How do people afford...

hellogoodbye

the original post had nothing to do with how much i made.... people kept asking about what i did so i posted. i wasnt bragging.

^ he asked..

EDIT: read first post before replying.

SiXK

Oh, I did read. Right there in your original post (which is as clear as mud) you stated "im thinking i should use a loan b/c i use my money for stocks"

that piqued my interest. now you don't want people commenting on it. Don't post it then. Now you only want advise on if you should finance your mods. Thats been answered and this thread is stupid and useless.

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Magnetic Black 2009 370Z / Pearl Yellow 1991 300ZXTT

hellogoodbye

i stated it so i could get a better response. IF i financed, id have more money to use in stocks but, id also have a monthly payment. IF i payed for it outright, id have less money to use for stocks and no monthly payment.

thats y i stated it. i did not state how much i make in the first post. the only reason i posted that was to get a better answer for my situation.

Alexus

Being able to afford the finer things in life requires making the right decisions at the right time. Granted, not all of us were born into financial ease. I was lucky enough to have some supporting parents, who would take care of my cell phone bill, feed me home-cooked meals every day and pay me a tank of gas every now and then. I realize that not everyone is this lucky, but if you set your mind to something, you can achieve virtually anything. Putting a quarter or so of your paycheck away into a savings account every pay is a good place to start.

Doing this lead me to being able to purchase an $80,000 sports sedan; at the age of 20. Sure, I own my own business and I do some work occasionally for Strikebox and UFC, but I reckon anyone can open a savings account and instead of spending $200 on a night out at a nightclub, or on a new pair of shoe you're never going to wear, deposit the money into that account. It's not hard but it requires a lot of discipline and I believe discipline is the key to being able to afford anything and everything that you could possibly want in life.

Just my .02 cents.

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"The object of war is not to die for your country but to make the other bastard die for his."
-General George S. Patton Jr., 1885-1945

SiXK

Good for you, thats the way to do it. I did not have the type of parents to pay cell bills and feed me and give me gas once I was out of high school. Of course I did work, but part time jobs while going to college did not provide me with $200 nights at the club either. I guess I was more of the broke college student needing to pay rent and tuition instead of buying expensive shoes. Even having a job from the age of 15 to 20 would not have provided me with enough money to buy a $80K car at age 20 if I had saved every penny. I was in school and had a difficult major, thats time consuming. Come to think of it no one I knew had that kind of money either except for the rich kids. If it had I would have said screw the car and bought a house. good for you. You guys are better money makers as teens than I was. An $80K car at age 20, thats pretty good coin.

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Magnetic Black 2009 370Z / Pearl Yellow 1991 300ZXTT

Alexus

My thoughts exactly. Most people don't understand that putting away $100 a month instead of spending it on meaningless articles of clothing and whatnot eventually leads to big bucks when retirements come. I guess it's easier to save here in Canada because all of the money put into savings accounts is guaranteed by the government's bank charts. I understand that a lot of people have lost their life savings and investments when some U.S. banks went south, but it doesn't hurt buying a fireproof, bolted-down safe and putting a $100 bill in there every month.


There came this moment in my life where I was offered to take a risk and it paid off. It could have gone either way but I figured that I was young and that if all else failed, I could get a job in my domain again or take up a trade. While I'd rather keep this information personal and don't want to divulge specifics, I helped several friends open up major brand outlets in Montreal and in the Mont-Tremblant region north of there. With the money I made there, I purchased some car washes and have a 40% share in a fine automobiles used car dealership downtown. Soon enough, I plan on purchasing a franchise for a restaurant, but I simply can't afford it right now. I was very, very lucky and I wouldn't recommend that anyone takes such a risk. It's hard work but it has lead to me owning several businesses, in addition to helping others run theirs. Money is hard to make right now but I know that a few years from now it will be all worth the investment.

If you're talking about me, you're definitely wrong. I don't trade stocks, nor did I pay for my Z in cash.

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"The object of war is not to die for your country but to make the other bastard die for his."
-General George S. Patton Jr., 1885-1945

TX_370

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Robert_Nash

If a person simply saved $100/month starting at age 18 and never did anything more than that their entire life; they would still have over $3M by the time they were 65 years old. That's the power of compound interest; those who understand it have paid to them; those who don't pay it to someone else.

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Robert
-My Basset Hound Is Smarter Than Your Honor Student and Barack Obama -

GMZ

Sorry but I just cant let this fly, not saying not to save but compound interest with the monetary system we have now is an illusion.

Compound interest huh? How about compound inflation? Will that $3M buy what it could at retirement as it did when the person started saving? No way!!

47 yrs ago a dollar went a long way, now not so much. Why? Weve had inflation almost EVERY year since the damn 30's that why.

Theres a huge difference between nominal returns (on paper) and real returns (purchasing power after inflation). Can I get some real deflation please!

Spikuh

I haven't been following the economy well for the better part of '09 so please correct me if I am off the mark, but the US may actually be seeing some deflation right now. If the fed's have the interest rate at the 0% mark, its entirely possible.

hellogoodbye

thank you for actually answering my ?
and ya thats what im planning on doing now ordered my catback 2day actually. i have a shop calling me when they have an accessport with maps. and maybe getting hi flow cats in the near future

GMZ

I might start a economy thread just because I watch it like a hawk, but to answer your question in fact CPI went negative for the first time since I believe 1950 recently. However, and depending on who you talk to a negative CPI does not always equal deflation.

ETA: deflation is good

Mike

well, my dad just passed away two weeks ago. He lied about his age and joined the navy at 17, retired after 22 years, then retired from the post office after 20 years there. Looking through his social security statements with your annual pay summary, the most he ever made in the Navy was 16000 per year (retired in 1980) and the most he ever made at the post office was 54000 in his last year there (retired 2001). He left an estate of just under 1 million because he believed in never paying for anything twice (financing), and paying yourself first. We never wanted for anything, nor were we short of money, just that saving from day one will get you extremely far in life.

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NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z
Porsche: 93 968 / 23 Macan GTS / 93 968

hellogoodbye

ya ive heard saving from day 1 does pay off, it takes some time but it does pay off. ive already began saving > cept for that 370z lol

Alexus

Placing that $100 a month in a minimum rate, variable rate savings account will more than enough cover the inflation, with is around 1.5-2% a year. What's your point?

__________________
"The object of war is not to die for your country but to make the other bastard die for his."
-General George S. Patton Jr., 1885-1945