how much debt you owe? now with POLL

[Anubis]

Yeah people in $4000 cars more than likely aren't priorities to anyone.

a car is simply a tool for getting you from point A to point B, a tool costing 40K really isn't any better then the 4K tool at doing that

 

[vi edit]

a car is simply a tool for getting you from point A to point B, a tool costing 40K really isn't any better then the 4K tool at doing that

That's the same as saying a camera is just something to take a picture with. You can do that with a $70 point and shoot digital.

Or that a computer is just a tool to get on the internet and send emails. A $200 netbook should be good enough.

 

[Anubis]

its a generalization but its still true

 

[CRXican]

its a generalization but its still true

no, it isn't

 

[Kev]

That's the same as saying a camera is just something to take a picture with. You can do that with a $70 point and shoot digital.

Or that a computer is just a tool to get on the internet and send emails. A $200 netbook should be good enough.

You're right. But different things are important to different people.

 

[vi edit]

its a generalization but its still true

You've got a pretty expensive (Grado?) set of can's don't you? Why not roll with a $10 set of Koss earbuds?

 

[vi edit]

You're right. But different things are important to different people.

Which is exactly my point.

 

[Kev]

Curious...do you own a home?

Currently renting. I don't see a need/benefit of a home right now, currently have enough in investments and savings though if I wanted to.

 

[xanis]

~$24K (college loans)

 

[ichy]

A car can be entertainment as well, so I understand why someone would buy something fancier than a $5,000 beater. What I can't understand is going into debt for it.

 

[vi edit]

A car can be entertainment as well, so I understand why someone would buy something fancier than a $5,000 beater. What I can't understand is going into debt for it.

Some people just have this irrational hatred for debt. You seem to be one of them. I am not.

Almost every car I've bought I could have paid cash for. But instead I've financed at reasonable rates. I find more comfort in having that $10,000-$20,000 in cash sitting in an account for emergencies than I do not worrying about the $200 extra year that loan costs me.

If I was in a different era where interest rates were in double digit percents or in a position where my car payment wasn't less than 5% of my take home income I'd have a different opinion.

 

[Kev]

Which is exactly my point.

I guess I misinterpreted, I thought the way you wrote it seemed like you were putting him down for getting a cheap car.

 

[vi edit]

I guess I misinterpreted, I thought the way you wrote it seemed like you were putting him down for getting a cheap car.

Nah. I just know Anubis has (relative to their alternative)expensive toys like camera gear, headphones and computer equipment that other people wouldn't care about.

It's just like you said, everyone has different priorities and what you like to spend money on someone else may care less about.

I drive a banged up Malibu that I'd be lucky to get $5,000 for. But my house is worth close to half a million.

*shrug*

 

[bhanson]

Some people just have this irrational hatred for debt. You seem to be one of them. I am not.

Almost every car I've bought I could have paid cash for. But instead I've financed at reasonable rates. I find more comfort in having that $10,000-$20,000 in cash sitting in an account for emergencies than I do not worrying about the $200 extra year that loan costs me.

If I was in a different era where interest rates were in double digit percents or in a position where my car payment wasn't less than 5% of my take home income I'd have a different opinion.

You're probably in the minority then.

We're mostly referring to the people that buy $30,000 cars when they're already living paycheck to paycheck because they can "afford the monthly payment."

If you're able to afford it and want a nice car then OK, but I suspect the majority of people purchasing new cars are idiots.

 

[PricklyPete]

170K on mortgage on investment property. Currently renting at our current location as I don't know if I'll be here for more than a year.

 

[Ayrahvon]

First time I've had debt in my life. $20,000 for Graduate school in student loans.

 

[pnad]

Married 1 child

I owe:
65k on the house
5k on a HELOC
1k on CC
24k on 2 cars

 

[Eos]

Different priorities would mean using "fun money" on something different than I do. Going $30k into debt for a depreciating asset is pretty irresponsible for the typical middle-class American.

I don't really give a fuck what someone does with their money. Their priorities, no matter how stupid or bad for their future, are still their priorities.

Edit: Two paid for cars in the garage: a 1996 and a 2003.

 

[Blackjack200]

$179,000 mortgage
$2,000 credit card (soon to balloon to $3,500)
$2,500 on my car
$1,500 my parents loaned me to cut down some dangerous trees on my property
$1,000 to my dentist

Wow, it's worse than I thought. All the non-mortgage debt will be gone by the first quarter 2011.

 

[RaistlinZ]

$179,000 mortgage
$2,000 credit card (soon to balloon to $3,500)
$2,500 on my car
$1,500 my parents loaned me to cut down some dangerous trees on my property
$1,000 to my dentist

Wow, it's worse than I thought. All the non-mortgage debt will be gone by the first quarter 2011.

Nice. How are you going to manage that? Are you sitting on 150k waiting to make one huge payment to pay off the mortgage?

 

[Anubis]

You've got a pretty expensive (Grado?) set of can's don't you? Why not roll with a $10 set of Koss earbuds?

i do have a shitty cheap pair or creative headphones, that i do roll with quite often, i use them when doing yard work

 

[PricklyPete]

i do have a shitty cheap pair or creative headphones, that i do roll with quite often, i use them when doing yard work

Either you are ignoring the point of his questions...or you missed it.

 

[xCxStylex]

I'm almost exactly like you, but the housing is worse here in Orange County.

I pay 700 for a room, which I consider to be a good deal for the area, and a starter home is like... 500k. Even a shitty 2br condo would be 350k, and it's not exactly something I'd like to commit to.

/non-home owner

I accept the reality that owning a home in my area on a single-family income is not a practical idea and thus avoid mortgage debt.

home values would have to rise exponentially for it to be worth it over renting when you're looking at 400k for a starter home (vs 800-1K/month in rent for a decent place)... what I pay in rent is about equal to what my parents have to pay in property taxes alone on their place

my sister and her husband individually make about the same as me. they bought a house a couple years ago (3 bedrooms, older home. nothing extravagant) and have been living paycheck-to-paycheck since. they'd be fucked if one of them lost their jobs and couldn't find a new one immediately. I couldn't imagine living like that.

 

[Blackjack200]

Nice. How are you going to manage that? Are you sitting on 150k waiting to make one huge payment to pay off the mortgage?

No, I said non-mortgage debt. I've been paying into my companies ESPP at about $2k per quarter and I get a bonus so I'll receive a good size chunk of cash in January. Enough to wipe out all the debt and start my emergency fund. Finally.

 

[Locut0s]

I'm almost exactly like you, but the housing is worse here in Orange County.

I pay 700 for a room, which I consider to be a good deal for the area, and a starter home is like... 500k. Even a shitty 2br condo would be 350k, and it's not exactly something I'd like to commit to.

Same deal up here in Vancuver Canada. I'd say it's a little worse actually. About 800k for a house close to the city and rents are similarly high. 7-800 would be fairly low cost close to the city for nothing special. One reason, though a small one, that I still live with the parents. Love this city though!!