[LuvMyE92]

Originally Posted by Juanero

...but...in their retirement they can't get in and out of carbon bucket seats to save their lives. So. I go ahead and spend the money on cars so I can enjoy them now. Anyone of us could be dead tomorrow.

I bought my first Corvette when I was 30 for this exact reason. I sold my last Corvette while I was still in my 50s, because the grunting and awkwardness got to be too much.

Originally Posted by nu2M

... when my parents moved into an assisted living facility. . . . . Trust me, you won’t need much $$ at that point.

Yeah, no, independent living places cost around $5K per person, per month. Assisted is even more. That's $60,000 per year that you have to pay just for a place to live with some moderate assistance. It could be more than that, depending on where you live.

Originally Posted by DO444

The gov forces you into the stock market.

The (USA) government doesn't force you to do anything. It's just a standard recommendation from just about everyone. You could instead try to live off of your $2000/month SSA payments, but good luck with that.

Your points about the rigged/criminal/manipulated stock market are on-point, but unfortunately that's about the best that we can do.

Back to the original questions and answers about "how much do you need to make" a lot of it depends on where you live. I'm in Central NC, near RTP, so the average house around here is around $460K and you need to have a six figure household income to buy a home and live comfortably. In San Francisco, I don't think you could survive on that. If I move just 50 miles east where it's a lot more rural, I could find a nice house for half of that and live on half the income. So it's totally dependent on where you put down your roots.

FWIW, my first job out of college paid $20K and I spent about that much to buy (finance) my first new car. I sold it within a year to buy my first house - I couldn't swing both the car payment and mortgage. But it was the smartest financial move I ever made, even though I had to drive an old POS car for a while.

[DO444]

Originally Posted by LuvMyE92

The (USA) government doesn't force you to do anything. It's just a standard recommendation from just about everyone. You could instead try to live off of your $2000/month SSA payments, but good luck with that.

Your points about the rigged/criminal/manipulated stock market are on-point, but unfortunately that's about the best that we can do.

Back to the original questions and answers about "how much do you need to make" a lot of it depends on where you live. I'm in Central NC, near RTP, so the average house around here is around $460K and you need to have a six figure household income to buy a home and live comfortably. In San Francisco, I don't think you could survive on that. If I move just 50 miles east where it's a lot more rural, I could find a nice house for half of that and live on half the income. So it's totally dependent on where you put down your roots.

FWIW, my first job out of college paid $20K and I spent about that much to buy (finance) my first new car. I sold it within a year to buy my first house - I couldn't swing both the car payment and mortgage. But it was the smartest financial move I ever made, even though I had to drive an old POS car for a while.

I stopped reading because you clearly know nothing. Taxes are the gov, and if you don’t do what they want (I.e invest your money in the stock market) you are going to get hit so hard financially that you will be knocked out.

“The gov doesn’t force you to do anything”

Lol.
Sure.

[geko29]

Originally Posted by nu2M

Some are healthy until they pass away and most are bed ridden/immobile until the final exit. Trust me, you won’t need much $$ at that point.

Clearly you've never priced Long Term Care or Skilled Nursing. We did in-home care (which was incredibly taxing on both of us) for my father-in-law until what turned out to be the end, but I had been pricing other options, and decent skilled nursing facilities started at around $17k/month. Not covered by insurance.

You do a little better at a CCRC (Continuing Care Retirement Community), where you gradually transition from Independent Living to Assisted Living, then finally to Skilled Nursing or Memory Care. But you have to be healthy to get in, there are usually multi-year waiting lists for the better facilities, and there is a substantial buy-in. By us it's around $450k for a 2br condo (about what we paid for our 5br/3.5ba house), plus about $9k/mo. I just started looking around for my parents, who are still mostly healthy but starting to decline. Found a beautiful place in San Diego, right off the ocean that I know they'd love. But buy-ins start at $710k.

We are absolutely determined that our son will NOT have to deal with such issues for us, so a substantial portion of our "retirement planning" involves making sure we have enough for end-of-life care when the time comes.

But clearly I'm here, and you can see the G80 in my sig, so it's not like we deny ourselves everything in pursuit of a single goal. As others have said, it's about balance. You can do both, preparing for later and enjoying today. What tends to lead to less-desirable outcomes is when you tip the scale WAY over to one side of the other--either blowing all your money as it comes in (or before); or saving every penny and never spending on anything non-essential.

[Xtremsiege2]

Originally Posted by geko29

Clearly you've never priced Long Term Care or Skilled Nursing. We did in-home care (which was incredibly taxing on both of us) for my father-in-law until what turned out to be the end, but I had been pricing other options, and decent skilled nursing facilities started at around $17k/month. Not covered by insurance.

You do a little better at a CCRC (Continuing Care Retirement Community), where you gradually transition from Independent Living to Assisted Living, then finally to Skilled Nursing or Memory Care. But you have to be healthy to get in, there are usually multi-year waiting lists for the better facilities, and there is a substantial buy-in. By us it's around $450k for a 2br condo (about what we paid for our 5br/3.5ba house), plus about $9k/mo. I just started looking around for my parents, who are still mostly healthy but starting to decline. Found a beautiful place in San Diego, right off the ocean that I know they'd love. But buy-ins start at $710k.

We are absolutely determined that our son will NOT have to deal with such issues for us, so a substantial portion of our "retirement planning" involves making sure we have enough for end-of-life care when the time comes.

But clearly I'm here, and you can see the G80 in my sig, so it's not like we deny ourselves everything in pursuit of a single goal. As others have said, it's about balance. You can do both, preparing for later and enjoying today. What tends to lead to less-desirable outcomes is when you tip the scale WAY over to one side of the other--either blowing all your money as it comes in (or before); or saving every penny and never spending on anything non-essential.

This thread turning into retirement thread #end. Definitely hitting close to home. Revisiting a conversation i had with my dad this past weekend of him wanting one more sports car to ride out into his 80s and he brought up his idea of another miata(he's owned 4) in the last 25 years, told him NO. His dream is a 996/997 911 coupe which he could afford with the blink of an eye. I told him you're 78, just do it who cares we'll hunt down the IMS fixed/clutch replaced model and you buy it and don't look back or have the "I should've done it" conversation when he's bedridden or unable to drive any longer.

And sorry for your parents decline, moving them out of state would most likely be worst for their health but better on the wallet.

[MarineRaider]

Untold pages of replies to a poster named lazy bones asking what you make. You cannot make this shit up.

[Ankarah]

If you have to ask random strangers on the internet forum how much you need to make to afford anything, you can't afford it.

[Boostedzn6]

Good point, So I now have a question for my own personal.. I’m 23, fair credit and currently make alittle over 60k after taxes, In school long tenure at my workplace with the city and at home with the parents I don’t pay any bills outside of a phone and WiFi. I want a used F90 or F80 or even possibly a G80 ( a pipe dream “.. What should be my realistic limit on the price looking for on said cars?

I personally hate when older folks tell me oh don’t buy a car blah blah because they just reminisce on the bad decisions they made instead of just giving better advice on what or how to do it. I live in a city(NYC) where the transportation sucks and continues to raise in price.. the amount I spend on travel alone would be a car note so I don’t see much of an issue 😂

Opinions?

[r0wr]

Originally Posted by Boostedzn6

Good point, So I now have a question for my own personal.. I’m 23, fair credit and currently make alittle over 60k after taxes, In school long tenure at my workplace with the city and at home with the parents I don’t pay any bills outside of a phone and WiFi. I want a used F90 or F80 or even possibly a G80 ( a pipe dream “.. What should be my realistic limit on the price looking for on said cars?

I personally hate when older folks tell me oh don’t buy a car blah blah because they just reminisce on the bad decisions they made instead of just giving better advice on what or how to do it. I live in a city(NYC) where the transportation sucks and continues to raise in price.. the amount I spend on travel alone would be a car note so I don’t see much of an issue 😂

Opinions?

Go read from page 7 in and come to your own conclusion. Long story short, those adults would be right. You’d be stupid to spend all your money on a car. Want some advice? Make some real money before you go buy a cad that’s 1x your salary.

[Chapter2099]

Originally Posted by MarineRaider

Untold pages of replies to a poster named lazy bones asking what you make. You cannot make this shit up.

I almost spit out my drink reading this. lol

[imperfectluck]

Originally Posted by Boostedzn6

Good point, So I now have a question for my own personal.. I’m 23, fair credit and currently make alittle over 60k after taxes, In school long tenure at my workplace with the city and at home with the parents I don’t pay any bills outside of a phone and WiFi. I want a used F90 or F80 or even possibly a G80 ( a pipe dream “.. What should be my realistic limit on the price looking for on said cars?

I personally hate when older folks tell me oh don’t buy a car blah blah because they just reminisce on the bad decisions they made instead of just giving better advice on what or how to do it. I live in a city(NYC) where the transportation sucks and continues to raise in price.. the amount I spend on travel alone would be a car note so I don’t see much of an issue 😂

Opinions?

Since you're also in NYC I'll use my situation as an example here that should hopefully help you out. For context I'm a 32 year old Senior Software Engineer and my compensation is in excess of 300k when assuming the market isn't pooping on itself.

With that, I've been toying with the idea of getting an F90, waiting for the G90, and looking at the '24 F95 with the new S68. All of said vehicles are in the 100-125k range new. I currently have a mortgage between my lady and I, working from home allows me to drive whenever I feel the desire, and currently own my F87 outright so my monthly expenses outside of living expenses I have 5k+ every month going towards my savings. With current interest rates I'd rather wait an entire year and use the money I've made from my stocks to put towards covering 80% of the cost because interest rates are pretty wild, ideally i'd rather just cut a check for the full amount of the vehicle but we all crave to have things a bit sooner right?

So with that context of myself out of the way, I'd ask you lets do an exercise if you aren't going to cut a check and look to finance. Crunch out the numbers of what your monthly cost in payment, insurance, estimated gas right, when you find that number just take that out of your monthly income and put it to the side for a month. If you don't miss it cool, do it for three months now. If you manage to make it to three months and you aren't craving the car still try to make it to six months finally.

I was sitting and having dinner with some friends thinking about myself and how I'd do things had I needed to finance one of these vehicles in the near future and this was my thought on it. If I could part ways with that money monthly, without owning said item and my life still continue to go on without me ever needing to reach for it or adjusting my lifestyle then I would say that for the excitement it would bring me, I could afford it.

Trust it isn't old folks reminiscing on their bad decisions, if I made a bad choice and I see someone I care for do the same shit I'm not about to let them dive first but I get how its communicated can be rather harsh.

You don't have much expenses to account for so you could certainly get a G80, enjoy it for a few years but when you'd like to move out and get a place of your own, the numbers are just math at the end of the day, you may end up getting rid of it and getting a less expensive car but at least you'll have the hopefully good memories of being able to own such a machine.

A bit long winded but essentially if you're going to do something that most would consider stupid well fuck it, better be worth it that you could look back on it and say I remember when I just bought a G80 and I had no regrets on burning all that i was making on it.. In the grand scheme you'll recover from it and it would only be a detrimental in the long run if you consistently kept making such choices.

[big_ed]

Originally Posted by Boostedzn6

Good point, So I now have a question for my own personal.. I’m 23, fair credit and currently make alittle over 60k after taxes, In school long tenure at my workplace with the city and at home with the parents I don’t pay any bills outside of a phone and WiFi. I want a used F90 or F80 or even possibly a G80 ( a pipe dream “.. What should be my realistic limit on the price looking for on said cars?

I personally hate when older folks tell me oh don’t buy a car blah blah because they just reminisce on the bad decisions they made instead of just giving better advice on what or how to do it. I live in a city(NYC) where the transportation sucks and continues to raise in price.. the amount I spend on travel alone would be a car note so I don’t see much of an issue 😂

Opinions?

As a fellow neighbor in NYC... My advice to you is to seek advice from your family and not people on a forum. Maybe that sounds mean. I'll dial it back.

Do whatever makes you happy. Some people get an expensive car and live in it because they can't afford anything else. Think about whats important to you

Doesnt matter how much you make. If you have to ask people I make x amount and want x car what do I do, your best bet is to just find the car you want, goto the dealer and let them either make it happen or explain to you what you need to make it happen.

Good luck bud. Hope to see you around in one of those cars you like.

[BrikM]

$25k a year

[slowturbo]

Originally Posted by Forzanerazzurri

Exactly. Also instead of having strangers raise your kids, have your wife do it and pocket the 4k.

I'm not going to get into a debate over who should be raising my kids, we spend plenty of time with them. Financially, this suggestion would cost easily cost us 5 figures/mo...(my wife has a very successful career of her own)

[imperfectluck]

Originally Posted by big_ed

As a fellow neighbor in NYC... My advice to you is to seek advice from your family and not people on a forum. Maybe that sounds mean. I'll dial it back.

The potential issue with this is that the advice you get from family might resonate negatively to them which then causes an adverse effect, I’m sure we’ve both seen how this could turn out.

It’s funny people mention not seeking advice from people on the forums, if we all were a bunch of bums posting random car stuff with no accomplishment behind our names then sure I would be wary. When I see for any new MY model, a new post / thread comes up regarding leasing deals / financing information with people and their approaches on how they got discounts off MSRP, you have to give some bit of credit to us bunch of randoms that actually care to let everyone else know what deals we are getting.

[TyKa1999]

Originally Posted by sugammadex

I mean, I am making $1.5k/month from a HYSA and having $7.5k/month of passive income from my rental properties. Still pull $22k+/month from my job. Still prioritizing and building my portfolio. I’m 32 so I want to continue to hustle until I can retire fairly early. Spending close to a $100k for a car is an awful investment since I’m in that investment mindset…maybe I’ll take a page out of the gen Z YOLO life and say F it.

I’m in a fairly similar boat as you, learning to spend your money on selfish things is as important as making it in my opinion. Definitely enjoy it while you’re young. The payback in smiles you’ll get driving is a 1000x return im sure. Idk you’re situation of course but yolo

[hhkb]

Originally Posted by TyKa1999

I’m in a fairly similar boat as you, learning to spend your money on selfish things is as important as making it in my opinion. Definitely enjoy it while you’re young. The payback in smiles you’ll get driving is a 1000x return im sure. Idk you’re situation of course but yolo

I was attempting early retirement but my mom and my older brother both told me to enjoy life and spend some money. Its nerv wracking spending so much money on a luxury toy after living a frugal and penny pinching life for years. But I’m trusting the older and wiser people in my life.

[Diesel power]

Originally Posted by Boostedzn6

Good point, So I now have a question for my own personal.. I’m 23, fair credit and currently make alittle over 60k after taxes, In school long tenure at my workplace with the city and at home with the parents I don’t pay any bills outside of a phone and WiFi. I want a used F90 or F80 or even possibly a G80 ( a pipe dream “.. What should be my realistic limit on the price looking for on said cars?

I personally hate when older folks tell me oh don’t buy a car blah blah because they just reminisce on the bad decisions they made instead of just giving better advice on what or how to do it. I live in a city(NYC) where the transportation sucks and continues to raise in price.. the amount I spend on travel alone would be a car note so I don’t see much of an issue ��

Opinions?

I'm too young to be a boomer, but I'm going to sound like one right now. To me, there is nothing lamer than balling out while living with (and off) mom and dad. 60K is great at 23 no doubt, but NYC is expensive and at some point you're going to want to move out, buy a ring, get married, etc. Waiting till you're 40 to do that because you YOLO'd in your 20's is a lot less cool than driving a G80 at 23. Take advantage of the opportunity you have to live at home, pay off any student debt, get your credit from fair to excellent, travel and have fun, and then in a couple of years buy the car of your dreams when you can afford it, not just pay for it. Interest rates are brutal right now so unless you can afford it 100% or NEED to make a move you're much better off stacking up savings now and then buying in a year or two if/when things calm down.
Also, do you really want to park your 100K baby on the streets in Queens? Dodge pot holes?

[Mike02z]

So many factors are in play that just your income won’t tell you much.

Do you have children? How many?

Do you have a mortgage?

Do have any loans or credit cards?

If you have all of the above then it depends on where you live. Live in CA and you’ll pay more than if you buy in Idaho.

Does your significant other works?

Do you have daycare?

See where I’m going?

You could make 40k and afford one if you don’t have the above.

If you have all of the above then you may need to make 200k to afford one.

[Gladius Nova]

Originally Posted by Diesel power

I'm too young to be a boomer, but I'm going to sound like one right now. To me, there is nothing lamer than balling out while living with (and off) mom and dad. 60K is great at 23 no doubt, but NYC is expensive and at some point you're going to want to move out, buy a ring, get married, etc. Waiting till you're 40 to do that because you YOLO'd in your 20's is a lot less cool than driving a G80 at 23. Take advantage of the opportunity you have to live at home, pay off any student debt, get your credit from fair to excellent, travel and have fun, and then in a couple of years buy the car of your dreams when you can afford it, not just pay for it. Interest rates are brutal right now so unless you can afford it 100% or NEED to make a move you're much better off stacking up savings now and then buying in a year or two if/when things calm down.
Also, do you really want to park your 100K baby on the streets in Queens? Dodge pot holes?

Preach!

[The_Mad_Shifter]

Originally Posted by imperfectluck

Since you're also in NYC I'll use my situation as an example here that should hopefully help you out. For context I'm a 32 year old Senior Software Engineer and my compensation is in excess of 300k when assuming the market isn't pooping on itself.

With that, I've been toying with the idea of getting an F90, waiting for the G90, and looking at the '24 F95 with the new S68. All of said vehicles are in the 100-125k range new. I currently have a mortgage between my lady and I, working from home allows me to drive whenever I feel the desire, and currently own my F87 outright so my monthly expenses outside of living expenses I have 5k+ every month going towards my savings. With current interest rates I'd rather wait an entire year and use the money I've made from my stocks to put towards covering 80% of the cost because interest rates are pretty wild, ideally i'd rather just cut a check for the full amount of the vehicle but we all crave to have things a bit sooner right?

So with that context of myself out of the way, I'd ask you lets do an exercise if you aren't going to cut a check and look to finance. Crunch out the numbers of what your monthly cost in payment, insurance, estimated gas right, when you find that number just take that out of your monthly income and put it to the side for a month. If you don't miss it cool, do it for three months now. If you manage to make it to three months and you aren't craving the car still try to make it to six months finally.

I was sitting and having dinner with some friends thinking about myself and how I'd do things had I needed to finance one of these vehicles in the near future and this was my thought on it. If I could part ways with that money monthly, without owning said item and my life still continue to go on without me ever needing to reach for it or adjusting my lifestyle then I would say that for the excitement it would bring me, I could afford it.

Trust it isn't old folks reminiscing on their bad decisions, if I made a bad choice and I see someone I care for do the same shit I'm not about to let them dive first but I get how its communicated can be rather harsh.

You don't have much expenses to account for so you could certainly get a G80, enjoy it for a few years but when you'd like to move out and get a place of your own, the numbers are just math at the end of the day, you may end up getting rid of it and getting a less expensive car but at least you'll have the hopefully good memories of being able to own such a machine.

A bit long winded but essentially if you're going to do something that most would consider stupid well fuck it, better be worth it that you could look back on it and say I remember when I just bought a G80 and I had no regrets on burning all that i was making on it.. In the grand scheme you'll recover from it and it would only be a detrimental in the long run if you consistently kept making such choices.

Very well said. This is my mantra/thought process as well. I am probably going to sell my G82 in a few months as my priorities have shifted due to new home ownership and additional family members needing more attention. I have owned my car for 1.5 years and have driven the shit out of it and have enjoyed every moment of it. I will cherish that fact for the rest of my life and will have zero regrets. I can certainly afford having the car for a bit longer but it does affect other material things I want in life, it would prolong those goals. So if you can, go for it and enjoy it, life is short.

[Juanero]

realized that with what I pay for 2 porsches and a m3, I could just have a lamborghini huracan tecnica. and I would still have 2 toyotas left over. hmm..