what would you do with $45k?

[Capt Caveman]

Put it all on black.

Then create a thread What would you do with $90k or how do I make quick $45k.

 

[amdhunter]

you sound like someone i know.
is that $800/mo. going towards a 335i?

wtf.

 

[Texashiker]

i own a mazda3 which is fully paid for. i would never lease a car without owning one.

Your still putting $800 into something you will never own, or have a vested interest in.

If you can afford $800 a month for toys, you can afford to buy a house.

 

[purbeast0]

i own a mazda3 which is fully paid for. i would never lease a car without owning one.

wow that actually makes the lease even stupider dude.

 

[gophins72]

car lease is fine imo, like OP said, it's a guilty pleasure and if he's responsible (sounds like it with the savings and credit score) and with a large income then good for him. you should pay off and permanently keep your consumer debt (and personal debt) at $0. bump up your % saved each month to maximum (like for the 401k/ira) and a little more for personal. some financial consultants recommend having 6 months of living expenses in cash for any unforseen/unfortunate circumstances.

 

[HardcoreRobot]

get rid of the debt, start saving or continue saving for a home of my own

 

[BlahBlahYouToo]

i own a mazda3 which is fully paid for. i would never lease a car without owning one.

so what car is it?

 

[nageov3t]

personally, I'd have plastic surgery and go to grad school.

in your situation, I'd pay off the debt, question whether you really need an 800/month lease, and get serious about saving for a house.

unless your numbers are off, you seem like you're in a pretty bad fiscal situation

$4,800/month in expenses with $4,100/month in income?

 

[Young Grasshopper]

Your still putting $800 into something you will never own, or have a vested interest in.

If you can afford $800 a month for toys, you can afford to buy a house.

i would need at least 2k monthly for mortgage and at least 60-70k in down payment to get something decent around here based on my income. sure i can buy some run down shithole in compton but why? good housing isn't cheap around here. my 1br condo is overkill as it is in regards to space. besides, i didn't specifically say i wanted a house, i just asked for some ideas with the money. buying and renting out a condo seems like a good idea to me as i wouldn't have to live in it.

 

[QueBert]

1st, get rid of that ridiculous lease!!!! $800/month to rent a car...why!!!???

Maybe because it's a lot cheaper than a payment, and he doesn't want to own it? There's a guy I play poker with sometimes who put almost as much money as I make in a year down on a car and he's still paying something like $1,500 a month. While he'll end up owning the car, it's mins boggling how much he's paying every month + how much he put down. While OP won't own the car, his total lease payments will be less that the Pokers dudes down payment, and that guy's still dropping almost 2x as much a month on his payment over OP's. I have no idea what kind of car OP leased though.

 

[Drako]

personally, I'd have plastic surgery and go to grad school.

Breast augmentation?

 

[nageov3t]

Breast augmentation?

every time I have some extra cash at the end of the month, I sock some away... trying to save up for a tummy tuck to get rid of some excess skin/remaining fat after dropping 250 pounds. (not covered by insurance since it's purely cosmetic)

 

[Farang]

I'm surprised people are willing to give financial advice to someone who says spending 25% of their income on leasing a car is nonnegotiable.

 

[cerebusPu]

if your lease ends on the car you can afford to buy a condo easily. you dont have to put 20&#37; down, you can put $30k down, and pay around <$2k a month for a $300K condo.

when you dont want the condo anymore, and you want to get a house, you can sell the condo or rent it out. however if rent is only $1k where you live, then it will obviously not cover the $2k mortgage at all.

 

[Texashiker]

good housing isn't cheap around here.

I would have to use part of that money to move to a more affordable place to live.

 

[Drako]

every time I have some extra cash at the end of the month, I sock some away... trying to save up for a tummy tuck to get rid of some excess skin/remaining fat after dropping 250 pounds. (not covered by insurance since it's purely cosmetic)

Ah, nice. Congratulations on the weight loss :thumbsup:

 

[Young Grasshopper]

I would have to use part of that money to move to a more affordable place to live.

can't do that, love where i live and its close to the family not to mention i like my job. i may just pull the trigger on a 2br condo or hold onto it for another 3 years and see where the real estate market is.

 

[yh125d]

I'm all for living a little and having your toys, but dropping $30k on a lease on a 2nd car when you don't drive much over three years when you only take home ~$50k is moronic. Its too bad we didn't catch you before you ordered it.

 

[Rumpltzer]

you sound like someone i know.
is that $800/mo. going towards a 335i?

I negotiated the 3-year lease on my friend's 5-series; the monthly payment is less than $500 even with CA sales tax near 10%.

She's got a lot of disposable income, no ability/desire to maintain a car, and she simply wants a new one every 3 years.

$800/month for a lease is a lot. Hell, $500/month for a lease is a lot.

 

[nanobreath]

$4,800/month in expenses with $4,100/month in income?

That was the first thing I noticed. Fix that first, then talk about having extra cash to spend.

 

[rcpratt]

If you haven't signed that lease yet, I would seriously reconsider.

And I thought my $300/mo lease was ridiculous. And that's for a $33k car for 24 months. I can't even imagine...wow.

 

[Powermoloch]

wtf is with that car lease lol. all that money you've spent can = a good car

 

[Cheesetogo]

$800 a month sounds like a ridiculous price for a 335i. You could buy a used one with relatively low miles for pretty close to the same amount as what your three year lease is going to be.

 

[Young Grasshopper]

my expenses are about 3k a month total with everything, that will leave 1k to save monthly, on top of 2 extra bi-weekly paychecks a year, yearly tax refunds and bonus. in regards to the lease payment, i knew i'd get flamed for it. the thing is, i have been saving money religiously for the past 7 years. eventually it gets tiring and you want something for yourself to enjoy. saving money=good for you in the long run but not fun. i have not signed anything yet, and the dealer said nothing is finalized until i do. i COULD sign a 27 month lease which would raise the residual on the car up to &#37;71 from %60, which could drop the payment by about $150 as well as put down 7 MSD(security deposits, all refunable) which lowers it even more. we'll see. besides, even if i had a 100k and affordable mortgage payemtns for a house, i'm not sure i would even buy one considering im single. that to me is a decision i would make with a significant other. condo's just seem like they're easier to deal with.

 

[dullard]

in regards to the lease payment, i knew i'd get flamed for it.

For me, it isn't the idea of a nice car that gets you flamed. It is the idea of leasing a nice second car that gets the flames.

Option 1) Lease this 335i for 2 years and then another similar for car for 2 years and what do you have? Nothing.

Option 2) Buy that 335i for $800 a month and it is paid off in 4 years. Same monthly cost, same total cost as option 1. But now what do you have? A used car that you can sell for at least $25,000.

Option 2 just seems like so much of a better deal.