Justin
I am 32 years old and I here is my run down... kinda a sat situation but can only blame myself cause I was stubborn.
I helped my parents and siblings out for most of my working career and pretty much got nothing in the deal and to sum it up, my parents are in their mid 60's and will never climb out of their debt, same for my siblings. I was stubborn the many years I helped them out and put myself into a jam throughout. I promised myself, and them, that I am no longer going to help them out financially wise, and will only help when it does not involve monetary things.
So here is my situation... not that its bad but I feel like I should be so further around. I am single but definitely looking and want marriage and kids and the rest one day soon when I find the right person.
I am 32 and make 63k a year as an IT administrator. That is good salary for me for not having a college degree etc.. but have worked at my place for 7 years now and going strong.
I have a car payment of 7300 left - I bought a 2010 car 2 years ago.
I have zero credit cards, and owe zero debt besides that. Only thing I owe is my car and rent and bills which go to about 1200/month and that includes cell phone, food, rent etc... and my car payment of 375/month so about 1600-1700 total after everything. I bring in about 3300/month clear.
I am assuming that being 32 and no debt is really good at least right? Its all I got positive to look at :-)
Also with my total income and expenses, and I still comfortable and able to live a somewhat comfortable life at this point? Just need some guidance please. Thank you!
Answer
A. Get out of debt, don't take on more debt.
B. Save money by cutting down on excess (do you really need that cellphone plan, cable, new sunglasses etc... Also, do you really need to be eating out?)
C. Invest in yourself. I cannot stress this enough, anything to better yourself, network, and improve your financial situation (I doubt you'll find many millionaires with stale personalities). You have to hang out people you aspire to be like, not losers. And if you're asked for help, maybe you'll get a chance to ask for advice.
D. Educate yourself on investing. Seriously. If you started ten years ago, you would be a millionaire by now. Set aside 25 percent (or more) of your salary per month. As for the stocks to invest in, you're going to just have to figure that out yourself.
Are your parents and siblings distasteful people? If so, I urge you to distance yourself from them. More than likely, they are using you--draining your bank account and your emotional energy.
Where is your money really going? Subscriptions, car payment, tv, electric, eating out, movies, entertainment?
I suggest you get on a budget. You need to take care of what's important and ask yourself if those two meals/wk outside the home are worth 10x potential earnings.
Buck up. Game's not over yet.
A. Get out of debt, don't take on more debt.
B. Save money by cutting down on excess (do you really need that cellphone plan, cable, new sunglasses etc... Also, do you really need to be eating out?)
C. Invest in yourself. I cannot stress this enough, anything to better yourself, network, and improve your financial situation (I doubt you'll find many millionaires with stale personalities). You have to hang out people you aspire to be like, not losers. And if you're asked for help, maybe you'll get a chance to ask for advice.
D. Educate yourself on investing. Seriously. If you started ten years ago, you would be a millionaire by now. Set aside 25 percent (or more) of your salary per month. As for the stocks to invest in, you're going to just have to figure that out yourself.
Are your parents and siblings distasteful people? If so, I urge you to distance yourself from them. More than likely, they are using you--draining your bank account and your emotional energy.
Where is your money really going? Subscriptions, car payment, tv, electric, eating out, movies, entertainment?
I suggest you get on a budget. You need to take care of what's important and ask yourself if those two meals/wk outside the home are worth 10x potential earnings.
Buck up. Game's not over yet.
What kind of car should I get?
ScorpioChi
So, my parents are getting me a car. With that being said, I do work and I will be paying the car payments including for gas and car mechanical failures. I am 16 and this is NOT my first car. Yes, my parents don't mind spending money, etc. on me obviously and I was just wondering from your opinion - what kind of car I should get or what do you think is better.
*NO NEGATIVE COMMENTS ABOUT HOW YOU SAY RICH KID AND PARENTS WHO WILL DO ANYTHING FOR THEIR KID, ETC. THAT'S VERY RUDE!* (Yes, I said it in all caps haha!)
I was looking at these cars:
2012 Chevy Volt
2012 Hyundai Tucson
2012 Hyundai Sonata
2012 Cadillac SRX
2012 BMW X6M
2012 Porsche Cayenne
2012 Porsche Panamera
2011 BMW M3
2012 Mercedes Benz CLS 63 AMG
2012 Lexus IS F
MY OPINION:
I have close enough in money to afford a Porsche Panamera & Porsche Cayenne because I have been modeling and acting and I have been saving up with that money since I was 10 when I started. I still do modeling and acting but, little of it now since booking have been slow so I got myself a job at a local restaurant and at a lawyers office. I am home schooled so I have enough time to work, etc.
HERE'S WHERE YOU COME IN:
For value and performance overall, especially for a car that I would like to keep for years from now, what car should I get?
I KNOW: You are going to say also, what is she doing driving a high performance, luxury or everyday car if she doesn't even know how to drive and she is just 16. In my state, the driving age is 14. I have never been involved in a car accident, never caused one and have never gotten any points taken off my license. I know how distracting it is to have friends in the car as my friend has died from that fatal accident but, I honestly don't drive with friends in the car. I only drive with family members in the car or on my own. No music. Just listening to that good old sound of car horns and the environment. (:
From your point of view, like I said, which is better? Please no negativity. Just answers. I know someone is going to put something negative on this post but, I did ask for an answer. I did not however ask for a mean one.
I hope you reply with what you think! Thanks! (:
*p.s. I know that I will have to go to driving school if I wanted to drive a high performance vehicle to know how to control the car, etc.* #JustSaying. (:
@mechanic_girl_C: Thanks for responding! (: I'll keep the Hyundai's in mind. ^_^
@iwastypingthat: Yes. No music seriously. (: Thanks for responding also! ^_^ I'll keep what you mentioned in mind about resale and safety with those cars.
@Raff: Thanks for responding! (: Ouch! That's off of my list for good. Haha yes, I do actually. ^_^
@apeweek: I've read through the information given on the volt and yes, it's reliable & very safe, etc. but I have come to the conclusion to just leave the volt off of my list. I did go down to test drive the Volt today and it's not really for me. It's safe, has the features but it also balls down to how much room is in the vehicle. It's great for someone who wants something small but I like to have a more space. (:
@GM Customer Svc: Thanks for the information on the SRX. (:
Answer
You should get a Chevy Volt. I'm sure this will make many readers scream, but hear me out. There is independent support for this position.
*
Consumers Reports has the Volt as one of their "recommended" cars. In fact the Volt is the ONLY recommended American car in the small car category. See link:
*
http://www.consumerreports.org/cro/cars/types/new-models-by-category.htm
*
The Volt in fact came in first place - beating every other car Consumer Reports tracks - in their Buyer Satisfaction survey. See link:
*
http://reviews.cnet.com/8301-13746_7-57334967-48/chevy-volt-scores-highest-satisfaction-rating-in-consumer-reports-survey/7
*
It also aced their first year reliability rankings. Note that Consumer Reports did not initially like the Volt - they trashed it in an article after the car first came out. But after testing it for a few months, they radically changed their opinion. This is the key - test drive one and see for yourself.
*
Volt got top 5-star scores in safety testing from both NHTSA and the Insurance Institute - see link (yes, recent "Volt fire" stories are sheer nonsense):
*
http://green.autoblog.com/2011/06/03/chevy-volt-earns-five-star-nhtsa-crash-rating-w-videos/
And
http://content.usatoday.com/communities/driveon/post/2011/04/chevy-voly-nissan-leaf-crash-test-iihs-top-safety-pick/1
*
The Volt's little secret is that this is a wickedly fun-to-drive car, great acceleration, full of technological gadgets, and it attracts a lot of attention. Driving past gas stations is fun, too.
*
Plus - it's not even as expensive as most people assume. Depending on your driving pattern - and taking into account that electricity is much cheaper than gasoline - the total cost of ownership could even be cheaper than a comparable car. Below is a spreadsheet where you can input your own driving needs and see what kind of car is cheapest to drive:
*
http://www.squidoo.com/a-free-calculator-for-economy-hybrid-and-electric-cars
*
Yes, I own one. It's the best car I have ever owned. If you go with a Volt, be prepared for arguments with everybody. Do your research so you can answer your critics. This is a great car, the car of the future.
You should get a Chevy Volt. I'm sure this will make many readers scream, but hear me out. There is independent support for this position.
*
Consumers Reports has the Volt as one of their "recommended" cars. In fact the Volt is the ONLY recommended American car in the small car category. See link:
*
http://www.consumerreports.org/cro/cars/types/new-models-by-category.htm
*
The Volt in fact came in first place - beating every other car Consumer Reports tracks - in their Buyer Satisfaction survey. See link:
*
http://reviews.cnet.com/8301-13746_7-57334967-48/chevy-volt-scores-highest-satisfaction-rating-in-consumer-reports-survey/7
*
It also aced their first year reliability rankings. Note that Consumer Reports did not initially like the Volt - they trashed it in an article after the car first came out. But after testing it for a few months, they radically changed their opinion. This is the key - test drive one and see for yourself.
*
Volt got top 5-star scores in safety testing from both NHTSA and the Insurance Institute - see link (yes, recent "Volt fire" stories are sheer nonsense):
*
http://green.autoblog.com/2011/06/03/chevy-volt-earns-five-star-nhtsa-crash-rating-w-videos/
And
http://content.usatoday.com/communities/driveon/post/2011/04/chevy-voly-nissan-leaf-crash-test-iihs-top-safety-pick/1
*
The Volt's little secret is that this is a wickedly fun-to-drive car, great acceleration, full of technological gadgets, and it attracts a lot of attention. Driving past gas stations is fun, too.
*
Plus - it's not even as expensive as most people assume. Depending on your driving pattern - and taking into account that electricity is much cheaper than gasoline - the total cost of ownership could even be cheaper than a comparable car. Below is a spreadsheet where you can input your own driving needs and see what kind of car is cheapest to drive:
*
http://www.squidoo.com/a-free-calculator-for-economy-hybrid-and-electric-cars
*
Yes, I own one. It's the best car I have ever owned. If you go with a Volt, be prepared for arguments with everybody. Do your research so you can answer your critics. This is a great car, the car of the future.
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Title Post: 32 year old with financial question?
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