Have $10k saved... spend it on a new car or a wedding & apartment

[marquee]

Originally posted by: Jumpem

Originally posted by: Viper GTS

Originally posted by: Jumpem

Originally posted by: Viper GTS

Originally posted by: Jumpem

Originally posted by: Amused
Neither!

Use it as a down payment on a house, or invest it in a retirement account.

NEVER blow your savings or windfalls. Nor should you ever invest them in something that depreciates as bad as a car.

I'm going to need a car eventually as I don't know how much longer this one is going to last. Are you implying I should simply buy another $3k beater?

I"m not ready for a downpayment on a house yet. Both of us are in college and won't graduate until a year from now. So we would need an apartment for at least a year or two.

$3K beaters are great for saving money.

As for the house, if you have the cash for a down payment why blow $15K+ on rent in the next two years? You can always rent the house when you're done with it, no sense in dumping money down the proverbial sh!tter if you don't have to.

Viper GTS

I'm still in college and won't have any real income during the upcoming school year. How on earth am I going to get a mortgage?

How are you going to pay for your apt?

Please don't tell me loans...

Viper GTS

The last year I've had classes I had too much of a workload from projects to work anymore. So I borrowed enough to have about $700 a month to pay bills, buy gas, and eat. I know it's not the wisest move, but it's either that or not be able to go to school.

wait, i dont get it, you have 10k in savings but you had to borrow money to pay bills, etc?

i agree with the other people on this board. save your money. 3k-5k can buy you a decent car, not necessarily a beater. wedding? put that off til you have a stable income.

 

[Jumpem]

Originally posted by: marquee

Originally posted by: Jumpem

Originally posted by: Viper GTS

Originally posted by: Jumpem

Originally posted by: Viper GTS

Originally posted by: Jumpem

Originally posted by: Amused
Neither!

Use it as a down payment on a house, or invest it in a retirement account.

NEVER blow your savings or windfalls. Nor should you ever invest them in something that depreciates as bad as a car.

I'm going to need a car eventually as I don't know how much longer this one is going to last. Are you implying I should simply buy another $3k beater?

I"m not ready for a downpayment on a house yet. Both of us are in college and won't graduate until a year from now. So we would need an apartment for at least a year or two.

$3K beaters are great for saving money.

As for the house, if you have the cash for a down payment why blow $15K+ on rent in the next two years? You can always rent the house when you're done with it, no sense in dumping money down the proverbial sh!tter if you don't have to.

Viper GTS

I'm still in college and won't have any real income during the upcoming school year. How on earth am I going to get a mortgage?

How are you going to pay for your apt?

Please don't tell me loans...

Viper GTS

The last year I've had classes I had too much of a workload from projects to work anymore. So I borrowed enough to have about $700 a month to pay bills, buy gas, and eat. I know it's not the wisest move, but it's either that or not be able to go to school.

wait, i dont get it, you have 10k in savings but you had to borrow money to pay bills, etc?

i agree with the other people on this board. save your money. 3k-5k can buy you a decent car, not necessarily a beater. wedding? put that off til you have a stable income.

I didn't have that much savings when I was taking classes and borrowing money. I'm on an internship since last June, and until this August. Then I have two or three quarters of class to take.

 

[Viper GTS]

Originally posted by: marquee
wait, i dont get it, you have 10k in savings but you had to borrow money to pay bills, etc?

i agree with the other people on this board. save your money. 3k-5k can buy you a decent car, not necessarily a beater. wedding? put that off til you have a stable income.

That's actually pretty reasonable, school loans will be deferred until he's out of school, meanwhile he's earning interest on the cash he has.

Whatever you do, though, don't blow the $10K.

If you need to get married, you can do it for the cost of a license.

Blowing it on a car is about the worst thing you could do right now.

Viper GTS

 

[Jumpem]

Originally posted by: Viper GTS

Originally posted by: marquee
wait, i dont get it, you have 10k in savings but you had to borrow money to pay bills, etc?

i agree with the other people on this board. save your money. 3k-5k can buy you a decent car, not necessarily a beater. wedding? put that off til you have a stable income.

That's actually pretty reasonable, school loans will be deferred until he's out of school, meanwhile he's earning interest on the cash he has.

Whatever you do, though, don't blow the $10K.

If you need to get married, you can do it for the cost of a license.

Blowing it on a car is about the worst thing you could do right now.

Viper GTS

I sort of agree about the car. It's just that I always try to be practical and financially responsible. It just seems that I never spend of the money on something to enjoy. Not sure if anyone understands that.

 

[rh71]

Originally posted by: aves2k
"Use it towards an engagement ring, wedding, and furnishing an apartment."

Yup. Your car still works. If you go with the car, then you'll have to save all over again before even considering the wedding stuff and living arrangements. That sucks.

 

[azazyel]

Originally posted by: FuZioN
is that all your savings??

don't blow it in one shot

That's what she said....

As for the wedding, just elope. A couple of my friends did that and it was fun. They went up to my g/f's parents cabing with us and another couple and we had the wedding there. My friend and I performed the service thanks to the Unversal Life Church. It was really cheap, food $50, booze $100, performing a wedding in shorts, a teeshirt and a cowboy hat, priceless.

 

[Jumpem]

Originally posted by: rh71

Originally posted by: aves2k
"Use it towards an engagement ring, wedding, and furnishing an apartment."

Yup. Your car still works. If you go with the car, then you'll have to save all over again before even considering the wedding stuff and living arrangements. That sucks.

If I got the car I was going to continue staying with my Gramma until I finish school next winter/spring.

 

[Viper GTS]

Originally posted by: Jumpem

Originally posted by: Viper GTS

Originally posted by: marquee
wait, i dont get it, you have 10k in savings but you had to borrow money to pay bills, etc?

i agree with the other people on this board. save your money. 3k-5k can buy you a decent car, not necessarily a beater. wedding? put that off til you have a stable income.

That's actually pretty reasonable, school loans will be deferred until he's out of school, meanwhile he's earning interest on the cash he has.

Whatever you do, though, don't blow the $10K.

If you need to get married, you can do it for the cost of a license.

Blowing it on a car is about the worst thing you could do right now.

Viper GTS

I sort of agree about the car. It's just that I always try to be practical and financially responsible. It just seems that I never spend of the money on something to enjoy. Not sure if anyone understands that.

Believe me, I understand. There's tons of things I want - A Glock, a Mustang, an HDTV projector, more audio gear, etc, etc, etc.

Right now though getting out of debt is my priority, I can't do any of that.

I may do a Glock, spread out over a few months, just to make my 16 hour days seem worthwhile.

Viper GTS

 

[Red]

Jumpem, I'm 21, have about a year left of college and am also getting married as soon as I graduate (been engaged since july of '02).

Take about 2k-3k and put it down on a 5k-6k car with around 80k-100k miles. Keep the other 7-8k in the bank to gain a little interest.

Sell the K Car while it runs. Try to get $500-$1000 to add on to your downpayment for the new car. It will also help your credit to have a small car loan and you're still keeping a ton of a money in the bank for savings.

 

[TekChik]

1. use $200 or so to go to Vegas.
2. put the remaining $9800 on red or black at the roulette table.
3. wait 1 min - then see if you either doubled your savings or are now poor.

hey, at least you'll know whether she loves you for your money or not.



Edit: and PLEASE...do NOT make any decisions based on the results of your poll or this forum. talk to some people that really care about you...hhmmm...maybe your parents, or the girl, or HER parents...

 

[Jumpem]

Originally posted by: Red
Jumpem, I'm 21, have about a year left of college and am also getting married as soon as I graduate (been engaged since july of '02).

Take about 2k-3k and put it down on a 5k-6k car with around 80k-100k miles. Keep the other 7-8k in the bank to gain a little interest.

Sell the K Car while it runs. Try to get $500-$1000 to add on to your downpayment for the new car. It will also help your credit to have a small car loan and you're still keeping a ton of a money in the bank for savings.

The car I was looking at is a 99 with only 9k miles on it. I figured it would last me for many years. It's small and impractical, but gets good mileage. I was going to put $3-5k down and get a car loan for the remainder to help my credit.

 

[Jumpem]

Originally posted by: TekChik
1. use $200 or so to go to Vegas.
2. put the remaining $9800 on red or black at the roulette table.
3. wait 1 min - then see if you either doubled your savings or are now poor.

hey, at least you'll know whether she loves you for your money or not.



Edit: and PLEASE...do NOT make any decisions based on the results of your poll or this forum. talk to some people that really care about you...hhmmm...maybe your parents, or the girl, or HER parents...

I have been gathering people's opinions. My gf wants to get married this summer. I"m not sure if it's doable due to money issues. My parent's are well umm not the easiest people in the world to talk to. There have been lots of issues with them which is why I am living with my Gramma.

 

[Fenixgoon]

wedding etc.

 

[Jzero]

Originally posted by: Jumpem
I sort of agree about the car. It's just that I always try to be practical and financially responsible. It just seems that I never spend of the money on something to enjoy. Not sure if anyone understands that.

I understand totally. That's why last summer I went out and spent $400 on a kayak paddle. But that's a lot different from $4000 + payments. I wanted to buy a sailboat for $800, but I thought about it too long and it got sold.

Go ahead and treat yourself to something kinda expensive that you've been eyeing up for awhile, but keep it under $1000. Something that you will use a lot and get a lot of enjoyment out of. That will satisfy your craving to finally spend your money instead of sitting on it like a miser.

Save the rest. You're going to need it. Trust me.

 

[Jumpem]

Originally posted by: Jzero

Originally posted by: Jumpem
I sort of agree about the car. It's just that I always try to be practical and financially responsible. It just seems that I never spend of the money on something to enjoy. Not sure if anyone understands that.

I understand totally. That's why last summer I went out and spent $400 on a kayak paddle. But that's a lot different from $4000 + payments. I wanted to buy a sailboat for $800, but I thought about it too long and it got sold.

Go ahead and treat yourself to something kinda expensive that you've been eyeing up for awhile, but keep it under $1000. Something that you will use a lot and get a lot of enjoyment out of. That will satisfy your craving to finally spend your money instead of sitting on it like a miser.

Save the rest. You're going to need it. Trust me.

I did that already. I got a 2001FP when they were on sale for $750. I was tired of my seven year old 17" Sony.

 

[Zebo]

Cars are a huge money pit, new, or beaters. The best thing to do is buy a decent used car that runs well. Something in the 3000-6000 range. Do not buy a new car until the car payments are less than 5% of your income. And even then, off lease used cars are still a better bet.

A good rule of thumb that leads to financial security: Buy the nicest house you can afford and drive a so-so car. Not only will the house hold it's value and probably appreciate vs the car losing it's value rapidly, but you spend far more time in your home, than you do in your car.

Treat your savings and windfalls as untouchable. Then treat your car needs as you would if you didn't have those savings or windfalls.

If you're not ready to buy a home, stick the money in an interest bearing account or mutual fund and forget about it... except to add to it when you can.

This page should be sticked. Millionaire next door in couple paragraphs.

 

[Jumpem]

Originally posted by: Zebo

Cars are a huge money pit, new, or beaters. The best thing to do is buy a decent used car that runs well. Something in the 3000-6000 range. Do not buy a new car until the car payments are less than 5% of your income. And even then, off lease used cars are still a better bet.

A good rule of thumb that leads to financial security: Buy the nicest house you can afford and drive a so-so car. Not only will the house hold it's value and probably appreciate vs the car losing it's value rapidly, but you spend far more time in your home, than you do in your car.

Treat your savings and windfalls as untouchable. Then treat your car needs as you would if you didn't have those savings or windfalls.

If you're not ready to buy a home, stick the money in an interest bearing account or mutual fund and forget about it... except to add to it when you can.

This page should be sticked. Millionaire next door in couple paragraphs.

I agree and disagree with this. I think 5% of total income is likely to be too low for a car. If you figure a net income of $35k, then 5% would be roughly $146 a month for a car payment. Given a loan of four years that would allow you to buy a car worth say $6k plus interest. That's not much. Granted I don't need a $40k car to be satisfied, but I think having a relatively nice used car is the way to go. A $10k car with low miles would last me at least five years.

 

[erikistired]

don't be a putz. buy the miata.

 

[Jzero]

It seems like you've already talked yourself into buying the Miata and you're just looking for external justification of your decision. There is nothing wrong with that. Lots of people do it.
But you've been presented with a number of sensible reasons why at this point blowing half of your savings on a 2-seater is not a good idea.
Take them or leave them.

 

[Jumpem]

Originally posted by: Jzero
It seems like you've already talked yourself into buying the Miata and you're just looking for external justification of your decision....

Not quite. I'm still waffling like John Kerry.

 

[irichards]

go to a casino, pay the dealer 1k to remove limit. then bet $9k in 1 game of blackjack. once you hit about $100k buy yourself everything you want.


BUT...
if you lose, just earn $10k again and try again!