Made my bed, and now I must sleep in it. - Page 3 - Toyota Yaris Forums

Bob Dog · 11-09-2009, 06:34 AM

I ceased wasting my life energy trying to do so long ago. Anyone who wishes to listen is welcome to.

wiirenet · 11-09-2009, 05:36 PM

Thanks for posting this. I'm trying really really hard to pay off my credit cards and not use them once their down. Or just use one and keep the balance low.

With my car, when I got it, I paid about $50 extra monthly, I started paying ahead so much that it told me my next due date was in 3 months so I stopped paying and enjoyed not worrying about the payment. Now my due date is up and I forgot what it felt like to have almost $300 go towards one thing from one paycheck >.< I'm only paying the minimum this month but hopefully I'll start paying minimum+extra again and I'll try not to stop paying if I pay ahead.

I'm 22, and I know I should start saving or open a 401k at my job, but I just can't get myself to do it yet. How old are/were most of you when you started your 401, or just general saving for the future? I feel like that money should go toward paying off credit or loans before savings, but I don't know. Plus at 22, I feel like I have forever to save for when I'm 60. I know that's a bad way of thinking though, its hard to shake though. I feel like I will 'lose' the money if I put it away instead of using it to pay something off or buy something.

nemelek · 11-09-2009, 06:24 PM

My experience is that you never miss money that you don't see. Start now. Even if it is only 2%. Then next year do 3% until you cap out. I started when I was 25. When the Roth Ira came available I started to fund them also. I stopped the IRA accounts 5 years ago and put the money elseware because I plan to retire in 3 yeary when I am 55.

why? · 11-09-2009, 07:39 PM

I agree, it doesn"t have to be saving a ton of money, just 2% is a great start. Over time, that really adds up.

YarisOwnersDad · 11-09-2009, 08:01 PM

You get a nice return on 401K because you don't pay taxes on it. The money comes out pre-tax, so you are going to lose a third of it anyway to taxes if you don't put it in a 401K

Our company matches up to 3%, so a guy would have to be crazy not to put in at least 3%. Actually, if you look at it from the tax standpoint, putting up 3% is really only putting up 2%, so you could say that you are putting up 2% and getting 6% in return, counting the company match.

We didn't have a 401 K program until about 1990, and I have been in it only for the 3% for all of those years.

Tom

2+2 · 11-09-2009, 08:54 PM

Quote:

Originally Posted by wiirenet

Thanks for posting this. I'm trying really really hard to pay off my credit cards and not use them once their down. Or just use one and keep the balance low.

With my car, when I got it, I paid about $50 extra monthly, I started paying ahead so much that it told me my next due date was in 3 months so I stopped paying and enjoyed not worrying about the payment. Now my due date is up and I forgot what it felt like to have almost $300 go towards one thing from one paycheck >.< I'm only paying the minimum this month but hopefully I'll start paying minimum+extra again and I'll try not to stop paying if I pay ahead.

I'm 22, and I know I should start saving or open a 401k at my job, but I just can't get myself to do it yet. How old are/were most of you when you started your 401, or just general saving for the future? I feel like that money should go toward paying off credit or loans before savings, but I don't know. Plus at 22, I feel like I have forever to save for when I'm 60. I know that's a bad way of thinking though, its hard to shake though. I feel like I will 'lose' the money if I put it away instead of using it to pay something off or buy something.

Concentrate on paying off your credit cards first for sure. Paying money on an 18% credit card gives you a guaranteed 18% return on your invested dollar. Try to top that on wall st.

You're 22 and I'm not so the sages say I should tell you to start your 401k now because you'll be 65 before you know it. Horseshit! You'll be 65 in 43 years! Get yourself debt free and do it yesterday. Invest time into building relationships with loved ones. Take a vacation! Money spent on doing things is usually money well spent. Save up some money and take the love of your life somewhere special, somewhere they'll never forget. Buy a house if you don't already have one.

When you're 30 start trickling a little money into a 401k. By the time you're 35 or 40 it's time to get serious about it.

Just my 2 cents based on my own experience (or lack thereof).

*tk-421* · 11-10-2009, 01:21 AM

Quote:

Originally Posted by YarisOwnersDad

What I have to do now is work that debt down, and that's just what I plan to do.

YGPM

wiirenet · 11-10-2009, 11:54 AM

Thanks =) That's pretty much what my opinion is, its good to see it validated hehe. My parents are riding me to start setting money aside.. but everytime I have over $500 in my account I'm like... okk, I rather put that toward a loan/credit I owe, not retirement in 43 years!

I suppose if I had no parents to help me if I lose my job, or a family to take care of, I would worry more about setting money aside. I also don't think my credit cards are *that* high, I owe less than $2,500 and I see people talk about oweing $25,000... and my payments are higher than what I'm putting on credit right now.

My plan right now is to start saving for movement out of the parents' house after I pay off my credit cards and at least one large loan (i have two school, one car) I know 22 is kind of old to still be at home, most people my age are away in college, but I'm ok with staying here for a few years paying off things and saving up.

And yea, I am enjoying life.. I am a total geek and have started a habit of taking yearly vacations to convention spots :P My way of thinking is this... at what age will I enjoy a convention more.. in my early 20s or my 50s/60s when I'm retired?? Ummm.. I think I'm going to enjoy traveling now more than when I'm 60.. even if its not the 'adult' 'responsible' thing to spend money on right now..

Quote:

Originally Posted by 2+2

Concentrate on paying off your credit cards first for sure. Paying money on an 18% credit card gives you a guaranteed 18% return on your invested dollar. Try to top that on wall st.

You're 22 and I'm not so the sages say I should tell you to start your 401k now because you'll be 65 before you know it. Horseshit! You'll be 65 in 43 years! Get yourself debt free and do it yesterday. Invest time into building relationships with loved ones. Take a vacation! Money spent on doing things is usually money well spent. Save up some money and take the love of your life somewhere special, somewhere they'll never forget. Buy a house if you don't already have one.

When you're 30 start trickling a little money into a 401k. By the time you're 35 or 40 it's time to get serious about it.

Just my 2 cents based on my own experience (or lack thereof).

wiirenet · 11-10-2009, 12:03 PM

Anyway, in regards to the original post, my opinion on my car is that I've never cared about cars before my yaris (i had no idea what the definition of sedan was, thats how little i knew) And now I barely care about any cars other than the yaris. People have said things like "who cares, don't worry abour your car" in regards to maintenance or stressing over it because its just a cheap 'starter' car... but I can see myself keeping this car for years and years. There is no car I want to 'upgrade' to.

Yes, I bought it new and people say that's a waste of money. But unless my car completely breaks down; I won't be buying a new one, I'm seriously ok with keeping this for ten years, if it keeps working. Not planning on having kids or hauling anything, don't need a 'nicer' car. So I think a new car is worth it if you know you're not going to be wanting to trade it in.

mr9865 · 11-10-2009, 01:24 PM

Don't feel bad I am 22 and live at home too, but I do go to the local college.

wiirenet · 11-10-2009, 01:36 PM

Well, at least you're going.. I tried it for a year and hated it. Maybe someday something will interest me enough to deal with homework, due dates, papers, and tests but right now I want to stay as far away from that as I can! My one year left me with 3 student loans to pay off >.< I'm just stuck in a crappy full time office job right now, and I know its my fault for not finishing school, but *shrug*

cali yaris · 11-10-2009, 02:22 PM

This is a great thread and one of the most worthy topics ever posted on here. Thanks for the strong reminder to "take care of my own business!"

toyo · 11-10-2009, 03:23 PM

awesome, this will help a lot of people re think trading their car for no real reason.

i'm sorry you realized this this late

I spent A LOT of money on my first car, modified it like there was no tomorrow, thank god I learned my lesson of not keep doing it.

EleKid · 11-10-2009, 10:35 PM

Kudos on the courage to post this and the initiative to warn others.
Sounds a lot like my dad though...is that you, dad? Hahaha

TLyttle · 11-11-2009, 12:25 AM

Man, there is a LOT of logical answers here for such young guys! A few of us older farts remember how we just HAD to have this or that, just in time to find out that we were just buying fluff. Even if you don't buy a house, at least buy some dirt! A vacant lot appreciates, a car depreciates. If you can find a dumper of a house, buy it, keep it, learn about plumbing, wiring, drywalling, and spend a few bucks a week upgrading the place; even paint is a cheap investment, particularly if you learn about prep.

In this day and age, your $2500 credit card debt would get you into a really crappy house... Learn, cubscout, do your office job while you dream today about what you are going to do to the the house tonight!

Bob Dog · 11-11-2009, 04:36 AM

10-4

2+2 · 11-11-2009, 08:28 PM

Quote:

Originally Posted by TLyttle

Even if you don't buy a house, at least buy some dirt!

Getting slightly o/t here but very soon Lithium Ion 12v car batteries are going to be plentiful. Couple that with led lighting and everything else getting more efficient and living "off the grid" becomes completely do-able.

A nice chunk of land deep in the sticks. A diesel generator that you run once a day for about an hour. Propane for heat. Wireless internet access card plugged into a laptop. A 40 mpg car for trips to town to get supplies. "Thank god I'm a country boy" playing on a little radio. I'm not entirely joking here. Someone that makes their living as an author or programmer or graphics artist or, or, or could really get away from it all and do okay.

yaris-me · 11-11-2009, 09:30 PM

Quote:

Originally Posted by 2+2

Getting slightly o/t here but very soon Lithium Ion 12v car batteries are going to be plentiful. Couple that with led lighting and everything else getting more efficient and living "off the grid" becomes completely do-able.

A nice chunk of land deep in the sticks. A diesel generator that you run once a day for about an hour. Propane for heat. Wireless internet access card plugged into a laptop. A 40 mpg car for trips to town to get supplies. "Thank god I'm a country boy" playing on a little radio. I'm not entirely joking here. Someone that makes their living as an author or programmer or graphics artist or, or, or could really get away from it all and do okay.

Are you close to being off the grid? Do you see the storm on the horizon?

11-09-2009, 06:24 PM	#39
nemelek DWEED Drives: 3DR 2008 Metorite Metalic Join Date: Oct 2008 Location: Arizona Posts: 1,161	My experience is that you never miss money that you don't see. Start now. Even if it is only 2%. Then next year do 3% until you cap out. I started when I was 25. When the Roth Ira came available I started to fund them also. I stopped the IRA accounts 5 years ago and put the money elseware because I plan to retire in 3 yeary when I am 55. __________________ Making a decision without following it with an action is still a fantasy.

11-09-2009, 07:39 PM	#40
why? Only Happy When it Rains View User's Garage Drives: Yaris LB Join Date: Jan 2006 Location: harnett county NC Posts: 4,097	I agree, it doesn"t have to be saving a ton of money, just 2% is a great start. Over time, that really adds up. __________________ Colin Chapman disciple

11-10-2009, 01:24 PM	#46
mr9865 $10.25/hr frying chicken View User's Garage Drives: 2012 Yaris L Join Date: Mar 2009 Location: Green Bay WI Posts: 261	Don't feel bad I am 22 and live at home too, but I do go to the local college. __________________

11-10-2009, 02:22 PM	#48
cali yaris ULTIMATE View User's Garage Drives: 07 Yaris Turbo Join Date: May 2007 Location: Canoga Park, CA Posts: 14,859	This is a great thread and one of the most worthy topics ever posted on here. Thanks for the strong reminder to "take care of my own business!" __________________ Micro Image forums, online store and shop are now closed. It was a great eight year run, but it was time to focus on other things. I'm still selling parts on eBay under micro*image seller ID and customers can still make requests for anything specific.

11-10-2009, 03:23 PM	#49
toyo Drives: toyota Join Date: Feb 2009 Location: Japan I wish Posts: 236	awesome, this will help a lot of people re think trading their car for no real reason. i'm sorry you realized this this late I spent A LOT of money on my first car, modified it like there was no tomorrow, thank god I learned my lesson of not keep doing it. __________________ 1st gen FTW

11-09-2009, 06:34 AM	#37
Bob Dog DARK PHASE OF THE MOON Drives: 07 liftback Join Date: Apr 2009 Location: the Boondocks, NC Posts: 993	I ceased wasting my life energy trying to do so long ago. Anyone who wishes to listen is welcome to.

11-09-2009, 05:36 PM	#38
wiirenet View User's Garage Drives: Black '09 2dr HB Join Date: Feb 2009 Location: near Chicago, IL Posts: 286	Thanks for posting this. I'm trying really really hard to pay off my credit cards and not use them once their down. Or just use one and keep the balance low. With my car, when I got it, I paid about $50 extra monthly, I started paying ahead so much that it told me my next due date was in 3 months so I stopped paying and enjoyed not worrying about the payment. Now my due date is up and I forgot what it felt like to have almost $300 go towards one thing from one paycheck >.< I'm only paying the minimum this month but hopefully I'll start paying minimum+extra again and I'll try not to stop paying if I pay ahead. I'm 22, and I know I should start saving or open a 401k at my job, but I just can't get myself to do it yet. How old are/were most of you when you started your 401, or just general saving for the future? I feel like that money should go toward paying off credit or loans before savings, but I don't know. Plus at 22, I feel like I have forever to save for when I'm 60. I know that's a bad way of thinking though, its hard to shake though. I feel like I will 'lose' the money if I put it away instead of using it to pay something off or buy something.

11-09-2009, 08:01 PM	#41
YarisOwnersDad Is now a Corolla S Owner View User's Garage Drives: 2010 Corolla S Join Date: Mar 2009 Location: Western Kentucky Posts: 460	You get a nice return on 401K because you don't pay taxes on it. The money comes out pre-tax, so you are going to lose a third of it anyway to taxes if you don't put it in a 401K Our company matches up to 3%, so a guy would have to be crazy not to put in at least 3%. Actually, if you look at it from the tax standpoint, putting up 3% is really only putting up 2%, so you could say that you are putting up 2% and getting 6% in return, counting the company match. We didn't have a 401 K program until about 1990, and I have been in it only for the 3% for all of those years. Tom

11-10-2009, 12:03 PM	#45
wiirenet View User's Garage Drives: Black '09 2dr HB Join Date: Feb 2009 Location: near Chicago, IL Posts: 286	Anyway, in regards to the original post, my opinion on my car is that I've never cared about cars before my yaris (i had no idea what the definition of sedan was, thats how little i knew) And now I barely care about any cars other than the yaris. People have said things like "who cares, don't worry abour your car" in regards to maintenance or stressing over it because its just a cheap 'starter' car... but I can see myself keeping this car for years and years. There is no car I want to 'upgrade' to. Yes, I bought it new and people say that's a waste of money. But unless my car completely breaks down; I won't be buying a new one, I'm seriously ok with keeping this for ten years, if it keeps working. Not planning on having kids or hauling anything, don't need a 'nicer' car. So I think a new car is worth it if you know you're not going to be wanting to trade it in.

11-10-2009, 01:36 PM	#47
wiirenet View User's Garage Drives: Black '09 2dr HB Join Date: Feb 2009 Location: near Chicago, IL Posts: 286	Well, at least you're going.. I tried it for a year and hated it. Maybe someday something will interest me enough to deal with homework, due dates, papers, and tests but right now I want to stay as far away from that as I can! My one year left me with 3 student loans to pay off >.< I'm just stuck in a crappy full time office job right now, and I know its my fault for not finishing school, but shrug

11-10-2009, 10:35 PM	#50
EleKid Eugenie たでし Drives: '09 Blazing Blue Liftback Join Date: Aug 2009 Location: Los Angeles, CA Posts: 302	Kudos on the courage to post this and the initiative to warn others. Sounds a lot like my dad though...is that you, dad? Hahaha

11-11-2009, 12:25 AM	#51
TLyttle Drives: 07 Yaris sedan Join Date: Jun 2007 Location: Keremeos BC Posts: 986	Man, there is a LOT of logical answers here for such young guys! A few of us older farts remember how we just HAD to have this or that, just in time to find out that we were just buying fluff. Even if you don't buy a house, at least buy some dirt! A vacant lot appreciates, a car depreciates. If you can find a dumper of a house, buy it, keep it, learn about plumbing, wiring, drywalling, and spend a few bucks a week upgrading the place; even paint is a cheap investment, particularly if you learn about prep. In this day and age, your $2500 credit card debt would get you into a really crappy house... Learn, cubscout, do your office job while you dream today about what you are going to do to the the house tonight!

11-11-2009, 04:36 AM	#52
Bob Dog DARK PHASE OF THE MOON Drives: 07 liftback Join Date: Apr 2009 Location: the Boondocks, NC Posts: 993	10-4