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      02-05-2012, 10:28 PM   #45
Kwando
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This article has your answer. They put a M3 on a pedestal so bad you can't make this stuff up.

http://www.msnbc.msn.com/id/25352526.../#.Ty9Ig_kRA1I
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      02-05-2012, 10:40 PM   #46
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Quote:
Originally Posted by theaf1don View Post
I graduated college last year and am an engineer at a big SV tech company. I'm making 100k base salary but still can't afford an M3. Yet at the same time I see so many high school and college kids driving M3s around. What gives?

After taxes and 401(k), its around $3,500 per month in CA. Then lets say rent is like $1,500 for a mediocre place, closer to $2k for a decent place. Thats $1,500 left for all months expense. Don't see how an M3 fits anywhere.
Don't worry, build a nice nest egg and make sure you plan on staying at your job for the long haul before you have an 800-1000 car payment every month.
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      02-06-2012, 01:11 AM   #47
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It's better to have nice things when you're young than when you're old. Once you reach a certain age you don't really care for material possessions, so you might as well live it up now.
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      02-06-2012, 01:45 AM   #48
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Don't worry. Making 100K just graduating from college is very impressive in my book. Although I a not a engineer I will be done with my MBA this dec and will be happy to make half of what you are
It's just a car, decided what your priority is, if it's the M3 then buy if not save your money and buy one once they have deprecated.
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      02-06-2012, 04:57 AM   #49
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Quote:
Originally Posted by Kwando View Post
This article has your answer. They put a M3 on a pedestal so bad you can't make this stuff up.

http://www.msnbc.msn.com/id/25352526.../#.Ty9Ig_kRA1I
interesting
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      02-06-2012, 08:03 AM   #50
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lol @ OP

makes 100K salary right out of college. I wish I made that much after graduating. Who gives a %!@$#! if others drive M3s and you don't think you can afford one. Be glad you have a well paying job in this economy.
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      02-06-2012, 11:35 AM   #51
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      02-06-2012, 11:45 AM   #52
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Quote:
Originally Posted by mdyaman View Post
lol @ OP

makes 100K salary right out of college. I wish I made that much after graduating. Who gives a %!@$#! if others drive M3s and you don't think you can afford one. Be glad you have a well paying job in this economy.
x2 #firstworldproblems

A lot have wealthy parents that will put $20k+ down to reduce monthly payments.

I contribute the max my employer matches, usually 6-7%, not 10%.

There are lots of ways to reduce monthly expenses, but it takes effort. It's whether or not you're willing to sacrifice in some areas to afford something nice. It's all about priorities.
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      02-06-2012, 12:08 PM   #53
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I may be in the minority here but I think most college educated people could do a lot better than a 401k when it comes to retirement investments. Most company sponsored plans under perform IMO.
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      02-06-2012, 12:17 PM   #54
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Rich patents or a trust fund, or they live foolishly and sink all of their money into their car instead of a home, 401k, etc.
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      02-06-2012, 12:18 PM   #55
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Quote:
Originally Posted by Pcemkr View Post
x2 #firstworldproblems

A lot have wealthy parents that will put $20k+ down to reduce monthly payments.

I contribute the max my employer matches, usually 6-7%, not 10%.

There are lots of ways to reduce monthly expenses, but it takes effort. It's whether or not you're willing to sacrifice in some areas to afford something nice. It's all about priorities.
yeah..haha

Not saying that this is the OP, or anyone on here, but I don't know where this expectation of having to drive a M3 or BMW comes from. Status symbol - congrats you made it? Peer pressure? All my friends have one? My question is of those people that you see/know have them, who is living, and not living in their means? I don't have to have a M5, but do b/c i have the means to do so and enjoy BMW cars. If not, my priorities would be different. Not saying everyone has this, but I can't help but think there is a sense of entitlement for nothing attitude amongst a few in American society, living beyond their means, etc. I see it all the time, young adults putting all their money into their cars, including mods, but can't live in a decent place, have roommates, can't eat out (ramen noodles...lol). Then the whole "live once, only young once" argument I think is silly. Yeah, you only live once, and are only young once, so don't F it up by being broke w/ nothing for the future. To me, its more important that my family is taken care of, to have financial security, a well paying job that I enjoy doing (heck a job for that matter), and a place that I call home that I own. Everything else is secondary.

Flame suit on

Last edited by MDyDinanM; 02-06-2012 at 12:39 PM.
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      02-06-2012, 12:27 PM   #56
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lol @ OP

makes 100K salary right out of college. I wish I made that much after graduating. Who gives a %!@$#! if others drive M3s and you don't think you can afford one. Be glad you have a well paying job in this economy.
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      02-06-2012, 12:42 PM   #57
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I'd say that can afford it bc they're apart of the 70% of kids on this forum who are spoiled by mom and dad and when it comes time to be independent and on their own, they will be screwed.

The truth by,
Jerry g.
Jerry G - would that be a good thing or a bad thing?



Be careful....
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      02-06-2012, 12:45 PM   #58
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I may be in the minority here but I think most college educated people could do a lot better than a 401k when it comes to retirement investments. Most company sponsored plans under perform IMO.
you have to consider the fact that the company will match, dollar for dollar, everything up to 6% of your pay....that equals a good return for me regardless of what the actual fund performance is
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      02-06-2012, 01:05 PM   #59
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you have to consider the fact that the company will match, dollar for dollar, everything up to 6% of your pay....that equals a good return for me regardless of what the actual fund performance is
That's true, but a company who matches 401k pay to a certain percentage is rolling that into their offer, i.e - using it as part of their determination of what your compensation should be when they offer the job. So the actual nominal return IMO is up for debate.

I just haven't seen the performance from 401k plans (doesn't mean there isn't a fund out there that does perform very well).
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      02-06-2012, 01:07 PM   #60
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      02-06-2012, 01:11 PM   #61
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used M3s are cheap
true, but out of warranty maintenance, parts, repairs? Unless you are a DIY guy....
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      02-06-2012, 02:57 PM   #62
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Pretty much sums it up. I however try not and judge people based on the things they own since I don't know their circumstances. I bought my NSX when I was 21, and was/still do look young for my age, so obviously received the similar "your parents buy that for you" treatment. Which was not the case.

Was a dream car of mine and when one came available locally my wife and I looked at our finances and was within our means to own it. Something that people in my generation and those younger don't understand. Living within your means goes a long way.
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      02-06-2012, 02:59 PM   #63
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You married at 21? I'm sorry.
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      02-06-2012, 03:55 PM   #64
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Keep putting the max in your 401k. If you want an M3, wait 3-4 years. If your 401k allows for loans, take a loan out to pay for your M3. You will be paying the interest to yourself instead of a lender. Not the best move to take a loan from your 401k, but its a better option than not contributing to your 401k to pay for an M3.
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      02-06-2012, 04:41 PM   #65
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Quote:
Originally Posted by MediaArtist View Post
That's true, but a company who matches 401k pay to a certain percentage is rolling that into their offer, i.e - using it as part of their determination of what your compensation should be when they offer the job. So the actual nominal return IMO is up for debate.

I just haven't seen the performance from 401k plans (doesn't mean there isn't a fund out there that does perform very well).
You do realize that if you put lets say 1k into your 401(k), thats pretax money. If you were to put into a regular trade account, you would have to pay tax first, so you would only have like $650-$750 dollars to invest instead of $1000. My 401k is also amazing. Has some of the best funds in it.
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      02-06-2012, 05:10 PM   #66
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You do realize that if you put lets say 1k into your 401(k), thats pretax money. If you were to put into a regular trade account, you would have to pay tax first, so you would only have like $650-$750 dollars to invest instead of $1000. My 401k is also amazing. Has some of the best funds in it.
Pre-tax or not, if the fund doesn't perform, your investment into the fund isn't worth it.

I've never seen a fund (from the Vanguards to the Fidelitys) that has performed very well in the past 10 years. Automatic contributions, and company matching often mask poor performance as well.
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