Americans back to spending like the stupid
03-04-2014, 05:40 PM
#41
Team Owner
Thread Starter
I wonder how the woman in the OP is making out with her bedroom set.
03-04-2014, 08:59 PM
#43
How ironic this thread is being bumped when my co-worker just bought his wife a new Town & Country and now has the itch himself to trade in the underwater Escape he's owned for only a few months on a pickup. The dealer that sold the T&C refused to take his car on trade because it was so underwater.
I see bad things coming for him. New baby, apology jewelry, new minivan...
I see bad things coming for him. New baby, apology jewelry, new minivan...
03-22-2014, 05:00 AM
#44
I have solidly learned my lesson....
Our company switched over to a 401K from pension in 2010 so I started packing money into that thing like MAD 28.7K in 4 years and it has earned me 12K. Still packing in 11% of my income into the 401K
Next I evaluated my financial situation and decided to quit spending money like it was water. As a result in just the last 6 months alone I was able to pack away $6K into savings from nothing.
Now I have a plan laid out and I am going to stick to it
1. Save enough to buy a piece of land. Where I am looking I will need about $20K
2. Buy a modular house and put it on said land that will cost me about $50K (I have even thought about a park model house)
3. Afterwards divert MORE money into 401K
Things that I have to do to achieve this goal
a. keep driving 2002 CLS
b. ditch home phone, cable, eating out, etc.
c. do my own car maint
d. drive a vino 125 during the summer that gets me 4x the gas milage over the car
Our company switched over to a 401K from pension in 2010 so I started packing money into that thing like MAD 28.7K in 4 years and it has earned me 12K. Still packing in 11% of my income into the 401K
Next I evaluated my financial situation and decided to quit spending money like it was water. As a result in just the last 6 months alone I was able to pack away $6K into savings from nothing.
Now I have a plan laid out and I am going to stick to it
1. Save enough to buy a piece of land. Where I am looking I will need about $20K
2. Buy a modular house and put it on said land that will cost me about $50K (I have even thought about a park model house)
3. Afterwards divert MORE money into 401K
Things that I have to do to achieve this goal
a. keep driving 2002 CLS
b. ditch home phone, cable, eating out, etc.
c. do my own car maint
d. drive a vino 125 during the summer that gets me 4x the gas milage over the car
Last edited by YeuEmMaiMai; 03-22-2014 at 05:06 AM.
03-31-2014, 03:17 PM
#45
Suzuka Master
I have solidly learned my lesson....
Our company switched over to a 401K from pension in 2010 so I started packing money into that thing like MAD 28.7K in 4 years and it has earned me 12K. Still packing in 11% of my income into the 401K
Next I evaluated my financial situation and decided to quit spending money like it was water. As a result in just the last 6 months alone I was able to pack away $6K into savings from nothing.
Now I have a plan laid out and I am going to stick to it
1. Save enough to buy a piece of land. Where I am looking I will need about $20K
2. Buy a modular house and put it on said land that will cost me about $50K (I have even thought about a park model house)
3. Afterwards divert MORE money into 401K
Things that I have to do to achieve this goal
a. keep driving 2002 CLS
b. ditch home phone, cable, eating out, etc.
c. do my own car maint
d. drive a vino 125 during the summer that gets me 4x the gas milage over the car
Our company switched over to a 401K from pension in 2010 so I started packing money into that thing like MAD 28.7K in 4 years and it has earned me 12K. Still packing in 11% of my income into the 401K
Next I evaluated my financial situation and decided to quit spending money like it was water. As a result in just the last 6 months alone I was able to pack away $6K into savings from nothing.
Now I have a plan laid out and I am going to stick to it
1. Save enough to buy a piece of land. Where I am looking I will need about $20K
2. Buy a modular house and put it on said land that will cost me about $50K (I have even thought about a park model house)
3. Afterwards divert MORE money into 401K
Things that I have to do to achieve this goal
a. keep driving 2002 CLS
b. ditch home phone, cable, eating out, etc.
c. do my own car maint
d. drive a vino 125 during the summer that gets me 4x the gas milage over the car
I think of saving kind of like dieting, you can't just go balls to the wall and eat nothing to get to where you want. That leads to cycles of frustration and binging, which leads to more frustration, and eventually to failure.
I believe you have to save at a reasonable, steady pace, and you need to budget some fun in there. At my age I am seeing people I know who are dying from "natural" causes, I'm pretty sure very few of them died thinking "if only I had saved more".
03-31-2014, 04:28 PM
#46
heh, not just consumers, but some businesses are doing this as well. Before the recession hit, my employer had a bad habit of hiring too many people. They would hire at least 3 people to do a 2 person job on a consistent basis. After the recession + a huge percentage of people getting laid off, they started pushing all that "lean" operation bullshit (like "Kaizen" for those that are familiar) essentially trying to create a working environment where we're supposed to get as much work done with as few resources as possible.
However the past year or so, they're simultaneously bringing in unnecessary extra help PLUS giving us pay cuts, cutting our benefits all because the company is allegedly in some sort of dire financial straits.
Of course I'm looking for a new job...
Businesses are just as reckless with money as everyday consumers, it seems. ib4captainobvious.
However the past year or so, they're simultaneously bringing in unnecessary extra help PLUS giving us pay cuts, cutting our benefits all because the company is allegedly in some sort of dire financial straits.
Of course I'm looking for a new job...Businesses are just as reckless with money as everyday consumers, it seems. ib4captainobvious.
03-31-2014, 04:37 PM
#47
Senior Moderator
Sweet...so, I can in theory borrow $900K for a Pagani...? 
04-01-2014, 11:51 PM
#48
Moderator Alumnus
I did a google search for 'americans savings'
and it's pretty scary. It's mostly surveys, but you read stuff like:
A survey from Bankrate.com shows that 28% of Americans owe more in credit card debt than they have available in savings or emergency funds. Furthermore, 16 percent report not having any emergency savings. This report, however, is just one drop in a flood of data that shows American’s behavior is changing and could have dangerous consequences.
I guess I'm not surprised, but...... geesh.
As far as the poster above who is saving like crazy - that's a VERY good idea, but don't forget to leave some money to enjoy life while you have the youth and energy to do it.
and it's pretty scary. It's mostly surveys, but you read stuff like:
A survey from Bankrate.com shows that 28% of Americans owe more in credit card debt than they have available in savings or emergency funds. Furthermore, 16 percent report not having any emergency savings. This report, however, is just one drop in a flood of data that shows American’s behavior is changing and could have dangerous consequences.
I guess I'm not surprised, but...... geesh.
As far as the poster above who is saving like crazy - that's a VERY good idea, but don't forget to leave some money to enjoy life while you have the youth and energy to do it.
04-02-2014, 12:13 AM
#49
אני עומד עם ישראל
Ahh Americans have the shortest memories and attention spans.
A lot of us are guilty of trading in cars before they're paid for and recycling the debt. But to not have any savings at all? Insane.
A lot of us are guilty of trading in cars before they're paid for and recycling the debt. But to not have any savings at all? Insane.
04-02-2014, 12:30 PM
#50
While I applaud your efforts, I'm not convinced you are doing it right. Not that I can really tell from your post, but there is such a thing as too focused.
I think of saving kind of like dieting, you can't just go balls to the wall and eat nothing to get to where you want. That leads to cycles of frustration and binging, which leads to more frustration, and eventually to failure.
I believe you have to save at a reasonable, steady pace, and you need to budget some fun in there. At my age I am seeing people I know who are dying from "natural" causes, I'm pretty sure very few of them died thinking "if only I had saved more".
I think of saving kind of like dieting, you can't just go balls to the wall and eat nothing to get to where you want. That leads to cycles of frustration and binging, which leads to more frustration, and eventually to failure.
I believe you have to save at a reasonable, steady pace, and you need to budget some fun in there. At my age I am seeing people I know who are dying from "natural" causes, I'm pretty sure very few of them died thinking "if only I had saved more".
I still have some things for fun like an occasional Wii U game and Netflix with Amazon Prime. I just cut a lot of things out that I was doing before.
I still take my wife out to eat 1 time a week and still go do things fun....
My first goal was to get $6K in the bank (3 months salary after taxes)
next up is getting an additional 20-40K in the bank for land purchase and then placing a modular house on it (that will run about 80K and I plan on financing part of it.
01-07-2018, 08:48 AM
#52
Team Owner
Thread Starter
https://www.cnbc.com/2018/01/05/how-...card-debt.html
Holiday debt piles onto already-high credit card balances
- Credit card debt stood at $808 billion on Sept. 30, the end of the third quarter, according to the most recent data from the Federal Reserve Bank of New York.
"The scary number — $1 trillion — we'll definitely hit in 2018," said Jill Gonzalez, an analyst with WalletHub.
01-07-2018, 10:58 AM
#53
Senior Moderator
01-07-2018, 10:58 AM
#54
Senior Moderator
Unbelievable. You think people would learn. Guess not.
03-29-2018, 10:11 PM
#55
Burning Brakes
02-12-2019, 07:58 PM
#56
Team Owner
Thread Starter
https://www.bloomberg.com/news/artic...-delinquencies
I have to admit I'm pretty shocked by the payments people are willing to pay for a typical Honda Accord. $300-$400/month to lease an Accord 
More Americans than ever are at least three months behind on their auto loans, a sign that the U.S. economy may have little growth left in the tank.
The number of loans at least 90 days late exceeded 7 million at the end of last year, the highest total in the two decades the Federal Reserve Bank of New York has kept track. Expressed as a percentage of total debt, the delinquency rate is the highest since 2012, as overall borrowing has also increased.
The number of loans at least 90 days late exceeded 7 million at the end of last year, the highest total in the two decades the Federal Reserve Bank of New York has kept track. Expressed as a percentage of total debt, the delinquency rate is the highest since 2012, as overall borrowing has also increased.
Last edited by doopstr; 02-12-2019 at 08:04 PM.
02-13-2019, 07:43 PM
#57
Burning Brakes
02-13-2019, 10:26 PM
#58
02-14-2019, 11:35 AM
#59
Burning Brakes
02-14-2019, 01:19 PM
#60
Senior Moderator
02-14-2019, 03:51 PM
#62
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https://www.bloomberg.com/news/artic...-delinquencies
I have to admit I'm pretty shocked by the payments people are willing to pay for a typical Honda Accord. $300-$400/month to lease an Accord
I have to admit I'm pretty shocked by the payments people are willing to pay for a typical Honda Accord. $300-$400/month to lease an Accord
02-14-2019, 05:04 PM
#63
Team Owner
Thread Starter
Everyone deserves a $40k car.
02-15-2019, 09:55 AM
#64
Race Director
Sub-prime loans on ~$40K cars? WTF is the interest rate on a sub-prime loan? There must be a lot of poor credit risk people out there with a dire need for a $40K car....
02-15-2019, 12:41 PM
#65
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02-15-2019, 03:40 PM
#66
Race Director
Yeah, I just ran the numbers. Subprime rates are 11%-13%. $600/month payments on a 60-month subprime loan (11%) will only cover $28,0000 (that's including TTL). Ouch!!!
02-15-2019, 03:44 PM
#67
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Negative equity rolled in............
02-15-2019, 04:01 PM
#68
Race Director
Yeah, I'm guessing under water for at least the first half of the loan? Loan value after 30 month is $16,363...
02-19-2019, 02:42 PM
#69
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Millennials leading the way.............
https://www.yahoo.com/finance/news/c...171533526.html
The NY Fed found that the number of new auto loans and leases appearing on credit reports in 2018 reached a new peak — the highest level in the 19 years they have monitored the data — at $584 billion.
Looking at the number of auto loans in serious delinquency, the researchers noted that there was a “sharp worsening in the performance of the loans held by borrowers under 30 years old between 2014 and 2016.”
And as seen in the graph below, borrowers between the ages of 18 and 39 — Pew Research identifies millennials as anyone born between 1981 and 1996 (ages 23 to 38 in 2019) — have the worst delinquency rates as compared to other demographics.
https://www.yahoo.com/finance/news/c...171533526.html
A record seven million Americans are more than 90 days late on their auto loan payments, and millennials are clearly leading delinquency rates, according to a report by the New York Fed.
The NY Fed found that the number of new auto loans and leases appearing on credit reports in 2018 reached a new peak — the highest level in the 19 years they have monitored the data — at $584 billion.
Looking at the number of auto loans in serious delinquency, the researchers noted that there was a “sharp worsening in the performance of the loans held by borrowers under 30 years old between 2014 and 2016.”
And as seen in the graph below, borrowers between the ages of 18 and 39 — Pew Research identifies millennials as anyone born between 1981 and 1996 (ages 23 to 38 in 2019) — have the worst delinquency rates as compared to other demographics.
02-19-2019, 09:18 PM
#70
Burning Brakes
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02-20-2019, 09:31 PM
#71
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