Dapper Dan

iTrader: (28)

i was about 2300 in debt when i bought my evo....but now everything is paid off....and man it feels soooo good...

filter

iTrader: (1)

cause theyll want a new one in 5 years or so. trust me. Theres just a point when too big is too big.

but again i paid 3.6k but the 1.6k was my faultl casue the one she wanted. i could see the flaws in it but she nor the jewelr could with the naked eye. so i got one that she like that i couldnt see any flaws in it.

FiftyFive

iTrader: (13)

Im paying 550 a month for my evo, have 6200 in debt, and i make about 3200 a month, and im comfortable, but then again i am still living with my parents being 21

pog0

iTrader: (17)

I dont buy everything on my CCs. I made a mistake of living on my own for about 6 months and was only bringing about $25k a year... about 1500 a check. Now, I make $20 an hour. Student loans is only $4500 and I am still in school... It will pay off after my MCP and CCNA certs. Hopefully more after that. Plus one CC is 0% on the balance transfer, the other is 7% on balance transfers... I dont carry them with me either.

I also do put 5% of my salary into my 403b with 200% matching. I have my Roth IRA that gets $100 a month, and my savings account of $100 a month... And stock when I can afford to dump some money. I manage my own bills and money... The Evo is the most costly thing each month. After bills and such, I have near $1000 each month, which is more than enough to live on when you still live at home.

Even people who make $60k a year in So Cal cant even buy a house, and if they do... they do stupid interest only loans and get raped when the principal comes around. I think by the time I am 30, I will be able to afford a decent home in San Diego... 6 years to go.

justlooking

Odd. If I were your parent's I would say, "if you have enough money to buy an expensive car, you have enough money to not live in my house." Dude...you are 24.

Flocito

I think what justlooking was referring to, was the fact that you do (possibly one could argue indirectly) have someone helping you with your bills. If you are living at home with your parents you don' t have to pay a mortgage, which is a large percentage of most adults' income every month. Not to mention the fact that if you are living at home you don't need to worry about paying, cable, electricity, water & sewer, garbage, gas, and possibly HOA bills and fees. Even if your parents are charging you rent the financial burden on you is a lot less than someone that was living on their own on your income and trying to own the same toys.

DynoFlash

iTrader: (91)

At least I finally paid off my student loans - that took me 12 years

pog0

iTrader: (17)

Yeah, I am 24. I haven't lived with my parents for years. I lived on my with my brother for about 6 years until he moved to the 909 for his job... I moved out to an apt, then a house. I rented for about 1.5 years (6 mo. by myself) and it wasn't fun. I was only bringing in $1500 and barely lived. When you have asian parents and you havent lived with them from 16-22, they want you around. Also helps that I pay for all their bills except their cells, insurance, and their mortgage which is $600 now, house will be paid off this year. They have no other debt. I also give my mom $100 every check just cause. That's how asians do it. If I need money, I ask.... 99% of the time, I dont need their money. I know PLENTY of Vietnamese people that still live at home because they take care of their family. They took care of me, now it's my turn. It's not a lot, but every little bit counts.

Try buying property in San Diego. A buddy of mine makes $65k and still cant afford to buy a condo and he has less debt than I do. Rent here will cost you an easy $1000+ and it's pretty much small and ghetto, or small and out in the boonies. A nice place such as Mira Mesa/Sorrento/Scripps/Otay Mesa... condos cost a grip, renting them is absurd. As one of my friends said, $1000 in SF will get you a 500 sq ft condo, $1000 in TN will get you a 1300 sq ft townhouse with a 2 car garage.

Why rent when I can just save for my condo/older house? I have a good amount of money saved up for that, plus stock. I dont believe that I'm in any type of serious debt at all. You should meet some of the girls I know.

EvoG8r

iTrader: (31)

In an expensive market like Cali, it makes sense to live with your parents.

Where I live currently, in Texas, I own a nice house, have a good job and still have plenty of money to take care of everything else. Its awesome that you can still get a brand new 2000 sq ft house for $150k.

Kidloco51

iTrader: (32)

Zero dollars on the ol CC.
Owe 25,000 on the Evo

forbidden color

you have to remember, if you're married, the tax cut is a lot less than someone who's single.

so it might be that your 62k single is about the same as 52k married.

my paycheck is beat to hell. More I make, more tax they take away, which sucks until the tax return, but it still doesn't justify the amount of tax they take away.

justlooking

I actually lived in texas (north of houston) for the last couple years before moving back to oregon. I disagree 100%. Houses are cheap, but their value does not go up. We bought our house for $205k and sold it for $225k almost 2 years later. While, the house we owned in Oregon (that we sold to move to Texas) sold for $270 and is worth around $400k now. Of course the insane property taxes in Texas make a 200k mortgage feel like a 300k mortgage in Oregon, but I digress....

As far as living with your parents that does make sense if you are saving money. But, living with your parent's and then buying a car that is almost 1 to 1 with your income makes no sense. If you are living with them to save money to buy a house or condo, then wasting a large chunk of it on a car seems very silly. It also seems disrespectful to the fact your parents are helping you out, IMO. The fact is houses aren't going to get cheaper. I assume you will be making more money at some point, but not saving money when you are 24 is a bad move, IMO.

Look, in the end it's your life, but do yourself a favor and go talk to a financial planner. It's free if you belong to a credit union or something like that. I think you be unpleasently surprised if you have large credit card debt and no real assets to speak of. The picture will be grim...if you plan on living past your prime working age.

dennyt4

iTrader: (43)

Says the guy who is selling thousands and thousands of dollars of car parts less than a month after receiving them. Seriously man, you're just about the last person I would take financial advice from while you are lowering your selling prices and bumping by the hour. I know, I know - your "priorities" changed within weeks - that's fine, but don't give others advice.

I just love all of these questions on this board on OTHER people's finances. This is supposed to be a car forum - how it constantly gets turned into "How much debt do you have?", "How much do you make?", "Is it OK to lie to the bank to get this car?" is beyond me, but even better is giving financial responses to these folks when you're this guy ^^^

MODS - maybe we need a new section called "Financial Responsibility"

DruMMinStUd06

iTrader: (17)

this thread is useful...

DruMMinStUd06

iTrader: (17)

$0 - CC debt...pay it off each month
$17k - Evo

Living at home...pulling in a little over a grand each month.