$47k at 7% interest rate.
How are people affording this shit?
$47k at 7% interest rate.
How are people affording this shit?
Falling into your wing while paragliding is called 'gift wrapping' and turns you into a dirt torpedo pic.twitter.com/oQFKsVISkI— Mental Videos (@MentalVids) March 15, 2023
Plastic and deciding that retirement is gay.
But retirement is gay, you just sit around and bitch about your health with other old people until you're dead.
My plan is to eventually quit working and start trying out hard drugs. Going out on an OD sometime in my late 50's sounds like a decent way to go instead of waiting for the eventual cancer to get me and make my life and everyone around me's life hell for the last few years.
Better to just to float away by surprise one day.
>deciding that retirement is gay
>saving your US toilet paper that's devaluing at a more rapid rate every year and expecting it to be worth anything in half a century
that's why you invest it retard
>that's why you invest it retard
>investing in a country/economy that is on the brink of total collapse
>Plastic and deciding that retirement is gay.
Most plastic is super gay, and people don't use credit responsibly. I just use cashback cards and pay them off immediately. Free 3% discount.
Retirement is responsible but the israelites are stealing it, so contributions are not worth much these days. If you want a retirement, get the stuff, not the cash. Cash buys stuff, never forget that.
>implying you can retire on monopoly money
Because for some reason people think that 7+ years to pay off a camry is perfectly reasonable.
>implying you'll get to retire anyways.
nobody intends to ever pay those cars off people making 25$ an hour can afford it
Nobody is buying cars only the few with money and they buy expensive cars so the average price goes up. pic is total car sales.
Everyone saying we're not going to have a recession is huffing paint. Things are grinding to a halt in practically every sector of the economy.
Smack dab in the middle of house shopping, and knowing this is really putting me on edge. Like the rates are so fuck you high right now that appropriately priced houses are no longer being sold in an hour, but if everyone becomes poor and the banks are selling their houses for pennies I'll have some sour grapes.
This is maybe the worst time to buy a house in 2-3 GENERATIONS.
It has been worse for the past 2+ years than it is now, and we have enough liquid cash to put up against a jumbo loan that the stupid interest rates scaring people away actually work to our advantage. There's also that my house is worth $275,000 more than I paid for it in 2009 and has been paid off since 2017 so I'd get some of pie there too. The short answer is that where we live is in a shitty school district because I didn't have enough foresight when I bought at like 24 years old.
If you have the money to buy it in cash, its a better time now than it was 2 years ago. Is that your situation or are you going to have to take a parasitic mortgage? I'm used to talking to more first time buyers on here so I made an assumption there.
Don't forget to keep a stiff upper lip and to pull yourself up by your bootstraps too
Depending on the house, we'd end up taking out a jumbo loan and then immediately paying off somewhere between 45-65%. After our current house was sold...the realtor thinks that it would be a matter of days/weeks based on the asking price and the current market. We'd leave a comfortable amount of liquid cash in the bank (1 year expenses is my typical rule of thumb) and put whatever's left toward the loan. All in all - if I didn't think I'd be paying off 85%+ of the loan inside of 6 or 8 months, I wouldn't be doing it.
>First time buyer
Nah I said in the post you replied to that my house has been paid off since 17. I bought it after the last real estate crash. I think I overstated by saying it's worth 275 more though. We paid 154k and comps in the neighborhood are in the 315-400 range.
>Nah I said in the post you replied to that my house has been paid off since 17.
Yes which is what I just replied to. Your previous post
Said nothing about you owning a house and very much reads like you're in a pinch if you're "really put on edge".
Good luck with everything, my coworker just did roughly that and it turned out alright with him (although his new production Covid build is total garbage once you get into the details, go figure and be wary if it is a new production because corners are being cut all over.)
>"really put on edge".
Maybe a bit of an exaggeration there as it's not causing me to lose sleep or start meds, but at least for me, any purchase of that magnitude is nerve racking.
You're right there...That was one of the first things our realtor talked about. A finished basement is a requirement, and around here being that the soil is sandy most new builds come unfinished so that any "micro cracks" in the foundation that leak water can be sealed up before it's finished (usually about 2 years). Something I was completely ignorant of beforehand.
>Maybe a bit of an exaggeration there as it's not causing me to lose sleep or start meds, but at least for me, any purchase of that magnitude is nerve racking.
I get you, just explaining why I assumed you were a first time buyer. If you're not somewhat nervous about something like buying a house, you're either rich or stupid.
>around here being that the soil is sandy most new builds come unfinished so that any "micro cracks" in the foundation that leak water can be sealed up before it's finished (usually about 2 years). Something I was completely ignorant of beforehand.
Sounds like both you (and your realtor) are being smart about shopping.
The big one that got my coworker was that they (moving from the south to the north) didn't realize that a north facing driveway in a rocky mountain valley would mean daily snow/ice removal for half the year. The entire subdivision that they bought a house in is designed wrong for the area - there isn't proper drainage and the houses cast shadows on their driveways for half the houses so the entire neighborhood becomes a giant ice dam.
Brand new 2022 subdivision.
Also I glossed over
>The short answer is that where we live is in a shitty school district because I didn't have enough foresight when I bought at like 24 years old.
Congrats on the family progress.
There are some very pretty houses on 2+ acre plots around here in subdivisions. One thing I never knew? - Almost every single subdivision going back to the 70's has a covenant written, and in a HUGE percentage of those it's stated that no outbuildings can be constructed unless a variance is given by the developer. I thought only places with HOA's had those type of draconian rules, but it turns out that (here at least) you can't build a detached garage unless the company that originally zoned the subdivision allows it, and all it takes is a single person reporting you to the county government for a review to have them tear down what you've built. I've already decided that I'm done wallowing around in the driveway every time I need to change a seal or replace something, so the ability to build a shop with a lift is non-negotiable.
>Congrats on the family progress.
Thanks. 1 and done, so the white people replacement level continues to drop, but it's enough for me.
>no outbuildings can be constructed unless a variance is given by the developer
At least with an HOA there exists on paper a way you can negotiate changes, there is no reason at all for the developer to help you out there.
Covenants are absurd in the scope they can reach. We live in a covenant state as well and I've heard people having things like limits on the number of dogs they can own, bans on outbuildings, total square footage limits, rules on improvements that can be made adjacent to creeks running on your property (ex trails, bridges), bans on livestock in areas that can easily support it, etc. Just total insanity.
>HOA's are less strict than a typical subdivision
Imagine my shock when I learned this for the first time at 36 years old. I guess I missed that memo the first time around. I grew up in the 90s in the typical middle class suburbs of Chicago where none of the lots were big enough to do anymore more than plant flowers. I hated it so I moved to (what was then) rural Indiana as soon as I was done with school and never had to muck around with any of it....
Piss on subdivisons. I always planned to live in an ag zoned area and do. Self and neighbors shoot all the time, wrench, whatever and we love it.
no, it was incredibly good in the early pandemic months with plenty of cheap properties and plummeting interest rates. very risky at the time as nobody knew if the covid was going to murder the economy, or if it was going to be propped up by ridiculous levels of artificial stimulation
>He didnt look up the racial demographics of the nearby schools
I mentioned that I was 24. I was literally a rookie homebuyer.
No such thing here. Minimum requirement for me is 1.5 acres and the only ONLY foreclosure that's on the market is actually an auction happening in march. It's sight unseen, cash only.
Same. It's where I currently live and want to keep living. Problem is that the only decent private school is deeply religious and the public schools are bad at best.
Just work harder and give the manager a firm handshake, son
Why is it so bad? I just put a down payment on my house so you've got me feeling a little nervous lol
What's your point?
You're buying a house both after the prices shot through the roof and after mortgage rates quintupled.
House cost 250k 2 years ago. 20% down and a 2.5% loan for 30 years means you pay 285k on the 200k that you took out as a loan.
Same house now costs 300k, 20% and now the loan is 7.5% for 30 years.
Now you pay 604k on the 240k loan.
On the surface you can look at the 250k house going to 300k as going up 20%, but when you factor in loan rates that house went from 335k (50k + 285k loan) to 664k (60k + 604k loan) and basically doubled in cost.
Mortgage rates I'm not super concerned about because I'll refinance when they go back down (which is likely to happen in a year or two, especially if there's a recession). You have a point on housing prices being elevated right now, although odds are they'll continue to go up long-term.
I'll admit that if the market were better I could have bought a bigger/better house, but I think it's better to live in a more modest place and then move in a couple of years rather than keep renting and wait for the market to improve. Do you agree?
We're still seeing very high inflation and the fed has remained adamant in combating it through interest rate hikes. If a recession happens and the interest rates drop because nobody can get viable work, will you still be financially secure? You know your situation better than I, so maybe you'll be fine and you don't need strangers on the internet spooking you. If the down payment is not disruptive to your lifestyle, if you are paying less on your mortgage than you would renting, and you watch for refinancing opportunities - yeah I think buying is better than renting. Sometimes you have to make the most of a tough situation and unfortunately many are getting pinched right now.
I mean, I've thought about this a lot and I think it makes sense for me right now. I figure if there's a recession and I lose my job, then it won't make much difference whether I'm renting or buying (except I guess don't have the money I put down to fall back on). But otherwise the financial aspect checks out on paper. Even with interest rates where they are, a mortgage is basically the same as rent and has the potential to go down later. I just get anxious still because it's such a big decision and there's always a chance that someone else knows something I don't.
Dude, just buy a foreclosure in the area that you want. Subprime city means auctions are pretty gnarly.
Luxury economy is BOOMING. Which was the plan all along. Modern day feudalism
>”But th gumb lo low underunrmployment jack! Loosestr on er time!”
- Joseph Robinette Biden
Part of this is because cars are known to be reliable now unlike before the 90's when carbureted shit piles were scrap at 100k miles unless meticulously maintained by a mechanic owner, so people keep cars much longer. In the North they'll still rust out because Northerners are retards for living there, but in the South you pretty much drive a car until the wheels fall off or you go up an income bracket and decide you want something nicer.
Don't all new cars bite it before 150k?
no just fords and hyundais mostly
You stfu about my Hyundai bitch, it needs to live forever.
you made your bed when you bought a cringe asiatic car
NF Sonata is based and reliable as fuck
lol cringe asiatic cars last just as long as fucking Honda at this point.
honda is pretty low on reliability metrics so thats probably accurate.
They used to be the bomb, but now they're joining Ferd with all the blown out head gasket bullshit trying to meet emissions with these motors, I can't even blame the manufacturers, you're making an aluminum block, probably open deck fucking 1.5L motor with 20lbs of boost at 1600 rpm, that's literally a recipe for blown head gasket, even my old ass car in the manual, it says not to go WOT at a low rpm in the highest car because of shit breaking.
>NF Sonata is based and reliable as fuck
That's the pre-globalization Hyundai, so although it's plain, it's cheap to own. I honestly think Korean cars got a bad reputation because they're owned by negligent poors who can't take care of anything, so they blame the car when it blows up instead of the 40k sludge change interval when the exhaust won't stop smoking.
>I honestly think Korean cars got a bad reputation because they're owned by negligent poors who can't take care of anything
That's mainly it,the sonata NF in our family has needed valve cover gasket, control arm bushings, an alternator, and a blend door motor, these are literally the same things on Hondas, it's just most Hyundai owners don't care to do it and the car becomes a shitmobile.
My f150 with a 2.7 eco just passed 275k miles with zero issues other than maintenance. I'm in New york.
Most people buying new cars are getting above 7% apr too. And with defaults and repo's on the rise, we can see that they aren't affording that shit.
Yea my hood is median 400k houses empty lot would go for 100k mebbe more and I've seen quite a few tow trucks with the repo setup cruising thru
>How are people affording this shit?
lol they aren't
Two people pulling in $50k a piece can comfortably afford the payments on a $47k vehicle. Newsflash. Society isn't set up for single people making $30k a year with a mountain of student debt.
Weird how society is set up to produce those people then
It isn't at least in North America. Society is set up for people to succeed as long as you're smart. Racking up $100k in student debt to make $10/hr then trying to survive as a single is definitely not smart.
>It isn't at least in North America. Society is set up for people to succeed as long as you're smart.
Who the fuck are you kidding. 65% of Americans live paycheck to paycheck. 30m have no access to healthcare. Everyone can be successful? Doesn't sound like everyone is being set up for success. Sounds like my boomer dad saying stupid shit like this.
>65% of Americans live paycheck to paycheck
These are the you know who's and general non-productive members of society. If you want to include them as normal people that's up to you.
All the guys in the trades I know all own their trucks, toys and houses(s). Same goes for the guys who started businesses with no fancy business degree. All the guys I know who wasted money on a university or college degree have a mountain of debt and don't own shit. If they manage to get a job in their oversaturated field they always get laid off a year later.
aaannddd it's the typical "hurr boomers". You got nobody to blame but yourselves.
>see my anecdote for proof
What is it about this website that makes people larp like homosexuals
Saying it's easy to become a millionaire or a billionaire would be larping. Claiming it's easy to make good money with a good career path is not. Sorry you made shitty life decisions.
What you're saying amounts to memes though. All the trades guys I know made a little more money when they were 18-25ish but realistically capped out after that. They also finance everything and are in huge amounts of debt like most people. Difference is they will be only making 1/4 of what lot's of people who got (decent) degrees will make by 40.
Capping out at $70-100k at 25 with no debt and a chunk of a house paid off beats having a questionable career and a mountain of student debt at 25. Even with a "good" degree you won't be making $300k at 40 or even ever. Also keep in mind $300k in the few places that actually pay that high is equivalent to $50k a year in a normal area.
Where exactly do you live that trades people make that kind of money? On average the highest payed ones might make $40 an hour and lot's only make $20 an hour. You can make lot's running your own business or working in remote locations putting in twice as many hours but the lions share make fuck all. I make over $40 an hour my first job out of university with very little debt and management positions filled by people only 10 years older than me make 200k+. I used to work in trades and went back to school because of how bleak it was for 80% of people. I live in a realistically low cost of living area too. I know there are hopeless liberal retards who take dumb degrees and end up working at Starbuck's complaining about it but that is not the case for everyone.
I was an independent millwright pocketing $170/hr before I burned out.
Most independent electricians bill about $130/hr, at least the industrial guys do, idk about the guys who wire houses.
You only really want to work for someone else to get experience because they're taking the lion's share of the money. Better to work for yourself once you learn how to get shit done and meet enough clients to start a network for yourself.
Anyone who works for a boss for more than 5 years in a trade is a cuck.
Two points to this.
Out of college I worked in the power industry and GE would pull young guys from Kentucky/Indiana/ fuckall and pay them $85-95k a year out of high school to turn wrenches 6 months out of the year and fuck off for another 6 months. After about 10 years of doing this all those guys were eligible to be supervisors which make $250k a year working 6 months out of the year.
On the other hand I live in a decent area where $200k can get you 1,800sqft and a 2 car garage. Making $40 an hour (starting pay for an engineer at my company) here is more than sufficient to make do and live an easy life. University here is also doable for under $30k debt, which while a lot is a shit load more reasonable than most colleges today.
Take from that what you want, you can be comfortable with no degree but you either have to be smart or sacrifice family life. Or you can take the boring easy path and become a engineer/nurse/doctor and be comfortable but not much else.
>Out of college I worked in the power industry and GE would pull young guys from Kentucky/Indiana/ fuckall and pay them $85-95k a year out of high school to turn wrenches 6 months out of the year and fuck off for another 6 months.
oh god when was this? Before GE crashed and sold all their divisions? GE hasn't been an attractive company to work for in like 20 years now. Unless you're at GE Wind or GE solar or GE turbine. Even GE Medical has fallen off a cliff.
Fair statement, college is great and all but if you don’t have the connections and personality to get somewhere in life without college, you are 100% not going to develop those skills once you are out of college. You’re going to be in the same position in life with the addition of a bunch of debt.
Where did you get the idea that everyone has to succeed and be equal? This is where you fucked up. That will never happen, either you have a stepped system where all can improve and move up or you have a two tier system where there are only those that are poor and those that have great wealth.
Trying to make everyone equal is how you end up like Europe where people think there midsize V6 car is a luxury item.
Fuck poor people.
Fuck your whining.
Waaah muh boomers, eat a dick.
Fucking crybabies, all dragging the rest of us down with their demands for gibs. If it wasn't for you fuckheads my taxes would be 50% less and my insurances too.
This. What these tards don't know is that success is 10x easier when you aren't being burdened by the extra bills brought on by parasites.
Boomers did well because they didn't have to fund everyone's pet gibs programs on their way up.
>Boomers did well because they didn't have to fund everyone's pet gibs programs on their way up.
Boomers paid more in taxes than millenials did. Boomers just made way more money. Boomers actively saw more pay with increasing production.
>Boomers just made way more money
This, there's nothing even compluicated, they had buying power, and housing wasn't super expensive, because most consumer goods really haven't gone up in cost, cars cost the same accounted for inflation for what you get, maybe even less when it comes to cheap economy cars, but now our pay is down, and housing is up.
>why is everything more expensive and people get paid less
fucking taxes, dummy. Not wage taxes, all the hidden taxes on goods and transportation and licensing and all the other shit that gets rolled into the price of shit and passed along to the only class that has money to pay it yet not enough to dodge it, the middle class.
Compare the government budget, expenditures and debt in 1960 to today. Someone pays that shit, and it isn't the poor and it isn't the rich.
Dude you're fucking retarded, Boomers were paying an effective tax way higher than millenials for decades. You're just making shit up
>someone pays for that
no one does, the only tax rate that effectively got cut was for ultra rich people. For example the effective tax rate for people who weren't the top 1% effectively paid about the same taxes because while their income tax rate went down their ability to deduct other things like tuition, child tax credits and shit went away.
None of that wealth has made it to millenials at all.
>None of that wealth has made it to millenials at all
not in the form of wages
>pro-immigration resulting in more parasites living off welfare programs
>most unhealthy / obese generation straining the healthcare system
>wages shrink because more funds have to go to public expenditures
>wonder why they're not making as much money and increasing wealth
these are also the same people who take on massive debts for useless liberal arts degrees and wonder why they can't get good paying jobs in the Women Studies sector
>In america anyone can make it
>except most americans, who can't make it because they don't make anywhere near the money their parents did.
>t. crying doomer
Bitching and crying will always be free of charge.
>society is set up to make people succeed
doesn't sound like many people are succeeding there bud. If you gotta gate keep success behind only rich people being successful that doesn't sound like society is set up well at all.
meaningless when theres noone to build/maintain society
To be rich and not arrogant is easy. To be poor and not complain is difficult.
Well this confucious dude needs to be confused somewhere else cause I'm busting ass and I can't even afford a house.
If obtaining wealth were certain, then even if it meant becoming a whip-holding groom [for horses], I would do it. Since it is not certain, I will do the things that I love instead.
>I'm busting ass
Busting ass is not how you make money. You make money by streamlining processes.
The only reward for hard work is more work
>Who the fuck are you kidding. 65% of Americans live paycheck to paycheck.
Most people are far from smart. I did fine but idiots do not. Don't be one. Copy successful people of your generation. Most of every generation are drooling unfocused retards. There are plenty of boomers who didn't make it either, because they were retards.
Is there some reason you cannot copy competitive successful people your own age? Do you imagine the only successful Americans were born before 1965?
I don't want to start an onlyfans
>Everyone can be successful?
Not everyone can be successful, but everyone in the developed world has the opportunity to not be a total fuck up.
>65% of Americans live paycheck to paycheck
you could make a really strong argument 65% are too stupid to realize that corporations and government want to keep them stupid and poor by encouraging them to take on debt. it's the main driver of the american economy
TELL HIS AZZ, NIGGA
I bought an $80 Tahoe at the end of 2020 (got one of the first 2021s) and I paid cash.
Holy smokes anon, 80 bucks in cash? What kind of lunatic keeps that much on them?
I actually wrote them a check. It seemed risky to carry a full 80 bucks on me in US hard currency.
Imagine posting this and not being horribly embarrassed
What's wrong with being able to afford a big, comfy SUV and avoiding payiny any ~~*interest*~~?
very feminine to want the shiny new chink version
Nothing IRL. Trucks (which is what SUVs based on truck chassis really are) are very nice to have when one owns a home and/or tows often.
They're easier to score cheap used than pickups too. My bros eight lug Suburban which drags our communal car carrier is a comfy beast.
You're retarded. I'm retired and have plenty of gearhead fun as planned because I selected my property and built my shops long ago with that in mind. Retire early whatever you must do to make that happen. Then since you actually chose to have a life go enjoy it. Some drugs are fine too (psychedelics and cannabis).
Fools snivel about the military but if you're not silly enough to go combat arms then get rekt by training the early retirement is wonderful as is the benefit package. Just don't join the Army or Marines.
They're not and it's by design. Agenda 2030 demands the death of car culture.
I bought new last year at 38k, but I put 28k down and what I pay over the life of the loan (4 years) is only like 1500 bucks @ something like 4-5%. I'm paying 325 a month.
So that's how, but I also don't get how people buy new with no money down and 84 months at 1k payments, that shit is pants on head retarded.
>So that's how, but I also don't get how people buy new with no money down and 84 months at 1k payments, that shit is pants on head retarded.
can you explain this for a retard like me? what does it mean?
IT means that they end up paying like 15-20% over the actual purchase price for the car over the life of the loan in practice.
so more months=higher tacked on fees? does it matter if you pay it off before the 84 months?
The specific intent of the 7% interest rate is to keep people from buying as much, so I guess they're either not buying it or they're just rich
Most car dealers are offering subsidised interest rates right now, so on average you're going to be looking at 4% interest or even less depending on the offer
They can't. Zat is ze whole point of Ze Great Rezetting
I financed 13k @2.5% October 2022. Gave the dealer a check for 25k when I went to pick it up. Have you tried not being poor?
I should have financed more of it tbh, my savings account is at 3.85% right now
dood that's literally nothing due to inflationay
It’s more than my 2.5% loan. 600 in the market and 800 in the savings account each month. I don’t want to get totally ass blasted when the market tanks
Loans and gibs me dats from the government.
>bought a used 2020 Tesla Model 3 for $30K from Tesla
Not even mad
They aren't. Debt forgiveness will be a thing once the student loan forgiveness happens.
>once the student loan forgiveness happens
We'll see, but keep in mind that you can't even fucking bankrupt yourself out of fucking student loan debt, that's how I knew it was college was a scam right from the fucking jump, but you had all these retards blindly signing the shit, thinking they're not gonna pay it and it will fall off after enough time.
>you can't even fucking bankrupt yourself out of fucking student loan debt
Because a lender can't repossess knowledge like they can a car or house, you dip.
Then again, maybe if you default on your loan they should revoke your degree. But I doubt that would really be meaningful if you've already embarked on a career.
A fuckin credit card can't reposess shit either nigga, they just have a higher interest rate, they're both equally unsecured loans, it's just in order for them to agree to lend some broke ass motherfuckers money for school they couldn't afford, they made a deal and lobbied that they'll only lend if it's not bankrupt-able so they get fucking paid.
>A fuckin credit card can't reposess shit either nigga
That's where you're wrong, kiddo. It's just most of the crap people buy with cards isn't worth the hassle because you can't resell it. But if you bought something worth repossessing, you bet your ass they would.
Car loan forgiveness on my luxury finances vehicle is more important than gender queer studies student loan debt
They aren't. Most will be repo'd.