WHat should I do?
02-09-2006, 05:58 PM
#21
5th Gear Member
Join Date: Oct 2005
Location: Berkley, Michigan
Posts: 2,751
RE: WHat should I do?
Right now I make 30000 a year and I'm 18. I could easily make 40000 a year working for pepsi. But ask yourself this, could you see yourself doing that job for the rest of your life?? Go to college man, and buy a house and get a cobra.
02-09-2006, 06:18 PM
#23
4th Gear Member
Join Date: Jan 2006
Location:
Posts: 1,093
RE: WHat should I do?
Since you wanted the opinion of some "older" guys, here it is:
Planning the next six years of your life in a single sentence is evidence of your youth (btw, enjoy it while you can).
You may meet the woman of your dreams next year and be married in 2 years. Cobra? Not. Mustang? Probably not.
Making 30 g's a year while you live at home is great and all but at some point, you are going to need to live on your own in the real world. 30 g's may be below the poverty line in 6 years.
A car is always going to have the same relative expense to your income, always has and probably always will. The relative cost of a secondary education, on the other hand, is increasing. Get educated now while you have no other expenses. You will get a better job and make more money over your lifetime. I'm trying to finish my bachelor's degree now because my advancement in corporate America is limited because I haven't completed it yet. I'm paying as much for two classes as I used to pay for a semester. I'm paying about 8 times more for school now while only making 3 times as much salary and my salary is being limited by not having my degree. Cars are not even twice as much now as they were from the same time frame I 'm referencing.
If you have to go fast now, buy a motorcycle. Just get through school, even if it's a junior college, trade school, or whatever, it doesn't have to be an ivy league education. You won't always be making 30g's as you will get raises over time but if you are educated, you can be promoted faster and earn even more money in the same field if you are worth your salt.
Take it from us aging 30 -year old's and get edumacated.
Planning the next six years of your life in a single sentence is evidence of your youth (btw, enjoy it while you can).
You may meet the woman of your dreams next year and be married in 2 years. Cobra? Not. Mustang? Probably not.
Making 30 g's a year while you live at home is great and all but at some point, you are going to need to live on your own in the real world. 30 g's may be below the poverty line in 6 years.
A car is always going to have the same relative expense to your income, always has and probably always will. The relative cost of a secondary education, on the other hand, is increasing. Get educated now while you have no other expenses. You will get a better job and make more money over your lifetime. I'm trying to finish my bachelor's degree now because my advancement in corporate America is limited because I haven't completed it yet. I'm paying as much for two classes as I used to pay for a semester. I'm paying about 8 times more for school now while only making 3 times as much salary and my salary is being limited by not having my degree. Cars are not even twice as much now as they were from the same time frame I 'm referencing.
If you have to go fast now, buy a motorcycle. Just get through school, even if it's a junior college, trade school, or whatever, it doesn't have to be an ivy league education. You won't always be making 30g's as you will get raises over time but if you are educated, you can be promoted faster and earn even more money in the same field if you are worth your salt.
Take it from us aging 30 -year old's and get edumacated.
02-09-2006, 06:19 PM
#24
4th Gear Member
Join Date: Sep 2005
Location:
Posts: 1,756
RE: WHat should I do?
Agreed. I'm currently in school majoring in mechanical engineering. Right now my part time job is at Advance Auto Parts. I have 0 bills and my parents give me 300 a month plus my advance checks. I'm pulling in about 800 a month and the only bill I have is my motorcycle insurance, which I paid in full. So i really have 0 bills. All the money I get goes to whatever i please. I enjoy that. That's why I didnt buy an 02 s28 with 17k miles. I didnt want a car note.
The main thing is, I always have something to look forward to. I wake up everyday and im like " i dont want to go to school," but then I think about what going to school will get me. Average salary for a mechanical engineer straight out of college is 50k+. I dont make too much money now, but I always know that in a few years, I will be financially stable and will be able to afford nearly all the toys i want.
Some of my friend went a diff route. One works in construction and makes about 500 a week or so. Another friend works at Advance with me and makes about 600 every two weeks. They moved into a trailer, bc they wanted to live by themselves. They make a lot more money then i do now, but what do they have to look forward to? They will be doing that, or something close to that for the rest of their lives. They both have car payments and now a home payment. As far as im concerned, they are just stuck. They didnt think they were "cut out for school" just like you.
Live it up man. You dont have many or any bills. Eventually you will be on your own and you def want financial stability. College will get you that.
The main thing is, I always have something to look forward to. I wake up everyday and im like " i dont want to go to school," but then I think about what going to school will get me. Average salary for a mechanical engineer straight out of college is 50k+. I dont make too much money now, but I always know that in a few years, I will be financially stable and will be able to afford nearly all the toys i want.
Some of my friend went a diff route. One works in construction and makes about 500 a week or so. Another friend works at Advance with me and makes about 600 every two weeks. They moved into a trailer, bc they wanted to live by themselves. They make a lot more money then i do now, but what do they have to look forward to? They will be doing that, or something close to that for the rest of their lives. They both have car payments and now a home payment. As far as im concerned, they are just stuck. They didnt think they were "cut out for school" just like you.
Live it up man. You dont have many or any bills. Eventually you will be on your own and you def want financial stability. College will get you that.
02-09-2006, 06:31 PM
#25
4th Gear Member
Join Date: Feb 2005
Location: Iowa
Posts: 1,266
RE: WHat should I do?
I can't stress it enough, GO TO SCHOOL.
Right now, $30k might seem like a lot of money...but you have the potential to make a whole lot more with a college education.
I've been into electronics for as long as I can remember, so I went and got a degree in Electronics Engineering. I got an associates degree and started looking for a job 3 weeks before I graduated so I could move out of my g/f's parents house and support the two of us. I got my first actual career job 2 weeks before graduating with the AA, and made $11/hr during a 18month field training period and $50k/year after. I felt like I was on top of the world till I realized that $11/hr wasn't going to cut it to move out, even if the g/f got a job as well. I kept working there anyway and got let go after the 90day review, them saying that the busy season was over and they didn't really need me and the other guy they hried anymore. I spent the next 2 months looking for jobs 2hrs a day at least, and found the career I am in now. Getting let go from the last company was a blessing in disguise, as I am able to afford my own place, car, and support my g/f and all her bills till she finds a job in her college degree or something else.
College is almost required these days, that piece of paper means a LOT. Even if it's "just" an Associates Degree.
Right now, $30k might seem like a lot of money...but you have the potential to make a whole lot more with a college education.
I've been into electronics for as long as I can remember, so I went and got a degree in Electronics Engineering. I got an associates degree and started looking for a job 3 weeks before I graduated so I could move out of my g/f's parents house and support the two of us. I got my first actual career job 2 weeks before graduating with the AA, and made $11/hr during a 18month field training period and $50k/year after. I felt like I was on top of the world till I realized that $11/hr wasn't going to cut it to move out, even if the g/f got a job as well. I kept working there anyway and got let go after the 90day review, them saying that the busy season was over and they didn't really need me and the other guy they hried anymore. I spent the next 2 months looking for jobs 2hrs a day at least, and found the career I am in now. Getting let go from the last company was a blessing in disguise, as I am able to afford my own place, car, and support my g/f and all her bills till she finds a job in her college degree or something else.
College is almost required these days, that piece of paper means a LOT. Even if it's "just" an Associates Degree.
02-09-2006, 08:12 PM
#26
2nd Gear Member
Join Date: Nov 2005
Location:
Posts: 205
RE: WHat should I do?
here is my advice.
first of all, if you're going to make $30k / year, it's really going to be closer to $24k / year, after taxes. Gas? Take away another $2k+. Insurance? $2,400. That's less than $20k righ there.
food? I don't knwo your situation, but I like to take my girlfriend out to nice places once in a while. That could be anywhere from $1k to $5k. Let's be conservative and say $2k.
What about clothing? Maybe a new computer? Bigger bed? Furniture? Haircuts? Cologne? MODS for your cars?
Honestly, having a cobra would be NICE... but not having money for other stuff could end up being your worst nightmare.
Besides, I don't know where you live.. but here in cali, $100k on a house is good.. but you'll probably still owe $400k+ for a DECENT house. At that rate, your monthly mortgage bill would be around $2,300+ a month. That's about $25k / year. And most of that is only interest.
If i were you, i'd either sell the gt and get the cobra.. or spend like $10k on the gt, a blower, all the suspension work, etc etc. and save the rest.
first of all, if you're going to make $30k / year, it's really going to be closer to $24k / year, after taxes. Gas? Take away another $2k+. Insurance? $2,400. That's less than $20k righ there.
food? I don't knwo your situation, but I like to take my girlfriend out to nice places once in a while. That could be anywhere from $1k to $5k. Let's be conservative and say $2k.
What about clothing? Maybe a new computer? Bigger bed? Furniture? Haircuts? Cologne? MODS for your cars?
Honestly, having a cobra would be NICE... but not having money for other stuff could end up being your worst nightmare.
Besides, I don't know where you live.. but here in cali, $100k on a house is good.. but you'll probably still owe $400k+ for a DECENT house. At that rate, your monthly mortgage bill would be around $2,300+ a month. That's about $25k / year. And most of that is only interest.
If i were you, i'd either sell the gt and get the cobra.. or spend like $10k on the gt, a blower, all the suspension work, etc etc. and save the rest.
02-09-2006, 08:34 PM
#27
5th Gear Member
Join Date: Jul 2005
Location: Georgia
Posts: 2,387
RE: WHat should I do?
Umm, do your parents know you plan to live off of them? If you're making 30K and plan on saving 30K, then you don't plan to spend a dime. Who will pay for insurance, fuel, maintenance, spending money, etc?
$30,000 base pay.
Deduct 28% federal withholding taxes. You now have $21,600
Insurance: $2,000/yr. You now have $19,600 (if no accidents/tickets)
Fuel: $600/yr minimum. You have $19,000
Mainenance: $1,000/yr. Seems high, but you should budget that. $18,000
Food: (Young guys eat a lot and often it's fast food): $2,500. You have $15,500
Dates: Girls are expensive habits to maintain. Figure another $2,500/yr easily. $13,000
If you spend NOTHING else (unlikely), you'll have about $13K left over.
(Deduct state taxes if applicable)
Deduct whatever the employee share of your benefits are. There will be some.
Deduct union dues (if applicable)
This is just the tip of the financial iceberg.
You should realize that your parents work is done. If you're going to skip college and live at home until you're married, you should help them pay for food, utilities, mortgage, etc. BTW, how do you know you're getting married at 24? Hell, I had four different fiancees, over time, and I didn't get married until I was 28, and I damn sure didn't plan that.
Not everyone is cut out for school. True enough. Someone has to dig ditches I guess, but blue collar is a hard life of living paycheck to paycheck for most folks. Hell, the military live better than most of them and get paid less. Plus, with our unstable economy, you could be downsized or layed off with little or no waring. Without strong, marketable skills, you will find work difficult to come by.
I was young like you and loved my first Mustang. Mom and Dad offered me two years of college or a car when I graduated HS. Being young and foolish, I chose the car. Then I had to have insurance, gas, maintenance, spending cash, etc. It adds up quick. I did get that two year degree, but it was 17 years later.
Show your parents your thanks and respect by paying your way, even though you live at home.
$30,000 base pay.
Deduct 28% federal withholding taxes. You now have $21,600
Insurance: $2,000/yr. You now have $19,600 (if no accidents/tickets)
Fuel: $600/yr minimum. You have $19,000
Mainenance: $1,000/yr. Seems high, but you should budget that. $18,000
Food: (Young guys eat a lot and often it's fast food): $2,500. You have $15,500
Dates: Girls are expensive habits to maintain. Figure another $2,500/yr easily. $13,000
If you spend NOTHING else (unlikely), you'll have about $13K left over.
(Deduct state taxes if applicable)
Deduct whatever the employee share of your benefits are. There will be some.
Deduct union dues (if applicable)
This is just the tip of the financial iceberg.
You should realize that your parents work is done. If you're going to skip college and live at home until you're married, you should help them pay for food, utilities, mortgage, etc. BTW, how do you know you're getting married at 24? Hell, I had four different fiancees, over time, and I didn't get married until I was 28, and I damn sure didn't plan that.
Not everyone is cut out for school. True enough. Someone has to dig ditches I guess, but blue collar is a hard life of living paycheck to paycheck for most folks. Hell, the military live better than most of them and get paid less. Plus, with our unstable economy, you could be downsized or layed off with little or no waring. Without strong, marketable skills, you will find work difficult to come by.
I was young like you and loved my first Mustang. Mom and Dad offered me two years of college or a car when I graduated HS. Being young and foolish, I chose the car. Then I had to have insurance, gas, maintenance, spending cash, etc. It adds up quick. I did get that two year degree, but it was 17 years later.
Show your parents your thanks and respect by paying your way, even though you live at home.
02-09-2006, 09:56 PM
#28
2nd Gear Member
Join Date: Mar 2005
Location:
Posts: 396
RE: WHat should I do?
Having 2 cars sucks, i had 2 a while back. You come to the realization that you end up not twanting to drive the slower one or you have a preference. In your hyopthetical situation i would never drive the gt or want to drive the beater. I think you should save the extra insurance money you would be spending and buy some mods.
02-10-2006, 12:13 AM
#29
3rd Gear Member
Thread Starter
Join Date: Jan 2006
Location: Cleveland, OH
Posts: 590
RE: WHat should I do?
the more i think about it, it is kinda stupid. i think i am gonna stay and get my degree. first energy does have part time work, maybe if i do that, and also get my degree i will already have my foot in the door with that company. thanks guys i appriciate all the advise. good stuff
02-10-2006, 05:08 PM
#30
3rd Gear Member
Join Date: Jan 2006
Location: Deerfield, VA
Posts: 674
RE: WHat should I do?
I'm going to throw my $.02 in this mix. I am 50, have a son your age, he's going to UTI to be a Ford service technician, school will cost $30,000. of which my son will pay half. His desire is tto finish his training and work back in CT where we are from. His first years salary will be 50K in CT, all for a 30K investment. If Porsche or Mercedes picks him up at school (meaning his grades are in the top 10% of his class), they will train him in their schools, FREE. And he will earn even more money. Think long term not short term. I am college educated and a HS teacher, I have a 12 acre farm, 3 year old house and will add on to my barn this summer to provide me a
80 X 32 building to store my cars/cycles, and yes it will have a lift. If you don't like college think technical, like electrician, plumber, or HVAC, these people also make crazy money. I teach because to me having the summer off to enjoy my stuff is key. I coulda bought a cobra rag last year cash, but chose a $17,000. 5,000 mile GT instead, it just made sense. I won't be running out to buy the new shelby either, I'm looking at a certain breed of cattle for my farm. Think long term, not short.
John, AKA hot rod Pops
80 X 32 building to store my cars/cycles, and yes it will have a lift. If you don't like college think technical, like electrician, plumber, or HVAC, these people also make crazy money. I teach because to me having the summer off to enjoy my stuff is key. I coulda bought a cobra rag last year cash, but chose a $17,000. 5,000 mile GT instead, it just made sense. I won't be running out to buy the new shelby either, I'm looking at a certain breed of cattle for my farm. Think long term, not short.
John, AKA hot rod Pops
