If you have 70k in the bank, you should have been able to buy your baby with straight cash, dave chappelle style.

4/19/2009 3:05:15 PM

Quote :

" You stupid hooker, I have seventy fucking thousand dollars in the bank in cash. I can afford whatever I damn well please."

Wow, did I hit a nerve?

I don't doubt you have all that money in the bank. You've been overseas, with little to no expenses (except for that nagging child support), so I'm sure you've saved up a bundle. But one doesn't need seventy fucking thousand dollars in the bank to be considered a worthwhile human being. If we can pay our bills, set aside some cash for the future, and otherwise generally enjoy our life, then there are no problems. And I don't appreciate someone such as yourself telling me every chance you get that I'm making such horrible decisions with my money. Because you will never know our financial situation, our debts, our assets...and you can never make any kind of educated guess as to what is best for us without that knowledge. So basically all you're doing with every single post is spouting a bunch of financial hot air in my direction. You are not a financial advisor, and you're in no position to judge what's best for our bank accounts. So find someone else to spout to - I'm gonna go drive my new car.

4/19/2009 3:11:10 PM

Quote :

"You stupid hooker, I have seventy fucking thousand dollars in the bank in cash. I can afford whatever I damn well please, and pay for it with a stack of hundred-dollar bills instead of going grovelling to some lender to borrow money on his terms and be a slave to the grind. Furthermore, I'm a Captain in the USMC, fly a $60 million dollar attack jet, have a TOP SECRET/Secure Compartmentalized Information security clearance. I have a degree in mechanical engineering. Take your dick-wagging back to the bush league. I have offered you good, solid, although unsolicited advice, and tried to do it in a polite though direct manner. If you are determined to do dumb things, have at it--it makes no difference to me. Maybe someone else will learn something from the things I've said. and to everyone else, I apologize--there isn't anyway to make this point without coming across as a cocky asshole."

And now I'll reply to everything that you edited with.

Do we need to have a pissing contest between our respective careers and subsequent salaries?

The fact that you even need to make this point makes you a cocky asshole.

4/19/2009 3:14:05 PM

do you really have $70k in the bank? why aren't you making money with your money? areyou being facetious?

4/19/2009 3:14:55 PM

oh no he didnt

4/19/2009 3:16:55 PM

^i'm sure he does. being overseas does wonders to a bank account. well, that and having a huge trust fund to fall back onto doesn't hurt.

4/19/2009 3:17:25 PM

yeah, having more than 6 months worth of cash just sitting around in the bank doesn't seem like a great investment strategy. Hopefully he's at least got it in CDs or something.

4/19/2009 3:18:34 PM

^^i'm not questioning the amount, i'm wondering why its sitting in a bank

[Edited on April 19, 2009 at 3:19 PM. Reason : i don't really care that much though]

4/19/2009 3:18:53 PM

Probably half of that was due to deploying with no expenses. $4k of it was a bonus. The rest was stock trading, flipping cars, and by far, mostly good, old-fashioned saving some money out of each paycheck.

but regardless, the advice I've offered stands regardless of your financial situation. I have no idea what yours is (other than you saying something like you were buying a brand new car, but couldn't even put a few grand down...that's pretty indicative of not being very responsible with money). Again, that's irrelevent--what I've said holds true whether you make $30k/year or $300k/year.

The proof is in the pudding, ma'am. You aren't obligated to listen, of course, but I think I can more than back up that I know what I'm talking about. I've posted most of what I've said regarding you not in any hope that you might glean anything from it, but for the benefit of anyone else who might want to learn a little something.

4/19/2009 3:20:19 PM

^^cuz he doesn't have a box big enough to hold all the cash and fit under his bed?

^i had $4k to put down, which was my yearly bonus from march. i fully intended on using it. however, i was told i didn't need a down payment, and since i was financing at 3.9% i decided it was a better move to take that $4k and payoff the only credit card i've got - since that CC is at 10%. so, i financed the whole thing and saved my cash for the credit card. surely you can agree that this was a good move? i mean, that's straight up 5th grade math there.

[Edited on April 19, 2009 at 3:22 PM. Reason : .]

4/19/2009 3:20:48 PM

Quote :

"having a huge trust fund to fall back onto doesn't hurt"

I wish. My dad started an IRA for me in college with $1000 as a birthday present. No trust fund, here.

Quote :

"yeah, having more than 6 months worth of cash just sitting around in the bank doesn't seem like a great investment strategy. Hopefully he's at least got it in CDs or something. "

Oh, for sure, that would be retarded. It's all in a money market, earning 4.x%

It isn't the best investment strategy--if I really wanted every last bit of return I could get on it, I'd have it all invested in stocks. However, I already have a Roth IRA and a taxable brokerage account...I basically have a self-imposed cap on my investing. Otherwise, I'd feel bad about ever spending an unnecessary dollar. I set a financial goal (in terms of retirement), did the math on what it would take to reach it, and for the most part don't invest beyond what it will take to get there. Any other funds, I put into my money market account, and barring any dipping below a safe cash emergency fund, I view that as beer money (or car/boat/motorcycle/SCUBA/skiing/airplane/guitar/travel money). I just don't see any point in spending much of it right now, because I'm not gonna be pretty busy for the next couple of years.

Quote :

"since i was financing at 3.9% i decided it was a better move to take that $4k and payoff the only credit card i've got - since that CC is at 10%. so, i financed the whole thing and saved my cash for the credit card. surely you can agree that this was a good move? i mean, that's straight up 5th grade math there. "

Oh, absolutely. No brainer. Not even debateable.

What I'm saying, and it's a moot point now for you, of course, is that if you only had a $4k bonus to put down on a car, you need some cash savings in a bad, bad way. Buying a car brand new off the lot is not the smart move. Here me out--(as long as you want constructive dialogue, I'm not looking to be a dick). Also, keep in mind that I'm a car guy, big time. If there's anyone who understands wanting a new car, it's me (or maybe BigBlueRam ).

The first thing to do is to get out from under any high interest debt. 3.9% is fine. In fact, that is a case where financing is the SMART move (will expand in a minute). 10% on a credit card? Not fine. Could be worse, but that's definitely worth paying off immediately.

...so once you pay off the credit card and any other debt with significant interest (especially if it doesn't come with a tax advantage, like a mortgage payment, or probably some student loans), the next thing to do is set aside some cash savings. 3-6 months of living expenses (NOT income) is what almost all advisors preach. I say get up to 3 months, then start moving ahead with the next steps, but keep slowly accumulating this cash fund until you reach 6 months.

Once you get that emergency fund build, you won't have to carry a balance on your credit card if something pops up. That's very advantageous. Now you can start getting RIIIICH, bitch!

Next step: 401k (if your company offers a match). Contribute what is necessary to max out the match. After that, start a Roth IRA. Look to max it out, and at our age, I'd put it all in stocks (mutual and index funds, unless you really, really know what you're doing). Certainly at least 90%+ stocks.

At this point, you're in pretty decent shape. Better than the vast majority of the U.S. population. You can put more money into the 401k (beyond what will get matched) if it offers good options, of you can just put it in a taxable brokerage account.


Anyway, being that it's a 3.9%, financing for 60 months is a good call. It's the (A) buying a car brand new off the lot, and (B) spending that much, when you have no emergency fund and are carrying credit card balances that I think isn't wise.
[Edited on April 19, 2009 at 3:42 PM. Reason : asfd]

[Edited on April 19, 2009 at 3:55 PM. Reason : asfd]

4/19/2009 3:29:03 PM

[Edited on April 19, 2009 at 3:35 PM. Reason : nevermind i don't care]

4/19/2009 3:30:49 PM

fine then, i don't care either.

[Edited on April 19, 2009 at 3:37 PM. Reason : .]

4/19/2009 3:34:38 PM

Ok, anyway, back to the 3.9%...

If it's at interest that low, you might as well finance for a long, long time, even if you have the cash to pay if upfront. Put the money (either lump some if you have it, or the difference in what you'd be paying monthly versus a shorter term loan) in a CD or money market at 4.x% (maybe even ~5%, if you find a really good deal). Hell, even if you don't, inflation will be, on average, not far behind that 3.9%, so you'll effectively be paying almost negligable interest.

I know this is the Garage, and I also know that this isn't new information at all to some of you, but nobody ever really explained it to me, and it seems that a whole LOT of people are completely ignorant about personal finance. Since the subject came up, I have an interest in finance and like talking about it/explaining things to people who've never had the benefit of anyone doing so.

[Edited on April 19, 2009 at 4:02 PM. Reason : asfd]

4/19/2009 3:59:38 PM

link to some 5% money markets (hell 4% will do)

thanks,
april 19th 2009

4/19/2009 4:02:05 PM

yeah, you won't get 5% in a money market (i don't think, at least not over time). You might get it, or pretty close, with a CD. I haven't looked in a while.

[Edited on April 19, 2009 at 4:03 PM. Reason : 4%, at least over time, should be easy]

[Edited on April 19, 2009 at 4:04 PM. Reason : asfd]

4/19/2009 4:03:12 PM

I'll give you an easier target. I'm down from 5% to 4% to 3%.

You must be over a year isolated from any no risk MMA or CDs.

4/19/2009 4:05:13 PM

no, i'm talking long term averages, not what the going rate is at the moment.

4/19/2009 4:09:10 PM

Considering how shitty MMA and CD rates are now, "long term" is either something like 10-20 years with the assumption that rates will get back to being anywhere close to where they were or that jet of yours has found some way to reverse time.

[Edited on April 19, 2009 at 5:04 PM. Reason : .]

4/19/2009 5:03:36 PM

Have fun trying to get a CD over 2% right now.

4/19/2009 5:12:48 PM

^^

88MPH baby!

4/19/2009 5:21:13 PM

Right now is an all but unprecedented time. Even so, I'll bet you that over the 5-year life of that loan, money in an MMA will average something at least approaching 4%.

Generally speaking, averaging 4% over time in an MMA is easy. 5% on a CD is a good deal (like I said before), but it isn't impossible. Maybe right now it is, but that wasn't what I was getting at.

4/19/2009 5:37:59 PM

With statements like that, there's very much a reason this board is called "The Garage" and not "The Bank".

4/19/2009 5:51:34 PM

i pity the fool that cant calculate compounded interest

4/23/2009 7:48:12 PM

my baby is 7 days old today and i've yet to fill the gas tank, this is great

4/24/2009 10:17:21 AM

ibtl

4/24/2009 10:25:52 AM

ibtbh

4/26/2009 1:50:05 AM

Quote :

"ibtl"

why would someone lock this thread?

Quote :

"ibtbh"

wut??

4/26/2009 1:52:07 AM

in before the ban hammer

4/26/2009 1:52:40 AM

why do i need the ban hammer?

4/26/2009 1:56:55 AM

i just need a scapegoat

4/26/2009 2:06:55 AM

Quote :

"7"

Quote :

"days"

Quote :

"old"

4/26/2009 10:08:02 AM

i get my spoiler put on Tuesday

4/26/2009 10:37:46 AM

You should have bought a G8 GT like I did. It's freakin' awesome.

4/26/2009 10:53:46 AM

why would i do that? shit, why would you do that? GMC just canned Pontiac.

4/26/2009 10:54:36 AM

I got it on the cheap I bet the G8 sticks around and gets rebranded to another GM brand.

4/26/2009 10:59:34 AM

well good for you getting it cheap.

4/26/2009 11:03:07 AM

^^ lumina

4/28/2009 7:02:27 AM

getting my spoiler put on today!!!!

i think i'll take a picture of my super hottness and post it here

4/28/2009 11:12:39 AM

tried hard to find one without a gay ass spoiler for the gf

4/29/2009 1:29:00 PM

every car on the lot had no spoiler, so you must not have looked hard enough

4/29/2009 1:30:12 PM

^^^ I'll take a look at it.

4/29/2009 2:55:18 PM

i haven't taken a pic of my car yet cuz there's pollen all over it and it's not-so-hot right now.

but i will get her cleaned this weekend and then i'll take a picture and share with everyone

4/29/2009 3:53:29 PM

G8 GT>>>>>>>>>>>>>>>Accord V6.

The GT's V8 is to your V6 what your V6 is to that "lowly" I4.

[Edited on April 29, 2009 at 11:25 PM. Reason : actually moreso]

4/29/2009 11:23:04 PM

Yeah, but then you'd be driving a Pontiac.
POHN TYACK
It even sounds gross.

4/29/2009 11:27:39 PM

i don't see why anyone would want to buy a pontiac right now. good deal or not...who buys a car from a manufacturer who just got shut down?

4/29/2009 11:55:59 PM

Someone who actually gives a shit about how their car looks?

4/30/2009 12:38:21 AM

^^ Let me know where you get tint put on. I need to get some on my Accord V6 this summer.

4/30/2009 1:42:39 AM

dmidkiff can give you that info, he's the one who told me about the guy in Morrisville.

4/30/2009 8:04:36 AM

That g8 gt may be a good bargain but the car is pretty obnoxious looking. Just like every "hey look at me " Pontiac design.

I like the malibu. Why cant they just drop a big engine in it and leave out all the ricer garbage.

I would rather have an accord v6 than a g8 gt. At least you get more than 1/3 of your money back in 5 years.

4/30/2009 8:16:28 AM