Schlumberger Layoffs have begun (get credit, vs, eat)

[kfer]

Originally Posted by hendersj31

What's the obsession with people's cars? In many cases it means very little. I know folks who drive Teslas, Range Rovers and Mercedes that save more money than than people driving Hondas. What about the people going out every night to eat or to a bar? What about the types that need new threads, sunglasses or watches? A few hundred extra bucks a month on a car is nothing compared to eating out or going out several times a week. Nobody seems to criticize any of these lifestyle choices.

A neighbor of mine drives a m6. He loves driving, it is his thing. He shops at Macys on sale days and prefers to eat at home. But if someone bught designer clothes and watches and drove a Honda he would be considered smarter...

The expense of eating out or shopping can be stopped in an instant. A car note is a long term obligation which can't easily (or cheaply) be eliminated. Big difference.

[daisee1203]

Originally Posted by Trae713

This man has it right. My friends getting Infinitis, Audis, and BMWs, but here I am in my (almost) new Accord that stays classy. Now, I will rent a luxury car from Avis when I go out of town.

SMART GUY! Neither me or my husband will spend large amounts for a car. Sure, there might be a day that we drive an Audi or Mercedes but honestly? I would rather have a bigger house or be able to take yearly vacations. I'd rather be rich...not car companies!

I won't buy a true luxury car unless we are rolling in it. And even then...I'm not entirely sure. Might be nice to have fat retirement!

[kaartman]

7 years ago after working for 2 years I got a new BMW (42K). I should have bought a used BMW and used the remaining money to go to Europe or something like that.

[Oildog]

Originally Posted by Trae713

This man has it right. My friends getting Infinitis, Audis, and BMWs, but here I am in my (almost) new Accord that stays classy. Now, I will rent a luxury car from Avis when I go out of town.

Fellow Accord owner. Its a nice car but I'll admit A 7-series or Jaguar looks pretty cool, but I can own two Accords for the price of a luxury sedan. Just don't understand how an industry noob can justify a 50k+ car purchase...while renting. I can see how the rig hands do it though...if you are working 12s in a remote area, a nice truck may be your only luxury. You may sleep in it many nights.

Then again they aren't used to the 'cycles' that occur, and why having a big note on your head is not such a good deal.

[sunkistsyeh]

A nice rule that I once heard was to not spend more than 10% of your gross salary on a car. It's a bit extreme, yes, but imagine what that rule could do to the average American's savings account.

[lipbalm]

Originally Posted by HookTheBrotherUp

As I expected, she is okay and probably will stay. She is a good employee; the slacker worked in her business unit, and there were a few others, so it is safe to say her work will actually increase.

Is she hot? somehow a chick in a corvette sounds hot. Sorry for going on a tangent here, carry on.

I let myself out.

[Rip808]

Originally Posted by kickingprop

And this is why I'm glad my parents instilled the save, save, save mentality in me at a young age. Working in O&G for the past 8yrs and I've made very good money and never driven anything more than a Honda Accord... and never felt the need for it. And if I were to get laid off (luckily, my position is pretty safe) I'd have a nice cushion to fall into and no debt aside from my nearly paid off, modest home.

A buddy back home was just laid off from Baker Hughes and he is of the same mindset as me, no debt, plenty of savings, and looking forward to spending a month or two with his family before he starts actively searching for a new job, though he's already had one offer.

Preach! My parents introduced me to Dave Ramsey junior year of college and it has been one of the best things that has happened to me. Next week I will have paid off all of my student loans!! Took almost 3 years but so happy to be getting rid of Sallie Mae forever. I see a lot of my coworkers spending way more than they should, I still drive the same car that I did in college and love not having a car note!

[kickingprop]

Originally Posted by Rip808

Preach! My parents introduced me to Dave Ramsey junior year of college and it has been one of the best things that has happened to me. Next week I will have paid off all of my student loans!! Took almost 3 years but so happy to be getting rid of Sallie Mae forever. I see a lot of my coworkers spending way more than they should, I still drive the same car that I did in college and love not having a car note!

I didn't discover Dave Ramsey until much later in life, but my parents were thrifty by nature so I was already set on that path...

I got lucky and was a full ticket jock through college and got a fellowship to pay for my graduate school. Ended up with one 8k student loan which I paid off the first year I was employed. Haven't looked back since!

And for the record, I see nothing wrong with liking cars. I have my own money pit (and old CJ7) that I drive on nice days, but its just a toy.

[sonic0boom]

Originally Posted by kfer

The expense of eating out or shopping can be stopped in an instant. A car note is a long term obligation which can't easily (or cheaply) be eliminated. Big difference.

But a car note is something that can be easily budgeted. You know how much you will be paying and month and for how long. If your economic situation changes, you can sell your BMW and get that Honda everyone around here seems to like. There is certainly a big difference between a single person and someone with a family in terms of eating out. But i would say that a single person can easily spend more on going out than the difference on a loan for a 20K car vs a 35K car.

I say if you keep track of your entertainment budget and are funding your retirement, go for the entry level Audi or BMW if you want it. Just buy pre-owned and you get the remainder of the warranty + additional 2 years extended warranty.

[haudi]

The funny thing is my former 2010 Audi S4 stickered for less than most of the loaded F-150 and RAMs I see everyone driving around in. Don't judge someone's financial habits just by the badge on their vehicle.