Quote:
Originally Posted by towch
I am a 28 year IT professional work as a Systems Admin making shit money for that position. I make $53,000 per year before taxes. I have student loans which currently sits at $28,000.Student loan payment began in January. I make payments first of the money every month @ $300/month. I plan to deposit my year-end bonus and 2017 tax return to student loan payment.
Seeing as I don’t plan on getting married or having children (open to a kid if I am making stupid money), getting a house has been pushed way back in my future. Living in my studio apartment is good enough for me. I try to save as much money as I can’t while also trying to enjoy life a little (treat myself here and there, nothing expensive).
As of today, I currently have $39,000 in the bank, this really gives me a sense of security and peace of mind. I sometimes struggle with the idea of paying of my student just like that but I cannot bring myself do it. It is a lot of money for something that would bring me no pleasure. On the other want buying the 2017 BRZ I assume will bring me please but then I suspect that my peace of mind would be out the window.
My cut of mark for money I prefer to have is $30,000 so that gives me $9,000 cash if I was thinking about getting the car. I drive a 91 mr2 turbo, I at this point feel I have spent enough money on that car I feel I’ve had enough of it. I however would prefer to buy the car cash or very close to complete payment. Thus why I haven’t pulled the trigger.
For now I keep pushing it and saving up more money, hopefully I can win the lottery or scratch haha.
Well, I just wanted to share my story. Maybe this will help people in similar situation knowing you are not alone.
I am also taking advises on my debt and car ownership
Thanks!!
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I was in a similar position at a similar time of life as you. I had about 30k in loans after college. Post graduation and landing my first job, I was looking for a car (was driving an old family car at the time). I figured it would not be smart to buy a car that was more than 50% I made in a year;which was about 40k at the time especially when I had loans. My advice would to pay that loan off as soon as possible before you get into spending on auxiliary things. I feel for you however; Paying 30k on something that will not give you joy is painful, but you are going to feel worse when you have to deal with that down the line when you are maintaining your car and rent and other things.
After you do pay off that loan I would save about 50-75% of the what you are going to pay for that car. That way you have time to think about if this is really the car you want, and if you indeed want this model year, next years, ect. By then, you will have a sense of whether or not you really want the car and not some infatuation you had just browsing around for cars.
As for me, I wanted the mustang since 2013, paid off my loans in 2015, saved about 60% of the mustang msrp in early 2016, but realized that I was not really a fan of the mustang formula (heavy, high powered muscle cars). I was looking for something that was light, RWD, sporty kind of look. When I saw the news for the updated refresh in late 16, I was sold. 2017 I am driving a MO 17 BRZ with the PP. Hope this helps!