My car situation: What would you do...?

[7998]

Originally Posted by jims69camaro

rainy days are coming. take 2000 and put it in a 90 day rollover CD. take the other 2000 and put it in a Roth IRA and do that again next year and the year after that. with Roth IRAs, the interest income is not taxable. it's the only way to fly.

all young guys should have at least one IRA account and one CD/Savings account. the IRA is secure and insured. the savings provide liquidity when necessary. if you do need to take money out of the savings account, though, treat it as a loan to yourself. make regular, timed payments until the balance is = > what it was.

^^Actually thats great advice^^ Boring, but when you start to get older you'd be glad you did. Once you start saving money it becomes addictive.

[NJ346]

Originally Posted by 7998

^^Actually thats great advice^^ Boring, but when you start to get older you'd be glad you did. Once you start saving money it becomes addictive.

Very true. I think what I'm going to do is by a cavalier from a guy I work with for cheap(good on gas so it'll be saving me money), and then put some of the money away as an investment...maybe take a gamble on the stock market, and then build the camaro a little more. This will be my last full summer before I head off to college so I want to have a little fun with the car(not that it's not already fun). I've done a $500 2 year cd in the past, and only made like $40 so the only thing a CD is good for is making sure you don't spend the money.

Edit: Cash is in hand, truck is officially sold. Justin the truck sold to a kid just a few blocks away from you so you should see it. I believe the name of the street was everturn ln. When I got off the exit, I was like "hey, this area looks familiar" lol

[NastyEllEssWon]

buy a beretta....youll enjoy it more than a cavi

[7998]

Originally Posted by NJNETSFAN

Edit: Cash is in hand, truck is officially sold. Justin the truck sold to a kid just a few blocks away from you so you should see it. I believe the name of the street was everturn ln. When I got off the exit, I was like "hey, this area looks familiar" lol

Thats funny, your starting to get familar with the area.

[LTb1ow]

LT1 powaaa!!!

[NJ346]

Just got home from checking out a cammed LT1 A4. The car I looked at is in need of a decent amount of TLC. I also got to see how lovely Oceanport and tinton falls cops are(they feel the need to patrol intersections...people in the area must not know how to drive). On the way home I think I may have convinced myself to just save the money instead of throwing all my money into a car. A little parkway fun showed that stock internals are just fine in a street car. I might get a good economy car, but I don't think I'll be getting a Lt1 car(unless it's a red or white T/A M6). Decisions decisions....any1 want to help me spend my money lol.

[jims69camaro]

that's just it, man. if you spend the money you will no longer have it to save for a later date. sure, CDs keep you from spending the money, and once you do a rollover as opposed to a payout, you will forget that the money is even there. it's a representation of money at that point - which is a good thing for a young guy. besides, you'll impress the hell out of your parents.

the other side of the coin, pun intended, is that saving money makes more money. sure, it's not that much to start out, but it has a habit of growing. you don't need a high risk to see a decent return. ask at your local banks about their money market accounts. that gives you the best of all worlds, really, in that you get a decent return and liquidity when you need it.

sure, saving money is boring, but when you decide you want a house or a brand new car, and you can pay cash (for the car, downpayment on the house) it's not so boring anymore. think about the future, not like this is the last summer blah blah blah. there will be other summers.

[NJ346]

Originally Posted by jims69camaro

that's just it, man. if you spend the money you will no longer have it to save for a later date. sure, CDs keep you from spending the money, and once you do a rollover as opposed to a payout, you will forget that the money is even there. it's a representation of money at that point - which is a good thing for a young guy. besides, you'll impress the hell out of your parents.

the other side of the coin, pun intended, is that saving money makes more money. sure, it's not that much to start out, but it has a habit of growing. you don't need a high risk to see a decent return. ask at your local banks about their money market accounts. that gives you the best of all worlds, really, in that you get a decent return and liquidity when you need it.

sure, saving money is boring, but when you decide you want a house or a brand new car, and you can pay cash (for the car, downpayment on the house) it's not so boring anymore. think about the future, not like this is the last summer blah blah blah. there will be other summers.

very true. I made a nice amount of money on the truck because I bought it as a little project, did some mechanical work to it, and sold it as a solid running truck. I may try my hand at "flipping" a car again to make a nice profit and then sit on the money for college. Btw, not trying to sound like a know it all, but how do you think I was able to afford a LS1 6 spd. as my first car?- being smart with money is my thing.

A little off topic, but relevant to the cd thing: a little over 2 years ago I got about $1000 from one of my grandparents. I decided at the time that I would spend $500 and put $500 in a 2 yr cd. That way, when I could cash out the cd I would just be getting my license and have $500+ to do whatever I wanted to my first car.

[HeadlessNorseman]

Originally Posted by NJNETSFAN

Just got home from checking out a cammed LT1 A4. The car I looked at is in need of a decent amount of TLC. I also got to see how lovely Oceanport and tinton falls cops are(they feel the need to patrol intersections...people in the area must not know how to drive). On the way home I think I may have convinced myself to just save the money instead of throwing all my money into a car. A little parkway fun showed that stock internals are just fine in a street car. I might get a good economy car, but I don't think I'll be getting a Lt1 car(unless it's a red or white T/A M6). Decisions decisions....any1 want to help me spend my money lol.

Hey, I can read this too!JK. It does need a lot of work and if i dont sell it, itll get it. I just need the cash now more than anything. OP and tinton falls cops are dicks. LB are awesome. But yeah, me not getting your money aside, i would actually have to say save it. You dont need an lt1 AND an ls1 lol. I want an ls1 auto as a DD, they get fine enough mileage for me

[NJ346]

Originally Posted by isphius

Hey, I can read this too!JK. It does need a lot of work and if i dont sell it, itll get it. I just need the cash now more than anything. OP and tinton falls cops are dicks. LB are awesome. But yeah, me not getting your money aside, i would actually have to say save it. You dont need an lt1 AND an ls1 lol. I want an ls1 auto as a DD, they get fine enough mileage for me

I wasn't knocking on your car lol. No f-body is perfect and they all need a little tlc. The newest one is 7 years old lol.

[98tadriver]

take the money, go to monmouth county park and put it on a 50:1 shot

with the money you win, spend 750,000 on a helicopter and 250,000 on jewels

[HeadlessNorseman]

Originally Posted by 98tadriver

take the money, go to monmouth county park and put it on a 50:1 shot

with the money you win, spend 750,000 on a helicopter and 250,000 on jewels

this made me laugh quite a bit haha. Jewels? good investment lol

[jims69camaro]

Originally Posted by NJNETSFAN

I was able to afford a LS1 6 spd. as my first car?- being smart with money is my thing

you already have your answer, then.

[btownws6]

well hopefully you can fully decide and be happy

[procamaroz28]

enjoy the camaro and just get a diff. DD

you cant really get ur money back form selling it and driving the camaro everyday will get annoying i think 2nd choice is the best...

[NJ346]

i'm just going to sit on the money for a while. The camaro was my DD from june of 08-march 09. I mean not driving it isn't going to help the resale value with the miles it's already got on it. Just keeping the wear off the motor is what I'd want a DD for. If a good deal on a car pops up I will buy it, if not, some money will go into the camaro.

[LTb1ow]

!piston slap mod?

[NJ346]

Originally Posted by Shownomercy

!piston slap mod?

i'd have to put an lt1 in it to stop that, but I'm trying to make the car faster...