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- Thread starter elderlycoffee
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I would say (for lack of a better word) pay your car a "tithe". For instance, you make 1200 a month. Assuming you don't have many (any?) bills aside from maybe a cellphone and perhaps helping pay insurance and car payment, take whatever you have left over after bills, and dedicate 10 percent of that for your car mods. For me, I have $1000 or so after bills. So I make sure not to spend more than $100 a month on my car mods. I haven't bought anything in a while, but I'm going to buy something this month, and then wait until Cobb comes out with their STS, and see if it's any better than TWM. And whichever seems to be able to fit me better, will get my couple month's of money.
Alexi
Alexi
elderlycoffee
Member
- :
- 2007 Sunlight Silver mazdaspeed 3
I know I don't get good pay at all compared to most people. But it's better than what I used to get.
Anyone who says to save their money when theyre 18 is damn crazy. Were all in a hurry to grow up when were that age and its just stupid.
You got your whole life to be responsible, and you only have one summer when you get out of school. You'll remeber the car you had a hell of a lot more than the couple grand you save for "buckling down". I trade my left nut to have that summer back and be that age again.
The main thing is your working hard, going to school, and having fun. Enjoy it. You dont make enough money to worry about saving much right now.
Spend it on your car, girls, and kegs..... just make sure that the kegs and the girls go together. Leave the car for the daytime
And keep working hard!!!! Someday you'll make more money and your priorities will change. A work ethic will make you a millionaire in experience.... and that pays... trust me on that one.
You got your whole life to be responsible, and you only have one summer when you get out of school. You'll remeber the car you had a hell of a lot more than the couple grand you save for "buckling down". I trade my left nut to have that summer back and be that age again.
The main thing is your working hard, going to school, and having fun. Enjoy it. You dont make enough money to worry about saving much right now.
Spend it on your car, girls, and kegs..... just make sure that the kegs and the girls go together. Leave the car for the daytime
And keep working hard!!!! Someday you'll make more money and your priorities will change. A work ethic will make you a millionaire in experience.... and that pays... trust me on that one.
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mrlilguy157
Member
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- 07 mazdaspeed 3
^^^^^ what he said ^^^^^^
fourthmeal
Banned
I couldn't disagree more, palerider. We as a nation are in serious trouble economically, the LAST thing I would recommend is reckless spending. Its far, FAR worse then shown on any TV show.
Let me ask you this: If you lived in the time of the Great Depression, and just before the market crashed, you knew it would happen,...Would you spend your money so recklessly knowing what was about to happen? I would hope NOT. Because we've been through it before, a lot of indications of the economy now point to a potential depression that may end up equaling or beating the Great Depression itself...heed the warnings and build up a large savings to nest on, because its going to hit like a flippin' hurricane I imagine.
I used to be a spendy guy, with good income (48K/year when I was 18), and I was usually decently well-off. But the latest economic turmoil has hit me and my family so hard that my lack of forward vision and saving plan has left me treading water without a safety rope. Don't let this happen to you, as it can only end badly.
Sorry to rain on a spend parade, but it is the truth, and you can mark my words on a calendar if you want to. We are going to hit rock-bottom very soon, if we don't get the right people in the right places of Government to fix our past failures. We are 9+ TRILLION (with a T) in debt, and that is a s***-load of money. When the bottom falls out from under us because of the massive interest owed on this debt (and we as nation are forced to deal with in instead of sweeping it under the rug), it is going to hit us hard. It would be advantageous, then, to have a nice comfortable savings to land on, if you run into financial trouble.
But, I do like the "tithe" idea, and in the financial planning world, its a great idea. Even at 10%, I think that would be great. Just make your budget solid, and do not at any time pull more money from your main 90%...just make it a rule. There is nothing wrong with doing things for yourself with your own money, but you've got to stay smart about it.
Let me ask you this: If you lived in the time of the Great Depression, and just before the market crashed, you knew it would happen,...Would you spend your money so recklessly knowing what was about to happen? I would hope NOT. Because we've been through it before, a lot of indications of the economy now point to a potential depression that may end up equaling or beating the Great Depression itself...heed the warnings and build up a large savings to nest on, because its going to hit like a flippin' hurricane I imagine.
I used to be a spendy guy, with good income (48K/year when I was 18), and I was usually decently well-off. But the latest economic turmoil has hit me and my family so hard that my lack of forward vision and saving plan has left me treading water without a safety rope. Don't let this happen to you, as it can only end badly.
Sorry to rain on a spend parade, but it is the truth, and you can mark my words on a calendar if you want to. We are going to hit rock-bottom very soon, if we don't get the right people in the right places of Government to fix our past failures. We are 9+ TRILLION (with a T) in debt, and that is a s***-load of money. When the bottom falls out from under us because of the massive interest owed on this debt (and we as nation are forced to deal with in instead of sweeping it under the rug), it is going to hit us hard. It would be advantageous, then, to have a nice comfortable savings to land on, if you run into financial trouble.
But, I do like the "tithe" idea, and in the financial planning world, its a great idea. Even at 10%, I think that would be great. Just make your budget solid, and do not at any time pull more money from your main 90%...just make it a rule. There is nothing wrong with doing things for yourself with your own money, but you've got to stay smart about it.
MidwestSpeed3
Member
fourthmeal- No disrespect, but you are not a psychic. You are still technically speculating at this point. Yeah there are numerous factors that are pointing towards this happening, but alot of them have been present for a long time. This could just be yet another market correction.
Also, keep in mind that consumers not spending as much complicates the situation. You don't spend, companies don't make sales, their stock price drops, consumers lose money = less to spend. It is a vicious cycle.
I think the best advice here, as with anything in life, is to find a good balance. Save some and spend some. Best of both worlds.
Back on topic a bit more.........Definitely keep the car. It is a perfect college car. I wish I would have had this car for the first 4 years of my college career (and high school for that matter).
Also, keep in mind that consumers not spending as much complicates the situation. You don't spend, companies don't make sales, their stock price drops, consumers lose money = less to spend. It is a vicious cycle.
I think the best advice here, as with anything in life, is to find a good balance. Save some and spend some. Best of both worlds.
Back on topic a bit more.........Definitely keep the car. It is a perfect college car. I wish I would have had this car for the first 4 years of my college career (and high school for that matter).
such as? i've heard rumors of recession but not so far as depression
while clearly you've fallen on hard times, there's a huge difference between someone with a wife and family who presumably owns a house and an 18 year old. he doesn't have debt yet. his income is 100% disposable. nothing is tied up in mortgage/car/children and i'm guessing most american families don't have $1,200 in unaccounted for money at the end of the month. if he was planning on buying a house and starting a family in 5ish years i'd say save save save and get $10-15k in a savings account before thinking about modding a car. from what i gather he's not. saving is good but don't live to save, find a good balance of saving and fun
i think 90% at age 18 is a bit much. i say get $5k in the bank (high interest savings) as a rainy day fund then do a 50/50 split, 50% fun things, 50% savings/retirement, but don't dip into that $5k once you get it
fourthmeal
Banned
No disrespect taken, our voices all deserve to be heard equally (most times 
)
Indeed I am no psychic, but just like Pythagoras believed the earth was round (through mathematics and solid geometry findings) but could not prove it, so too do our best and brightest economists try to see the right answer before it is proven. But, we do know that all signs point to what I'm talking about.
Now, lets let that be the last of dooms-day talk.
Enjoy the car, count your blessings that you've been given such a gift, and budget carefully what you do. I think you'll do great if you can keep your wits about you each payday, and stick to a solid on-paper budget. Don't forget, always pay yourself first (as in, put the intended money for savings in the bank before doing anything else with the money), and you'll stay ahead.
)Indeed I am no psychic, but just like Pythagoras believed the earth was round (through mathematics and solid geometry findings) but could not prove it, so too do our best and brightest economists try to see the right answer before it is proven. But, we do know that all signs point to what I'm talking about.
Now, lets let that be the last of dooms-day talk.
Enjoy the car, count your blessings that you've been given such a gift, and budget carefully what you do. I think you'll do great if you can keep your wits about you each payday, and stick to a solid on-paper budget. Don't forget, always pay yourself first (as in, put the intended money for savings in the bank before doing anything else with the money), and you'll stay ahead.
being a little brother myself all i have to say is your parents are ass's if they buy you another new car and give your brother your hand me downs. Does he get you old underwear too?
2 new cars for you and 0 new for your brother is favoritism and thats a no no in my book.
You need to take the lead on this and insist you are perfectly happy with your 1 year old car and that lil bro should be treated in the same manor as yourself.
You havent got a hair on your ass if you dont slap your mama for pulling this $hit.
2 new cars for you and 0 new for your brother is favoritism and thats a no no in my book.
You need to take the lead on this and insist you are perfectly happy with your 1 year old car and that lil bro should be treated in the same manor as yourself.
You havent got a hair on your ass if you dont slap your mama for pulling this $hit.
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- 02 1500 4x4, mp3
lol
BTDT! My parents bought my older brother 5 different cars, none new but still, and gave me 1 of their old cars. I have had to buy my last 2 cars myself without so much as a co-sign from my parents, fortunately working for a national railway made for a good back up when buying my MS3.
Enjoy the car, mod it to your hearts content, but take fourthmeals advice as well and make sure to save some of that monthly income as well. I modded my second car with reckless abandon and have next to no savings now to show for it.
I disagree with the person who said that if you have no bills then you don't have to save. The whole point of saving is so you don't have to ACCRUE bills in the future, and should emergencies arise, you have something to help you out. no one "plans" for an emergency, and to some lucky folks, they hardly ever, if every need an emergency. But it's nice to have that "assurance".
If you look at financial guides, they all say to have a few months of cash to cover if you lose a job, and to start saving very early so when you decide to retire, you can just relax and travel. I'm doing my best to retire and not have to work at all at 50. Should be doable.
BUT, like I said above, set a "fun money" budget. maybe 300 bucks a month. That should be PLENTY for car, movies, dinners with friends, etc. And talk to some people about how to split up the rest for savings. I went with a roth IRA (although I WISH I had started it at 18 instead of waiting till I was 23), savings account, and mutual fund.
Alexi
If you look at financial guides, they all say to have a few months of cash to cover if you lose a job, and to start saving very early so when you decide to retire, you can just relax and travel. I'm doing my best to retire and not have to work at all at 50. Should be doable.
BUT, like I said above, set a "fun money" budget. maybe 300 bucks a month. That should be PLENTY for car, movies, dinners with friends, etc. And talk to some people about how to split up the rest for savings. I went with a roth IRA (although I WISH I had started it at 18 instead of waiting till I was 23), savings account, and mutual fund.
Alexi
shane02pro5
25ish_psi
- :
- New Caney TX
Putting money into modding a car is proposterous I tell you!!!
(braindead (inout)
(braindead (inout)
major error
Member
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- 07 Mazda 3 GTS HB
I agree w/ fourth...
The present is always the perfect time to exercise fiscal responsibility. How many times have you heard someone say they can't afford to do something? How often is it because of debt or overspending? Everyone wants to get ahead, but very few plan ahead. "I'll get to it eventually..."
I've been there--dug myself a nice deep hole... It's taken me almost 6 years and help from relatives to get to the point where I can jump and see more than just what's above the hole. Getting into financial trouble is easy, getting out without taking the bankruptcy "shortcut" is difficult and requires a lot of discipline and sacrifice.
The advice I got from my financial planner was, "Pay yourself first." It doesn't mean going out an buying the latest shiny thing....it means put something away for the future. It doesn't even have to be a very large sum either, so long as it's done regularly (like monthly or per pay).
After doing that, apply what's left to your expenses & entertainment.
I'd also invest in a program to keep track of your finances (MS Money works well enough...)
The present is always the perfect time to exercise fiscal responsibility. How many times have you heard someone say they can't afford to do something? How often is it because of debt or overspending? Everyone wants to get ahead, but very few plan ahead. "I'll get to it eventually..."
I've been there--dug myself a nice deep hole... It's taken me almost 6 years and help from relatives to get to the point where I can jump and see more than just what's above the hole. Getting into financial trouble is easy, getting out without taking the bankruptcy "shortcut" is difficult and requires a lot of discipline and sacrifice.
The advice I got from my financial planner was, "Pay yourself first." It doesn't mean going out an buying the latest shiny thing....it means put something away for the future. It doesn't even have to be a very large sum either, so long as it's done regularly (like monthly or per pay).
After doing that, apply what's left to your expenses & entertainment.
I'd also invest in a program to keep track of your finances (MS Money works well enough...)
ok, seriously saving is good advice but here is why gold is not the best investment, it's been climbing for the last 10 years, history shows it has a tendency for the bottom to fall out, see the 30 year chart, from '82 through '01 would have been a bad investment. I wouldnt put money in it now, there is too much risk, you may be better off putting it all on red, but who knows whats round the corner.
Attachments
fourthmeal
Banned
Ahem...
Any stock is a risk, but I just mentioned one as a semi-sure thing, rather then putting your money in a .com business stock.
But, I think the point has been provided to the OP to save quite a bit and invest early.
insurance helps spread the risk so there are really very few actual emergencies nowadays. auto, home, LTD, STD, etc..., all make it so it's tough to have a real emergency. losing a job is not an emergency and if you don't plan for it and are living beyond your means then it's your own fault
some say 3-6 months, some 6-12. definitely the way to be. if you look at why they say those things it's basically to cover your bills for when you lose your job and you're looking for work. if he puts in enough to cover his bills it's like $100/month for gas probably so he'll need $300 to cover 3 months. when he's older and on his own he'll need more but he'll also be making a lot more (i hope) so getting that $10-15k in the bank won't take him 2 years but instead a few months
IRAs are great to start for retirement and the earlier the better. i just have trouble with the people telling someone who makes $14,000/year to put $12,000 into savings. it's just not realistic nor is it necessary. at his age if he puts $5,000/year into an IRA, does that for a few years, then continues to contribute more as he works into a 401k, he'll be more than set
that's a great plan and i wish you luck
i don't disagree that saving and retirement funds are a bad idea and i think only 1 person so far has said they're unnecessary. i disagree on the amount
