than $300 a month, and that's including insurance.

For real just save up the cash then breh. You'll thank yourself trust me. Research what you can afford, not the payment but the actual cost of the car you're lookin to get, budget and save. That way you don't get a loan, don't make a bank richer, and you own that shyt. "Title is mine bytch"

 

[Truefan31]

Yep I have actually encouraged folks to save their money (as much as they can when times are good if they want a house). Then when the economy tanks they can actually get one on the cheap whether foreclosed or one that is for sale cheaper than it would be when the economy is good.

I seen too many folks in 2008 lose everything. The problem is folks take they total life savings and put it down on a house. Then when the economy tanks they might lose their job (or have the bull shyt sub prime loans) and then they can't pay their mortgage.

Folks forget it ain't just the mortgage with the house it is the repairs, up keep and taxes that can get you too.

Yup. It's why experts suggest if you want a home to save on top of having an emergency fund of about 6 months. But people just get more than they can actually afford. It's why cc debt is a problem too. Excess.

 

[Mr. Jack Napier]

For real just save up the cash then breh. You'll thank yourself trust me. Research what you can afford, not the payment but the actual cost of the car you're lookin to get, budget and save. That way you don't get a loan, don't make a bank richer, and you own that shyt. "Title is mine bytch"

No way I'm saving $15k in cash, that will take a few years, and I'm not willing to do that.

 

[Truefan31]

No way I'm saving $15k in cash, that will take a few years, and I'm not willing to do that.

Then don't buy a 15k car seriously. Look at what you can realistically afford. If it's years to save 15k then look at your budget.

 

[Mr. Jack Napier]

Then don't buy a 15k car seriously. Look at what you can realistically afford. If it's years to save 15k then look at your budget.

Not buying a beat up 2k car, I rather have something newer with less miles.