Affordability discussion (split from Iran thread)

#326
#326
YankeeVol said:
Even the most basic Tacoma starts at $32K bud, and the only people buying those are businesses.

A Hyundai or Kia sedan can be had for less than $30K (less than $25K the last one I bought) with very good options, I've owned a few. Most "people" don't want that, and therein lies the problem. It's a status symbol. Most people would rather have an $80K vehicle and live in a trailer or rent a chit apartment.
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Oh, you meant brand new.

I only assume complete and utter ****ing idiots only bought brand new.
 
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#327
#327
McDad said:
Never have bought a new car. Never will. The salvage route has been great for us.

Funny how life works. Always wanted a Porsche 911. Got to the point where I could afford one and lost interest.
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I'll go splitsies on a '97 911. Black. Convertible.

I knew you were reasonable RE: brand new vs slightly used.
 
#332
#332
OHvol40 said:
We all know the point you’re trying to make, but that’s not all I said about it either, but I see you chose not to include that portion. I’m not interested in what choices people are making but rather discuss the external factors and the environment… then maybe how that affects people’s decision making and prioritization.
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Some of your other numbers have already been addressed by others. Still, the $500 car note reduces your “crisis” to “choice”.

This hypothetical individual is obviously renting, I’d say $1000 a month at least. Combined with the $500 car payment that’s $1500 a month - enough for monthly mortgage payment on a reasonable starter home, especially with attempts to tighten up expenses elsewhere.

They’ve chosen this position.
They’ve haven’t been forced into it.
 
#335
#335
DinkinFlicka said:
I genuinely believe this is a result of poor parental guidance at a young age coupled with public education lacking practical curriculum.

My high school financial planning teacher was a baseball coach who, without exaggeration, played Dave Ramsey videos for all but 5 minutes of each class.
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My favorite thing in HS had to be when the football or basketball coach would leave a student in charge of "teaching" while they watched film for upcoming opponent or try to bang high school students....

Had a basketball coach get caught banging a student while he left me to administer a test in World History....
 
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#336
#336
BigOrangeMojo said:
My favorite thing in HS had to be when the football or basketball coach would leave a student in charge of "teaching" while they watched film for upcoming opponent or try to bang high school students....

Had a basketball coach get caught banging a student while he left me to administer a test in World History....
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You just did a side by side of my American History experience.

I had to effectively put the sub on the bench when we covered the NOLA battle because he asked me why I thought it was the most important battle in American history.

We had very different answers.
 
#337
#337
DinkinFlicka said:
You just did a side by side of my American History experience.

I had to effectively put the sub on the bench when we covered the NOLA battle because he asked me why I thought it was the most important battle in American history.

We had very different answers.
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I remember administering an open book, group test when the Principal (who looked like Fred Flintstone) stopped by looking for him....
 
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#342
#342
YankeeVol said:
Well they made me a lot of money for a few years.

I can just about count on 2 hands how many used I sold (and that’s where the real money is SUCKER).
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So true, over 10+ yrs I probably sold 5-600 new and 1,000+ used. I’d sell used any day of the week over new.

I’ve had more than 10 new GM trucks though lol. I’d never buy a used General Motors vehicle unless it had 150k miles on it and someone had already replaced the trans and engine. Either new or refurbished 🤣
 
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#343
#343
The people in here complaining about how wealthy other generations are/were many of them would lose their mind if we proposed cutting Medicare or social security.

There’s a great irony there
 
#345
#345
DinkinFlicka said:
I was born in 89 and we grew up poor. Step-dad was a plumber before it was the well paying profession it is today and mom didn't work, yet we were able to buy a house in 94.

From there, mom found a calling in renovations and flipping to where they are now.

As a millennial, i can tell you that "first home" stage is only attainable to certain situations. I work a 1040 lifestyle and my W2's have always bounced around around every 2 or 3 years which seems to lie at the threshold lenders look for. No wife or kids, so it's not a priority for me to own a home but, sh*t, I wouldn't mind having an income prop.
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I thought you had some rentals?
 
#346
#346
McDad said:
That's your choice. It doesn't help anything but you're allowed to call it what you want.

To me, its a challenge. @LouderVol is the person who lived the reality and made it work. Doubtful he thinks it's a crisis.
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@McDad @OHvol40 I tried to go back to see what exactly was the crisis, but didn't find a specific subject, so I am assuming its just the general financial settings for the younger generations: tl;dr

Its at least a borderline crisis. It isn't for me, but I was lucky. Not going to split hairs on where stuff is, but its a really bad situation, and then you have financially illiterate people trying to navigate it. I think the combo pushes it into crisis.

I think what pushes it into being a crisis is there is zero financial education out there. I consider myself extremely lucky I had a CPA as a dad who drilled saving money into my head. dumb stuff too, like getting a water while out to eat instead of a soda for $1.50, or getting a hamburger instead of a cheeseburger because it was a dollar less. Taking dates to matinee movies instead of after dark to save 2/3 bucks on the tickets. that type of stuff was drilled into me it became a lifestyle.

The cost of everything being so high, makes it extremely difficult to save up anything to "get ahead". heck even just to get started there is a higher bar. It took me more than a decade of saving with a professional job in order to buy a house. thats not historically "usual", and while it wasn't a crisis for me, most people my age were never taught a mindset of how to navigate this. There aren't enough jobs in low cost areas for people to move away from the expensive towns; and the boomer generation has been killing off work from home, so that flexibility (and cost savings) is not really feasible now.

the easy access, and almost cultural mindset, to debt is damning imo. forget student loans for a second. there is an App out there that lets you finance a burrito. no credit check, no income check, just lets you take out small loans. that type of predatory lending wasn't nearly as prevalent before. you aren't going to shady sam to loan you a 20, you just pull up your phone, something you know, and trust, and use every day, and boom, you have a loan. there are so many debt traps out there they are going to catch you.

a real personal finance class would go a long way to fixing the borderline-crisis. Teaching people that minimum payments on credit card debts are a disaster for their personal finances needs to be hammered into their heads. they need to be taught that unless it comes with major financial paperwork and checks, any debt you aren't paying off at the end of the month is a crisis waiting to happen.

the mindset/illiteracy combined with the situation that is a crisis. had the previous generation actually given my generation a firm understanding of things, it wouldn't be a crisis.
 
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#347
#347
LouderVol said:
@McDad @OHvol40 I tried to go back to see what exactly was the crisis, but didn't find a specific subject, so I am assuming its just the general financial settings for the younger generations: tl;dr

Its at least a borderline crisis. It isn't for me, but I was lucky. Not going to split hairs on where stuff is, but its a really bad situation, and then you have financially illiterate people trying to navigate it. I think the combo pushes it into crisis.

I think what pushes it into being a crisis is there is zero financial education out there. I consider myself extremely lucky I had a CPA as a dad who drilled saving money into my head. dumb stuff too, like getting a water while out to eat instead of a soda for $1.50, or getting a hamburger instead of a cheeseburger because it was a dollar less. Taking dates to matinee movies instead of after dark to save 2/3 bucks on the tickets. that type of stuff was drilled into me it became a lifestyle.

The cost of everything being so high, makes it extremely difficult to save up anything to "get ahead". heck even just to get started there is a higher bar. It took me more than a decade of saving with a professional job in order to buy a house. thats not historically "usual", and while it wasn't a crisis for me, most people my age were never taught a mindset of how to navigate this. There aren't enough jobs in low cost areas for people to move away from the expensive towns; and the boomer generation has been killing off work from home, so that flexibility (and cost savings) is not really feasible now.

the easy access, and almost cultural mindset, to debt is damning imo. forget student loans for a second. there is an App out there that lets you finance a burrito. no credit check, no income check, just lets you take out small loans. that type of predatory lending wasn't nearly as prevalent before. you aren't going to shady sam to loan you a 20, you just pull up your phone, something you know, and trust, and use every day, and boom, you have a loan. there are so many debt traps out there they are going to catch you.

a real personal finance class would go a long way to fixing the borderline-crisis. Teaching people that minimum payments on credit card debts are a disaster for their personal finances needs to be hammered into their heads. they need to be taught that unless it comes with major financial paperwork and checks, any debt you aren't paying off at the end of the month is a crisis waiting to happen.

the mindset/illiteracy combined with the situation that is a crisis. had the previous generation actually given my generation a firm understanding of things, it wouldn't be a crisis.
Click to expand...
You made 'sacrifices' compared to the financially illiterate. You've shared those before...especially when your car is in need of service.

Did you have a room mate while you were in Atlanta?
 
#348
#348
McDad said:
You made 'sacrifices' compared to the financially illiterate. You've shared those before...especially when your car is in need of service.

Did you have a room mate while you were in Atlanta?
Click to expand...
not really. eventually a cousin moved in with me, but that was solely for his benefit not mine.

first 6 months I lived with family and had a 2hr commute. Worked in Midtown lived in Powder Springs, the far side.

next 6 months I moved in town, by myself, to "Sandy Springs", which is theoretically a nice area, and 8 miles from work, commute was still at least an hour and a half. my apartment wasn't nice, cops were outside my building at least once a week, stopped waking up to the flashing lights.
bought my first car, used, while there, mostly off of savings I inherited from dead relatives, and entered my peanut butter and sometimes jelly phase. eventually figured out bagged salads, and canned soups were cheap too. I think rent was like 500 or 600 a month. I was making about 30k then.

for the next 6-7 years, I lived in a studio apartment that was about 1k a month, and took the train to work. during this time health insurance went from 50 bucks a month to about 300 thanks to ACA, that was the roughest period because there was no way for me to control or mitigate that. until I moved out in March 2020 (anyone remember what was going on then?) when rent had gone up to 2k a month. i went from making 40k a year there to about 70k when I left. Finally got internet a year or two after moving into that apartment, and eventually could afford to regularly buy actual non-deli-meat.

after that I moved into a 2 bedroom, was paying about 1.8k, and my cousin moved in shortly after because he got a job in the area. was further away from my job, but near a train station. we were in a latino complex. solo gringos.

when I bought the house, cousin came with until the missus moved in. I kept his "rent" well below market rate. he was shocked and grateful when he moved out and saw how much rent was. he is paying more than 2x as much for renting one bedroom in a split up house, much further from work. he told me when he moved out he wouldn't have been able to afford a place on his own when he first moved in. his work is blue collar warehouse stuff. even in the 'burbs his options for living were extremely limited.

I never had student loans, so that is one thing that really helped me, but wasn't the case for most my age.
 
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#349
#349
LouderVol said:
not really. eventually a cousin moved in with me, but that was solely for his benefit not mine.

first 6 months I lived with family and had a 2hr commute. Worked in Midtown lived in Powder Springs, the far side.

next 6 months I moved in town, by myself, to "Sandy Springs", which is theoretically a nice area, and 8 miles from work, commute was still at least an hour and a half. my apartment wasn't nice, cops were outside my building at least once a week, stopped waking up to the flashing lights.
bought my first car, used, while there, mostly off of savings I inherited from dead relatives, and entered my peanut butter and sometimes jelly phase. eventually figured out bagged salads, and canned soups were cheap too. I think rent was like 500 or 600 a month. I was making about 30k then.

for the next 6-7 years, I lived in a studio apartment that was about 1k a month, and took the train to work. during this time health insurance went from 50 bucks a month to about 300 thanks to ACA, that was the roughest period because there was no way for me to control or mitigate that. until I moved out in March 2020 (anyone remember what was going on then?) when rent had gone up to 2k a month. i went from making 40k a year there to about 70k when I left. Finally got internet a year or two after moving into that apartment, and eventually could afford to regularly buy actual non-deli-meat.

after that I moved into a 2 bedroom, was paying about 1.8k, and my cousin moved in shortly after because he got a job in the area. was further away from my job, but near a train station. we were in a latino complex. solo gringos.

when I bought the house, cousin came with until the missus moved in. I kept his "rent" well below market rate. he was shocked and grateful when he moved out and saw how much rent was. he is paying more than 2x as much for renting one bedroom in a split up house, much further from work. he told me when he moved out he wouldn't have been able to afford a place on his own when he first moved in. his work is blue collar warehouse stuff. even in the 'burbs his options for living were extremely limited.

I never had student loans, so that is one thing that really helped me, but wasn't the case for most my age.
Click to expand...

Student loans are a killer. IMO your generation got hoodwinked by the college industrial complex.
 
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