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      12-04-2019, 06:02 AM   #171
Rmtt
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Drives: 2011 BMW 128i, 2008 LS3 C6
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Quote:
Originally Posted by Conissah View Post
I mean, my loan length on my M2C is 6 years. I make way over payments (well I've only made 1 payment thus far), but plan on paying over by a good amount. I only chose 6 over 5 in case something bad happens, I can easily make the minimum payments and not fret it.

I think some of this has to attributed to the younger generation (my peers and I), not quite knowing how money works. You would be insanely surprised how many of my college buddies make similar to what I make, and live paycheck to paycheck. They don't have budgets set, they don't track their money to see where it goes, and they have no self control. Far too many people these days are living well outside their means, and don't understand how they can get out of it. Sell that $1200 phone and drop your unlimited data plan, drop your internet speed and cable bill, stop spending so much on food and drinks, etc. Setting a budget and sticking to it can prove to be insanely helpful.
Great post.....we get so many right out of college (Engineers) that think they are supposed to be at $120K per year out of the gate. We start them out typically in the upper 80's which was a lot better than what I got as my first engineering job.

I drilled budget and responsibility into my daughter from the time she was old enough to start working. She worked through school, college, and now in Graduate school. Only after Grad school when she goes into Med school will she have to stop working. But she's married and he's in Pharmaceuticals....so they will live off of his paycheck while she finishes her education.

But they both max out their 401K's, bought a house that cost about 40% of what they were approved for, and use a program that I use called YNAB (You Need a Budget).

And just like your college buddies who live check to check, they also have friends that do the same thing...mainly House Poor with the latest cars.

Meanwhile, she and her husband are preparing for 20 years from now, but still being able to enjoy perks such as traveling for weekend getaways, etc.
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