what would you do with $45k?

[MaxFusion16]

I'm actually surprised that the op has managed to save 45k with his spending habits,
$800 a month on an unnecessary lease while he's still renting a condo.....lmao

get your priorities straight, invest your money in some appreciating asset first, put that 45k down on a house and use the $800 a month to pay your mortgage.

 

[Young Grasshopper]

I'm actually surprised that the op has managed to save 45k with his spending habits,
$800 a month on an unnecessary lease while he's still renting a condo.....lmao

get your priorities straight, invest your money in some appreciating asset first, put that 45k down on a house and use the $800 a month to pay your mortgage.

please tell me why it would be a good idea to put ALL of my savings(minus 401k etc). in a down payment for a home, and also tell me where i can get a decent home with a mortgage of $800 or even $1000 in LA? i understand it is possible to get a nice house with this kind of down payment and mortgage in hicksville USA, but not in los angeles.

uhh maybe in the ghetto, I live in a not even great part of So Cal and the small'ish 3 bedroom house next door to me just rented out for $1,200 a month. I wouldn't want to live in a 1k house in Cali.

exactly. like i mentioned, i dont want to buy some shithole in watts infested with rats and possums running around. if im buying a house i am living in that house. im not interested in buying a home for property investment, i'd rather get a condo so i dont have to deal with repairs, etc... im just gonna hold onto the money and keep saving for a few more years.

 

[Kyteland]

the car is an expense(albeit an expensive one) that will keep me happy(havent even taken delivery yet, just ordered). yes i know its a waste of money but i love cars and putting down $30k in hard cash to buy it and keep the same lease type payments would be a waste as i dont drive that much(but enough to get a decent 30-36k miles during the lease period). i guess you can call it pleasure money. i got tired of saving money and needed something enjoyable for myself, and at the end of the lease i wont be in the hole 30k either. i do realize NOT leasing the car and saving the $800 would be a better idea but like i mentioned, sometimes in life you gotta live a little...besides, after 3 years the lease is over.

That's exactly the wrong attitude to have. If you want to ever retire you need to have a plan and that means saving a little money every month and not letting it burn a hole in your pocket. You're going to need a few million saved up by the time you're in your 60s (or 70s the way things are going) to be able to retire comfortably and you'll never get there if you blow it every time you have 50k in the bank.

A great way to "hide" money from yourself (assuming you don't have the self control to not spend it from savings) is to get a house payment. You'll never be tempted to spend that money because you'll never have it in your hot little hands. By the time you've paid off the house you'll have a valuable asset to your name. Hopefully it won't be the only one you have.

From the info you've listed you cannot reasonably afford that car payment. Stick with the Mazda for now.

 

[CRXican]

wow, you suck

with $4,100 net I'd be in good shape even here in So Cal

 

[Lifted]

im just gonna hold onto the money and keep saving for a few more years.

Saving $200/month after your $800 lease? You might as well buy now as the housing market is probably going to go up quit a bit more than the small amount you'll be saving over the next 3 years after your lease.

How much is the insurance on that $800/month lease?

 

[speg]

Invest it, with 3:1 margin you'll have nearly $150k of buying power. Buy shares in 4 or 5 companies in different sectors and then write call options on those shares.

 

[WackyDan]

Pretty crazy to pay 800 a month on something you don't use much

He is fucking leasing it....

LEASING it. For $800 a month, I'd hope he would own the freaking thing. Fucking waste of money with failed logic.

Is he single? Yes.... His net income is about $49,200 a year. That means he makes somewhere around $65k a year. So if he wants to waste his money I guess that is his decision... doesn't make him smart, but it is his choice.

Sorry, but $800 a month is a lot of coin for leasing something you are never going to own... and something you admit you don't drive a lot.

 

[rcpratt]

He is fucking leasing it....

LEASING it. For $800 a month, I'd hope he would own the freaking thing. Fucking waste of money with failed logic.

Is he single? Yes.... His net income is about $49,200 a year. That means he makes somewhere around $65k a year. So if he wants to waste his money I guess that is his decision... doesn't make him smart, but it is his choice.

Sorry, but $800 a month is a lot of coin for leasing something you are never going to own... and something you admit you don't drive a lot.

It's probably more than that ($80k?), especially if he's not stupid enough to lease a car for $800/mo before at least putting 8-10% in his 401k.

 

[zinfamous]

net monthly income $4100
renting 1 br condo at $1000 a month
leasing car @ $800 a month
total monthly expenses including bills, insurance, gas, going out $$, etc...$3000
cc debt-around $600
personal loan debt $1900
credit score 750+

this can't be right.

first: wtf are you leasing a car for $800/month?

are you a fucking idiot, or something?

 

[zinfamous]

wow, you suck

with $4,100 net I'd be in good shape even here in So Cal

same.

lol. what a maroon.

 

[Engineer]

Save it for later...maybe pay for the children's college expenses in a few years.

 

[Bignate603]

You're going to spend more on a car than I do on my house's mortgage.

 

[cKGunslinger]

Buy this for me. I'm looking for a project for the summer..

 

[arcenite]

Epic thread letdown.

Rob, tell us more.

 

[Born2bwire]

Oh God...

I don't get this. The OP saves for 7 years to get $45K. He drops a grand a month on rent and already owns a car and would like to own a house at some point but complains that he doesn't have enough money for one. But instead of paying off his debt, investing some of the money, paying more into retirement plans, and continuing to save up for a house, he decides to lease another car.

That's 7 years to save $45K and in one three year lease he spends almost 2/3 of the savings. And that is money down the drain. You're not buying the car so there is no return on this investment. You already have a car so you do not need this car. You are literally spending a large chunk of all the money you have worked to save on something for a short term personal enjoyment. The very least you could do would be to sell your current car and work out a payment plan on the new car. I wouldn't suggest that but hell at least it's better.

 

[LiuKangBakinPie]

Money can't buy happiness but that's a lot of 5 dollar hookers