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Yeah, we're buying a 2010 that used to be a rental. It has 20K miles on it, which is high for only being a year old, but it should even out over time. We wanted something new (neither of us have ever owned a new car), but payments of $500+? No thank you.
This was the very first time I have purchased a used car for myself. Frankly, I prefer the security of a new car warranty. But I drive my cars until they drop, so I get my money out of them. I despise having a car payment though...and the prices were just too high for me this year. So I went used.
My portfolio (which i pulled out due to many indicators of a recessions tarting) has this year gained about 50 percent. So yes you can grow your money.
S&P 500 is still not where it even WAS when I, fortunately, sold in the fall of 2007, so in a way I'm growing money, aka at least not losing it. I still have my old portfolio online on morningstar. The only fund that's made any money is a consumer staples fund - looks like people still manage to eat... or at least some of them!
I don't know if I'll ever dare enter this rigged "market" again. Should've bought at least CD's when they were at 5+%.
Oh I'm not advocating that anyone "live by credit". Quite the contrary in fact. I'm simply saying that using credit judiciously helps you achieve some things that you could not, otherwise. (Whether or not you want those things, well that's entirely up to each individual, of course.) But again, terminology might be a factor here. I have a mortgage on my house. And in a few more years, I'll own it. Free and clear. If that is "living by credit", then I'll take it.
Yes, that was a poor choice of words on my part - my apologies.
I think personal philosophy and experiences have flavored my dislike of credit. I've "owned" a couple of houses - they ended up either "owning" me or were given away (think: end of marriage). I've "owned" dozens of cars, some of which were purchased on credit; I thoroughly enjoyed the ones I paid cash for, but grew resentful when a car that I was paying a $600/mn note on was breaking down constantly - yes, perhaps it was a poor choice of vehicle on my part, but having to pay for both repairs AND the on-going note was just frustrating.
I paid my own way through eight years of college and professional education, without taking any student loans; I watched as my fellow students were ground under the juggernaut of recurring loan payments for a good portion of their lives afterward.
I was also in a situation where I assumed, by mutual agreement, the responsibility of paying off a dozen or so maxed-out cards wielded by a shopaholic. There was a bad taste in my mouth after THAT little episode - not that I didn't know what I was getting into, but that my dealings with the blood-suckers behind the plastic were just too awful for words.
Last edited by SifuPhil; 11-30-2010 at 07:27 AM..
Reason: Grammar + OCD
This was the very first time I have purchased a used car for myself. Frankly, I prefer the security of a new car warranty. But I drive my cars until they drop, so I get my money out of them. I despise having a car payment though...and the prices were just too high for me this year. So I went used.
That's the best thing to do really. My last car, a 2003 Acura RSX died with exactly 333,333 miles on it lol. After it died, I got a 2008 Mazda3 in Jan. of 2008. I don't have a 200-mile round trip daily work commute anymore, so this car should last me longer than 5 years.
As for savings, I have none at 34, but divorce will do that to you. I'm not sure if I can really build my savings again only making $18 an hour.
Just when I think everyone my age owns 2 homes and has 3 kids each and I am lagging far, far behind, I meet someone who is 30+ with absolutely NO savings.
My workmate’s good friend is 39, renting a small flat, and has no savings whatsoever. She seems very happy.
When I met my boyfriend he was 38 and had JUST started saving.
Is this a rare thing, or are there quite a few people out there who have no savings?
I'd say MOST middle class people in their 30s have very little in savings...unless you're rich, if you have a family with kids, its almost impossible to have any significant amount in savings. Just as I build up my savings a little bit, something always comes up, whether it be with the car, house, kids, etc.
I'm 34 years old, and have no savings at this time... I've only been in the workforce (aside from menial low-paying jobs, mostly part-time) for about 4 years, since I was a "professional student" until then. I was working hard on my college & graduate degrees, and my jobs provided just enough to cover the basics - not much more. I did manage to save a little money in the few years post-grad, but that was blown when I got laid off last year. I've been working part-time on & off since then, but living in San Francisco I'm lucky if I can make rent on p/t + UI. Even when I was earning a good salary it was tough, since this happens to be the most expensive region in the US. And in case you're wondering why I live here, my family has been here since 1983 - so it's my home, but I will relocate if I don't find a job within the next few months.
So no, I'm not splurging on Manolo Blahniks (note the spelling), and in fact I'm not much of a shoe hound... I wear clogs or sandals every day, and couldn't walk in stilettos if I wanted to! I don't currently have any credit cards, aside from a low-limit $300 card for emergency situations - also don't own a house, and my car was paid off 2 years ago. For me to save money right now, I'd have to live in a cardboard box on Market Street. You can't assume somebody without savings is "living beyond their means," especially in these rough economic times. More likely they haven't EARNED enough to save, live in a high-cost area, and/or haven't worked regularly in years. Don't judge... ask.
This. Threads like these usually serve as podiums for people to come on and tout how they have perfect credit, no debt, generous savings, and a strong financial portfolio and expect everyone else to be able to do the same. Those who aren't living on that positive side of the financial spectrum are charged with "living beyond their means". Meanwhile, in the real world, people are struggling to pay off student loan debt, losing jobs or having their salary reduced, or generally trying to make ends meet in this bleak economy.
Can't necessarily look down on anyone or assume anything because they don't have savings at 30. Sure, some people have chosen to live beyond their means. But there are people who've dug a hole just trying to do the right thing, or have had their hole dug for them.
Just when I think everyone my age owns 2 homes and has 3 kids each and I am lagging far, far behind, I meet someone who is 30+ with absolutely NO savings.
I think it would be far more unique to see someone in their 30's with 2 homes, 3 kids and savings. Kinda like spotting a unicorn.
This. Threads like these usually serve as podiums for people to come on and tout how they have perfect credit, no debt, generous savings, and a strong financial portfolio and expect everyone else to be able to do the same. Those who aren't living on that positive side of the financial spectrum are charged with "living beyond their means". Meanwhile, in the real world, people are struggling to pay off student loan debt, losing jobs or having their salary reduced, or generally trying to make ends meet in this bleak economy.
Can't necessarily look down on anyone or assume anything because they don't have savings at 30. Sure, some people have chosen to live beyond their means. But there are people who've dug a hole just trying to do the right thing, or have had their hole dug for them.
First off, I do not believe anyone has touted that on the board. We all have our own situations in life. Plus, living in NYC or LA, SF, MIA, Chicago, etc. life is going to be $$$$. There were times in my life where I had little money for food and had to hustle for rent. We all go through that. Two or three jobs for me was the norm. after I graduated HS. Add going to college and paying for it as I worked, trust me, my early and mid 20's were not very good. Very very tough. Living in NYC, and having friends go out, have lives, have relationships while I was mostly working or in college, sucked big time. But, getting my life on track as much more important to me than any of that. Granted, most would disagree and say you should live up your 20's and have a good time. You can always make the cheddar. Yea, how's that working for most now when REAL unemployment is hovering around 18%? Do I regret not having a social life during much of my 20's? Yes. Could I had met the girl of my dreams, but life got in my way? Probably. But, there is nothing I can do about it now. This is life, and every choice any of us makes not only effects us in the here and now, but down the line. I know, at least I have the basics covered for me. Food, clothing, shelter, transportation health care and utilities. As for struggling to make ends meet, been there so many times before, it ain't funny. But, you adjust your lifestyle and live how you need to live, not how you want. Anyone can do it, however, most choose not to.
It cost me a huge amount of money to relocate to the US, so at the age of 45 I was essentially starting all over again. We bought a house, 2 cars, furniture etc etc.
While I understand a conservative approach to investments and savings I am very much a live-for-the-moment-you-never-know-when-you'll-die woman.
I've been a little wasteful with money, like not looking over my cell phone bill to see if I have any extras i don't need or uses. I ended up going with a really cheap pre paid phone and ave cut that expense by $40 a month. I have cut down on eating out and sometimes shop at the 99 cent store for food. This saves maybe $70 a month. I don't have cable, but have netflix for around $15 a month. I drive a paid off car. I wouldn't buy new again, but would buy something reliable that is 5+ years old for less than $10k. Anyway, a big part of saving is spending less. It's also a good habit to start, so that if you so if you do make more later, then you will save more too.
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I still have my old portfolio online on morningstar. The only fund that's made any money is a consumer staples fund - looks like people still manage to eat... or at least some of them!
Quite the contrary in fact. I'm simply saying that using credit judiciously helps you achieve some things that you could not, otherwise. (Whether or not you want those things, well that's entirely up to each individual, of course.) But again, terminology might be a factor here. I have a mortgage on my house. And in a few more years, I'll own it. Free and clear. If that is "living by credit", then I'll take it.
