How much are you in debt?

[caseyd]

Re: How much are you in debt?

What's wrong with a Honda!!!!

Nada. I love ours, and I can't stand minivans. My very first car, which lasted me a long time too, was a Honda Accord.

[p_rushing]

Re: How much are you in debt?

I question the validitiy of that. Maybe it's because I am in So. Cal, where cars are a bigger deal. But of the 2 dozen or so people I know or have dealt with who are millionaire's I don't know a single one that drives what I would consider an "everyman's" car. $80,000 cars would actually be on the low end of the spectrum from the folks I deal with. Although the Audi A8 which is around 80 grand seems to be the flavor of the month these days.

I also don't get the negative reaction to leasing a car. I love leasing. I put low miles on my cars, I love getting a new car every two or three years, mainenence is usually included and it's always under warranty.

Its because of where you live, people care about looks more, and do these people actually have savings that they can get too. Lately, there has been plenty of news about celebrities who are defaulting on their mortgages for their $1+ million homes because they don't have savings, payments going up, less earnings, etc.

[bkrich83]

Re: How much are you in debt?

Its because of where you live, people care about looks more, and do these people actually have savings that they can get too. Lately, there has been plenty of news about celebrities who are defaulting on their mortgages for their $1+ million homes because they don't have savings, payments going up, less earnings, etc.

Celebrities like who? $1 million dollars doesn't get you a whole lot of home out here.

Not sure where you get people care more about looks here, than anywhere else. Fact of the matter is cars are big out here, because the state is so big and spread out, so you are constantly in your car.

[VanCitySportsGuy]

Re: How much are you in debt?

Frankly it's too hard to save up money. There are always videogames to buy, movies to watch, and places to visit, etc...

That's the attitude a lot of twenty/thirty somethings have today. We live in a society where a lot of people want the latest tech toys/new trendy clothes, etc... even if they really shouldn't be spending so much money on it.

Even I'm tempted by material items but I make sure I max out my RRSP contribution from each pay period and enroll in the company plan.

But saving money is easier said than done for most people. It's pretty hard to save up when you got car/mortage/rent bills, taking care of your children, student loans, etc.... Plus you have to throw in the fact people will dine out, buy tech toys, travel, go to concerts, etc... Salaries haven't kept up with inflation and this is a huge problem.

[MC Fatigue]

Re: How much are you in debt?

$0.00

I make sure I don't go into debt, I pay off everything from the get go pretty much.

[ehh]

Re: How much are you in debt?

I don't know where you got the millionaires drive beaters from. Both my parents are millionaire's and I work for and have worked for several over the past 13 or 14 years. I can assure that none of them are driving Honda's or Hyundai's or anything like that.

I can vouch for this as well. One of my buddies works for a prominent hedge fund in Manhattan and before that he worked for Aetna Capital Management (all dealing with hedge funds so everyone in the company is a baller) and he said all of the top people drive real dumpy cars. He said the highest up dude at Aetna was driving a '98 Altima and he makes 7-figures annually.

There was also some financial book I read that stated that most CEO's drive less expensive cars than most of their employees. Hopefully with my father's small business I'll someday have more money than I can count but I don't ever see myself spending more than $20k on an sedan. If I get an SUV when I have kids some day that will obviously be more expensive but I will never buy a BMW, Lexus, Mercedes, etc. I just don't see the point.

But as you said, I'm sure living in So Cal has a big effect on things. I grew up in a pretty wealthy town (it's CT, duh) and there are a lot of Hondas and Toyotas seen around town. But then again there were those kids who were driving a BMW in high school.

[bkrich83]

Re: How much are you in debt?

I can vouch for this as well. One of my buddies works for a prominent hedge fund in Manhattan and before that he worked for Aetna Capital Management (all dealing with hedge funds so everyone in the company is a baller) and he said all of the top people drive real dumpy cars. He said the highest up dude at Aetna was driving a '98 Altima and he makes 7-figures annually.

There was also some financial book I read that stated that most CEO's drive less expensive cars than most of their employees. Hopefully with my father's small business I'll someday have more money than I can count but I don't ever see myself spending more than $20k on an sedan. If I get an SUV when I have kids some day that will obviously be more expensive but I will never buy a BMW, Lexus, Mercedes, etc. I just don't see the point.

But as you said, I'm sure living in So Cal has a big effect on things. I grew up in a pretty wealthy town (it's CT, duh) and there are a lot of Hondas and Toyotas seen around town. But then again there were those kids who were driving a BMW in high school.

I am starting to think So. Cal skews it as you said. Fact of the matter is, people spend more time in their cars here than in other places, and people are very attached to their cars.

For example when I was working at Callaway Golf, Eli Callaway had a super fat Jag as well as other primo rides. I was at Infiniti when the president of Qualcomm bought an Infiniti QX56 with Cash. The CEO at the place I work now has an Audi A8 as his commuter car. Both my parents drive cars that cost 6 figures. Etc, etc.

I am a car person, and I do enjoy getting a new car every 2 to 3 years. I guess it's a So. Cal thing.

[fishepa]

Re: How much are you in debt?

The CEO of my company also drives an Audi A8, when it's not in the shop.

[jmood88]

Re: How much are you in debt?

The CEO of my company also drives an Audi A8, when it's not in the shop.

Are all Audi's like that? My mom has an Audi and that thing breaks down every other week it seems.

[bkrich83]

Re: How much are you in debt?

The CEO of my company also drives an Audi A8, when it's not in the shop.

They are nice when they aren't in the shop.

We looked at Audi, but decided on Infiniti instead and reliability was a big reason why.

[countryboy]

Re: How much are you in debt?

I'll take my Silverado over an Audi any day

[dickey1331]

Re: How much are you in debt?

I wanted to share my story so far.

Back in May 2011 I had around $15,000 in credit card debt. Since I'm in the military our pay changes depending on where we live, especially getting COLA in Alaska. I knew that I would be transferring the next year and wouldn't be able to afford my debit so I decided to put pretty much everything to getting out of debt. Currently I am $7,300 in debt and on pace to be 100% credit card debt free by October. My big 2 "main" cards will be paid off by the time I transfer this summer to Mississippi. Its been an interesting 9 months but it has been 100% worth it. Just shows that you can do anything you put your mind to.

A good website I used to track my goals and such is mint.com I highly recommend it.

[cjonesfan921]

Re: How much are you in debt?

My story:


Hmm, I have about $4500-5000 in CC debt. Total debt is about 26K with student loans. I am having such a tough time nipping the cc debt in the butt. There will be times where I get a good 500-600 off, then right back.

It is odd, because I don't really need to use them. I am deciding now to put them away.

Here is where I am struggling trying to find a solution. I can pay off all of it right now, the issue is, emergency money. Which, I guess is nullified by the fact that I can use the credit card for such.

Any advice?

Background.

Right now, salaried at 57K without bonus. Monthly take home is $3375.59, after my transit is paid for as well.

Set Expenses:

Rent 1050
Cell 100
Car Insurance 210
Car 369
Cable/Internet 78
Student Loans 250


Which adds up to $2057.

My biggest problem is all the other crap. Lunch at work, 7/11 trips, out to eat, a few monsters a week. And, of course, gas. I really should include gas as a set expense, and it would be about 200$ a month. Which I am working on, these little expenses that ADD up. My biggest problem is lunch at work. Working in the city, its just too much. I manage some weeks, and others I don't. I bring a bagel with me in the morning, but around lunch, just get a hunger. Any alternatives? Light snacks? I'm thinking of heading to walmart for a box of apple juice and another light snack to satisfy my hunger, 'till I get home.

My CC debt is tied into 4 cards. I'll usually put anywhere from $200-250 a month towards it, but it obviously has not worked.

My question, is my concerns of having emergency savings worthy enough to continue having this cc debt burden on me? Or should I wipe it out and start anew?

[ScoobySnax]

around 350k if you include house, 2 cars , school loans (wife). Should be out of debt by 2036.

Lol! I feel your pain brother.


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[The GIGGAS]

Re: How much are you in debt?

Just under 13k for my student loans, and my CC is only for gas, and I pay it off every month. Only have 57 dollars on there right now.

Total is about a dollar under 13k.