Quote:
Originally Posted by rickyd13
true if thats what getting a little extra on the side is but makes sense but can we get on topic?
as to what would be a good idea when i figure out where i am and i am settled
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OK, I'll give you a long winded, very preachy, straight answer.
And this comes from two places:
1.) Finance guys who do this type of thing for a living, or in other words tell people what to do with their money so they have a lot more of it later in life/can retire. They make their $ only when they give other people good advice about handling $.
2.) Hanging around on forums where younger guys buy hot cars
lest you think I'm just making this **** up off of the top of my head.
- Don't buy a new/newish/expensive hot car until you are somewhat settled and have an idea of what your expenses will be in the future. It will sit and depreciate while it's sitting there. I have lost count of the number of younger guys I've seen buy hot cars/start huge HP builds only to see them A) sell the car in a year or so, or B) sell off all their parts as soon as they need to get married, buy a home, or are slapped in the face by reality.
- Cars are not good investments. In the purest sense of the word investment.
- Do not set yourself up to live paycheck to paycheck. Unforseen things like injuries, car accidents, loss of employment, etc will be a death sentence to your finances then.
- Live well within your means. You make great money for a guy your age, but in the grand scheme of things that's nowhere near enough to be wasteful in today's climate. Many people overextend their finances thinking they "have the cash" but they don't. That's why there are so many personal bankruptcies and foreclosures. It is so bad that mortgage companies will not write you a mortgage past a certian % of your earnings for your own safety.
- Avoid taking out a payment on a toy like it was covered in a bucket of AIDS. Why somebody would take out a loan for something that is not 100% necessary has never made a lick of sense to me. Banks will NEVER say "Sir, you can't afford that" as they want your money, and own your ass when you default.
- Quit smoking. At $7 or whatever a pack, and a pack a day, that's $50 a freaking week, $200 a month. If you saved that for two years straight you could buy an LT1 car to play with.
and so forth.
The short of it?
Join the Air Force, find out where you are stationed, drive a beater until you are out of the service, have a real job, and have your life set up. Then re-evaluate and see what you can afford.