$1,300+ monthly payment????!!!!!!

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PPP is one of the reasons behind inflationary price increases. Trillions just thrown to the public.
Hopefully those who didn’t traceably use it to pay out paychecks that wouldn’t have been paid otherwise will be thrown in jail to repay it via chain gang…

The person who took $1.4M in PPP loans to buy stuff sure sounds to me like they committed fraud.
 
Hopefully those who didn’t traceably use it to pay out paychecks that wouldn’t have been paid otherwise will be thrown in jail to repay it via chain gang…

The person who took $1.4M in PPP loans to buy stuff sure sounds to me like they committed fraud.

Unfortunately PPP was handed out with very little verification and people buying Lamborghini, Ferrari, Porsche and boats with tax dollars.

Makes me want to vomit at how easy it was to defraud the government.
 
It is here in high school, but its an elective and most of the kids don't take it.
Probably because their time is better spent towards classes that can make them a more competitive college applicant.

Those types of classes were filler classes at best. These types of skills can be learnt outside of school; school time is too valuable for those types of course nowadays.
 
I'm happy to say that my vehicles are paid for in cash. If I can't buy it with cash, I can't afford it. I can't stand debt. The only loan I have is my mortgage. Even paying $200 extra a month toward the principal, it's still less than that $1,300 a month car payment. That's including escrow as well.

I don't know how some people can have 50% or more of their income gone to payments and interest every month. I couldn't do it. It would drive me insane.
 
Probably because their time is better spent towards classes that can make them a more competitive college applicant.

Those types of classes were filler classes at best. These types of skills can be learnt outside of school; school time is too valuable for those types of course nowadays.


It’s too bad because from what I see and hear a lot of things that are taught in schools these days shouldn’t be taught.
 
So if you pencil it out....and the vehicle cost was $97,000. Payment is over $1,300 a month for 8 years... payments equal $124,800. Nearly 30k in interest. The power of compounding interest.
 
Man those numbers make me cringe. I won't get into what I make, but no matter how much I make I can't wrap my mind around a payment even close to $1000. We put $10k down on the Tesla because we didn't want a payment as high as it would have been. If I didn't have that money to put down we wouldn't have bought that car.
 
Probably because their time is better spent towards classes that can make them a more competitive college applicant.

Those types of classes were filler classes at best. These types of skills can be learnt outside of school; school time is too valuable for those types of course nowadays.
There has to be room for both. We have to find a balance.
Look at your circle of friends, family, acquaintices. How many are on a sound financial track?

If you take the 55 to 64 age group in America, the average savings is $58K with the median being $6,400.
Those numbers are staggering and scare the you-know-what outta me.
There are 22M millionaires in America, maybe 9%, with the vast majority living in CA. And 40% of that is in their property.
 
And I thought shelling out 42 grand for a GLI was insane (I don't really regret it, it's a very pretty car that sits under a car cover and I only take it off just to look at it, only has 250 miles on it) . Lets face it, a lot of people who buy a truck will never actually use it as the purpose it is intended for, and putting food from the grocery store doesn't count. It boggles me mind, daily driving a truck for non work usage, you pay more $$$ for gas, and its just plain crazy.
 
I’d like to get in on some of that chest-thumping action!

Can I stereotype people, too?

That seems to be popular…and included in your post…
Guilty, as charged! The stereotyping goes both ways. Many of the posts here are equally stereotyping, lumping together many that drive new vehicles as those needing a status symbol they cannot afford, on welfare, etc..

My second sentence states that this thread is different from the past. Better (a compliment) because there is a legitimate reason to harp about the crazy way some people are way overspending this time around. The judgemental nature of BITOG has ebbed and flowed over the decades. During the Pop Rivit era, one could not even think about mentioning a car loan, eating Fritos, or watching television.

If you go back to most financial mismanagement threads here, you rarely see anyone participate that is a bad money manager. Even people that borrow money responsibly engage defensively. Lots of us have responsibly financed cars and other things and we are doing just fine.

After about age 30, I let go of the need to keep telling people how I started working at age 12, put myself through college 100% with zero loans, bought our house and all cars without any outside assistance, worked my way up the career ladder from the bottom rung with hard work/integrity, walked 10 miles to school, bare foot in 2 ft. snow, uphill both ways, yada-yada-yada. Lots of people do this. No big deal.

Again, this thread is better than past thrashings of the inept. And, I did fail at my attempt to be somewhat tongue-in-cheek about the chest beating.

Thanks for calling me out. You are correct (seriously). I will no longer lump everyone in these threads as chest beaters. (y) Just some of them, lol. ;)
 
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If you take the 55 to 64 age group in America, the average savings is $58K with the median being $6,400.
Those numbers are staggering and scare the you-know-what outta me.
There are 22M millionaires in America, maybe 9%, with the vast majority living in CA. And 40% of that is in their property.

There was some news story a couple years ago about the large number of people in Northern Virginia who have 6-figure incomes yet live paycheck-to-paycheck.

I wasn't living paycheck-to-paycheck 20 years ago when I was making a whopping $40k a year here in Northern Virginia...and I had a mortgage payment because I bought a house.
 
I just bought the 40 acre chunk of land next to my place for 50k, much better use of $$ than a dang vehicle at that price.
...and you still need a truck to tow the cattle trailer to the Livestock Auction..... or you are leasing it to a farmer and hope there is not a drought!!
 
There was some news story a couple years ago about the large number of people in Northern Virginia who have 6-figure incomes yet live paycheck-to-paycheck.

I wasn't living paycheck-to-paycheck 20 years ago when I was making a whopping $40k a year here in Northern Virginia...and I had a mortgage payment because I bought a house.
This is exactly why we need financial education. I am retired now, and have seen soooo many fortunate people in Silicon Valley end up with very little. Or even in debt. They drove gorgeous German cars and dressed well. Ditto their kids.
My Mom once told me, "Why don't you go on welfare?" I said, "What?" She said, "You make money and spend it all. Why work because you will have nothing when you are older." Actually this was not true, but I got her point. My Grandparents were immagrants from Ukraine and Ireland. Savers like you wouldn't believe.
 
And I thought shelling out 42 grand for a GLI was insane (I don't really regret it, it's a very pretty car that sits under a car cover and I only take it off just to look at it, only has 250 miles on it) . Lets face it, a lot of people who buy a truck will never actually use it as the purpose it is intended for, and putting food from the grocery store doesn't count. It boggles me mind, daily driving a truck for non work usage, you pay more $$$ for gas, and its just plain crazy.
Buy a new GLI and never drive it? Never track it? Now that really boggles my mind, and it's just plain crazy. At least I enjoy driving my truck every day, even if I am not always towing or hauling.
 
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