[Feyd]

LA is a microcosm of warped reality... and you will NEVER be able to keep up, so don't even try.

99% of people in that town are way way way over-leveraged 24hrs away from loosing it all.



You're doing the right thing by taking it easy. Just out of college and making 100k/yr isn't a bad situation. My first job out of school (cir. 2002) paid $39k... LOL.

[ejazbmw]

no m3 but i just graduated a year ago with my BS and MS with a full ride and my parents had a college fund set up for all three of us. so i basically got to keep all that money after graduation plus having a good job helps too

[roastbeef]

most people live beyond their means, or their priorities are mixed up. some people don't have a pot to piss in, but drive a nice car. thats OC.

[Greenkirby21]

save up your money first. it might take a year or so, but once you are more stable then its easier to get

[Brey335i]

You've answered your own question. They don't save as much as you or they earn more.

[CollinsE90]

ITT: OP gained common sense.

[Vigilante375]

New or used M3?

Saving does a lot for people. It's good to put money toward your retirement but if you're making over 100k per year, why wouldn't you be able to afford a M3? That should be pocket change to you. Unless you have some "other" habits you're not telling us.

I have a apartment payment plus utilities, 2 new car loans, money toward retirement and money going into saving's. I don't make 100k per year and still have money to do things and buy things. It's called saving the money you want and using the money for what you need.

Why not go see someone who can help you financially? You're in CA? Things are more expensive there no? In other State's you can live way, way better making 100k.

[48Laws]

I like when people think they're making a point when they mention priorities. Buying a $200k home, for example, and paying an additional $200k+ in interest along with property taxes seems much worse than enjoying a car in your youth. Either way you're on the losing end.

[Vanity]

If you're paying 45% in taxes, go find someone to help you lower your tax bracket. Pay your mother a (good chunk of your) salary (meaning she's your employee). Then have her deposit it in a joint account with you, but that only you use. Or something like that. Not sure what you can do in the states, but I know lots of people who make over 100k annually, know how to keep that money too. Another reason for why younger people may have nicer things than you.

Know what system you play in, OP.

[BayMoWe335]

The 401k decision is a good one, especially if you're paying that much in taxes. You want to reduce your taxable income as much as possible.

Don't listen to the haters. Putting the money away early is the most important thing. You can't get the years back or "catch up" later.

$100k/year isn't much, especially in your situation. I'd agree you can't afford an M3 right now unless you have a bunch of money hidden somewhere with no purpose.

Keep doing what you're doing. I put the max in my 401k ($16,500) yearly and also but $5k in an IRA. Saving for retirement is no joke.

[clpower]

Originally Posted by ideliver

They hit the genetic lottery. You might as well learn now...there is always somebody with more...

Work hard, save some money, live your life the right way...and quit worrying about what other people have...

x2

[mbintx]

Originally Posted by BayMoWe335

The 401k decision is a good one, especially if you're paying that much in taxes. You want to reduce your taxable income as much as possible.

Don't listen to the haters. Putting the money away early is the most important thing. You can't get the years back or "catch up" later.

$100k/year isn't much, especially in your situation. I'd agree you can't afford an M3 right now unless you have a bunch of money hidden somewhere with no purpose.

Keep doing what you're doing. I put the max in my 401k ($16,500) yearly and also but $5k in an IRA. Saving for retirement is no joke.

+1. Save as much as possible as soon as possible. Trust me-- you will thank yourself later.

[sanf]

i knew a couple of ppl who lives at home and drove nice cars. thats one way. or reduce your 401k enough to get a M3. look at it this way, do you want to drive one now or at the age of 70?

[HotIce]

It's really not hard to afford and M3 if you live at home. I have friends that are Korean and Persian and culturally, family is a big part of their culture. They usually stay at home sometimes even after they get married, from what I have heard. Also, the used market for the M3 is plentiful as it's the final years of this generation.

[kyleb350]

Originally Posted by Augenbrauezug

People can afford what they make priorities for.

...and buy used

[Q4P]

Originally Posted by mbintx

+1. Save as much as possible as soon as possible. Trust me-- you will thank yourself later.

remember one thing... when you die, your money doesn't come with you... live for today, not for tomorrow and be happy, that doesn't mean save every penny you have but it does mean don't worry about it as much as some others would have u to believe. Most people getting to retirement age can't even enjoy their money due to health issues... you never know what the future holds.

[TotalPower]

401k = no M3.

figure that if you "invest" ( i regretfully use this term) in an m3, in 10 years it'll be worth half of what you pay for it... basically you're only spending 1/2 of what it's worth, and 1/2 you'll get back in 10 yrs. not THAT bad...as long as you get laid.

[newbieguy]

your doing the right thing on saving your money, get yourself stable with your career pay off whatever debt you have, get yourself a house. You can get whatever high end or exotic cars later on once your set.

[BayMoWe335]

Originally Posted by Q4P

remember one thing... when you die, your money doesn't come with you... live for today, not for tomorrow and be happy, that doesn't mean save every penny you have but it does mean don't worry about it as much as some others would have u to believe. Most people getting to retirement age can't even enjoy their money due to health issues... you never know what the future holds.

"Most people getting to retirement age can't even enjoy their money due to health issues... you never know what the future holds."

Are you kidding me? With the advancement in healthcare and pure statistics, your chances of living to the ripe old age of 80 are pretty good.

Investing in your health is another huge important step that people forget, like saving money. You should exercise, eat healthy, not smoke, and maintain a healthy lifestyle. You do these things and it's really stupid to simply "live for today." You should always be doing something for the person you'll be 5-10-20 years in the future.

I TOTALLY AGREE you should enjoy life. This is why I spend time with people I Love, take trips, and driving an OK car...BUT using "living for today" as a motto to justify not saving enough and making stupid financial decisions will only increase you chances of the worst possible scenario: Being old and poor without the ability to work . Even if I'm not in good health, I want money so I have options. I want to see the best doctors, get the best medicine, and enjoy the good times I do have if I'm sick. Don't underestimate how much your life will suck if you're poor and have a terminal illness. Despite what you think, there are huge advantages to being rich and sick versus being poor and sick. Just because you're sick doesn't mean your life sucks all the time, but it will if you're poor.

Still, you'll probably at least live into your late 60s or early 70s with few health problems. Average life expectancy is 80+ and rising. We don't live in Sierra Leone. Saving money is like insurance. Living for today is great until you're wrong (which you most probably will be) and you're old with jack shit. This doesn't mean don't enjoy life, but even being in your 50s with a lot of money will be pretty cool. I'd honestly rather drive the M3 when I'm older.

[Q4P]

Originally Posted by BayMoWe335

"Most people getting to retirement age can't even enjoy their money due to health issues... you never know what the future holds."

Are you kidding me? With the advancement in healthcare and pure statistics, your chances of living to the ripe old age of 80 are pretty good.

Investing in your health is another huge important step that people forget, like saving money. You should exercise, eat healthy, not smoke, and maintain a healthy lifestyle. You do these things and it's really stupid to simply "live for today." You should always be doing something for the person you'll be 5-10-20 years in the future.

I TOTALLY AGREE you should enjoy life. This is why I spend time with people I Love, take trips, and driving an OK car...BUT using "living for today" as a motto to justify not saving enough and making stupid financial decisions will only increase you chances of the worst possible scenario: Being old and poor without the ability to work . Even if I'm not in good health, I want money so I have options. I want to see the best doctors, get the best medicine, and enjoy the good times I do have if I'm sick. Don't underestimate how much your life will suck if you're poor and have a terminal illness. Despite what you think, there are huge advantages to being rich and sick versus being poor and sick. Just because you're sick doesn't mean your life sucks all the time, but it will if you're poor.

Still, you'll probably at least live into your late 60s or early 70s with few health problems. Average life expectancy is 80+ and rising. We don't live in Sierra Leone. Saving money is like insurance. Living for today is great until you're wrong (which you most probably will be) and you're old with jack shit. This doesn't mean don't enjoy life, but even being in your 50s with a lot of money will be pretty cool. I'd honestly rather drive the M3 when I'm older.

No one ever said make dumb financial decisions... I did say don't lose sleep over it as some people make it out to be... Fact is you never know what will happen... you may be hit by a car tomorrow or other unfortunate circumstance, that's life. It would sure suck to save money for 65 years of life and then all of a sudden realize that it's not all its made out to be or you can't for some reason or other enjoy your money. I have noticed a common trend in the USA; the people that like to work will work even past retirement age, some even until they die... the ones that don't and retire don't know what to do with themselves. I see this far too common even in people with too much money on their hands as they are older; to me there is nothing more sad than that. Very, very few people that I run into past retirement age; even if they have money actually find a way to enjoy it other than maybe spending on health care, they kind of wish they were still working. When I ask; do you wish you had done more when you were younger or done things differently?... The answer to that question is usually leaning more one way than another, I'll let u guess what it is. Not sure what we're arguing about here... it is your decision and yours only on how you make your bed.

[Alpine Whiteboy]

get a girlfriend, and spend her money AND yours...

[Templar]

Oh look, another one of these threads... Already with the "mommy and daddy are rich and bought the car" posts.

I'm 27, how did I buy my M3? By being deployed for a total of 25 months in a four year timespan and saving every single penny I made while I was deployed.

Not all young people have rich parents, in fact I make more than my parents do, even being in the "dumb people's" Army as a lot of people refer it to...