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Old 02-23-07, 11:13 AM   #1
kemmer
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Well, DUH, you needed a news article to tell you this?

The reason you're broke.

Gee whiz, you mean I shouldn't spend 20% of my take home pay on a car payment? Are people really that stupid? You don't need to answer that....
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Old 02-25-07, 05:48 PM   #2
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Sadly, yes, people are that stupid. When I was working, we had a new hire, right out of school, in the cube next to mine. He was so amazed by what he thought was an obscenely large salary, that, instead of fixing his 5-year old car, which only needed some brake work, he bought a then brand-new 2001 Hyundai Sonata, financed for 60 months at $550 a month! WTF?! And then he turned around and bought a 4BR, 2.5BA house!

I happen to know that he was grossing about $3300 a month. And he was very surprised to learn that he didn't get to take nearly that much home. *thunk*

Unfortunately, he spent most of his time on the phone, giggling and snickering with his girlfriend, pausing only to acknowledge senior colleagues leaving drawings on his desk, and then continuing his "sweet nothings" to his girlfriend. I guess he didn't realize that his cube wasn't soundproof, and he was eventually fired. Had to sell the car, and the house, both at a loss.

Stupid is as stupid does, I 'spose. <shrug>
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Old 02-25-07, 07:02 PM   #3
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OK, the Sonata is what, a $15K car?? And he got a loan for $550 for 60 months??? Holy crap - what kind of interest was he paying?? It's no wonder he sold a home for a loss in 2001! What an idiot.
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Old 02-25-07, 08:39 PM   #4
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Yes, people are that stupid. All that "haha I was bad at math in school" titter tends to bite people in the arse eventually. Shoulda paid attention in class (and in life!). I see stupid advice given online along the lines of "settle your smallest balance first" instead of the plainly obvious "settle your highest interest balance first" when speaking of paying off debt. Really, WTF?
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Old 02-25-07, 08:42 PM   #5
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Originally Posted by oboeguy
Yes, people are that stupid. All that "haha I was bad at math in school" titter tends to bite people in the arse eventually. Shoulda paid attention in class (and in life!). I see stupid advice given online along the lines of "settle your smallest balance first" instead of the plainly obvious "settle your highest interest balance first" when speaking of paying off debt. Really, WTF?
Not so much the bad math, but the bad life skills. School at fault, sure a little, but I blame the parents.
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Old 02-26-07, 04:02 AM   #6
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Oh,I can belive it I have a coworker that for almost a year gave me grief for riding to work or driving my 22 year old Toyota Carolla...she got a .50 cent an hour raise and treated herself to a 98 Chevy Malibu,$100 down,$376 every TWO weeks for 36 months!! That works out to $ 27,000 for a 9 year old Chevy with 100,000 plus miles!!!she is also carring $35,000 in student loans plus her monthly bills...all on $9.75 an hour!!! And she cant figure out how I have some stashed in a savings acct!!
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Old 02-26-07, 06:01 AM   #7
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Originally Posted by The Figment
Oh,I can belive it I have a coworker that for almost a year gave me grief for riding to work or driving my 22 year old Toyota Carolla...she got a .50 cent an hour raise and treated herself to a 98 Chevy Malibu,$100 down,$376 every TWO weeks for 36 months!! That works out to $ 27,000 for a 9 year old Chevy with 100,000 plus miles!!!she is also carring $35,000 in student loans plus her monthly bills...all on $9.75 an hour!!! And she cant figure out how I have some stashed in a savings acct!!
I really don't get it. How could anyone POSSIBLY do that? Did she really just think "oh great! I just pay 100 bucks and get a car!"??? Geez louise.
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Old 02-26-07, 06:02 AM   #8
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Can I believe it? Yes...I have one workmate who, two years ago, screamed/whined/ranted EVERY DAY about how she HATED her job. She was going to sell her house, pay into her military retirement, and get the years. Then, on the day she could officially retire, decided that she needed a new car first. She still hadn't sold her house.

She now has a PT Cruiser, with extra pinstriping of dragonflies (only cost $500, and she could wrap the cost into her loan [giggle]). She sold her house. She went shopping for a condo. Wound up with a mobile home. She put no money down on the mobile home, and took out an 11% loan for the full amount--a thirty year loan, mind you . We still don't know when she's going to retire, but it's obviously not any time soon. We haven't a clue what she did with the money from selling her house, but suspect that she gave vast sums of it to her worthless bloodsucking relatives (all nieces/nephews/brothers/sisters, as she never married, nor ever had any children).

One other sad case: another workmate gave up his guaranteed for life Civil Service Retirement System pension because FERS (Federal Employees Retirement System) would give him a couple more dollars in his pocket (and I mean that literally), but forgot that he had to contribute to the fund. He finally realised at the age of 55 that he had not contributed one dime above the minimum, and that instead of being able to retire with full benefits (as would have been the case with CSRS), would now have to wait until age 62 because he did not take into account that Social Security would not come in play until he was that age. Ooops. And this was a man who would look at the returns for the various funds every day so he could know exactly how much was in his account .

So it's not just younger people who make that mistake. It does seem to be something which happens more and more often though.

Oh, I see this was a rhetorical question . Never mind....

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Old 02-26-07, 06:48 AM   #9
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I've found that being frugal and making saving is literally going against the flow. Friends will inquire or tell me about their huge purchases, ETC. It's pitiful to see how some people consider money purchase a demonstration of one's worth. Especially when that purchase was done on credit.

My mother finally got rid of her store cards with a debt consolidation, it took her 2 years to pay it off. Before that, she had been paying the bare minimum payment every month. Literally putting her to her knees. (as a stay-at-home woman) It was a sad state of affairs, too bad I didn't bring in much of an income back then either to help out. All in all, that taught me better than to use credit cards to buy things I cannot afford. As well as to not buy a car when I don't need one currently.
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Old 02-26-07, 06:55 AM   #10
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Quote:
Originally Posted by VegaVixen
Sadly, yes, people are that stupid. When I was working, we had a new hire, right out of school, in the cube next to mine. He was so amazed by what he thought was an obscenely large salary, that, instead of fixing his 5-year old car, which only needed some brake work, he bought a then brand-new 2001 Hyundai Sonata, financed for 60 months at $550 a month! WTF?! And then he turned around and bought a 4BR, 2.5BA house!

I happen to know that he was grossing about $3300 a month. And he was very surprised to learn that he didn't get to take nearly that much home. *thunk*

Unfortunately, he spent most of his time on the phone, giggling and snickering with his girlfriend, pausing only to acknowledge senior colleagues leaving drawings on his desk, and then continuing his "sweet nothings" to his girlfriend. I guess he didn't realize that his cube wasn't soundproof, and he was eventually fired. Had to sell the car, and the house, both at a loss.

Stupid is as stupid does, I 'spose. <shrug>
He paid what for a Hyundai Sonata!!!!!!!!!!!!!!
I would not pay $550 for 10 Hyundai's a month with free service and naked women to wash it!
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Old 02-26-07, 07:00 AM   #11
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Quote:
Originally Posted by Jerseysbest
Not so much the bad math, but the bad life skills. School at fault, sure a little, but I blame the parents.
I totally agree with this and would extend it to say the parents are resposnible for the entire development of the child (education, social skills, health standards, etc). The school system is merely a tool to help the parents achieve that goal. Some subjects (e.g. personal economics) are just not covered in schools.
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Old 02-26-07, 07:38 AM   #12
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Quote:
Originally Posted by msheron
He paid what for a Hyundai Sonata!!!!!!!!!!!!!!
I would not pay $550 for 10 Hyundai's a month with free service and naked women to wash it!
I forgot to mention that he had rolled into the financing an expensive set of what I call "hip-hop gansta" wheels, which probably cost half a much as the car!
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Old 02-26-07, 07:43 AM   #13
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Originally Posted by msheron
He paid what for a Hyundai Sonata!!!!!!!!!!!!!!
I would not pay $550 for 10 Hyundai's a month with free service and naked women to wash it!
What's wrong with Hyundai's? Just curious. I agree it's way too much for such a budget car.
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Old 02-26-07, 08:03 AM   #14
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Originally Posted by thomson
Some subjects (e.g. personal economics) are just not covered in schools.
And that is something worth questioning.
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Old 02-26-07, 08:04 AM   #15
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When I quasi retired at 45 I have these type of people wondering how in the world I did it. Never mind I was driving a car completely paid for, carrying my lunch everyday and not bar hopping. My TV wasn't some huge widescreen (sit closer) and I kept the same computer at home for 3 years at a time or more.

I still live this way even though I can afford to buy whatever I want really. For example, our car is an 88 Samari that costs at least $2,500 dollars and I just put in another 800 or so to make it ride really nice. I probably have another 400 I figure of money to sink into it - and it will be as good as a 20,000 dollar car for my purposes - probably better.

I ride the same bike I have had for 7 years or so - LOTS of miles. Very nice hardtail, but it is used all the time.

The point is - people buy what they want, not what they need. Buy what you want when you can buy it cash if you want to use your money that way - but DON'T buy what you want on credit. Buy only what you have to have on credit.

I mean really - you want the fancy car or do you want to be retired at 45? Everytime you buy some trinket - you are condemning yourself to more years of work. The sad thing is that if you young, the dollars make a HUGE difference. The power of compounding interest. You don't have to save that much when you are young to have a lot later - but when you are in your 40s, you are already behind and have to play catch-up.

Something that isn't discussed nearly enough is this fact from the CDC " Suicide rates increase with age and are very high among those 65 years and older." Part of it is from health issues - but some of it is hopelessness in their finances. When you can't get a job, you have debt, and you are trying to live on SS - life is not going to be fun. Many people dream of a great retirement - but without preparing - well, trying to make it on nothing is pretty hard.
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Old 02-26-07, 08:07 AM   #16
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Originally Posted by VegaVixen
I forgot to mention that he had rolled into the financing an expensive set of what I call "hip-hop gansta" wheels, which probably cost half a much as the car!
LMAO!

It doesn't matter...he's keepin it real. It's all about da bling!

Seriously though...I notice some people doing this too. Don't they realize that those tires and wheels CAN cost more than the value of the car. I couldn't BELIEVE that they actually had financing programs for those items. The funny part is...when one of those low profile tires needs replacement they add up to alot of money. I consider $100 per tire to be pretty expensinve...some of them low profile tires run in the $200's...thats way too much for a car tire. And for what? To make your car look like one in a (c)rap video?

Idiocy at its greatest I say.
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Old 02-26-07, 11:22 AM   #17
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LMAO!

It doesn't matter...he's keepin it real. It's all about da bling!

Seriously though...I notice some people doing this too. Don't they realize that those tires and wheels CAN cost more than the value of the car. I couldn't BELIEVE that they actually had financing programs for those items. The funny part is...when one of those low profile tires needs replacement they add up to alot of money. I consider $100 per tire to be pretty expensinve...some of them low profile tires run in the $200's...thats way too much for a car tire. And for what? To make your car look like one in a (c)rap video?

Idiocy at its greatest I say.
Oh, You mean Crip- Hop??
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Old 02-26-07, 03:08 PM   #18
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So I was having trouble convincing a friend that it was in his best interest to keep putting money into a car that was already paid off instead of buying a new one. It went kind of like this.

Him: This suX0r, my car needs $1000 worth of repairs and it's only worth $2000.
Me: But it's payed off, right?
Him: Yeah, but I could finance newer car and spend that money on a car payment. The newer car will be worth more in the end.
Me: Sure, but you'll lose way more than $1000 in interest and depreciation by the time it's paid off and you'll still just have an old used car.
Him: Oh.
Me: Yeah.
Him: But I really like those Toyota whachamacallits and I like Hondas but Nissans are cool too and did you hear that there are 3 VWs under 17K and......
Me: *walks away shaking head*
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Old 02-26-07, 04:57 PM   #19
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Originally Posted by kemmer
The reason you're broke.

Gee whiz, you mean I shouldn't spend 20% of my take home pay on a car payment? Are people really that stupid? You don't need to answer that....
Well i may not make much money, but i manage my money quite well.
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Old 02-26-07, 05:15 PM   #20
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Didn't someone say that the only thing that is infinite is stupidity?

I can relate to all that has been said because I have made almost all the aforementioned mistakes.

My teenage years were spent in an orphanage, and as such, a home has always been a big deal to me but I have never bought one.

During the 1980's a young lady and I had the opportunity to buy a house but did not. Later, after a spate of unemployment I was working in the private sector in the mid 1990's making almost the same as now, but without any benefits whatsoever. Instead of buying a house, and preparing for retirement, I bought a motorcycle and took several wonderful trips to Canada.

Now, at age 55, I am a state employee with 9 years service and good benefits, but with a very small salary, relative to my peer group. If I am able to buy a house at my age and salary, it will be modest indeed, and I will have to borrow against my 401K, which I am loath to do.

I figure I can retire at about 90.

My point in admitting these embarrassing things is to encourage parents to teach their kids to plan for the future. Something I didn't do.
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Old 02-26-07, 05:30 PM   #21
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Sometimes it's nice to buy a "want" instead of settling for a "need."

But, like anything else in this world, stuff like that should be done in moderation.
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