 I need help getting myself out of debt. Do you have any suggestions on the best way to do so? |
| I may or may not be the typical person in debt. I am single mom and have been supporting myself and my son on my own with no other parental support. I have lived the last three years off of my credit ... |
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 Is it legal? |
| Is it legal to make me work 7 days straight but only pay me for 5 of the days simply because the time card goes in at the right time of the week. I'm still working 56 hours straight but only ... |
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 I am thinking about getting a loan to pay off my credit cards.? |
| From a company called American General Financial Services, a member of AIG with a 22.30% APR for 36 monthes Is this a good deal? and does anyone know anything about this company? or any other ... |
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 Is it illegal for a bank to cash a check before the date marked on the check? |
| I wrote a check to my brother dated for the 28th and his bank cashed it on the 27th. I have the cancelled check and a copy of my statement showing an overdraft fee due to this mishap and am planning ... |
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 How are some good ways to make money? |
| My friend isn't good at keeping money so he wants an easy way to make good money. Any suggestions?... |
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 Do banks cash checks? |
If I bring in a paycheck to a bank, can they cash it for me in bills? thanks
Additional Details
Does it matter if the only account you have open with them is a savings account?
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 Which should I try to pay off first: car or student loan? |
| I only have two debts--- my new car loan that is still at about $24, 000 (8-9% interest 72 months) and then my student loan that is about $6,300 (10.25 % interest). I am making the minimum payments ... |
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 Do any of you have financial problems? |
| I have financial difficulties, and somtimes I feel like I am the only one that does. Do any of you have financial problems, or is it just me? I have horrible credit, and can't open a checking ... |
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 My husband is ruining my credit while we are going through divorce.? |
| I filed for divorce back in April. My husband was the person who paid the huge bills such as our mortgage. He is now behind on the mortgage and it's showing up on my credit report. He has ... |
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 How do i get out of debt quickly and before 2010??? |
| hi im a 20 soon to be 21 year old male who is need of a debt solution and bankrupt is not one of the ideas i had in mine..........my main deal is my credit and debit accounts.....i need a solution ... |
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 Which do you think is better for my goal to buy a home? |
| My credit rating is not that great. However I do have some money stashed away for a down payment. Should I pay off all my bills with the money or pay off the bills over a period of time keeping the ... |
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 If you inherited $1,000,000.00 (one million) dollars tomorrow, what would you do with it? |
I'd:
1) pay off my debts;
2) help any friends or family who needed help;
3) buy a house and one of those little sporty Mercedeses;
4) give some away to charities;
5... |
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GZ | Howcome people who don't make a lot of money can afford expensive cars??? |
I mean not really expensive, but around 30 to 40 thousand. My dad makes a good bit of money.. around 100,000 a year. He bought a mustang for about 27,000 and said it was expensive and that anything more expensive is out of our budget or something like that.
Yet, I have a friend who works at best buy as just a sales person who bought a subaru wrx sti brand new. Which I believe is around 35,000 dollars.
How can he afford something like that and my dad didn't want to spend more than 30,000 cuz it's too expensive?
Is virtually all of my friends money going to go towards the car?
I guess I'm just wondering what is a good percentage of income to go towards your car so that you can still be living comfortably? |
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#125
 |
Well, if he works at best buy, I'm sure he is currently not paying rent or a mortgage, and I'm sure he does not have kids, etc, etc. If the only thing he is affording is the car, then there you go... I bet if he had to buy a house he will not be able to afford the car. |
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hodgetts21
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you gotta look at what they are spending to live. do you live in a nice house and your dad is streched pretty thin to pay for it? maybe the best buy guy has cheap rent or lives with his mom. |
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pepper
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People can't. They get in financial trouble down the road. If a salesperson at BestBuy is in hock for a 35k car, you can bet most of his salary goes toward it!
Instead of thinking of a car as a "percentage of income", save money - and pay cash for one. You'll save thousands in interest. And you're more likely to spend less on a vehicle who's value drops significantly the moment you drive it off of the lot. |
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773H
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It's called credit. He will be paying on that wrx for the next 5 years at least, and his payments are at least 500 a month including insurance. It's easy to say that basically all his money goes into the car. |
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the man
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it is because your friend is probably single and still lives at home if he doesn't live at home he is probably living with roomates so he has almost no monthly expenses but this new car. Working at best buy I am going to guess that with insurance, gas and car payment are over 50% of his net wages so if your friend still lives at home with his parents he will not be moving up in the world anytime soon. Your friend probably does not have a true concept of money and responsibility yet like your dad does.
On the other hand your dad probably has a home, mortgage, kids to supports since you know his financials so much i am guessing you still live at home, a wife to support these expenses add up I live in an apartment and my monthly expenses come to 2300 a month with one infant and a 15,000 car so imagine the expenses of a home and multiple grown kids. Hey if I still lived at home with my middle class income I could afford a dodge viper truth is your friend is probably going to regret buying this car on his salary in a few years just watch and see.
when budgeting you do not want to spend more than 20% of your income on transportation becaus about 30% will go to rent or house payments and 25% will go to the government leaving you with only 25% to meet all your other needs groceries, electric, entertainement, phone, etc. |
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Big R
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Your Dad is smart and your friend is stupid. The novelty of a new car wears off REAL fast. Then you're stuck with it. I don't care if it's a 100,000 dollar car. After a few months it's just a car. I have a friend who is paying a lease on an 85,000 dollar car. Wanted to get into something more reasonable. A car that was "only" 30,000. She makes less than 40,000 a year. How does she afford such things? She's always struggling to pay every bill and I've seen her literally cry over it several times. You want to live comfortably? Live BELOW your means. Drive nice used cheap cars that run well. If you want a flashy car for a while rent for a few days. It seems to me that every young person wants the most expensive of everything and expects to get it.
That stuff is all meaningless. That Suburu will be crushed for scrap in a few years. That same money could have been used for ten other better puposes. Most people never really get ahead financially. Be one of the few. Sounds like your father is a good role model. Buy 'em used and use 'em up. |
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design goddess
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Seems wrong, doesn't it? I would guess that your Dad has a much better grip on financial planning than your friend. A good rule of thumb is that your fixed expenses (rent/mortgage, car payment, insurance costs, etc.) should exceed no more than 35% of your monthly income. It is definitely possible to get a loan for more car than you can really afford, and then be "car poor". Sure, he may have a bitchin' car, but can he afford to do anything else? And by afford, I mean pay for it with cash, not credit? Also, FYI, he has to be paying through the nose for insurance! My hubs works in the industry, and the suburu wrx is in the top 5 of most expensive cars to insure (due to crash and driver statistics). I think your Dad has the right idea. Buy a nice, reliable car, and try not to blow the budget. I read somewhere that people spend more on cars than they put down on their house! Now that's insane. :) |
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Polly F
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Here's the thing...your dad is probably budgeting money for things that your friends don't have to pay for, like your college education...also, you have no idea how overextended your friends are, yet aren't telling you. They could have credit cards that they aren't paying...on the other hand, if they aren't behind in other bills, do they have a mortgage, like your father probably does...do they have hefty health, auto, life, and home owner's insurance bills...see there are lots of reasons that one person can afford a car, yet another can't.
As to the percentage of income you should apply towards a car payment...you have to include car insurance, maintenance costs, gas, license fees, etc...my suggestion is to sit down w/your dad and have him help you budget for your own car. |
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AdrianClay
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Your description of a expensive car really suprised me. When I think of expensive cars, I think of luxury cars like Mercedes-Benz. But anyway, your dad has too save money for your future, and most likely has more bills than your friend that works at Best Buy. If you are planning to go to college or are already in college, your dad knows that he can't afford to waste money on a really expensive car. Your friend most likely shares rent with someone else, or lives at home with his parents. Nearly all of his paycheck is going towards the car. It wasn't a smart move for him to invest that kind of money in a car if he doesn't have a professional job of some kind.
Also, just because someone works at a Best Buy, that doesn't mean that they don't have another full-time job somewhere else, so don't underestimate anyone. Your friend could be making good money in a family business or real estate. |
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isthree00chu
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just like everyone else said. HE lives at home and doesnt have to pay for any rent, bills, food. And your dad has his mortgage, bills, retirement money, insurance..... you get the point. |
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jenniferinsur
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There credit probably sucks because they won't make payments, there car might get repossed, perhaps they are ones to constantly borrow money from friends and family, perhaps they sacrafice other things to afford an expensive care. They might be selling there food stamps or selling drugs. |
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tonal9nagual
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Your friend probably still lives at home and has no big bills to pay like rent, elec, food etc.etc. He might be moon lighting as a dealer after work hours. A persons car payment every month should be no more than 30% of their weekly pay. |
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kayedimanche
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It's probably an auto loan. Personally, if I have to pay anything over 15% of my monthly income to a car isn't worth it. Cars depreciate fast. Your friend's car may be worth 30-40% less in a year's time. |
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ஐmoeb424ஐ
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Because their priorities are ****** up... therefore why they don't make alot of money in the first place. :0)
No more than 1/3 of your income should go towards anyone thing. (or was that about paying rent? Hmmm)
*Shrugs shoulders* |
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angelina
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they all take auto loan |
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fresh
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I dont got a job but I got everything i want. I got a house 3 cars and money in my pocket and im 17. and honestly i feel like cant no nigga tell me sh!t.. I feel like im the hardest nigga to walk this earth. theres more ways to make money than a 9 to 5. just to open yall minds up.. LEGALLY makin money.Im a rent clubs and throw parties and I can make anywhere from 4k to 8k a night after paying the dj's and security, club owner promoteers.. but yea im 17 saved up 2k working at walmart and every since then i been getting street money and enjoying my friut from labor
Im eatin my mama eatin shht i good |
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