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BMW 3-Series (E90 E92) Forum > BMW E90/E92/E93 3-series General Forums > General E90 Sedan / E91 Wagon / E92 Coupe / E93 Cabrio > how do u guys afford all the mods



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      04-28-2013, 06:28 PM   #221
335iRlz
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335iRlz - I'm very happy your parents are in a position to help. And you're smart for taking it - you can build a down payment for your first home. It's just a generational thing. I graduated from college in '82, and back then, you moved out as soon as humanly possible. Just a different time, and I respect that and you.
appreciate it and I'm plenty impressed with people who have had more to overcome.
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      04-28-2013, 07:06 PM   #222
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I'm still curious how a person pays off his house by 31. Get out of college, first job pays 70k. Works like a SOB and gets along with everybody, ends up making double that before 30. Realistically maybe bought the house at age 28, because starter homes are at least 500k these days, so I don't see someone saving up the downpay earlier than 28 (125k?). yet it's paid off by 31. Just like to see the technique and how it's done by a 31 y.o. master.
500k for a starter home may be where you live which makes it a lot harder to pay for the first home by 30 lol. I have a single family home in a nice neighborhood thats extremely popular rental community due to its proximity to the largest public college in the state and I only paid 190k which is a little higher on the higher side, most of my friends have houses in the 150-180k range. About 1900sq. Pretty good size house for a single person in my opinion. I also bought my house at 22, right after I graduated college. I did a FHA loan so I could get into a house quicker rather then save up for a year and pay another year of rent to someone else. Just recently refinanced and plan to have my first house paid off by time I am 30 . So its very feasible, depending on your location, income, etc. I also rent out my 2 other rooms now since I hate living alone. They pay my mortgage and I put about 2000 to principle every month.

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      04-28-2013, 10:04 PM   #223
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The secret to success in your financial life is to pay for things like this with cash. Putting mods on credit isn't exactly smart long-term.

By the way, I'm a CISSP too.
Correction. The secret to success in finances is to not own stuff like this at all. lol

Even if you did pay cash for your car, that's 25-50k you could've put in an investment and made 10% on. Instead you invested it in a depreciating asset.

Oh and I am a process operator, I run an oil refinery. I've also made out pretty good on a few real estate investments. The BMW is my cheap ride. The Viper, boat, and truck were all more than double what I paid for my car.
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      04-29-2013, 12:53 AM   #224
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Correction. The secret to success in finances is to not own stuff like this at all. lol

Even if you did pay cash for your car, that's 25-50k you could've put in an investment and made 10% on. Instead you invested it in a depreciating asset.

Oh and I am a process operator, I run an oil refinery. I've also made out pretty good on a few real estate investments. The BMW is my cheap ride. The Viper, boat, and truck were all more than double what I paid for my car.
Douche
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      04-29-2013, 01:11 AM   #225
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vemma if you guys are interested!!
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      04-29-2013, 01:34 AM   #226
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Originally Posted by Viktimize View Post
Correction. The secret to success in finances is to not own stuff like this at all. lol

Even if you did pay cash for your car, that's 25-50k you could've put in an investment and made 10% on. Instead you invested it in a depreciating asset.

Oh and I am a process operator, I run an oil refinery. I've also made out pretty good on a few real estate investments. The BMW is my cheap ride. The Viper, boat, and truck were all more than double what I paid for my car.
Disagree with u good sir. A car is a necessary transportation which will have wear/tare/depreciate. By buying a CPO and minimizing the Total Cost of Ownership is worth while investment just like home ownership and living in that place.

Not all investments make money, sometimes you set out to make 10% returns and reality kicks in for your investments and the next thing u know ur a bag holder losing 50% or more of you principle penny wise, pound foolish...

If it was easy to make money... We would all be rich??
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      04-29-2013, 01:40 AM   #227
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Douche


Love it, short, sweet, and to the point.
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      04-29-2013, 01:58 AM   #228
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how do u guys afford all the mods
Sold a Kidney!
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      04-29-2013, 02:04 AM   #229
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vemma if you guys are interested!!
that scheme is real close to ending.
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      04-29-2013, 06:27 AM   #230
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I quit smoking, reduced my whiskey consumption and started packing my lunch for work instead of eating out every day. You'd be surprised how much money that suddenly freed up lol.
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      04-29-2013, 10:45 AM   #231
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Disagree with u good sir. A car is a necessary transportation which will have wear/tare/depreciate. By buying a CPO and minimizing the Total Cost of Ownership is worth while investment just like home ownership and living in that place.

Not all investments make money, sometimes you set out to make 10% returns and reality kicks in for your investments and the next thing u know ur a bag holder losing 50% or more of you principle penny wise, pound foolish...

If it was easy to make money... We would all be rich??
Can't disagree with basic math. A cheap old Honda Civic is going to be quite a bit less expensive of a mode of transportation than a BMW. But still accomplish all the things a mandatory mode of transportation needs to.

Making money IS easy, but how many of us actually want to make the sacrifices to create real wealth?? Not me. lol. And chances are not many of us as I'm guessing there are quite a few car enthusiasts here.
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      04-29-2013, 10:48 AM   #232
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Douche
Oh common now, wipe the sand out of your vagina. There's no need to hating on someone that has done ok for them self.

And besides, why are you hating on me when there is some guy who supposedly paid cash for his house and his cars. Sounds like he is doing a lot better financially than I am.
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      04-29-2013, 11:46 AM   #233
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This. Also, having multiple expensive hobbies sucks so much. Prioritizing!
I'll second that.
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      04-29-2013, 11:47 AM   #234
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I quit smoking, reduced my whiskey consumption and started packing my lunch for work instead of eating out every day. You'd be surprised how much money that suddenly freed up lol.
1 year of packing lunch as opposed to eating out and you've got a new set of rims.
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      04-29-2013, 12:26 PM   #235
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It really does pay it
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      04-29-2013, 12:41 PM   #236
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My wife gives me a big enough allowance to spend
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      04-30-2013, 01:20 AM   #237
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Can't disagree with basic math. A cheap old Honda Civic is going to be quite a bit less expensive of a mode of transportation than a BMW. But still accomplish all the things a mandatory mode of transportation needs to.

Making money IS easy, but how many of us actually want to make the sacrifices to create real wealth?? Not me. lol. And chances are not many of us as I'm guessing there are quite a few car enthusiasts here.
Fair enough... In the non winter months i'll use my train pass as my free bus pass and avoid driving/parking fees. Why not get a motor cycle instead of a honda beater? Your on the right track and i agree with the process... But everyone can spend money the way they like is both of our points. Me personally, i would rather have a used euro car which can handle itself better in a severe accident over an american/jap comperable. Its risk vs reward... We each place our bets everyday to see who comes out ahead in the end. But my race at the end isn't with anyone here... Its more about what i can provide for my family and future generations which is my end game.
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