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stillthinking
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Auto Loan at 19?  Reply with quote  

Hi,
I've been working for 6 months now at a full time job. I make about $2,500 a week and after taxes, medicare, SS, and retirement savings it comes down to $1,630 per week. I have absolutely no expenses and live with my parents. I'm not married and not in any relationships and I do not plan on getting married anytime in the near future.
I have had my eyes on a $25,000 CPO car. I was planning on putting down $12,000 and financing $13,000 over 60 months to about $250 a month and I'll probably make 2 or 3 payments a month.
I figured this would be a good way for me to build good credit since I've never financed anything and have no credit history and be able drive the car I've always wanted.
I'm saving money on the side to put a down payment on a house in the near future.
Am I making a terrible mistake at 19?
Also would a new car dealer even consider me for a loan like that? I'll have someone with a higher income also cosign.
Post Wed Jan 07, 2015 8:29 pm
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oldguy
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In addition to answering your questions, I might as well make it a learning experience. In life, it is ALWAYS expensive to hire someone else to carry your risk. So whenever you can afford to self-insure that is better. (Remember insurance companies make a profit - and you are the one who pays them). Eg - when I buy a Disposal or a TV or a Washing Machine, the store always tries to sell an extended warranty (insurance). That's cuz insurance is a high-profit item for the store. But I can afford to self-insure those items - if a wash machine fails, (1 time in 25) I'll buy a new one, I'll take that 1 in 25 risk myself, and save the money.

CPO - So, don't pay an extra $1000 or $2000 for a CPO, pick the car yourself, inspect it, have a shop inspect it if you're unsure, and get a CARFAX report (that tracks accident history)

Extended warranties - Again, risk. Buy a make & model that is known for quality/reliability and self-insure the repairs.

Cosign - no. Definitely don't stick a relative or friend with this. It puts them in a position of feeling bad about turning you down. But most successful people need to turn you down. If you happen to wreck and some people get killed, the lawsuit gets into the millions (more than your insurance covers). The cosign opens the window to the co-owner - so he also is part of the lawsuit. Without a cosign you are what is known as lawsuit-proof, ie you have no money so there is n point to suing you. Besides, you want this car to build YOUR credit, not your co-owner's.

Credit New/Used - A dealer will allow more credit on a new car than on a used car. ('New' has less risk for the dealer, everything is covered by the factory.)

Financing - This may be advance for you, might not make sense at your age. When we buy a new car, I finance the entire thing, I put no down and I even finance the tax/license. And I keep the loan for the full 60 months. Here's the deal - I have several $100,000 in stocks. I could sell $28,000 of stock, use $3000 to pay the capital gains tax on my profit, and buy the car with $25,000.
Instead, I leave that $28,000 in stocks, and I sell the old car privately for maybe $4000 - so there is $32,000 in stocks. My stocks double about every 7 years - so I expect to double that $32k to $64k in about 7 yrs.

'The Millionaire Next Door' - This book written over 15 years ago, it's in every public library. One section explains why most millionaires drive older cars - our newest car has 171,000 miles on it today.

Reliability/Quality - The Japanese design cars to start evry time you turn the key, never need tuning or repairs, just proper maintenance of the 'wear items' - tires, brakes, belts, battery. Euro performance cars - BMW, Merc, Jag, VW, are designed to give super performance, great cornering, but they need lots of tuning and they cost big-bucks to maintain (my DD&SIL have a Jag & a BMW, great fun to drive, not so fun to fix). And Domestic cars are in the middle, fair quality & fair performance.

What kind of car are you looking at? Very Happy Whatever you get, enjoy it. I've always found that it's important to get a pretty color, a color that you'll like for 10 or 12 years. And that's probably an odd thing for a mechanical engineer to say?
Post Wed Jan 07, 2015 9:54 pm
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stillthinking
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quote:
Originally posted by oldguy
In addition to answering your questions, I might as well make it a learning experience. In life, it is ALWAYS expensive to hire someone else to carry your risk. So whenever you can afford to self-insure that is better. (Remember insurance companies make a profit - and you are the one who pays them). Eg - when I buy a Disposal or a TV or a Washing Machine, the store always tries to sell an extended warranty (insurance). That's cuz insurance is a high-profit item for the store. But I can afford to self-insure those items - if a wash machine fails, (1 time in 25) I'll buy a new one, I'll take that 1 in 25 risk myself, and save the money.

CPO - So, don't pay an extra $1000 or $2000 for a CPO, pick the car yourself, inspect it, have a shop inspect it if you're unsure, and get a CARFAX report (that tracks accident history)

Extended warranties - Again, risk. Buy a make & model that is known for quality/reliability and self-insure the repairs.

Cosign - no. Definitely don't stick a relative or friend with this. It puts them in a position of feeling bad about turning you down. But most successful people need to turn you down. If you happen to wreck and some people get killed, the lawsuit gets into the millions (more than your insurance covers). The cosign opens the window to the co-owner - so he also is part of the lawsuit. Without a cosign you are what is known as lawsuit-proof, ie you have no money so there is n point to suing you. Besides, you want this car to build YOUR credit, not your co-owner's.

Credit New/Used - A dealer will allow more credit on a new car than on a used car. ('New' has less risk for the dealer, everything is covered by the factory.)

Financing - This may be advance for you, might not make sense at your age. When we buy a new car, I finance the entire thing, I put no down and I even finance the tax/license. And I keep the loan for the full 60 months. Here's the deal - I have several $100,000 in stocks. I could sell $28,000 of stock, use $3000 to pay the capital gains tax on my profit, and buy the car with $25,000.
Instead, I leave that $28,000 in stocks, and I sell the old car privately for maybe $4000 - so there is $32,000 in stocks. My stocks double about every 7 years - so I expect to double that $32k to $64k in about 7 yrs.

'The Millionaire Next Door' - This book written over 15 years ago, it's in every public library. One section explains why most millionaires drive older cars - our newest car has 171,000 miles on it today.

Reliability/Quality - The Japanese design cars to start evry time you turn the key, never need tuning or repairs, just proper maintenance of the 'wear items' - tires, brakes, belts, battery. Euro performance cars - BMW, Merc, Jag, VW, are designed to give super performance, great cornering, but they need lots of tuning and they cost big-bucks to maintain (my DD&SIL have a Jag & a BMW, great fun to drive, not so fun to fix). And Domestic cars are in the middle, fair quality & fair performance.

What kind of car are you looking at? Very Happy Whatever you get, enjoy it. I've always found that it's important to get a pretty color, a color that you'll like for 10 or 12 years. And that's probably an odd thing for a mechanical engineer to say?


Wow thank you for such a thorough answer you've made me reconsider even spending that extra couple thousand on a CPO or an extended warranty. What you do with stocks by the way is genius I never thought of financing in such a way. The car I'm after is a mercedes GLK 350. I love german cars and I can finally afford to own one. They can also be reliable but pricey with maintenance. As a mechanical engineer what do you think about the mercedes GLK? I've been wanting this car since I got my drivers permit at 16. I'm prepared to sign for myself only but I think in my state I have to have a consigner since I'm not 21. Thank you for such a detailed answer.
Post Wed Jan 07, 2015 11:45 pm
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oldguy
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quote:
The car I'm after is a mercedes GLK 350. I love german cars and I can finally afford to own one. They can also be reliable but pricey with maintenance.


Yes - they're pretty - and they have awesome performance. But, as you know, those $1000 inspection/tuneups come around every couple of months. Not just the money but the time & hassle. LOL - that's why I buy Japanese, I want it ready to go with no issues and I want to go 200,000 miles. I like the Mazda, the Hyndia Sante Fe (grandson has one). And I really like Subaru, when we go up to a Ski Lodge the parking lots is full of them, a great snow/ski car. (BTW, daughter took her new BMW to the shop today, 2 month checkup, lol)
A month ago I took my Son-in-Law's Jag convertable for a drive - it has 495 hp, super charger (no turbo lag!), traction control, suspension control. You can force it into a high speed turn and you can't make it lean or squeal. And you can do 0 to 60 in 4 seconds w/o squealing a tire. But not what you would call "a daily driver".

Right after college I bought a new 1964 Pontiac GTO Convertable, 4 speed, 3-2 barrel carbs, etc. After 4 years and 70,000 miles I was so tired of spending all my spare time (and money) working on that thing that I sold it. And that kinda cured my 'fast car" desires right there (besides DW couldn't shift it). Since then we've owned 'daily drivers' that go when you want them to. (BTW, if I still had that GTO it would be worth $100,000.).
Post Thu Jan 08, 2015 2:56 am
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Wino
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I'll give you the other side of the coin.

You don't have $25K in an investment, so oldguy's advice does not apply to you. The best way to get $25K in investments is not to spend it. You want a shiny new/used car that you can't afford right now. You should buy a cheap and reliable car (all of oldguy's carfax, warranty, and reliabilty advice is applicable and correct in most respects; there are some reliable American cars as well as Japanese and I don't fit in a Subaru), and save up the money for the Mercedes.

Once you have enough to buy the car outright, you can decide whether to invest it or to use it to purchase the car for cash. Personally, I suggest you buy the car for cash and invest the payments you won't be making.

Oldguy's method is called leveraging, and it basically means you're borrowing money to invest. If the investment goes sour and you need the money - emergencies happen - then you could be faced with bankruptcy or severe financial loss. When the economy goes south and investments tank is also when financial emergencies tend to happen to people. In other words, if things do turn down in the economy, that's the most likely time you're going to need the money. If at the same time you need money for the emergency and the money to pay for the car, you won't have money for both.

The safe and sure way is to have no debt and owe no money, then invest the rest. You have $6500 per month to invest. At 19, if you invest $3000 per month until the age of 49 (30 years), you'll have $4.5 Million at only 8% interest, which is pretty much what you can count on in something like an S&P500 index fund (nothing is guaranteed, but the track record is long and consistent).

So, my suggestion is that you don't buy the car now. You save up for the car and buy it for cash, all the while putting $3K per month into first any company 401K-type fund (for the match), followed by a personal IRA (until you reach the annual maximum), and that followed by taxable mutual funds with low turnover (such as the S&P 500 fund mentioned earlier).

Building credit is only good for getting lower insurance rates in States that allow the insurance companies to use credit scores to determine risk. As zero-credit-score people tend to actually have lower risk, this is unfair. The Congress is thinking about changing this on a federal level by making the credit bureaus take wealth into account for the score.

You don't need credit to get a home loan, and any other borrowing is stupid, especially at your income level. You don't need to borrow money, and you can easily save and buy anything (even a house, if you wait longer). Don't try to keep up with the neighbors. Buy what you need. Buy used. Don't buy stuff you don't need. "Wants" are not "needs."
Post Thu Jan 08, 2015 5:33 am
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stillthinking
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quote:
Originally posted by Wino
I'll give you the other side of the coin.

You don't have $25K in an investment, so oldguy's advice does not apply to you. The best way to get $25K in investments is not to spend it. You want a shiny new/used car that you can't afford right now. You should buy a cheap and reliable car (all of oldguy's carfax, warranty, and reliabilty advice is applicable and correct in most respects; there are some reliable American cars as well as Japanese and I don't fit in a Subaru), and save up the money for the Mercedes.

Once you have enough to buy the car outright, you can decide whether to invest it or to use it to purchase the car for cash. Personally, I suggest you buy the car for cash and invest the payments you won't be making.

Oldguy's method is called leveraging, and it basically means you're borrowing money to invest. If the investment goes sour and you need the money - emergencies happen - then you could be faced with bankruptcy or severe financial loss. When the economy goes south and investments tank is also when financial emergencies tend to happen to people. In other words, if things do turn down in the economy, that's the most likely time you're going to need the money. If at the same time you need money for the emergency and the money to pay for the car, you won't have money for both.

The safe and sure way is to have no debt and owe no money, then invest the rest. You have $6500 per month to invest. At 19, if you invest $3000 per month until the age of 49 (30 years), you'll have $4.5 Million at only 8% interest, which is pretty much what you can count on in something like an S&P500 index fund (nothing is guaranteed, but the track record is long and consistent).

So, my suggestion is that you don't buy the car now. You save up for the car and buy it for cash, all the while putting $3K per month into first any company 401K-type fund (for the match), followed by a personal IRA (until you reach the annual maximum), and that followed by taxable mutual funds with low turnover (such as the S&P 500 fund mentioned earlier).

Building credit is only good for getting lower insurance rates in States that allow the insurance companies to use credit scores to determine risk. As zero-credit-score people tend to actually have lower risk, this is unfair. The Congress is thinking about changing this on a federal level by making the credit bureaus take wealth into account for the score.

You don't need credit to get a home loan, and any other borrowing is stupid, especially at your income level. You don't need to borrow money, and you can easily save and buy anything (even a house, if you wait longer). Don't try to keep up with the neighbors. Buy what you need. Buy used. Don't buy stuff you don't need. "Wants" are not "needs."


Wow thank you, you've opened so many doors for me to look through. I don't even know if I want to buy the car anymore. I'm a sucker for cars, I've always been this way since I was young always obsessed with cars. My parents owned a couple mercedes and I think that's what made me want to work and be able to buy my own one day. It's definitely a part of me still being 19. I do have a fast car fever, I want something fast reliable and good in the snow and at 19 I want a car with good sex appeal. But it would be more smart to invest. I've actually been thinking of purchasing a 2 family house at 100k with a downpayent of 20K and just renting it out to pay the mortgage and put cash in my pocket at the same time.
Post Thu Jan 08, 2015 6:24 am
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stillthinking
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quote:
Originally posted by Wino
I'll give you the other side of the coin.

You don't have $25K in an investment, so oldguy's advice does not apply to you. The best way to get $25K in investments is not to spend it. You want a shiny new/used car that you can't afford right now. You should buy a cheap and reliable car (all of oldguy's carfax, warranty, and reliabilty advice is applicable and correct in most respects; there are some reliable American cars as well as Japanese and I don't fit in a Subaru), and save up the money for the Mercedes.

Once you have enough to buy the car outright, you can decide whether to invest it or to use it to purchase the car for cash. Personally, I suggest you buy the car for cash and invest the payments you won't be making.

Oldguy's method is called leveraging, and it basically means you're borrowing money to invest. If the investment goes sour and you need the money - emergencies happen - then you could be faced with bankruptcy or severe financial loss. When the economy goes south and investments tank is also when financial emergencies tend to happen to people. In other words, if things do turn down in the economy, that's the most likely time you're going to need the money. If at the same time you need money for the emergency and the money to pay for the car, you won't have money for both.

The safe and sure way is to have no debt and owe no money, then invest the rest. You have $6500 per month to invest. At 19, if you invest $3000 per month until the age of 49 (30 years), you'll have $4.5 Million at only 8% interest, which is pretty much what you can count on in something like an S&P500 index fund (nothing is guaranteed, but the track record is long and consistent).

So, my suggestion is that you don't buy the car now. You save up for the car and buy it for cash, all the while putting $3K per month into first any company 401K-type fund (for the match), followed by a personal IRA (until you reach the annual maximum), and that followed by taxable mutual funds with low turnover (such as the S&P 500 fund mentioned earlier).

Building credit is only good for getting lower insurance rates in States that allow the insurance companies to use credit scores to determine risk. As zero-credit-score people tend to actually have lower risk, this is unfair. The Congress is thinking about changing this on a federal level by making the credit bureaus take wealth into account for the score.

You don't need credit to get a home loan, and any other borrowing is stupid, especially at your income level. You don't need to borrow money, and you can easily save and buy anything (even a house, if you wait longer). Don't try to keep up with the neighbors. Buy what you need. Buy used. Don't buy stuff you don't need. "Wants" are not "needs."


Wow thank you, you've opened so many doors for me to look through. I don't even know if I want to buy the car anymore. I'm a sucker for cars, I've always been this way since I was young always obsessed with cars. My parents owned a couple mercedes and I think that's what made me want to work and be able to buy my own one day. It's definitely a part of me still being 19. I do have a fast car fever, I want something fast reliable and good in the snow and at 19 I want a car with good sex appeal. But it would be more smart to invest. I've actually been thinking of purchasing a 2 family house at 100k with a downpayent of 20K and just renting it out to pay the mortgage and put cash in my pocket at the same time.
Post Thu Jan 08, 2015 6:24 am
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stillthinking
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quote:
Originally posted by oldguy
quote:
The car I'm after is a mercedes GLK 350. I love german cars and I can finally afford to own one. They can also be reliable but pricey with maintenance.


Yes - they're pretty - and they have awesome performance. But, as you know, those $1000 inspection/tuneups come around every couple of months. Not just the money but the time & hassle. LOL - that's why I buy Japanese, I want it ready to go with no issues and I want to go 200,000 miles. I like the Mazda, the Hyndia Sante Fe (grandson has one). And I really like Subaru, when we go up to a Ski Lodge the parking lots is full of them, a great snow/ski car. (BTW, daughter took her new BMW to the shop today, 2 month checkup, lol)
A month ago I took my Son-in-Law's Jag convertable for a drive - it has 495 hp, super charger (no turbo lag!), traction control, suspension control. You can force it into a high speed turn and you can't make it lean or squeal. And you can do 0 to 60 in 4 seconds w/o squealing a tire. But not what you would call "a daily driver".

Right after college I bought a new 1964 Pontiac GTO Convertable, 4 speed, 3-2 barrel carbs, etc. After 4 years and 70,000 miles I was so tired of spending all my spare time (and money) working on that thing that I sold it. And that kinda cured my 'fast car" desires right there (besides DW couldn't shift it). Since then we've owned 'daily drivers' that go when you want them to. (BTW, if I still had that GTO it would be worth $100,000.).


Yeah the older Pontiacs, I've seen them sell in my area around $30,000 for a simple Trans Am in fixer upper condition. My mom bought the Mercedes G Wagen and ever since we bought it with 0 miles now at 30,000 miles all we've done is put a quart of oil in it. We're either really screwed or doing pretty well. I know all cars vary though. I would really like this car right now. It's like an itch I can't scratch. I've been driving a 4 cylinder Ford Escape and the acceleration is terrible. I'm getting annoyed of driving a slow car (for the money I could have gotten something faster) but I need it because it's AWD and it's body is high off the ground which is great because we get lots of snow here. It's also getting quite annoying watching all my friends simply get handed a brand new car from their parents meanwhile I'm trying to just trying figure out how to get a used one off the lot. I don't know how to get rid of this urge to get a Benz.
I sound like a spoiled whiny teenager right now haha.

I know what you guys are telling me is a no doubt a wiser investment for me in the future.
Post Thu Jan 08, 2015 6:49 am
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littleroc02us
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Man if I could change anything stupid I did when I was younger is to have never have leased a stupid Dodge RAM 1500, that almost got repossessed after I got laid off from my good paying job. Luckily I had a father who gave me a no interest loan to buy the truck and then I paid it off. That silly mistake set me back with compound interest I could have been accruing. Luckily it made me more wise by making such a huge mistake and I am doing well financially now.

Car fever can get anyone if they don't watch it. We now buy Japanese and good American cars that have around 100k for cash and I immediately put a new timing belt and timing belt in them. We easily get well over 200k miles on them before we sell them. No one ever got rich on buying cars for transportation, they got wealthy by buying used vehicles that are 3-4 years old and driving them into the ground. What that does is frees up cash to invest with. If you took that car payment and put it into a good index fund for 25 years you'd have a million dollars.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Thu Jan 08, 2015 5:01 pm
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stillthinking
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quote:
Originally posted by littleroc02us
Man if I could change anything stupid I did when I was younger is to have never have leased a stupid Dodge RAM 1500, that almost got repossessed after I got laid off from my good paying job. Luckily I had a father who gave me a no interest loan to buy the truck and then I paid it off. That silly mistake set me back with compound interest I could have been accruing. Luckily it made me more wise by making such a huge mistake and I am doing well financially now.

Car fever can get anyone if they don't watch it. We now buy Japanese and good American cars that have around 100k for cash and I immediately put a new timing belt and timing belt in them. We easily get well over 200k miles on them before we sell them. No one ever got rich on buying cars for transportation, they got wealthy by buying used vehicles that are 3-4 years old and driving them into the ground. What that does is frees up cash to invest with. If you took that car payment and put it into a good index fund for 25 years you'd have a million dollars.

I don't blame you, the Dodge Ram 1500 is a really nice car espcially for a teenager. I could only imagine how much fun it could have been to own.
I'm now looking at investments and I was looking at ING or Capital One 360. Their saying you get a .19% interest rate and .20% APY. I still don't quite understand how this works and what these two rates mean. Do I get .19% interest each month or year? And what is .20% APY I know it stands for annual percentage yield but isn't that an interest rate?
I would really like to put my money into a savings account with interest until I decide what to do so I don't go splurge on an expensive car.
Post Thu Jan 08, 2015 6:50 pm
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oldguy
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quote:
the Dodge Ram 1500 is a really nice car espcially for a teenager. I could only imagine how much fun it could have been to own.


LOL - I just drove my Dodge Ram 1500 4WD to lunch, it's a 2001, bought new. Only has 104,000 miles (it's half-life?), good for another 14 years.

quote:
I'm now looking at investments and I was looking at ING or Capital One 360. Their saying you get a .19% interest rate and .20% APY. I still don't quite understand how this works and what these two rates mean.


Those aren't investments, they are savings. Here's the difference - 'savings' are designed to give you safe storage of your cash and to pay about enough to offset inflation. Ie, you are paying for the safe storage. Example - if inflation is 2% and you get about 1% from your savings, you are losing about 1% of your purchasing power every year (the cost for the bank to provide the storage). That same category includes CDs, money market funds, etc. The .19% and .2% rates are so close to zero that

"Investments" are designed for wealth-building, their returns are way higher than the 2% inflation, about 11%/yr.

How is your math? Here is an equation to remember, it shows the power of compounding. Most people are surprised by how powerful it is. Here it is: F = 1.11^years The 11 is the longterm average of the US stock market. If you were to put that $12,000 (car down payment) into an 11%/yr fund until you are age 59 it would be $780,000.
Or, if you invested $417/m for 40 yrs it would be $3,200,000. (That's the one that really surprises people).

You asked about a rental house. I bought 5 between 1972 and 1982. I pyramided the houses to raise the down payment for the next one. I put a 2nd mortgage on h1 and used the money for a DP on h2. In a few years when the houses went up in value by $10 or $12k, I refinanced them and used that money to make DPs on h3 & h4. A few years later I sold h1 and made a DP on h5. Later I refi's all 4 houses and took out almost all of my money (and invested in stocks). Rented the houses for about 30 yrs, then sold 2, still have 2. I refi'd the rentals a couple more times and took out the money - and invested in stocks. So - yes, I made good money on the houses - but I made way more with the money that I took out of the houses and used as seed money to buy stocks. Hope that will be helpful?
Post Thu Jan 08, 2015 9:29 pm
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stillthinking
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quote:
Originally posted by oldguy
quote:
the Dodge Ram 1500 is a really nice car espcially for a teenager. I could only imagine how much fun it could have been to own.


LOL - I just drove my Dodge Ram 1500 4WD to lunch, it's a 2001, bought new. Only has 104,000 miles (it's half-life?), good for another 14 years.

quote:
I'm now looking at investments and I was looking at ING or Capital One 360. Their saying you get a .19% interest rate and .20% APY. I still don't quite understand how this works and what these two rates mean.


Those aren't investments, they are savings. Here's the difference - 'savings' are designed to give you safe storage of your cash and to pay about enough to offset inflation. Ie, you are paying for the safe storage. Example - if inflation is 2% and you get about 1% from your savings, you are losing about 1% of your purchasing power every year (the cost for the bank to provide the storage). That same category includes CDs, money market funds, etc. The .19% and .2% rates are so close to zero that

"Investments" are designed for wealth-building, their returns are way higher than the 2% inflation, about 11%/yr.

How is your math? Here is an equation to remember, it shows the power of compounding. Most people are surprised by how powerful it is. Here it is: F = 1.11^years The 11 is the longterm average of the US stock market. If you were to put that $12,000 (car down payment) into an 11%/yr fund until you are age 59 it would be $780,000.
Or, if you invested $417/m for 40 yrs it would be $3,200,000. (That's the one that really surprises people).

You asked about a rental house. I bought 5 between 1972 and 1982. I pyramided the houses to raise the down payment for the next one. I put a 2nd mortgage on h1 and used the money for a DP on h2. In a few years when the houses went up in value by $10 or $12k, I refinanced them and used that money to make DPs on h3 & h4. A few years later I sold h1 and made a DP on h5. Later I refi's all 4 houses and took out almost all of my money (and invested in stocks). Rented the houses for about 30 yrs, then sold 2, still have 2. I refi'd the rentals a couple more times and took out the money - and invested in stocks. So - yes, I made good money on the houses - but I made way more with the money that I took out of the houses and used as seed money to buy stocks. Hope that will be helpful?


Wow, okay so I should probably look into mutual funds and stocks then if I'm going to invest. And for a house I could also possibly mortgage a 2 family and collect rent. There's so many ways to invest money and make it work for myself. Thanks for all the help!
Post Fri Jan 09, 2015 7:12 am
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Paultayloor
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Cash: $ 0.60

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Joined: 16 Apr 2015
Location: TX 78258 United States‎
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According to my opinion Financing - This may be advance for you, might not make sense at your age. When we buy a new car, I finance the entire thing, I put no down and I even finance the tax/license. And I keep the loan for the full 60 months. Here's the deal - I have several $100,000 in stocks.

quote:
I removed your link that had nothing to do with the topic.
Post Fri Apr 17, 2015 6:18 am
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edward222
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Wait, wait, wait....

What kind of job are you in my friend?
hhhhhmmmm
Post Wed Apr 22, 2015 10:03 am
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edward222
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Re: Auto Loan at 19?  Reply with quote  

quote:
Originally posted by stillthinking
Hi,
I've been working for 6 months now at a full time job. I make about $2,500 a week and after taxes, medicare, SS, and retirement savings it comes down to $1,630 per week.


I'm really curious what job your in.
Post Wed Apr 22, 2015 10:04 am
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