SRS Financial situation

Discussion in 'On Topic' started by 1slobird91, Sep 29, 2008.

  1. 1slobird91

    1slobird91 New Member

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    My question is affordability of the things I want. Right now it seems as if I am in a financial rutt...I am 19 and $5k in debt...we will say with a car payment. I make 13.50 an hour.

    I dont have a g/f right now, and I dont have any kids... I see all of these people around me driving bad ass cars and brand new corvettes. Now, cars are my passion and I would love to have one of these...sureley these people cant be making TOO much more than me..can they? If its that easy then why is everyone driving one?


    Over time should things get more affordable and easier for me so I can afford to have these nice things?

    By the way...this is the best informative site ever...I am thinking about buying a year
     
    Last edited: Sep 29, 2008
  2. vodkacollins

    vodkacollins New Member

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    depends on how you delegate your money. maybe these people dont make any more than you, and put every dime of their paycheck into paying for their cars.

    you have to take life circumstances into account. i might be able to afford a brand new car right now, but i prefer to stick that extra money each month in savings and deal with my paid off car instead.

    eventually, you will make more money. and if having a really nice car is important to you, then you will find a way to make it happen, but you might be sacrificing other things you want for the car. its all about choices
     
  3. 1slobird91

    1slobird91 New Member

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    this is true..but down here where I live it almost seems like pepole are making up into the 70k a year range...is this just because I am young and starting to realize that maybe one day I iwll have a shot at this?
     
  4. vodkacollins

    vodkacollins New Member

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    well, why wouldnt you have a shot at it? do you plan on keeping your current job forever? probably not. you are still young though, it takes time to work your way up the ladder to be making your dream salary. but you have to start somewhere
     
  5. 1slobird91

    1slobird91 New Member

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    Well here is my issue..my Job that I have is a pretty good career type job..I work for Cox Communications doing field service...so im pretty much guranteed not having a layoff. Now I do have this other job offer starting off at 65k a year...but I have to wait until after elections until I can find out...now im scared of a layoff, but I feel like I wnat to take the chance...because traveling and a high income is involved...perfect for a bachelor like myself
     
  6. vodkacollins

    vodkacollins New Member

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    so take the chance. you are only financially responsible for yourself right now, so now is the time to take risks. although im not sure why you think this other job might lay you off...what would you be doing?
     
  7. 1slobird91

    1slobird91 New Member

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    ill be traveling out setting up red bull events for stuff like the x games and the airplane races..but I have to wait until after the elections...which hopefully will let the decide if they will hire me or not. I really want to go, im just waiting on the word *crosses fingers*...but after the elections if it does go through than it is a definite done deal
     
  8. grltechie21

    grltechie21 *insert something witty here*

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    I'm confused. What does the elections have to do with getting this job or not??
     
  9. 1slobird91

    1slobird91 New Member

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    im assuming, so the company can see if this economy is going to perish into more shit
     
    Last edited: Sep 29, 2008
  10. 1slobird91

    1slobird91 New Member

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    does anyone have any more advice?
     
  11. GlassUser

    GlassUser send an email not a pm OT Supporter

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    Pay off your debt before buying a sub.
     
  12. Lucky Penny

    Lucky Penny Mr. cut me some slack cause I don't wanna go back,

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    at your mom's house. be back later.
    Do you have a budget that you write every expense in and follow monthly? I have one set up in ms excel and i find it really really helps me to save and know what i'm spending.
     
  13. 1slobird91

    1slobird91 New Member

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    actually as a matter of fact I do :)...but there are always unexpected car problems arising that usually take control over my budget
     
  14. Jarg0n

    Jarg0n New Member

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    If they're driving "badass cars and corvettes," let's hope that they're making significantly more than you! Otherwise they're living beyond their means. I'm sort of kidding there, because they ARE living beyond their means. Don't compare your apparent financial situation to others'. Believe me, it's a very, very stupid thing to do. I pulled a little over 140k last year before taxes and still don't see myself being able to reasonably afford a new corvette while supporting my other hobbies, paying bills, buying my family nice Christmas presents, etc etc etc.. Cars are terrible investments btw and you'll more than likely grow out of this phase. When I was 19, I had a 69 Firebird that was awesome, but a money pit.

    You are in no position to even think about buying ANY new car in my opinion, unless it's a cheap one. If you buy a car beyond your means, you'll end up not being able to afford the payments, selling the car, losing money, and being more in debt than when you started. You'll also be driving a beater in your mid-20's which is not cool.

    Be smart. Live within your means while other people AREN'T. Don't compare yourself to others. Take high risks when you're young to get up in the world, and this doesn't include buying fast cars.
     
  15. 1slobird91

    1slobird91 New Member

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    I wish i knew where to start in order to make that 140k in one year you speak of :)
     
  16. KatWoman

    KatWoman •••••••••••

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    If your only obligation is $5K in debt, forget everything else and make paying this off a first priority.

    Who are "all of these people" - are we talking other 19 year old kids barely getting out into the real world or 45+ year old people who have worked their butts off for 20 years and can finally afford a "bad ass" car?

    If you work hard to move up on the salary scale and don't blow all your money on "bad ass" shit that's not going to matter to anyone in 5 years, yes.

    Pay off your debts first.
     
  17. nofriends

    nofriends OT Supporter

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    I was stupid (well still am about a lot of money decisions), and went out an bought a WRX when I was 20. With the payments and insurance it was absolutely murdering me and I couldnt afford to go out and enjoy myself. A few years later and I am making almost 3 times as much money and I still dont think if I had to do it again I would buy the WRX even on my new salary. I LOVE cars and I would kill for a Z06 or STI and what have you, but its really not worth it in the long run.

    Save you money now and invest as best you can, when you are older you will be better off and be in a much better position to buy something you really want.

    If your car is a POS and breaking the bank, try to offload it and get another used car for roughly the same amount that will be more reliable.
     
  18. 1slobird91

    1slobird91 New Member

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    sounds like a good plan...im up and down about it..i have a decent car but sometimes when i pass by all of these other people around me who have these newer awesome cars...
     
  19. vodkacollins

    vodkacollins New Member

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    you have to get the mentality of "keeping up with the joneses" out of your head. for 1. its impossible and 2. it keeps you from being fully satisfied with what you have

    lets say you go buy this brand new awesome car so that you too can have what they have. how long will you be satisfied with it? until you see someone with a better car? then you will spend all your time and energy trying to get a car better than theirs, and so on

    remember, just because they have something nice doesnt mean they have no sacrificed for it either. i would rather live in a nicer place than have a new car every year, but some people would rather have a nice car and live in a crappy home. to each their own. the sooner you realize that you shouldnt be so concerned with others status and income, the happier you will feel about your own.
     
  20. nofriends

    nofriends OT Supporter

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    Somebody will always have something better than you. If having a nice car really means that much to you, pay off your debts and start saving. While buying ANY car is a bad investment, at least you arent paying interest on a loan. If it makes you happy and you are in a good financial position, there is nothing wrong with it as long as you understand the choice.

    I live near a bunch of military bases and I constantly see all these 20 year olds running around with brand new Evo's and STi's because they dumped their bank account on it when they came back from their tour of duty. Imagine how much money they would have had in 40 years time if they invested in something with even a modest return, instead of dropping 35k because it was an "awesome" car.
     
  21. Soltaker

    Soltaker 03-18-2015 #NEVERFORGET

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    You first need to stop worrying about what everyone else has. That will only frustrate you more and lead you to make bad financial decisions. Next......this traveling job you might get. IF you do get it, pay off as much shit as you can and save for a badass car after. IMHO, no sense in making a $400-$500+/mo car payment on a badass Corvette if it only sits in the garage while you are out on your traveling job. Pack as much as you can away. Then in a few years (25+) you'll have a ton of dough in the bank for a down payment on a car with a significant price tag (Zo6?) AND your insurance will be a lil easier on you ;)

    One other thing....DO EVERYTHING IN YOUR POWER TO PREVERNT YOURSELF FROM BECOMING A PARENT!!!!!1 Want to end your dreams of having even a modest ride? Go ahead and knock up your girlfriend. It's the fastest way to absolutely ruin the hopes and dreams you have of owning a sweet ride. Laugh if you will, but your $13.50/hr isn't going to cut it if you have a kid. All you have to do is look on places like eBay. There are hundreds of people out there selling classic cars, muscle cars, projects, Jeeps, ect. because "We have a new addition to the family on the way :( "
     
  22. phrxn

    phrxn New Member

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    I wouldn't say people out of college are making 70k...maybe in thier mid-late 20s. I make around this much and DEFINITELY could not afford a new Corvette...I dream about a 335Ci...bought a sub 20k "off brand" sport sedan and am very happy with it.

    You're 19 and making 13.50...I was 19 and making 6.50 so you're doing well in my books.

    Are you a student or just working part time?
     
  23. 1slobird91

    1slobird91 New Member

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    im telling you what..yall are the best advice givers I have ever come across and I thank everyone for your responses. I have changed my outlook on this whole situation and am going to go by your words. Hopefully I will get this traveling job and start hoarding money soon. :)
     

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