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What would you do with the extra monthly income?

ponyo

ponyo

Lifer
If you didn't have to pay rent or had a paid off house. Would you buy a fancy sports car like a Ferrari and make payment for 5 years? Or buy a new flat screen TV every month? Perhaps a new top of the line video card each month? Or dine out at a fancy restaurant every other day? Please no hookers and blow.
 
Assuming still working full time and getting 4 weeks vacation each year, I'd probably trade my forester XS in for a new forester XT.

Then I would take flying lessons, and then I'd look into buying a used small plane for nice weekend getaways.
 
I live well below my means, but just do boring things with the extra money like send it off to my brokerage account, to buy and hold boring index funds forever.

So, nothing interesting.
 
Well after refinancing my mortgage is small enough that the rent from my roommate nearly covers the principal & interest payments every month. I'm only paying about $100 in P&I that isn't covered by his rent, plus of course there's property taxes & homeowners insurance.

Re: the extra money, probably a combination of traveling more and saving more.
 
My budget projections for the house being paid off show an increase of what goes to savings each week. After a couple years of boosting the emergency fund it will go to 401k increases.
 
When we paid our house off we just put more into savings and used some of the extra for nicer vacations each year. We were at the point where we didn't want any more stuff.

A Ferrari would mean higher insurance, having to fill up the tank more often, paranoia about where I drive wondering if I needed to watch out for carjackers, fear of it getting stolen no matter where I parked, worry about it getting damaged by people who don't like fancy cars, worry about driving it the way it's meant to be driven in case I get a ticket, etc. etc. Too much aggravation for the few times I would be able to really rock.
 
ponyo said:
If you didn't have to pay rent or had a paid off house. Would you buy a fancy sports car like a Ferrari and make payment for 5 years? Or buy a new flat screen TV every month? Perhaps a new top of the line video card each month? Or dine out at a fancy restaurant every other day? Please no hookers and blow.
Click to expand...

save it.
i'm on target to retire b4 age 40. (assuming i dont get laid off. and am surprised i havent been laid off since my multi-year guarenteed contract expried earlier this year)
 
Banked and then annually start checking off "places to visit" Bucket List...

Sonoma Valley
Octoberfest in Germany
Austraila
Coastal tour of Ireland
..ect
 
kranky said:
A Ferrari would mean higher insurance, having to fill up the tank more often, paranoia about where I drive wondering if I needed to watch out for carjackers, fear of it getting stolen no matter where I parked, worry about it getting damaged by people who don't like fancy cars, worry about driving it the way it's meant to be driven in case I get a ticket, etc. etc. Too much aggravation for the few times I would be able to really rock.
Click to expand...

Agreed, unless you have something autobahn-like in your home town, owning a Ferrari is just compensation for a small penis or something.

If I were to buy a scream machine of a car, I'd start with a more mainstream sports car like the GTR, Mustang, Charger, or Camaro... then pimp it out under the hood. Less conspicuous, but can still burn 99% of the cars on the road should I decide to stomp on the gas.
 
JEDI said:
save it.
i'm on target to retire b4 age 40. (assuming i dont get laid off. and am surprised i havent been laid off since my multi-year guarenteed contract expried earlier this year)
Click to expand...

What is comfortable? How much saved between retirement accounts and cash? Curious because I would like to retire by 45 or so.
 
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