How is it possible to save and get out of debt?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 12:09 am

ltuxl wrote:I think in order to paint a more clear picture I should clarify a few things.

1. My passion for cars is something I don't expect many people to understand.
I've had my share of fancy, expensive sports cars. After a while, they just didn't seem all that worthwhile. (So, I bought a couple of airplanes, but that's another story.)

The thing is, likes/dislikes change over time. Hopefully, by the time you can afford your dream car, you won't want it. :)
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

Easy Rhino
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Re: How is it possible to save and get out of debt?

Post by Easy Rhino » Wed Apr 25, 2012 12:15 am

Unless you're working a high-paying career and have debt under control, hold off on the supercars.

When I was 25ish, my single dude's life goal was to save up cash, drive my old toyota into the ground, and then be able to afford a fancypants car. I ended up wrecking the toyota before it's time, suddenly was car shopping, and bought a slightly used Audi A4. I was able to pay for it cash by tapping most of my savings, even though in the back of my mind I said "i could buy two toyotas for this price".

Two years later my employer went out of business and I was unemployed. As my cash dwindled, that extra $15k or so of car expense sure would have been nice to have in my emergency fund, rather than moving back in with my Dad.

I am currently in the process of driving my 12 year old Audi A4 into the ground :beer

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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 12:16 am

BuckyBadger wrote:
Mkay, but you realize that SHE will therefore be giving up vacations, expensive clothes, eating out, and other material luxuries, so that YOU can drive a porsche?
No worries, get her a Lotus or Ferrari. Personally, I'd get a Turbo Esprit. http://www.lotusespritturbo.com/New_Lotus_Esprit.htm Besides, everyone and their dog has a Porsche, so at least get her a car that will stand out. ;)
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

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Re: How is it possible to save and get out of debt?

Post by Clearly_Irrational » Wed Apr 25, 2012 12:45 am

Jerilynn wrote:No worries, get her a Lotus or Ferrari. Personally, I'd get a Turbo Esprit. http://www.lotusespritturbo.com/New_Lotus_Esprit.htm Besides, everyone and their dog has a Porsche, so at least get her a car that will stand out. ;)
Like a '38 Desoto?

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ltuxl
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Re: How is it possible to save and get out of debt?

Post by ltuxl » Wed Apr 25, 2012 5:08 am

If you really want the car take on a part time job and start a Porsche fund.
I have considered this option after grad school is over in just over a year. I was thinking about taking on a part-time consulting/IT job to help fund the 911...
- Mr. Tux

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Re: How is it possible to save and get out of debt?

Post by BuckyBadger » Wed Apr 25, 2012 7:48 am

You want to get a part time job to pay for your porsche. So you're willing to spend less time with your loved one in order to "afford" this car. You'd rather work more than have more time with her.

I'd still be kind of pissed if I were your girlfriend. You've chosen a car over me.

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Re: How is it possible to save and get out of debt?

Post by Dave76 » Wed Apr 25, 2012 8:16 am

NorCalDad wrote:I had the same initial cringe as others when I read the 911 comment, but I think the OP is not different from many younger people who dream of certain things. I applaud him for at least being honest in a place where many people do not share the same goals.

And I think he may grow out of it. It's interesting what getting married, buying a house and having kids will do to someone. I know it changed my priorities. I haven't had a new car since I bought one two years after college, and that was over a decade ago. I remember when I bought it, I obsessed over it and thought it was such a huge deal. At the time, I never would have thought I'd be driving the same car in my 30s with a car seat installed in the back. We can afford to buy a luxury car with cash now, but we have other priorities that mean a whole lot more to us - retirement, kid's education and a better house.
Some people need material things for spiritual fulfillment, I suppose. I do agree that a loving spouse and a couple of kids should be enough. Oh, and financial security. :happy

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bottlecap
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Re: How is it possible to save and get out of debt?

Post by bottlecap » Wed Apr 25, 2012 9:28 am

First let me say some on this will sound harsh. I'm not intending to be anything but honest.

This thread reads very badly - you're essentially asking us how you can have it all in your twenties. You can't - few can. If you could, everyone would be doing it and not having to worry about debt. For most of us, that's not real life.

Being frugal - and asking your mate to be frugal for years - only so you can blow that money on a "dream" of an unnecessary purchase - is not really being frugal. It is being irresponsible and, quite frankly, selfish. Asking your spouse to scrimp on things she thinks are important so that you can afford an unnecessary luxury (but because you really, really, want it!) is simply inequitable. If I potential mate explained this to me the way you have, I would drop her like a bad habit.

So I'd say revise your dream. Unless you are a member of the top 0.3%, Porsches are for old men who have saved a lot of money. You really like sports cars? Shoot for something older and under $10k. Get the Porsche when you're in your fifties.

I've had "dreams" like yours (although not quite as expensive) and never followed through. I'm older now and can afford all of these dreams. I'll probably still never follow through with them - I have other priorities now. If any of these things were still that big of a dream, I'd be able to do them without worrying about debt. I think that's the way to approach dreams.

Good luck,

JT

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momar
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Re: How is it possible to save and get out of debt?

Post by momar » Wed Apr 25, 2012 9:30 am

"How is it possible to save a large amount, get out of debt, and buy big expensive things?"

It's not. Especially in your mid 20s.

As you make more/have more, the big expensive things that you covet will become bigger and more expensive things. And that large amount you were saving won't seem quite so large.
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Re: How is it possible to save and get out of debt?

Post by Grt2bOutdoors » Wed Apr 25, 2012 9:41 am

Live beneath your means - that means if you can afford a $5K engagement ring, you buy a $3.5K engagement ring. If you can afford a $30K car, you buy a $18K or $20K car. If you can afford Ruth Chris, you go to a family steak house that is less costly instead. Get it? This will take time, Rome was not built in a day and short of you hitting the lottery, it will be likely in your case as well.

If you want to get out of debt - the fastest way is to focus on that aspect first with the majority of your disposable cash. Reducing debt is a sure thing, while investing is more of a unknown. If you get out of debt you will be better off than the vast majority of your peers - trust me on this.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Re: How is it possible to save and get out of debt?

Post by NHRATA01 » Wed Apr 25, 2012 10:33 am

Look, I'm a car enthusiast too and it is an expensive hobby, one that few will understand and most certainly is not bogglehead-ian. But quite frankly the 911 is going to have to wait if you want to be financially logical here. I wasn't in a much different boat 11 years ago in that regard, and financially I was completely debt free, though I still rented. I could've swung the payments on a new Z06, instead I bought a Trans Am for half the price, and then turned some wrenches in my spare time to make it faster and handle better. One day I'll get that Z06 or ZR1, but now with marriage, a house, and 3 young children there are other priorities.

What's driving the Porsche purchase?

Is it because you want to start doing track days? Then you might as well start further down the totem pole and learn some skills first. A used Miata is a perfect start, or perhaps a 350Z. Jumping straight into a 400hp 911 is a recipe for disaster, or at least a very expensive crash (which insurance won't cover).

Is it because you are a Porsche enthusiast? Start with a used Boxster, or something like a 993 or 996 911. Heck both hold their value well and you won't even lose much when you go to sell, and with the 911 design 90% of the ignorant motoring population can hardly tell the difference between a 996 and a new 991, which will depreciate like a rock.

Is it because you want to impress people? A BMW 3-series will take care of that for half the price, or the above used 911 idea.

It's going to take a very understanding woman to accept sacrificing her and your financial goals just to put your backside in a Porsche. My wife is quite accepting of my hobby, but if it came at the expense of her dream wedding, house, or kids, I'd be single now...

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ltuxl
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Re: How is it possible to save and get out of debt?

Post by ltuxl » Wed Apr 25, 2012 11:15 am

First let me say some on this will sound harsh. I'm not intending to be anything but honest.

This thread reads very badly -
I agree this thread reads very badly... I didn't do a good job of explaining the whole situation...
Look, I'm a car enthusiast too and it is an expensive hobby, one that few will understand and most certainly is not bogglehead-ian. But quite frankly the 911 is going to have to wait if you want to be financially logical here. I wasn't in a much different boat 11 years ago in that regard, and financially I was completely debt free, though I still rented. I could've swung the payments on a new Z06, instead I bought a Trans Am for half the price, and then turned some wrenches in my spare time to make it faster and handle better. One day I'll get that Z06 or ZR1, but now with marriage, a house, and 3 young children there are other priorities.

What's driving the Porsche purchase?

Is it because you want to start doing track days? Then you might as well start further down the totem pole and learn some skills first. A used Miata is a perfect start, or perhaps a 350Z. Jumping straight into a 400hp 911 is a recipe for disaster, or at least a very expensive crash (which insurance won't cover).

Is it because you are a Porsche enthusiast? Start with a used Boxster, or something like a 993 or 996 911. Heck both hold their value well and you won't even lose much when you go to sell, and with the 911 design 90% of the ignorant motoring population can hardly tell the difference between a 996 and a new 991, which will depreciate like a rock.

Is it because you want to impress people? A BMW 3-series will take care of that for half the price, or the above used 911 idea.

It's going to take a very understanding woman to accept sacrificing her and your financial goals just to put your backside in a Porsche. My wife is quite accepting of my hobby, but if it came at the expense of her dream wedding, house, or kids, I'd be single now...
The ZR1 and 991 911 are both on my list to choose from. I see what you are saying and I have considered the 993, and 997... the 996 headlights are not for me.

The drive for me to buy the car is to own a sports car that handles well, is reliable, german made, and of all the supercars I have seen, porsche stands out the most to me. I have been to a few different gran prix's, joined a car club, and have volunteered my time at a mechanic shop for the sole purpose of learning how to work around the inside of a car. This car is not a dream to show off - I could be the last person on earth and I would still desire to have this car with no one around to see it. A car like the porsche 911 or ZR1 is a purchase that if it takes place will never be sold. I would keep the car running for good and primarily drive it on weekends - I would not use a 911/ZR1 for my daily commuter. Regardless of that fact, the situation remains the 911 will remain a dream... ... for now...

Again this 'porsche dream' will not happen while I have a mortgage or student loans. I was just seeking advice on how to accommodate a large purchase.
- Mr. Tux

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Re: How is it possible to save and get out of debt?

Post by bottlecap » Wed Apr 25, 2012 11:23 am

ltuxl wrote:Again this 'porsche dream' will not happen while I have a mortgage or student loans. I was just seeking advice on how to accommodate a large purchase.
My advice would be to pay down your debt aggressively and save like mad, then. However, you are going to have to live your life in the meantime and maintain a lifestyle that will keep your (eventual) spouse happy. You'll have to include in your plans her "dreams" as well.

If you do all these things and someday have enough to make the purchase (and it is still a priority), then great, you can go for it. If the meantime, rent one for your birthday every once and a while.

Good luck,

JT

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Re: How is it possible to save and get out of debt?

Post by BuckyBadger » Wed Apr 25, 2012 11:24 am

ltuxl wrote:I was just seeking advice on how to accommodate a large purchase.
In that case, the answer is:

You save up until you can afford it.

How long it takes depends on how aggressively you save, and how aggressively you save is a mutual decision that you have to come to with your spouse.

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Re: How is it possible to save and get out of debt?

Post by Zeppcoustic » Wed Apr 25, 2012 11:36 am

ltux,

I had a similar dream. Starting in high school, my dream was to own a Carrera 4S in Platinum Silver Metallic (or maybe Dark Blue Metallic). My family and friends all know about it. This dream persisted through college and medical school. Then after I started educating myself on personal finance, through books and this forum, the dream basically went away; it was weird. It seemed a little silly even. I still get excited seeing a comparable model on the the road, especially on a nice day. But I don't really want one anymore. I will be able to afford one later in life, but doubt I will pull the trigger. That car is about $100,000 I think. Crazy. I'm sure it's fun to own and drive. But just not worth it to me anymore.

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Re: How is it possible to save and get out of debt?

Post by Dave76 » Wed Apr 25, 2012 12:08 pm

stoptothink wrote:
Dave76 wrote:Why not compromise and get a Porsche 944?
I was thinking more 914.

By the sounds of this thread this buying of a Porsche wouldn't be remotely realistic for a long time, like decades into the future. If you can find a girl willing to live below her means for years so you can someday drive a ridiculously expensive car, hold on to her because she is one of a kind. Kind of a threw a wrench in the whole thread by bringing up the Porsche. You are wondering how it is possible to save and get out of debt...well it isn't if your goal is to buy a Porsche.
I was going to say 924, but I didn't want to be too hard on him.

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Re: How is it possible to save and get out of debt?

Post by Dave76 » Wed Apr 25, 2012 12:11 pm

NHRATA01 wrote:Look, I'm a car enthusiast too and it is an expensive hobby, one that few will understand and most certainly is not bogglehead-ian.
You can say that again. Bogleheads like the hideous Toyota Prius -- the Sadie Hawkins of cars. I'd rather have a Yugo than a Prius.

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Re: How is it possible to save and get out of debt?

Post by goggles » Wed Apr 25, 2012 12:17 pm

mmmodem wrote:Her joy is driving a nice car. My joy is seeing her happy and chicken wings. It works out.
As a summary of domestic bliss, this is pretty great. Know thyself. Congrats.

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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 12:39 pm

ltuxl wrote:
If you really want the car take on a part time job and start a Porsche fund.
I have considered this option after grad school is over in just over a year. I was thinking about taking on a part-time consulting/IT job to help fund the 911...
How much does a 911 go for that you want? Let's say $100k just to make the arithmetic easier. Let's say you can save $2k a year at 3% (and 3% may be a bit generous). It will take approximately 31 years (and that's assuming inflation stays flat).

Besides in 31 years you will be on your 3rd wife, so what this one thinks about the Porsche may not really matter. ;)
Last edited by Jerilynn on Wed Apr 25, 2012 12:48 pm, edited 1 time in total.
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 12:42 pm

Dave76 wrote:
Some people need material things for spiritual fulfillment, I suppose. I do agree that a loving spouse and a couple of kids should be enough. Oh, and financial security. :happy
More accurately, some people THINK they need material things for spiritual fulfillment.
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

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Re: How is it possible to save and get out of debt?

Post by VictoriaF » Wed Apr 25, 2012 12:43 pm

porcupine wrote:
VictoriaF wrote:[...]We need a poll "What is more important a spouse or a Roth IRA?"

Victoria
Only on Bogleheads ...!!!! :wink:

- Porcupine
That was a pre-Porsche comment. Now a more appropriate poll for the Bogleheads is to pick among 911, 924, 944, and other Porsche models.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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Re: How is it possible to save and get out of debt?

Post by JupiterJones » Wed Apr 25, 2012 12:48 pm

NHRATA01 wrote:Look, I'm a car enthusiast too and it is an expensive hobby, one that few will understand and most certainly is not bogglehead-ian. But quite frankly the 911 is going to have to wait if you want to be financially logical here.
Agreed.

Although I think just about everyone has at least one "expensive hobby" about which they are enthusiastic. I don't get the car thing. I don't get the boat thing. But I get the aircraft thing. And the musical instrument thing. And I get the vacations, wine, and scotch things. 8-)

So even though I'm not a car person, I still know where the OP is coming from. I think most of us here do.

All it really all comes down to is:

1) Being aware of "wants" versus "needs". Prioritizing accordingly.
2) Cultivating a contentment with what you have.
3) Not trying to keep up with the Jonses, who are likely broke anyway.
4) Being an adult. Telling your inner Veruca Salt to take a hike.


I heard a great saying once about reaching goals such as financial freedom: It's not so much about what you're willing to do to reach your goal as it is about what you're willing to give up.

JJ


P.S. The engagement ring is only one of the many expenses you'll be facing during the whole marriage process. Don't forget about the wedding bands, paying the pastor (if you use one), the honeymoon, etc., etc., etc. Plan accordingly!
Stay on target...

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Re: How is it possible to save and get out of debt?

Post by swaption » Wed Apr 25, 2012 2:02 pm

You know what, I give you a free pass on this one. Perhaps the mere mention of a Porsche 911 in a thread like this is a lightning rod of sorts, but I for one am not on the same page as all those piling on. The fact is, you have a dream of a car. But it's not as if this is something that you are debating going deep in debt for over the next couple of years. This is something for which you are willing to defer all sorts of instant gratification so you can purchase perhaps 30 years from now. On the scale of consumer finance sins, I think this ranks fairly low.

Now you throw a potential wife into the equation and maybe things get a bit more complicated, but perhaps not. Isn't a mate someone with whom you share your dreams. Maybe she is supportive, maybe she isn't, but at the end of the day this is you. There is quite a bit of life to intervene and it is entirely possible that your dreams change. You are at the beginning of climbing a very tall mountain that is life in general. The peak of the mountain represents some sort of dream to all who engage in the climb. It seems like you are likely doing all the right things, essentially focusing on the steps right in front of you. You need to know that the dream/peak is out there, but you will only make it by focusing on one step at a time.

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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 2:12 pm

swaption wrote: This is something for which you are willing to defer all sorts of instant gratification so you can purchase perhaps 30 years from now. On the scale of consumer finance sins, I think this ranks fairly low.
The more I think about it, the more I'm thinking that he only wants to save up until he has enough $$ for a down payment and be able to afford to finance the rest.

I don't recall him saying anything about waiting 30 yrs.
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

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Re: How is it possible to save and get out of debt?

Post by ltuxl » Wed Apr 25, 2012 2:30 pm

My girlfriend and I have talked about the car actually... She says that if I want it I should start an account and save what I can towards the goal. The harsh reality I find myself in is that money saved for a porsche should be going on high interest rate student loans, and then to pay off the mortgage, all the while saving for retirement and increasing that saving for retirement amount once the high interest rates are gone.

How (read if) the porsche fits into that set of events is what I need to determine.
- Mr. Tux

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Re: How is it possible to save and get out of debt?

Post by desertbandit442 » Wed Apr 25, 2012 3:15 pm

I'd make the Porsche a long term goal for when you become CEO, or pay cash for it when you retire at 50, 55, or 60 and have no other debt.

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Re: How is it possible to save and get out of debt?

Post by vesalius » Wed Apr 25, 2012 3:16 pm

jenny345 wrote:
ltuxl wrote:My girlfriend and I have talked about the car actually... She says that if I want it I should start an account and save what I can towards the goal. The harsh reality I find myself in is that money saved for a porsche should be going on high interest rate student loans, and then to pay off the mortgage, all the while saving for retirement and increasing that saving for retirement amount once the high interest rates are gone.

How (read if) the porsche fits into that set of events is what I need to determine.
It makes the most financial sense to pay off the high interest rate loans first for sure, and probably at least a good chunk of the mortgage while keeping the retirement savings going. Look at the car as part of a long term goal with other key financial milestones along the way.
I would consider it, at best, a planned mid-life crisis for 20-30 years down the road. If it really is an undying passion as described, the Porsche will be just as desired/lusted after then as it is today. If it is a youthful fancy, which many professed teenage and 20 year old desires turn out to be then there will be extra dollars to spend on yourself and your family.

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Re: How is it possible to save and get out of debt?

Post by swaption » Wed Apr 25, 2012 3:22 pm

Jerilynn wrote:
swaption wrote: This is something for which you are willing to defer all sorts of instant gratification so you can purchase perhaps 30 years from now. On the scale of consumer finance sins, I think this ranks fairly low.
The more I think about it, the more I'm thinking that he only wants to save up until he has enough $$ for a down payment and be able to afford to finance the rest.

I don't recall him saying anything about waiting 30 yrs.
Well he said the following:
Again this 'porsche dream' will not happen while I have a mortgage or student loans. I was just seeking advice on how to accommodate a large purchase.
This would lead me to believe this is a very long term goal, given the mention of a mortgage.

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Re: How is it possible to save and get out of debt?

Post by hazlitt777 » Wed Apr 25, 2012 3:37 pm

Sounds like you are well on your way. The secret is to embrace a lifestyle of simplicity and the joy of saving. You have to enjoy saving like others enjoy spending. And as far as status symbols, remember the Texan saying: "Big hat no cattle." Personally, I prefer having cattle even if it means I at times have to wear a small hat.

Jane Bryant Quin once wrote you should also have a spending plan, not a budget plan. Plan on buying or spending on things and enjoy it. But just do it with the overall vision of financial independence in view. Once you have that firmly in mind and heart, all the little strategies will come to you. Seems like you are there already.
Last edited by hazlitt777 on Wed Apr 25, 2012 3:38 pm, edited 1 time in total.

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tyrion
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Re: How is it possible to save and get out of debt?

Post by tyrion » Wed Apr 25, 2012 3:38 pm

I change my vote. You should go for it. After all, you can sleep in your car but you can't drive your house. :sharebeer

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Jerilynn
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Re: How is it possible to save and get out of debt?

Post by Jerilynn » Wed Apr 25, 2012 3:47 pm

swaption wrote:
Jerilynn wrote:
swaption wrote: This is something for which you are willing to defer all sorts of instant gratification so you can purchase perhaps 30 years from now. On the scale of consumer finance sins, I think this ranks fairly low.
The more I think about it, the more I'm thinking that he only wants to save up until he has enough $$ for a down payment and be able to afford to finance the rest.

I don't recall him saying anything about waiting 30 yrs.
Well he said the following:
Again this 'porsche dream' will not happen while I have a mortgage or student loans. I was just seeking advice on how to accommodate a large purchase.
This would lead me to believe this is a very long term goal, given the mention of a mortgage.
I stand corrected. In that case, for SURE he will be on wife #2 or #3, so the entire thing is kinda moot. ;)

But, if he really is going to wait until the loans and mortgage are gone, he's better off using the 'saved' money to pay down the loans/mortgage as opposed to trying to invest it. Then, when all that stuff is paid off, he will have MUCH more $$ a month to save for the Porsche and then at that time he should make another post.

So, for right now, keep dreaming about your dream car, take any extra 'porsche' money and pay down the debts with it. Also, it's probably easier to convince your typical spouse to save/sacrifice in order to pay down debt than for a sportscar, yes?
Cordially, Jeri . . . 100% all natural asset allocation. (no supernatural methods used)

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Re: How is it possible to save and get out of debt?

Post by chocolatemuffin » Wed Apr 25, 2012 3:48 pm

I actually hold a different opinion. The OP said that he wants a dream car, and he also said that it's only a dream now. With mortgage and student loan, he's certainly not in a position to buy the car now. However, he's still very young, and time is on his side.

To the OP: I would say that you should pay off all your debts, allocate a reasonable percentage of your income for retirement and your future kids' college funds, and then set up a special fund for your dream car. I don't know how much you make or what's your earning potential, but having a dream can motivate you to work harder. To be fair, make sure you understand what is your wife's dream also (hopefully it doesn't cost much money).

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Re: How is it possible to save and get out of debt?

Post by MrMiyagi » Fri May 18, 2012 5:30 pm

If you have a decent sized emergency fund, and aren't living paycheck to paycheck, saving 10% of your paycheck, go ahead and buy the sports car. If you are doing those things, you are ALREADY ahead of 95+% of people in your age group.

There's no point in hoarding every nickel if you're scrimping to the point that you don't feel like you're living life anymore. What if you get into an accident or get diagnosed with some horrible medical condition. Are you going to feel great about how you hoarded a ton of money by putting off life?

getRichSlower
Posts: 274
Joined: Tue Aug 16, 2011 6:40 pm

Re: How is it possible to save and get out of debt?

Post by getRichSlower » Sat May 19, 2012 4:59 pm

MrMiyagi wrote:If you have a decent sized emergency fund, and aren't living paycheck to paycheck, saving 10% of your paycheck, go ahead and buy the sports car. If you are doing those things, you are ALREADY ahead of 95+% of people in your age group.

There's no point in hoarding every nickel if you're scrimping to the point that you don't feel like you're living life anymore. What if you get into an accident or get diagnosed with some horrible medical condition. Are you going to feel great about how you hoarded a ton of money by putting off life?
If he gets diagnosed with some horrible medical condition, he could be unemployed for years, not to mention the medical bills. That sounds like a reason to save even more.

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