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Keep it well maintained and drive it till it falls apart or IT needs a new tranny or motor.
Bank the payment, so when it does bite the dust, you can buy new or newer for cash or at least buy that new tranny or motor.
I live in upstate N.Y., heart of snow and salted roads. I drive a 12,year old minivan. True, it has cost me a few pennies lately with rusted out or worn out parts, but it's still cheaper than a $400/payment +/- on something new or newer for 4 or 5 years.
The last minivan we traded in was 16 years old. Mechanically sound due to maintenance, but a rust bucket, still passing inspection when it was traded. We,were almost sorry to see it go.
So keep thst in mind regarding vehicles.
Good luck!
Sounds great galaxyhi! Bet you do get a lot of snow there. I've paid off vehicles before and LOVED not having to make a car payment! Good idea to save the money from the payment after it's paid off toward future maintenance or cash for less expensive replacement. I've had some older vehicles I've really enjoyed!
I just want to say to the OP - I admire you for your tenacity and desire to pay off your loans rather than dump them on someone else or claim bankruptcy.
45 is NOT to old to start.
Difference circumstances but my spouse and I didn't start until age 45 either.
I will retire in the next 2 months - I will be 65 and my husband will be 62 - with enough money to duplicate the income I secured during full employment.
???? what? I'm 57 and many of my coworkers are in our 50's and 60's. where do you get that from?
Its everywhere and I have heard from many workers that encountered this problem. Just because your company didn't let you go at 57 doesn't mean you will get to retire with them at 65. Nothing is guaranteed in life or work. Best to save when your young and out of college. That way you have FU money when your still productive in your 40's and will give you more flexibility with work instead of having to play the catch up retirement game. I am 43 now and kinda have FU money now so I don't care if I get laid off or not. I can sleep better at night not having to worry about retirement due to me saving when I was young.
I just want to say to the OP - I admire you for your tenacity and desire to pay off your loans rather than dump them on someone else or claim bankruptcy.
45 is NOT to old to start.
Difference circumstances but my spouse and I didn't start until age 45 either.
I will retire in the next 2 months - I will be 65 and my husband will be 62 - with enough money to duplicate the income I secured during full employment.
It can be done.
It all depends on what your income was. If it was making $10 a hour at walmart and your comfortable with that lifestyle in retirement then that's great. What if OP was making $250k a year and in retirement wanted the same income? It all depends on each person's needs and wants. 45 is way too late to start. I always say start right after college at 22 and you will be set for life when you hit your 40's.
At times I feel burned out already. Overall I enjoy my work and hopefully am able to help some people, but man is it ever stressful! Some days are better than others and lessen the burnout some. I'm not sure that I'll stay in this particular position for the next 20 years. Thankfully there is some flexibility in my career, so if necessary I can see what other good opportunities would be available. I'm not a job hopper though and I like my coworkers, and I definitely do not jump into any hasty decisions, so I don't know that I would make a change. I am serious though about doing everything as well as I can and meeting goals. Maybe it would help with burnout to take a little break now and then if possible.
Yeah, well that's the thing. Despite your best efforts, fast forward 5 or 10 years later, and you could be burned out or booted out of good paying employment. I hope that doesn't happen to you, but it's quite common. There's typically no quick or easy way out of a tough situation. Saving as much as you can will help a lot, though.
Its everywhere and I have heard from many workers that encountered this problem. Just because your company didn't let you go at 57 doesn't mean you will get to retire with them at 65. Nothing is guaranteed in life or work. Best to save when your young and out of college. That way you have FU money when your still productive in your 40's and will give you more flexibility with work instead of having to play the catch up retirement game. I am 43 now and kinda have FU money now so I don't care if I get laid off or not. I can sleep better at night not having to worry about retirement due to me saving when I was young.
Yes, exactly. I can't tell you how many friends and acquaintances I know who've hit a wall with employment in their 50s.
I'm 48 and in a similar position as you, and have been for the last few years. I'm not saying it wouldn't hurt if I lost my job, but it would not be the end of the world, either. Every additional year I work just gives me more flexibility, options, and financial security. If I'd been more focused in my 20s, I would be completely financially independent by now.
Yes, exactly. I can't tell you how many friends and acquaintances I know who've hit a wall with employment in their 50s.
I'm 48 and in a similar position as you, and have been for the last few years. I'm not saying it wouldn't hurt if I lost my job, but it would not be the end of the world, either. Every additional year I work just gives me more flexibility, options, and financial security. If I'd been more focused in my 20s, I would be completely financially independent by now.
I was very focused in my 20's on girls not finances
OP, most Americans don't even have anything close to what you have saved (instead sadly hoping for social security to save them) so don't feel anxious or discouraged.
As soon as you pay off all debt, you'll be able to save money like nothing and makeup for lost ground.
Just remember, the average American hardly has anything saved. You're way ahead of them and keep up the good work.
Yes, exactly. I can't tell you how many friends and acquaintances I know who've hit a wall with employment in their 50s.
I'm 48 and in a similar position as you, and have been for the last few years. I'm not saying it wouldn't hurt if I lost my job, but it would not be the end of the world, either. Every additional year I work just gives me more flexibility, options, and financial security. If I'd been more focused in my 20s, I would be completely financially independent by now.
Yeah it's very hard to convince my peers that saving should of started when you get your first job right out of college instead of going out and having fun. The problem with a lot of people is that they all want instant gratification. Don't kid yourselves that starting to save for your retirement in your mid 40's is fine. It's not! There are so many things that can happen to derail your retirement at that point in life. I can't stress that enough.
It all depends on what your income was. If it was making $10 a hour at walmart and your comfortable with that lifestyle in retirement then that's great. What if OP was making $250k a year and in retirement wanted the same income? It all depends on each person's needs and wants. 45 is way too late to start. I always say start right after college at 22 and you will be set for life when you hit your 40's.
Actually, there are a good number of people on here who'd say that your age of 22 is way too late - start when you're 12 at that first babysitting, petsitting, mowing job!
Of course it is "too late to start" with THAT frame of mind - and it is too late NOT to start! OP can still do a lot - she's already done a lot and can continue in high gear so things will at least be easier when she does retire. There is absolutely no reason for her to give up and every reason to go full speed ahead - as long as her expectations are realistic.
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