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mount_finkus

mount_finkus

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Basically this. Most fun things in life cost money that could be invested instead. Money's no good unless you spend it on something though, and saving every spare penny until retirement age might rob you of years of enjoyment. But save nothing, and you'll end up broke or locked out of other opportunities you may not even be considering right now. Maybe the warp core is truly your only mistress. Maybe you'll want to gallivant around the galaxy with Rutherford one day. Who knows? The balance is different for everyone.
I love the references, I really do think I lean towards loving the warp core. Iā€™ve had very similar experiences to when Billups tells his mother ā€œYou need to accept the fact that I will be a virgin for the rest of my lifeā€
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kurtlikevonnegut

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I understand its not the wisest financial decision, but Iā€™d like to know why its just not a good idea at all. I generally keep my cars 5+ years so financing the car for such a time frame seems like a good idea

The biggest issue with this in my opinion is the depreciation curve for most cars. Unless you have a significant down payment or trade (which usually is not the case for a longer term loan), your car continues to depreciate at a faster rate than you are paying down your principle since you are paying such a small amount on principle relative to a shorter loan. You also significantly increase the amount you are paying to the bank over the life of the loan unless you are on a 0% interest rate. With a 60 month loan and no down payment, you will generally break even around year 3, but on a 84 month loan you may not break even until the final year of the loan. Even more significant, if you get in an accident at any point during that time, you could be SOL with a balance that is significantly higher than what insurance will pay you.

I'm all for assuming debt as long as the cost of capital is less than what you can do with the money that you could be using to purchase the car, but you definitely shouldn't be buying a car that you can't afford to pay for in cash if you can avoid it.
 

crashmtb

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Heres a fun fact: Colorado made it law for job postings to post the salary range and I am being underpaid for my skill level. Its old farts like those of you who think salary is a ā€œpersonal matterā€ that allowed my income to be so shit until recently
a point of clarification, salary is definitely shouldnā€™t be a private matter in the workplace and as it relates to actually getting paid.

But Iā€™m not going to tell someone I donā€™t know or donā€™t work with how much I make and how. Because it has zero relevancy.
 
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mount_finkus

mount_finkus

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a point of clarification, salary is definitely shouldnā€™t be a private matter in the workplace and as it relates to actually getting paid.

But Iā€™m not going to tell someone I donā€™t know or donā€™t work with how much I make and how. Because it has zero relevancy.
I agree, I'm not going around telling strangers I meet at a bar these things. But I personally believe good friends and family should be allowed knowledge of those details if they are the kind you trust. But I also think the actual details of where that money is going should be kept more secret.

I really wish, at least from my limited work experience, that salary discussions weren't so secretive/taboo at the workplace. While working at a Fortune 500 I was getting paid even less than I am now and they were happy to keep that discussion quiet. It sounds like some of you have had the exact opposite experience so it is good to see that my experience wasn't the standard
 

TessP100D

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I also donā€™t want to argue about what people can afford or choose to get car-wise. But I sure see a lot of broke ass people leasing/financing ~$40k cars so why canā€™t I who own a home, am single, have disposable income and extra rent money, get a nice car?
Just save your money.
 

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ajdelange

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I guess times change and there are lots of reasons why I am glad to be out of the workplace now but when I was in my salary was none of your damn business and yours was none of mine. If one wanted to know where he stood re his peers he could always find the info on what people with his years of experience in his discipline in his region earned via the surveys conducted by organizations like IEEE. That was plenty for me.
 

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In my experience, if two people at the same workplace tell each other their salary, at least 1 feels bad at the end of that chat, even if the salaries are set perfectly and justifiably. Transparent info on salary bands for a job title, promotion process, etc is better than open salary information on individuals IMO.
 

msmith

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I went from literally delivering pizzas with $80 in my bank account to a six figure income within 5 years. It helps to know your worth, and it's a lot easier if you discuss that info with your peers.

Not once did sharing salaries with my friends and coworkers result in any animosity towards anyone but employers who were obviously shafting someone. If anything, it built camaraderie and mutual support.
 
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mount_finkus

mount_finkus

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I went from literally delivering pizzas with $80 in my bank account to a six figure income within 5 years. It helps to know your worth, and it's a lot easier if you discuss that info with your peers.

Not once did sharing salaries with my friends and coworkers result in any animosity towards anyone but employers who were obviously shafting someone. If anything, it built camaraderie and mutual support.
This, I'm looking to close to double my income in around a 2 year time frame and it's only because of things like Glassdoor and Colorado's recent law. Not knowing my worth did nothing but hurt my general wellbeing.
 

kdcold

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I think the R1S is the closest modern vehicle to the spirit of older land cruisers in terms of blending luxury and off road in a new and exciting platform.
I agree on LCs, newer arenā€™t worth the money and the R1S is the only thing I have even considered replacing my 100 series with.
Funny, I started out looking to upgrade from a lifted 4Runner to newish LC when I discovered Rivian. Roughly same price range, and (perhaps more roughly) similar towing, offroadability, and luxury.

But financially I am in the "old farts" camp suggesting cash and potentially some short-term borrowing. My income is not much, but I haven't borrowed money for a car since the '90s, partially because I have been saving for them in lieu of paying interest.

Maybe compromise for now, try a late-model flavor of the T4R for half the cost. Then you can customize that with all the discretionary income you're expecting.
 

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mount_finkus

mount_finkus

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Funny, I started out looking to upgrade from a lifted 4Runner to newish LC when I discovered Rivian. Roughly same price range, and (perhaps more roughly) similar towing, offroadability, and luxury.

But financially I am in the "old farts" camp suggesting cash and potentially some short-term borrowing. My income is not much, but I haven't borrowed money for a car since the '90s, partially because I have been saving for them in lieu of paying interest.

Maybe compromise for now, try a late-model flavor of the T4R for half the cost. Then you can customize that with all the discretionary income you're expecting.
I think it's been perfectly reasonable to suggest not financing this vehicle or anything this expensive with my income. If I go through with this, or really any next vehicle I truly want, it will be the first time I am owning a vehicle without totally buying it off, or my parents gifting it to me. I don't know what I'm doing in this regard. And now that I've thought about it, a lot of my mistake is equating a car loan/finance to a home loan, there is a huge difference in the financial outcome of the two. The old farts are the ones saying this topic is too personal to discuss.
 

trmckin1

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And that piece of junk has been costing me a lot per year that Iā€™m planning to finally let go of and put towards this Rivian. I think the R1S is the closest modern vehicle to the spirit of older land cruisers in terms of blending luxury and off road in a new and exciting platform.
Edit:
I always add to my posts but I want to add that I am not a fan of any land cruiser past the 100-series, and clearly neither is the rest of north america since Toyota wonā€™t even consider the new 300-series here. But maybe they should instead try something different and people like me would be interested in Toyota again
When you get ready to offload the LC, shoot me a message. I'm always in the market.
 

McMoo

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In my experience, if two people at the same workplace tell each other their salary, at least 1 feels bad at the end of that chat, even if the salaries are set perfectly and justifiably. Transparent info on salary bands for a job title, promotion process, etc is better than open salary information on individuals IMO.
This seems to be pretty standard nowadays. Also, recruiters/headhunters can be helpful. Of course they tend to oversell positions they are trying to fill but they do have up to date industry knowledge and can offer some salary advice too.
 

Eeyore

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I'm an union electrician. We all know the minimum hourly we each make. If individuals make any more it's because they are worth more to the employer. Some examples; if you drive a service truck, you probably make foreman rate, which is 10% more than journey-level rate, or you have specialized skill set or certification.

Some locals post their wage package. Ours does and I think it's pretty good:

https://www.ibew48.com/join/job-opportunities-licensed-electricians

*edit* Also, my house is mortgage free, we have no other debit, and I'm going to pay cash for my R1T just like I have for my last 6 cars. I'd finance it for .1% or less.
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