Buyers Remorse?

[import_bible]

Seriously don't worry about the car now, you will barely have time for it while in school. Cars are one the worst investments you can make. Just focus on what is important now so you can enjoy the fruits of your labor later.

[ExWhyZer0]

For my four years of school, I drove a semi-beat up 95 Accord. It sucked but I commuted. Now I'm 25, just got my 1st real job this year, and celebrated with my first new car lol. But I wasn't worried about getting a new vehicle back then. Focus on school first. Celebrate later. Hell I hope I still have my FR-S come next year cause I wanna start my Masters. And so the debt wall keeps rising lol -_-

[m.box.design]

Originally Posted by IntotheOcean

Everyone on here is making a lot of good points to consider.
Come Feb I'll have 18k whether I spend it or not is still up in the air. I'm going to look into possible careers and schools in the meantime. Hopefully I'll figure something out. My friends who graduated-I forgot to mention, can't find jobs for shit. I feel bad, but I know when they do they'll be alright. I won't think about what they have any more-for the most part I got over a lot of those envious feelings. If anything I'll always be jealous of them having a kind father but w.e I'm missing the point.
My point: I feel nervous as shit going into a field where I might not find a job easily. It's hard when nothing interests me (aside from sculpting) maybe I could find a trade school? I dunno, I have Google, I'll figure something out. Thanks again guys! *Internet hugs*

Ultimately it's your decision. But as I've mentioned before, student loan debt is crushing many students, especially those who can't find a job that they want.

There are many alternatives for people after high school, college is only one of them. In the end, it's just another thing you can put on your resume and hope it gets you in the door.

Personally, I've advised my friends and family to try out community college first to see if it's a good fit for them. If you end up changing your mind, at least you won't be in a crap-load of debt.

You could try getting a job with an employer that pays you to go to school. My company reimburses 100% tuition if an employee earns an A or B in college courses.

[blur]

You live in NY, right? The Air National Guard in LI has a great student program that pays for 5 years of tuition in any SUNY/CUNY school. The monthly paycheck is around $500. I'm expecting to receive a paycheck of around 6-7K for two months of basic and 4 months of tech school. My plan is to go to stony brook to study mechanical engineering when I come back.

[bakerr6]

samething formasters, a lot of companies will pay 90-100% for tuition. Mine pays 90%

[Dadhawk]

Originally Posted by IntotheOcean

...
Come Feb I'll have 18k whether I spend it or not is still up in the air. I'm going to look into possible careers and schools in the meantime....

Some tough love from DadHawk. Here's what I have told my 22 year old in basically the same situation.

One thing to remember, unless you have no other debt, you don't really have $18K. Simple math that net worth thing. Add up the value of all your assets, subtract your liabilities. That's how much money you really have. If you think otherwise, you are just fooling yourself.

Same thing if you spend this money now, and then take out a student loan to cover next semester. You really didn't have the money to spend.

Vehicles are depreciating assets. Rule of thumb with vehicles is their net worth should not add up to more than half your annual income. In your case that comes up to about $7K. For that price you can get a perfectly serviceable used car if you shop carefully.

Anything else is financially shortsighted. Its OK to make shortsighted decisions, we all have, but go into it with your eyes open and know what you are doing when you make the decision.

But remember, we're still forum friends no matter what you decide! :happy0180:

Even if you could pay cash, you cannot afford a $30K car, which is what we are really talking about here after you get out the door and pay your first year's insurance etc, etc.

[jarviz]

Originally Posted by Dadhawk

Some tough love from DadHawk. Here's what I have told my 22 year old in basically the same situation.

One thing to remember, unless you have no other debt, you don't really have $18K. Simple math that net worth thing. Add up the value of all your assets, subtract your liabilities. That's how much money you really have. If you think otherwise, you are just fooling yourself.

Same thing if you spend this money now, and then take out a student loan to cover next semester. You really didn't have the money to spend.

Vehicles are depreciating assets. Rule of thumb with vehicles is their net worth should not add up to more than half your annual income. In your case that comes up to about $7K. For that price you can get a perfectly serviceable used car if you shop carefully.

Anything else is financially shortsighted. Its OK to make shortsighted decisions, we all have, but go into it with your eyes open and know what you are doing when you make the decision.

But remember, we're still forum friends no matter what you decide! :happy0180:

Even if you could pay cash, you cannot afford a $30K car, which is what we are really talking about here after you get out the door and pay your first year's insurance etc, etc.

Is that disposable/net income or gross income?

[Braces]

Originally Posted by IntotheOcean

Thanks...the only question is what to go to school for..
My dream college is around 50k a year if I want to dorm, which I do...
Even if I find something cheaper it would be 40k a year at most probably. Seems near impossible to save for-I should pick a different career.
anyway, Thanks for your input guys. It helps and means a lot.

Go in state. The tuition will be cheaper. Trust me .... you do not want the huge student loan debt later. As a previous poster stated .... college is what you make it. You don't need a high priced private college for a good education.

As for the new car. Skip it for now. I'm sure most of us on this forum never had a brand new car our 1st yr in college. Buy a good used car that won't require all the repairs. Get your degree .... then buy a new car.

Just my 0.02

[ScionRacer]

Originally Posted by kuma

My two cents... I'd recommend you save the money for college first.

Within my extended family(my dad's brothers and sisters), all of my cousins, even younger ones, had nice cars. I was extremely jealous of what they were driving around while I always had to drive a car w/ no AC. I owned a '87 bmw 325, '92 240sx, and a '95 civic. I had to pay for college myself by taking a few loans out because my parents were barely scratching the bottom of the middle class.

I worked hard, got my bachelors in electrical engineering, and now the only one out of my cousins w/ a stable job. With all that I accomplished, I decided to finally treat myself when I knew I had a stable income.

You should wait. I know you've got a great heart too for thinking of your mom. Your time will come, young Jedi. Life is very tough... Patience is the key.

This is a fine example of discipline and responsibility.kudos bro :happy0180:

[Iixii]

Financial advisers think that 10-15% of your take home income per month may go to your transportation and that includes gas, insurance, maintenance, etc. I totally agree with this and I only spend 8% for mine (I don't have an FR-S or BRZ yet but we have one paid off car, a 08 Prius, and one financed 11 Mazda Cx-9).
So, with only $2k take home pay, your max is $300 for all of these. You gotta enjoy other things too.
I'd say education first and cars later. Imagine what you can have when you have more moolah!

[FR-Shadow]

Originally Posted by Iixii

Financial advisers think that 10-15% of your take home income per month may go to your transportation and that includes gas, insurance, maintenance, etc. I totally agree with this and I only spend 8% for mine (I don't have an FR-S or BRZ yet but we have one paid off car, a 08 Prius, and one financed 11 Mazda Cx-9).
So, with only $2k take home pay, your max is $300 for all of these. You gotta enjoy other things too.
I'd say education first and cars later. Imagine what you can have when you have more moolah!

ok no offense, this is 100% in a joking fashion, but 10-15% for transportion? With gas prices flirting around 4-5$ a gallon based on where you are it looks like you can just buy a bunch of gas, no insurance and no car lol.

[Dadhawk]

Originally Posted by jarviz

Is that disposable/net income or gross income?

I use net pay, some use gross. I always tend to the conservative side with money. I've been broke and I've been comfortable, I know which one I prefer.

[Dadhawk]

Originally Posted by FR-Shadow

ok no offense, this is 100% in a joking fashion, but 10-15% for transportion? With gas prices flirting around 4-5$ a gallon based on where you are it looks like you can just buy a bunch of gas, no insurance and no car lol.

Actually, you can afford a car, you just can't afford a car payment.

[n2oinferno]

Originally Posted by Dadhawk

I use net pay, some use gross. I always tend to the conservative side with money. I've been broke and I've been comfortable, I know which one I prefer.

I agree. Being broke blows. That's why I don't have mine yet, because I don't want to go back to being broke again.

Work hard now. Play hard later.