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      04-04-2014, 11:43 AM   #67
ddk632
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Originally Posted by E92Atlanta View Post
Pardon me for posting any ideas or just personal curiosity an internet message board.

Of course I asked the M3/M4 question....who wouldn't like to drive one or own one at one point in their life? This is a BMW board.
You missed my point OP. I drive an X6M. I'll be the first to say buy what you want and drive what you want.

My point was that your actions and your statement were incongruent, that was all. I was just saying, own it. Own the fact that you do want to drive a BMW around and not an old POS. Sure, if you had to, you would. We all would do what we have to do if in a bind. But you're not in a bind.

You're 25 with a new family and just starting your career. You have the upside potential to do what you want in life, make more money, start a business, buy nicer cars, etc.

I don't tend to agree with the conservative argument for holding off one's enjoyment of life and living in some perpetual larva stage for the distant future.

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Originally Posted by E92Atlanta View Post
Obviously at age 25, owning that kind of car is way out of bounds for me and it isn't Inportant, but I was just curious what ppl do for a living who own them. I am honestly not trying to gauge if I can afford one. I love my Sportline 328i. I've seen some ppl post what they do for a living on here, so I was simply curious. That's all. A car that equates to my salary is even more dumb than what I am doing now!

Carry on. And I truly don't care what kind of car I drive. I had a 2003 Maxima in college that I loved and I would go back to with no problem. I bought the newer 3 series for the fun factor. Can I keep it? Yes. Should I keep it? Idk. Depends how I want to spend my money.
I disagree that age has anything to do with it. It's all a factor of one's entire situation that counts. If you can triple your income in a year then your entire outlook will change when you're 26.

Driving a 328i at age 25 isn't dumb. There is a factor beyond just crunching numbers that brings value to the table. It would be dumb if it meant your kid starves, but obviously that's not the case here, so as you say, it's up to you how to spend your money and I agree.

These threads always bring out the conservative people vs the do what you want people. There will always be someone who disapproves of someone else's decision to spend X dollars on a car or even a house because it's not what they would do. That's why I said it should be a fun thread at the beginning.
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      04-04-2014, 11:43 AM   #68
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Originally Posted by E92Atlanta View Post
Thank you for your reply.

I agree with you and this is exact what I feel like I am doing. I'm 25, and I know at age 30,I will look back at what I did now and see how dumb I was, and then do the same at age 35 compared to 30, etc.

But ultimately, yes I am owning up to the fact that I have a car that I personally probably can't afford, and I wanted to see who else could admit it or just slightly agree. It's fun to drive a BMW and get a few stares or head nods every now and then, but it stops there. I'm not an enthusiast like some ppl. No knock on them, I just don't have the time. The car puts a smile on my face, but as I get older, the more I want to provide more realistic things for my family such as a nice house.
OR.......... will you look back on this as the best part of your life? You never know.
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      04-04-2014, 12:00 PM   #69
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Either way OP, one thing that every one on this forum has to remember that tomorrow is not promised. We are all betting on the fact that we'll still be here XX amount of years to enjoy our shrewd investments, but some people's number come up sooner than expected. I say enjoy life in moderation.
"Moderation" is the key word here and is also how I tend to look at things. I really don't understand why these topics tend to have people preaching one extreme or the other. It seems the mentality is either, "f*ck it, YOLO" or "one must save every last penny for the future". The first option is reckless and the latter suggests putting off enjoying life until much later down the road.

To me, it is all about finding that happy medium of planning/saving for your future while also enjoying life here and now (within reason) because that future may not be guaranteed.
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      04-04-2014, 01:18 PM   #70
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Hey, i coined the term douchebaggery! You owe me my royalties, they'll help me afford my car.

Or was it bragadouchery.... i come up wit so many good ones it's hard to keep up.
I would just claim both and make people pay royalties either way.
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      04-04-2014, 02:15 PM   #71
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if i had a single income for my wife, kid (which i dont have) and myself of 55k after taxes i would live in a shitty apartment, drive a paid off car, and maybe just maybe be able to give the kid everything it wanted or needed. I can say if i had a kid i would def not have a 630 dollar payment at 70k salary, you should be at like 400 a mon...
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      04-04-2014, 02:38 PM   #72
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Originally Posted by Eat.Sleep.Race View Post
if i had a single income for my wife, kid (which i dont have) and myself of 55k after taxes i would live in a shitty apartment, drive a paid off car, and maybe just maybe be able to give the kid everything it wanted or needed. I can say if i had a kid i would def not have a 630 dollar payment at 70k salary, you should be at like 400 a mon...
Is it you Bill C ??

If so, what an honor to have you read this forum!!!


Edit: you are not BC, his is build, race, party! Lol
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      04-04-2014, 02:42 PM   #73
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If I can't afford a car, how did I get it?
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      04-04-2014, 03:09 PM   #74
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Originally Posted by E90-F30 View Post
Why does everyone always say you need the house before the car?

In my opinion, a house is one of the worst investments a person can make.

It's not an asset, it's a liability. Especially that after taxes, and interest, if you do a 30YR mortgage you've paid almost double that your home is worth.

Does that make financial sense?

Unless you have the ability to save 20% and opt for a 10-15 year mortgage and pay the extra per month do I see a house worth it. Even though your still in the hole compared to the price you paid for it.

If I were you, I'd sell the car, kill the mortgage on the condo and then rent it out, using the income to pay for your 3 series.

*while also saving 20% for a home you can afford, $150-$165K*
Seriously? I don't know if you really believe this or are just looking to stir things up.

Let's look at the basics here. You have to live some where. So there is a concept of having to pay for your living quarters whether it be in the form of rent or a mortgage. I guess this wouldn't apply if you live with mommy and daddy. But many people can't count on living rent free with mommy and daddy. So let's look at paying rent. You're paying someone else's mortgage payment but don't have any equity to show for it. So now when you look at a rent payment it's a 100% net loss.

Now let's look at owning a home and a mortgage payment. Yes, there is interest and property taxes. But guess what? You can write these off on your taxes. Can you with a rent payment? No. Now let's look at the actual property. In many circumstances more often than not, that property is going to increase in value (and we're ruling out the bubble market periods). Will you share in the value increase in your rental? No. Your landlord sure will. Also, if you do things right with structuring a mortgage which makes financial sense, that payment will stay static for the term of the loan with the only variable being property taxes. But guess what, rent can and does increase on a yearly basis after you're out of your current lease agreement.

And finally, there is no investment out there which you can reap the capital gains tax free like an owned primary residence. You get a pass on $250k of capital gains if you're single and $500k of capital gains if you're married.

Comparing buying a home with buying a car is just plain stupid.

Last edited by zx10guy; 04-04-2014 at 04:23 PM.
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      04-04-2014, 03:10 PM   #75
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If I can't afford a car, how did I get it?
Well did someone give it to you?
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      04-04-2014, 04:18 PM   #76
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Originally Posted by E90-F30 View Post
Why does everyone always say you need the house before the car?

In my opinion, a house is one of the worst investments a person can make.
It's not an asset, it's a liability. Especially that after taxes, and interest, if you do a 30YR mortgage you've paid almost double that your home is worth.

Does that make financial sense?

Unless you have the ability to save 20% and opt for a 10-15 year mortgage and pay the extra per month do I see a house worth it. Even though your still in the hole compared to the price you paid for it.

If I were you, I'd sell the car, kill the mortgage on the condo and then rent it out, using the income to pay for your 3 series.

*while also saving 20% for a home you can afford, $150-$165K*
Have you ever ran a lease vs. own analysis? Assuming home prices just stay flat and don't go down, after taking into account the tax advantages, it is much cheaper to own than rent. I fail to see how this means a home is a poor investment unless your plan is to be homeless in order to limit the "liabilities" on your "balance sheet?"

In the market we have had in southern california for the past 2 years home prices have increased at a greater pace than total occupancy costs over the same time period. This means your house is paying for itself if not making money.

Your statement about paying the original homes value in interest over 30 years is irrelevant. Are you saying it would somehow be better to pay all cash for a house? Not if you can invest that money elsewhere and earn a greater return than the record low interest you will be paying on your mortgage.

What if you get an interest only mortgage? You will pay infinite interest before you pay off the loan.
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      04-04-2014, 04:23 PM   #77
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^ this...don't forget to factor in the tax breaks for owning a home.
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      04-04-2014, 04:31 PM   #78
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Well did someone give it to you?
Someone is just going to give me a car!? Where is this magical place? What is it called? Is that what they call Narnia? If they're just giving it to me, I'm assuming it's paid off already.
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      04-04-2014, 04:32 PM   #79
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Someone is just going to give me a car!? Where is this magical place? What is it called? Is that what they call Narnia?
Its called Newport Beach but I think it may involve you doing some "favors" for the person giving you the car.
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      04-04-2014, 04:38 PM   #80
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Originally Posted by E90-F30 View Post
Why does everyone always say you need the house before the car?

In my opinion, a house is one of the worst investments a person can make.

It's not an asset, it's a liability. Especially that after taxes, and interest, if you do a 30YR mortgage you've paid almost double that your home is worth.

Does that make financial sense?

Unless you have the ability to save 20% and opt for a 10-15 year mortgage and pay the extra per month do I see a house worth it. Even though your still in the hole compared to the price you paid for it.

If I were you, I'd sell the car, kill the mortgage on the condo and then rent it out, using the income to pay for your 3 series.

*while also saving 20% for a home you can afford, $150-$165K*

Did you get a degree in stupid? How many years of study does it take? 1 month? I wasted all that time studying business and investments, what a waste. You can't give an opinion on something that is a fact. Homes are one of THE BEST investments you can make. The American economy depends on real estate. It'll never fully crash. Have you even studied business? Please, explain why a house is not an asset. Unless you live in your car, that's a different story.
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      04-04-2014, 04:42 PM   #81
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I can tell you that I'd have to kill myself if I only made $55K a year...
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      04-04-2014, 04:53 PM   #82
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I make wayyy less than OP and my payment is 330 a month and i still contribute 6% of my check to 401k. Its all about budget
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      04-04-2014, 04:56 PM   #83
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Its called Newport Beach but I think it may involve you doing some "favors" for the person giving you the car.
lol or just getting knocked up.



I dont pay for my car, or the insurance, or the gas. He does.
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      04-04-2014, 05:01 PM   #84
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I can tell you that I'd have to kill myself if I only made $55K a year...
There are few things worse in this world than having to live on $55k. Except maybe having to drive a Dodge... I would rather be eaten alive by rats.
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      04-04-2014, 05:07 PM   #85
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I can tell you that I'd have to kill myself if I only made $55K a year...
Please enlighten me and share what you made or are making at age 25 or under.
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      04-04-2014, 05:09 PM   #86
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Mistake #1: Having a kid at 22.
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      04-04-2014, 05:10 PM   #87
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I can tell you that I'd have to kill myself if I only made $55K a year...
Sure, Mr. Baller.

Cool Challenger.
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      04-04-2014, 05:14 PM   #88
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I can tell you that I'd have to kill myself if I only made $55K a year...
Bit uncalled for. FYI OP makes $70k before taxes.
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