2019 Roush Stage 3

[Snakethat]

Ur story is very similar to mine. Although I went to college but dropped out after 2.5 years. Worked for a small excavating company for 4 years. Moved to Indianapolis and worked for a big excavating company for 4 years. I got myself involved in the Oil and Gas field 12 years ago and have never looked back. I bought my first new (which is my 2007 mustang). That was my second year in the O&G industry. It wasn't until I was in my 30's where I could actually afford to do things and actually buy stuff. The O&G industry has treated me great and I'm thankful for that.

My wife's nephew who is I believe 25 or so. Always makes comments about how everyone has all these nice things. Tools, cars, tractors. He is considered a millennial and they certainly seem to struggle with idea that it takes time to acquire nice things. His father started a deer shop business and it has flourished. He at times will make snide comments about how his mother in law could be retired but instead his dad buys a tractor, a pool and new trucks. Keep in mind that his dad is 45 or so. At one point I said you know its okay for a guy to enjoy his hard work. Besides I believe thats in the works for his wife to quite the bank that she works at so she can be home as well. I believe she is staying there until her son who is a senior gets out of the house. Then she will likely step away from the bank. Part of the reason she is still there is for the health insurance with the family.

My wife and I are guardians of my niece and she is only 16 and really stresses out about life. how people afford all this shit. So its interesting to see her take

Our economy runs on credit, if we didn't have credit our economy would fail. It's not we have credit that is the problem, it's people need to understand they can't spend more than they make and kids now days just don't seem to understand that.
I hear people bitch about student loans and not being able to pay them off. It's not like student loans are a new thing. In 1980 they had student loans, I took them out to attend vocational school, knowing I had to pay them off, which I did. I didn't buy my first new car until I was over 30 years old and didn't buy my first house until I was 35, nothing until I could afford to do it.
With the internet and our get everything overnight attitude now kids are growing up not being able to wait for anything. Between that and everyone gets a trophy our kids now are screwed.....

 

[Snakethat]

its absurd to think that people have gap insurance on a vehicle. Just so they can get what they want. Or PMI on a house. Just so they can have that house that they likely cannot afford. People are a big part of the problem but so are the institutions that loan money. Credit is nice and great but 8 years for car is exceedingly long. After 5 years of paying on the debt of the car you would owe so much more than what the car is worth that you would be stuck. My friend has the very same thinking. Of screw it I can afford it. He's a pilot. Makes about as much as I do. Has 4 kids. Crazy.

Our economy runs on credit, if we didn't have credit our economy would fail. It's not we have credit that is the problem, it's people need to understand they can't spend more than they make and kids now days just don't seem to understand that.
I hear people bitch about student loans and not being able to pay them off. It's not like student loans are a new thing. In 1980 they had student loans, I took them out to attend vocational school, knowing I had to pay them off, which I did. I didn't buy my first new car until I was over 30 years old and didn't buy my first house until I was 35, nothing until I could afford to do it.
With the internet and our get everything overnight attitude now kids are growing up not being able to wait for anything. Between that and everyone gets a trophy our kids now are screwed.....

 

[eighty6gt]

I bought a mortgage insured house - it's a slippery slope. My household income is 170,000+ - but the money is worth roughly 2/3 of what the US dollars are (remember, my 2008 "GT" mustang was 50 grand...) and 1/2+ of it goes to taxes. The rest goes to my wife's student loans.. LOL. I was getting old - had just gotten married and wanted to start a family. The RE market here is fucked, and we just dove in anyway. I'm almost 40 now, still no kid because maybe we waited to long.

I think on these things some, but on the other hand I mostly think about how it doesn't matter much. Going to get my ticket punched someday. Seems like everyone ends up in the same boat. There are people much more responsible than I am and people much less. I have fun every day. I bought one new car and it changed the course of my life in a big way. I have no regrets about that...it was definitely for the best. Isn't that something!!? I'd never have my great wife if I didn't buy that car. Or my great job.

 

[1950StangJump$]

its absurd to think that people have gap insurance on a vehicle. Just so they can get what they want. Or PMI on a house. Just so they can have that house that they likely cannot afford.

That's actually an overly simplistic generalization. If there is one place to extend yourself financially, it is usually with a home . . . "usually" because there are no guarantees in life. But, normally, a home will keep value or appreciate (the 2008 crash notwithstanding). Factor in the tax benefits, especially since PMI is now tax deductible, and it becomes a much safer place to put your money.

I do agree that 8 years on a car, which is virtually always a depreciating asset with no tax benefits, is a terrible move.

 

[eighty6gt]

my mortgage insurance/payments/etc... - none of that is tax deductible. Also, I have 2.x% interest on my mortgage, but it doesn't last the life of the amortization. It's done in 5 years. I will need to renew it at 5%!

Everyone I know drives old used junk, or gets an 8 year loan. I believe in the near future the supply of good used cars will become short as new sales should drop off in a huge way very quickly. I guess ride sharing showed up just in time.

 

[Mojo88]

I meant this with as much sarcasm and disgust as possible. I used to say I'd never buy another new car for various reasons. Now, I simply can't afford one. Where's my 70% wage increase? I must've missed the wage growth report for the last 10 years, I could swear the average joe was getting hosed by inflation alone by 3%, and cost of living by 30%. If I could bet on the next financial crisis, I'd double down on the sub-70k/yr individuals with $1,000/mo car payments, thinking 0% interest is somehow a good deal on a $50,000 car, or $85,000 truck. With a $350,000 mortgage at 5%.

Great rant! ^^^^^^^^^^^^^^^ I totally concur. This economy is terrific if you're in the top one or two percent. But for the vast majority of us, this is little more than a modernized version of serfdom.

I don't even have a mortgage on my house, yet my prop taxes and insurance cost me about $1,000 each and every month. It's unreal.

 

[1950StangJump$]

This economy is terrific if you're in the top one or two percent. But for the vast majority of us, this is little more than a modernized version of serfdom.

If only that class warfare crap would have gotten you elected, Hillary. Everything would have been better.

 

[Bullitt1809]

Great rant! ^^^^^^^^^^^^^^^ I totally concur. This economy is terrific if you're in the top one or two percent. But for the vast majority of us, this is little more than a modernized version of serfdom.

I don't even have a mortgage on my house, yet my prop taxes and insurance cost me about $1,000 each and every month. It's unreal.

Move someplace else. My property taxes are $1500 a year on 2 acres.

 

[Snakethat]

Holy shit thats insane. We have 8 acres and its 1200 a year for taxes and our insurance is about the same.

Where do you live. I know Illinois has crazy property taxes

Great rant! ^^^^^^^^^^^^^^^ I totally concur. This economy is terrific if you're in the top one or two percent. But for the vast majority of us, this is little more than a modernized version of serfdom.

I don't even have a mortgage on my house, yet my prop taxes and insurance cost me about $1,000 each and every month. It's unreal.

Move someplace else. My property taxes are $1500 a year on 2 acres.

 

[JJ427R]

I don't even have a mortgage on my house, yet my prop taxes and insurance cost me about $1,000 each and every month. It's unreal.

12k a year I'd for sure be moving, like several others above I pay $1200 a year on a city lot in MN, and I thought we were one of the highest taxed states.... but my home value is also only about $175,000 (a 3 bedroom rambler) Location of course makes a huge difference, I know the same home as mine in San Diego a few years ago was $850,000....

 

[83-88T-Bird Guy]

I'm a bargain shopper and I like all the newer Mustangs and F150s ( 2011 and newer)
The quality of vehicles have gotten a lot better since the 70's.

The one thing I do like is that I can get really nice condition used vehicles at 1/3 or 1/4 of their original sticker price because the age old tradition of judging the value of something is by looking at the odometer. However, the odometer doesn't tell the whole story.

I bought a 200K mile 2011 F150 x-cab STX 4wd ( 5.0 and 3.73 gears) last December for $8,500. Truck was very well taken care of and rides nice. The bonus is that even with the Coyote and 3.73 gears it still gets 20 mpg ( all stock-no mods)

As much as I would love to buy a new Mustang GT the depreciation hit would drive me nuts

 

[01yellerCobra]

My wife and I are guardians of my niece and she is only 16 and really stresses out about life. how people afford all this shit. So its interesting to see her take

My son is 17 and managed to get his first job a few months ago. Not for lack of trying mind you. He started looking the day he turned 16. But since he's started working he's really changed his outlook on spending money. Suddenly he's all about saving and whatnot. Granted it's saving for car parts, but it's still saving. And we've already got it into his head about putting money into savings with each pay check.