E90Post
 


TNT Racewerks
 
BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board > money management



Reply
 
Thread Tools Search this Thread
      07-26-2012, 12:19 AM   #45
Aries326
Major
 
Aries326's Avatar
 
Drives: 2008 Z4 3.0si
Join Date: Aug 2011
Location: NY

Posts: 1,115
iTrader: (2)

Garage List
Quote:
Originally Posted by fitchesbass View Post
Probably depends how old you and your kids are...

Nothing like a fancy car and home with limited savings - seems like the American 'norm' any more. I think a lot of folks think their entitled to a fancy car or home - hence perhaps the not thinking that your spending excessively (just a thought). If I had kids and no savings, I'd likely sell my car soon after for a change of priorities. I certainly don't need a Z4M

Speaking of cars: I enjoy some people that look at my Z4M and go on about the expense/cost of my car (because of how it looks)... but then go out and spend more by buying (aka taking out a loan) on a loaded Ford SUV for $40k + .
Completely understand your point. When I said I don't think I spend excessively, I meant I don't spend excessively on other things like going out, clothing, travel, etc. I don't gamble, smoke, drink (well drink once a month) I bought this house because the wifey wanted it. Happy wife, happy life. I admit, the car was my own thing. Kinda sick of making close to $300000 a year and rolling in a Honda civic. Gotta live my dream too...

Going back to the house... Biggest mistake I made. This house is excessive. I work so much I can't even enjoy it. Should've bought something small instead of something big that we could grow into. I got too excited about finishing residency and being able to get a zero down and no PMI loan. I should've stayed in an apartment for another year to save up a downpayment then my monthly would be less than it is now and if I had done that, my mortgage rate would've been lower too. Then again, we didn't want to live in an apartment again with 2 little ones and make another move in another year or so.

Student loans aren't too bad. About 39K in the hole. Credit card debt is about 10K and still shrinking. Everything else is paid cash these days and still trying to bang out this credit card debt. Once the credit card debt is zeroed out in 10 months, I'll free up another G a month to put towards saving. Looking to re-mortgage the house or maybe move to a Southern state that'll pay me more money and not pay too much in property taxes. That should free up more money for savings. Still mulling over that idea.

My buddy who is a gynecologist was right. You make more money, you end up spending more money and the nights when you pay off your bills, you still feel like you're a resident.
__________________
Aries326 is online now   United_States
0
Reply With Quote
      07-26-2012, 10:20 AM   #46
NAV8TT
Major
 
NAV8TT's Avatar
 
Drives: 2013 ///M3 E92 DCT ZCP
Join Date: Aug 2011
Location: The greatest country in the world

Posts: 883
iTrader: (0)

Quote:
Originally Posted by Aries326
Quote:
Originally Posted by fitchesbass View Post
Probably depends how old you and your kids are...

Nothing like a fancy car and home with limited savings - seems like the American 'norm' any more. I think a lot of folks think their entitled to a fancy car or home - hence perhaps the not thinking that your spending excessively (just a thought). If I had kids and no savings, I'd likely sell my car soon after for a change of priorities. I certainly don't need a Z4M

Speaking of cars: I enjoy some people that look at my Z4M and go on about the expense/cost of my car (because of how it looks)... but then go out and spend more by buying (aka taking out a loan) on a loaded Ford SUV for $40k + .
Completely understand your point. When I said I don't think I spend excessively, I meant I don't spend excessively on other things like going out, clothing, travel, etc. I don't gamble, smoke, drink (well drink once a month) I bought this house because the wifey wanted it. Happy wife, happy life. I admit, the car was my own thing. Kinda sick of making close to $300000 a year and rolling in a Honda civic. Gotta live my dream too...

Going back to the house... Biggest mistake I made. This house is excessive. I work so much I can't even enjoy it. Should've bought something small instead of something big that we could grow into. I got too excited about finishing residency and being able to get a zero down and no PMI loan. I should've stayed in an apartment for another year to save up a downpayment then my monthly would be less than it is now and if I had done that, my mortgage rate would've been lower too. Then again, we didn't want to live in an apartment again with 2 little ones and make another move in another year or so.

Student loans aren't too bad. About 39K in the hole. Credit card debt is about 10K and still shrinking. Everything else is paid cash these days and still trying to bang out this credit card debt. Once the credit card debt is zeroed out in 10 months, I'll free up another G a month to put towards saving. Looking to re-mortgage the house or maybe move to a Southern state that'll pay me more money and not pay too much in property taxes. That should free up more money for savings. Still mulling over that idea.

My buddy who is a gynecologist was right. You make more money, you end up spending more money and the nights when you pay off your bills, you still feel like you're a resident.
well said

I'm a fellow and its painful to moonlight to keep up with all my expenses and I rely a lot on credit cards especially that I'm getting married soon. Now I'm saving and paying off my debt at the same time but as far as house goes I'm planning to rent for 2 yrs after finishing up to save for down payment coz I don't wanna end up having to work all the time to make a mortgage payment, plus I'm not planning to get a big house because of the same reason. I think having a nice car is cool way to reward ur self for all the shit we go through. I do a lot of highway driving and I enjoy driving my car.
__________________
NAV8TT is offline   United_States
0
Reply With Quote
      07-26-2012, 10:41 AM   #47
bga23
Dirty old man
 
Drives: 2011.99 e90 Alpine White
Join Date: Jun 2012
Location: Yeah, but it is a dry heat

Posts: 473
iTrader: (0)

Quote:
Originally Posted by Aries326 View Post
My buddy who is a gynecologist was right. You make more money, you end up spending more money and the nights when you pay off your bills, you still feel like you're a resident.
No question this is true but still doesn't mean one (not saying that you are) has to live above their means. I make/spend a lot more today than I did when when I was in my 20s but I still live below my means, just how I was raised I guess.
__________________
2012 Ford Raptor
2011 AW e90 - For sale
http://www.m3post.com/forums/showthread.php?t=1016269
bga23 is offline  
0
Reply With Quote
      07-26-2012, 03:05 PM   #48
kevinbahnz
Lieutenant
 
kevinbahnz's Avatar
 
Drives: 2008 335xi sedan
Join Date: Aug 2008
Location: Ma-NC

Posts: 479
iTrader: (1)

I just paid off all my last credit card as of today, but I still have a year left on this car note at 0.9% . I'v just changed the payments to double. SHould I just pay it off or keep making the payments. I feel a little bit of weight off my shoulders but all I can think of right now is buying a car for the wife.
__________________
<img src=http://i189.photobucket.com/albums/z164/kevinbahnz/08-23-2008030.jpg border=0 alt= />
kevinbahnz is offline  
0
Reply With Quote
      07-27-2012, 06:07 PM   #49
ejheverest
First Lieutenant
 
ejheverest's Avatar
 
Drives: E90 SG 330i
Join Date: Nov 2006
Location: Mass, NH, Maine, Virginia

Posts: 385
iTrader: (0)

0.9% is a very low rate, not sure I'd double the payments up on that unless it prohibits you from purchasing something you want.
It's nice not having a car payment, not sure how I'd buy another car for the wife unless she really needs it. Why not wait 12-18 months for the purchase?
__________________
SOLD......E90 SG, ColdWeather Pckg, Sport Pckg, Logic7,H R Sports, Rogue Ikon, M sport shift knob/boot
ejheverest is offline   United_States
0
Reply With Quote
      07-27-2012, 07:19 PM   #50
kevinbahnz
Lieutenant
 
kevinbahnz's Avatar
 
Drives: 2008 335xi sedan
Join Date: Aug 2008
Location: Ma-NC

Posts: 479
iTrader: (1)

Quote:
Originally Posted by ejheverest View Post
0.9% is a very low rate, not sure I'd double the payments up on that unless it prohibits you from purchasing something you want.
It's nice not having a car payment, not sure how I'd buy another car for the wife unless she really needs it. Why not wait 12-18 months for the purchase?
The car loan is not in the way of anything, I just don't want to have any debts right now. The family car can wait, it's just the faster she gets her own car, the faster I get the e90 back. I miss the twins. I want to get her a car for her bday late 2013.
__________________
<img src=http://i189.photobucket.com/albums/z164/kevinbahnz/08-23-2008030.jpg border=0 alt= />
kevinbahnz is offline  
0
Reply With Quote
      07-28-2012, 02:32 AM   #51
Bimmer Nerd
I | L Photography
 
Bimmer Nerd's Avatar
 
Drives: on the track
Join Date: Jun 2008
Location: Los angeles, ~818~ | San Diego, La Jolla

Posts: 7,538
iTrader: (11)

Quote:
Originally Posted by fitchesbass View Post
Probably depends how old you and your kids are...

Nothing like a fancy car and home with limited savings - seems like the American 'norm' any more. I think a lot of folks think their entitled to a fancy car or home - hence perhaps the not thinking that your spending excessively (just a thought). If I had kids and no savings, I'd likely sell my car soon after for a change of priorities. I certainly don't need a Z4M

Speaking of cars: I enjoy some people that look at my Z4M and go on about the expense/cost of my car (because of how it looks)... but then go out and spend more by buying (aka taking out a loan) on a loaded Ford SUV for $40k + .
+1

I have heard my co-workers bitching, complaining, calling me spoiled, not needing this job..........just because i own a BMW. I laugh at them every time they say it, and its kind of hard to say "i am not rich" without them not making a stupid comment like "YEAAA RIGHT, is that why you drive that sick ass bimmer" lmfaoo . My 2004 ZHP probably costs about 1/3 of the Chevy Volts, prius hybrids and toyota camry's that most of them drive.
Bimmer Nerd is offline   Georgia
0
Reply With Quote
      07-28-2012, 09:11 AM   #52
Q4P
Colonel
 
Q4P's Avatar
 
Drives: Too Much
Join Date: Apr 2011
Location: World

Posts: 2,296
iTrader: (0)

If you make close to 300k a year and all you an afford is a civic, then there is something seriously wrong.

The bmw vs ford suv comparison is spot on... unfortunately it shows how retarded people in this country are. My mother drives a 2003 lexus gx470 which looks excellent because it has been upkept meticulously and is prob worth like 15k. People give her looks and make comments while driving 40k ford suvs...
__________________
2jZ + RB26 + 4G63 + LS9 + N54 =
Q4P is offline   United_States
0
Reply With Quote
      07-28-2012, 10:01 AM   #53
SaMaster14
Major
 
SaMaster14's Avatar
 
Drives: 2012 BMW E92 335iS
Join Date: Mar 2012
Location: Los Angeles, CA / Baltimore, MD

Posts: 1,438
iTrader: (0)

Garage List
2012 BMW 335iS  [3.95]
Send a message via AIM to SaMaster14 Send a message via Skype™ to SaMaster14
My dad runs a business management/CPA firm, so I grew up with him teaching me about savings and money. Being a student, I have yet to be truly immersed in the real world... But I'm definitely not one of those kids who works over the summer and spends every dime he earned. I've been putting my summer money into some luxuries, but I'm saving or investing as much as I can.
__________________
~2012 BMW 335iS coupe MINERAL WHITE/CORAL RED

http://instagram.com/samaster14/
SaMaster14 is offline   United_States
0
Reply With Quote
      07-28-2012, 12:06 PM   #54
Aries326
Major
 
Aries326's Avatar
 
Drives: 2008 Z4 3.0si
Join Date: Aug 2011
Location: NY

Posts: 1,115
iTrader: (2)

Garage List
Quote:
Originally Posted by Q4P View Post
If you make close to 300k a year and all you an afford is a civic, then there is something seriously wrong.

The bmw vs ford suv comparison is spot on... unfortunately it shows how retarded people in this country are. My mother drives a 2003 lexus gx470 which looks excellent because it has been upkept meticulously and is prob worth like 15k. People give her looks and make comments while driving 40k ford suvs...
The Civic is from when I was in residency. I went ahead and bought my Z4 for myself. Kept the Civic as a DD.
__________________
Aries326 is online now   United_States
0
Reply With Quote
      07-28-2012, 12:20 PM   #55
Aries326
Major
 
Aries326's Avatar
 
Drives: 2008 Z4 3.0si
Join Date: Aug 2011
Location: NY

Posts: 1,115
iTrader: (2)

Garage List
Quote:
Originally Posted by Prince300 View Post
well said

I'm a fellow and its painful to moonlight to keep up with all my expenses and I rely a lot on credit cards especially that I'm getting married soon. Now I'm saving and paying off my debt at the same time but as far as house goes I'm planning to rent for 2 yrs after finishing up to save for down payment coz I don't wanna end up having to work all the time to make a mortgage payment, plus I'm not planning to get a big house because of the same reason. I think having a nice car is cool way to reward ur self for all the shit we go through. I do a lot of highway driving and I enjoy driving my car.

Definitely rent for two years. I listened to a buddy of mine who said buy a house that you can grow into. Wish I didn't. Oh well, you live and learn.

What are you specializing in? Prepare to have your wages cut. With ACOs and bundling payments, there's no other way but down for MD wages - especially for specialists. One of the docs at work just let his Skyline GTR go. Payments for cardiac catheterizations have taken a hit. He's also picked up extra shifts covering the general cardiologists.

If you're getting married, don't spend too much on it. I know it's tempting to blow cash on a big ring and a wedding and it is expected because you're a doctor, but honestly we're not as "rich" as people make out.

People don't realize that after all the taxes we pay, we have just the right amount of money for a nice home, 1 or 2 vacations a year, pay all our debts accrued while in school, save money for retirement and kids' education. We're not rolling in dough like the big CEO/banker types...
__________________
Aries326 is online now   United_States
0
Reply With Quote
      08-06-2012, 12:47 PM   #56
kokopuffs405
Yup
 
kokopuffs405's Avatar
 
Drives: 14F10M5
Join Date: Apr 2010
Location: Maryland

Posts: 616
iTrader: (8)

Garage List
2013 BMW  [0.00]
Mint.com
__________________
Oh hello
kokopuffs405 is offline  
0
Reply With Quote
      08-07-2012, 02:22 PM   #57
bimmerfrk
Private First Class
 
bimmerfrk's Avatar
 
Drives: Alpine White 2011 M3 4dr
Join Date: May 2012
Location: NYC & some PA

Posts: 168
iTrader: (0)

Quote:
Originally Posted by Prince300 View Post
I ve been making a bit more money lately because I work at 2 additional hospitals to the one I'm primarily employed at. I noticed that I still end up spending a lot and I don't feel that I make any additional amount. How do u manage ur money. What is the best way. Do u guys feel that u r able to save any.



Yo stop blowing all your money. Takes savings of the top of your paycheck not after you spend all your money and are looking to save whats left of your check.


Also stop being fucking lazy and sit down and lay out your finances. I bet you spend more than 60 bucks a week on lunch...... tisk tsik... if you want to have money then you have to save it and not buy bullshit mods for your cars that are worthless in 3 years every other week......


Bottom line stop fucking spending and start fucking saving!

bimmerfrk is offline  
0
Reply With Quote
      08-07-2012, 06:27 PM   #58
bga23
Dirty old man
 
Drives: 2011.99 e90 Alpine White
Join Date: Jun 2012
Location: Yeah, but it is a dry heat

Posts: 473
iTrader: (0)

Quote:
Originally Posted by bimmerfrk View Post
Yo stop blowing all your money. Takes savings of the top of your paycheck not after you spend all your money and are looking to save whats left of your check.


Also stop being fucking lazy and sit down and lay out your finances. I bet you spend more than 60 bucks a week on lunch...... tisk tsik... if you want to have money then you have to save it and not buy bullshit mods for your cars that are worthless in 3 years every other week......


Bottom line stop fucking spending and start fucking saving!

You have a good point but chill dude.
__________________
2012 Ford Raptor
2011 AW e90 - For sale
http://www.m3post.com/forums/showthread.php?t=1016269
bga23 is offline  
0
Reply With Quote
      08-08-2012, 11:46 PM   #59
Amaproracin
Second Lieutenant
 
Amaproracin's Avatar
 
Drives: 09 E93 M3
Join Date: May 2012
Location: Delaware

Posts: 275
iTrader: (1)

Live poor.......
__________________
#MyFault
Amaproracin is offline   United_States
0
Reply With Quote
      08-27-2012, 05:53 AM   #60
Comet
Troll Harder
 
Comet's Avatar
 
Drives: 997 GT3, 997 4 GTS, X6M
Join Date: May 2007
Location: Montreal, Beirut

Posts: 596
iTrader: (0)

Garage List
Quote:
Originally Posted by MP0WER View Post
This is what the CPA wife does...... She does that shit with her diet too..... and her work outs.... she may have a problem.
so long as she doesn't do it with sex lol

as for saving money, I usually bank 30% and live off 70%.
I keep my credit card for emergencies. I carry CASH. (yes, I'm a crazy person)

The problem with cards is that you don't actually see your money disappearing. But with cash, end of the night, when you go home, and look inside your wallet, you know exactly how much you spent.

I pull out around 500$ per week (adjust it to yourself), and not a penny more (unless I know I have to) and only carry 200-300$ at all time. First 2 weeks were hard, but then I found a way to budget myself. I am by no means frugal. It allows me to save up for awesome toys. It curbs your impulse buys, helps you keep your foot off the throttle (tickets and gas).
I wind up with an extra 150-200$ in my pocket, which doesn't carry over to next week.. then I pull out the balance to bring it back to 500$. Eventually you're saving teh moneyz!
By the end of the year, that's a few extra thousands in your pocket.

Basically the train of thought is:
I'm at a regular resto with some friends, should I have my coke or stick to just water? Should I have that appetizer or not? Fuck I only have 200$ on me and I have gas to fill tonight, then I need cash in case we do something after dinner..
Also helps me lose weight by not over eating! win-win!

Coke is like 5$ here.. I eat out 2 times a day. 5$*2*7=70$ on fucking Pepsi! It doesn't seem like much, but take the appetizer too
15$*7*2=210$

280$ saved per week by cutting out useless gluttony.

280$*52=14,560$ PER YEAR on fucking pepsi and chicken fingers!
3,640$ of it being Pepsi! that's a nice business class ticket to Europe man!
__________________
Comet is offline   Lebanon
0
Reply With Quote
      08-27-2012, 06:40 AM   #61
NAV8TT
Major
 
NAV8TT's Avatar
 
Drives: 2013 ///M3 E92 DCT ZCP
Join Date: Aug 2011
Location: The greatest country in the world

Posts: 883
iTrader: (0)

Quote:
Originally Posted by Comet
Quote:
Originally Posted by MP0WER View Post
This is what the CPA wife does...... She does that shit with her diet too..... and her work outs.... she may have a problem.
so long as she doesn't do it with sex lol

as for saving money, I usually bank 30% and live off 70%.
I keep my credit card for emergencies. I carry CASH. (yes, I'm a crazy person)

The problem with cards is that you don't actually see your money disappearing. But with cash, end of the night, when you go home, and look inside your wallet, you know exactly how much you spent.

I pull out around 500$ per week (adjust it to yourself), and not a penny more (unless I know I have to) and only carry 200-300$ at all time. First 2 weeks were hard, but then I found a way to budget myself. I am by no means frugal. It allows me to save up for awesome toys. It curbs your impulse buys, helps you keep your foot off the throttle (tickets and gas).
I wind up with an extra 150-200$ in my pocket, which doesn't carry over to next week.. then I pull out the balance to bring it back to 500$. Eventually you're saving teh moneyz!
By the end of the year, that's a few extra thousands in your pocket.

Basically the train of thought is:
I'm at a regular resto with some friends, should I have my coke or stick to just water? Should I have that appetizer or not? Fuck I only have 200$ on me and I have gas to fill tonight, then I need cash in case we do something after dinner..
Also helps me lose weight by not over eating! win-win!

Coke is like 5$ here.. I eat out 2 times a day. 5$*2*7=70$ on fucking Pepsi! It doesn't seem like much, but take the appetizer too
15$*7*2=210$

280$ saved per week by cutting out useless gluttony.

280$*52=14,560$ PER YEAR on fucking pepsi and chicken fingers!
3,640$ of it being Pepsi! that's a nice business class ticket to Europe man!
that's awesome.

I pull around $300/week but I always end up spending more. I try not to carry cash because of all the. hange I end up collecting. I use my debit card all the time. But your strategy actually is interesting and I'll try implementing it. I think now of how much I could save by eliminating that extra large cup of coffee I get every morning.
__________________
NAV8TT is offline   United_States
0
Reply With Quote
      08-27-2012, 06:47 AM   #62
Comet
Troll Harder
 
Comet's Avatar
 
Drives: 997 GT3, 997 4 GTS, X6M
Join Date: May 2007
Location: Montreal, Beirut

Posts: 596
iTrader: (0)

Garage List
Quote:
Originally Posted by Prince300 View Post
that's awesome.

I pull around $300/week but I always end up spending more. I try not to carry cash because of all the. hange I end up collecting. I use my debit card all the time. But your strategy actually is interesting and I'll try implementing it. I think now of how much I could save by eliminating that extra large cup of coffee I get every morning.
for change, get a piggy bank
every time I empty it (around 6 months), I have a good 1,000$ worth of change (in Canada, 2$ are in change format)

and if you put the change into a piggy bank, that also cuts from your weekly 500$, and helps you save more

it sounds stupid to have a piggy bank, I even had one guy laugh at me for coming into a bank with a piggy bank.. well, end of the day, I was driving a sexy ass 2012 Carrera 4 GTS (thanks to that piggy bank) while he was in his shitbox!
__________________
Comet is offline   Lebanon
0
Reply With Quote
      08-27-2012, 11:03 AM   #63
kevinbahnz
Lieutenant
 
kevinbahnz's Avatar
 
Drives: 2008 335xi sedan
Join Date: Aug 2008
Location: Ma-NC

Posts: 479
iTrader: (1)

I'm getting a f***en piggy bank. But i'll settle for a 5+ year older porsche. Haha
__________________
<img src=http://i189.photobucket.com/albums/z164/kevinbahnz/08-23-2008030.jpg border=0 alt= />
kevinbahnz is offline  
0
Reply With Quote
      08-27-2012, 06:38 PM   #64
NAV8TT
Major
 
NAV8TT's Avatar
 
Drives: 2013 ///M3 E92 DCT ZCP
Join Date: Aug 2011
Location: The greatest country in the world

Posts: 883
iTrader: (0)

Quote:
Originally Posted by kevinbahnz
I'm getting a f***en piggy bank. But i'll settle for a 5+ year older porsche. Haha
__________________
NAV8TT is offline   United_States
0
Reply With Quote
      08-27-2012, 06:59 PM   #65
Ehwnnc
Second Lieutenant
 
Ehwnnc's Avatar
 
Drives: 135i
Join Date: Mar 2012
Location: North Carolina

Posts: 237
iTrader: (0)

Pay off your debt and be a cheap ass. I get hell all the time of how im such a cheap bastard. I keep most of my money in cash. I make deposits when bills are do. I spend on avg $100 a week.
Ehwnnc is offline  
0
Reply With Quote
      08-28-2012, 02:29 AM   #66
Comet
Troll Harder
 
Comet's Avatar
 
Drives: 997 GT3, 997 4 GTS, X6M
Join Date: May 2007
Location: Montreal, Beirut

Posts: 596
iTrader: (0)

Garage List
Quote:
Originally Posted by kevinbahnz View Post
I'm getting a f***en piggy bank. But i'll settle for a 5+ year older porsche. Haha
Quote:
Originally Posted by ONE-77 View Post
lol
anyways, hope it helps someone..
__________________
Comet is offline   Lebanon
0
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 04:49 AM.




e90post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST