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Money Matters
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Old 08-03-2011, 04:41 PM   #101
evolved
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Glad I came across this thread

Will be updating periodically as the wife and I just closed on our first house earlier in the year. She has no debt and I have a car note and a CC to pay off from when I was in college. I've been meaning to read Ramsey's Total Money Makeover book. I'm a candidate for my CFP designation in the coming months so I'm sure his book will definitely help in some fashion!
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Old 08-04-2011, 10:56 AM   #102
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Updates from my January 2011 post.
"Awesome about the car loan!!! We are focusing on mortgages for this year and will continue to send extra payments to our mortgage on the vacation house and I do the same to the other rental property we have. Looking at selling the rental in 2013 and should have no mortgage on the vacation home at that point. That means we'll be 100% debt free by 2013-2014. (I'll be 31-32 and she'll be 30-31 at that point)"

Since then I had an unexpected raise/promotion at work. Since the Horizon incident last year, uscg licensing is becoming more common on the drilling rigs so in June I got bumped up from a third engineer to a first engineer unlimited. Basically no increase in responsibility/job changes except for the 47,000$ raise. I instantly bumped my 401k up to 20% so I hit the 16.5k for this year(company will match 100% up to 6%) I bumped my monthly savings up to 5,000/month since I know my career/profession will be changing within the next few years. I'm 29 now, don't plan on working out at sea at 32 years old so I am saving like crazy right now.
Girlfriend is on the same page, I think conservatively we will have her house paid off by 32. I balance between paying mortages down and putting my savings towards my Thinkorswim trading account. It was much easier changing my savings before I saw my first check, basically I live on the same exact amount I was making before, just save more money each month now.
My 91' 4runner is still running strong, only 92k on it as of today, I'm planning to upgrade back to a BMW once I work on land and can enjoy driving my car daily.
My daily driver will end up most likely being a subaru outback or vw sportwagon, Bmw will be an E30 swap car, E46M3 or another E90 330I like i had before.
Wow! Talk about a nice pay increase!

Sounds like you are doing it right, banking your new income and living like it didn't happen! Congrats. You are a blessed man to be able to sock it away like that and making responsible decisions to boot!

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Glad I came across this thread

Will be updating periodically as the wife and I just closed on our first house earlier in the year. She has no debt and I have a car note and a CC to pay off from when I was younger. I've been meaning to read Ramsey's Total Money Makeover book. I'm a candidate for my CFP designation in the coming months so I'm sure his book will definitely help in some fashion!
Sounds like you are in good shape to begin with, but reading TMM will be great for you and your wife to get on the page to stay out of debt and build up your assets responsibly! Best of luck to you.
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Old 08-05-2011, 08:21 AM   #103
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Well I'm struggling finding a new position. My company is closing and moving up north. I've decided I want out of Louisville, as the market is not showing the opportunities where I can advance my career.

On top of that. We have acquired new debt, for dumb stuff. I won't lie anymore. I bought a timeshare with my wife. We are both travelers and the benefits of having one fit our lifestyle enough to justify it. It was a foreclosed unit so it didn't cost no where near as much as a new one.

Other than that... Just trying to figure out how to get a new job where I move forward not backwards or stay in the same spot.

Student Loan 2: ~$900
T-Share: $9,700

That is it. Feel free to give me any tips on looking for jobs out of state.


Also, still investing 10% in my Roth 401k. Hopefully the market will bounce back eventually.
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.

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Old 08-05-2011, 10:40 AM   #104
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What line of work are you in / do you want to be in? Any "hot spots" for the types of job you are looking for? Is your wife able to get a job easily if you pick up and move?
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Old 08-06-2011, 10:40 AM   #105
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Yeah, without any info on education/experience/field it's tough to give much advice here. Do you have contacts in your field outside of your current job? Metworking is still the best way to find jobs imo

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Old 08-07-2011, 01:31 AM   #106
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Headed to a tax-free zone with pay incentives in a few months. Wife has a company car so I got her 2006 G35 and will be selling the Merc, no car payments for either of us!!!
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Old 08-11-2011, 02:35 PM   #107
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Quote:
Originally Posted by SLVR JDM View Post
What line of work are you in / do you want to be in? Any "hot spots" for the types of job you are looking for? Is your wife able to get a job easily if you pick up and move?
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Originally Posted by Wraisil View Post
Yeah, without any info on education/experience/field it's tough to give much advice here. Do you have contacts in your field outside of your current job? Metworking is still the best way to find jobs imo

Sent from my ADR6400L using Bimmer

Sorry guys, here is the "Summary" on my resume. Currently, we are looking into Dallas. Seems the market is a lot stronger for accounting/finance there:


Summary

Accountant with five years of experience currently studying for REG portion of CPA exam. Specialties include general ledger, fixed assets, sales and use taxes, inventory, and accounts receivable. Worked in the restaurant, healthcare, and financial industry. Advanced user with Microsoft Excel, Word, Powerpoint, and Outlook, as well as advanced with J.D. Edwards, Hyperion/Essbase, and Microsoft Dynamics SL. Strengths in communication of ideas, working in teams, customer service, problem solving, process improvements, and research. Also have experience within sales and working with the public.

---

Anyways, my wife is an accountant as well. She is looking into being a credit analyst or maybe switching paths completely. We are also interested in the "adventure" of a new place too! I have contacts for Louisville jobs and have been exercising them, but the market is so weak here almost every job is wanting to pay almost 5% to 10% less. Bottom line is this: Entry level jobs and mid manager and higher jobs are plentiful here, experienced jobs that are not manager level are harder to come by.
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 08-15-2011, 07:37 AM   #108
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Well I found a new job. Temp-to-hire type position for about 6 months. Some may think it is a dumb risk, but honestly, my wife has done it with great success. Also, this breaks me into the manufacturing industry (which typically pays more) and gives me experience with one of the most famed software packages out there: Oracle.

On the money side of the equation, I won't have benefits or a matching 401k for awhile, but I can get on my wife's plan. Also, my job is now hourly. So I do have overtime potential, and with me now making 15% more than my old job, it could be a huge leap in income. I didn't typo that either. I made a 15% jump! Very, very happy about that. I'm fortunate enough to be well above the national average now.
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 08-15-2011, 12:41 PM   #109
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Congrats!
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Old 08-15-2011, 01:25 PM   #110
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Thanks man. My time on E46F probably will go down quite a bit starting next week. I'm gonna be on my best behavior so no internet surfing
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 10-17-2011, 01:07 PM   #111
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Okay guys, if I posted this in OT, it would turn quickly into: "You are a fvcking moron." fest, but the crowd here seems to be a little bit smarter.

Anyways, I'm selling my BMW and "downgrading" my car. I have major housing projects I want to undertake and we are planning to kickstart our Roth IRAs (meaning max them out very soon), and putting maintenance into my BMW just isn't making sense. In fact, it makes no sense seeing as it is 10+ years old, slow, and depreciating rapidly. I've put in 50%+ of its value (according to KBB) over the last two years and I'm caught up, but now I'm just dealing with one nagging issue after another. Honestly, I'm tired of it.

Tonight I'm looking a car that is a few years older, and has higher miles, but will be leaps and bounds cheaper to work on and far more reliable. I'll probably own this car for a year or so, and then I'll be making a leap to a much nicer car after that once my projects are paid for and I'm debt free but the home.

So...like I said. It isn't a glorious move/situation, but I know it is a smarter financial decision right now.
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 10-17-2011, 02:00 PM   #112
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Okay guys, if I posted this in OT, it would turn quickly into: "You are a fvcking moron." fest, but the crowd here seems to be a little bit smarter.

Anyways, I'm selling my BMW and "downgrading" my car. I have major housing projects I want to undertake and we are planning to kickstart our Roth IRAs (meaning max them out very soon), and putting maintenance into my BMW just isn't making sense. In fact, it makes no sense seeing as it is 10+ years old, slow, and depreciating rapidly. I've put in 50%+ of its value (according to KBB) over the last two years and I'm caught up, but now I'm just dealing with one nagging issue after another. Honestly, I'm tired of it.

Tonight I'm looking a car that is a few years older, and has higher miles, but will be leaps and bounds cheaper to work on and far more reliable. I'll probably own this car for a year or so, and then I'll be making a leap to a much nicer car after that once my projects are paid for and I'm debt free but the home.

So...like I said. It isn't a glorious move/situation, but I know it is a smarter financial decision right now.
Ok. As long as you know it is a better financial decision. But make sure it is a smarter financial decision. Can you post numbers? Such as:

1.) How much are you selling the e46 for (and do you own it outright)?
2.) How much per year does the e46 cost in maintenance (it sounds like you just paid for a lot of maintenance, hopefully it was the common e46 problems like water pump, radiator, control arms, etc..... But think about this, if you did just replace these items then your e46 may be problem free from this point foward).
3.) How much is the "new" car?
4.) Does the new car have any immediate maintenance needs?
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Old 10-17-2011, 02:32 PM   #113
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1.) $8,100 OBO
2.) $2,000 year if you split it out between ownership time - Yes it was common big items like you mentioned, but I put a LOT of miles on the cars. I just did rotors for the second time. I bought my first set from a vendor on here too...
3.) $3,500
4.) No. Car is in perfect mechanical condition. Interior (while cheaper quality) is in better condition, exterior seems to be in great condition according to pics too.
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 10-17-2011, 03:03 PM   #114
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1.) $8,100 OBO
2.) $2,000 year if you split it out between ownership time - Yes it was common big items like you mentioned, but I put a LOT of miles on the cars. I just did rotors for the second time. I bought my first set from a vendor on here too...
3.) $3,500
4.) No. Car is in perfect mechanical condition. Interior (while cheaper quality) is in better condition, exterior seems to be in great condition according to pics too.
Sounds good.

Use the ~$4600 wisely (i.e., pay off your home improvements!!)
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Old 10-17-2011, 03:05 PM   #115
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I doubt it will be that much honestly. Gotta figure in taxes and that is only if the E46 sells for that amount.

Thanks man
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Class of '03, yet you're still an idiot. Whats your point? Do you really think that you're somehow a god because you joined a site before someone else? ****ing nerd.
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Old 10-17-2011, 05:02 PM   #116
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So...like I said. It isn't a glorious move/situation, but I know it is a smarter financial decision right now.
Mature decisions are rarely glorious, but IMHO you are making a good choice. "Live like no one else so later on you can live like no one else"

BTW, I am a Ramsey follower...paid off 45K in two years and have one years expenses in the bank; only owe on my house. I was a financial degenerate...
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Old 10-17-2011, 09:27 PM   #117
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Thanks man. I saw the car tonight and test drove it. For a 10+ y/o car and 200k miles, it drives pretty damn good. I agreed to the purchase and will be writing a check for it.
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Old 11-08-2011, 03:25 PM   #118
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Mature decisions are rarely glorious, but IMHO you are making a good choice. "Live like no one else so later on you can live like no one else"

BTW, I am a Ramsey follower...paid off 45K in two years and have one years expenses in the bank; only owe on my house. I was a financial degenerate...
Very true.
Congrats on your financial turnaround!

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Thanks man. I saw the car tonight and test drove it. For a 10+ y/o car and 200k miles, it drives pretty damn good. I agreed to the purchase and will be writing a check for it.
Sounds like you are making the right move. People may not always understand, but an inexpensive / low maintenance car makes a lot of sense when you are getting started on the right track.

I've recently considered selling my G35 for a cheap commuter car since I don't put many miles on it. I figure I will probably be better served by "cashing out" while it is still worth some money. I can't quite decide though.

I own it, so all it costs me is maintenance, insurance, and gas.
Then again, I can probably bank $10k easy if I sell it and get a $5k car. Tough situation since I need to haul kids once in a while, so it can't be a complete POS. I'll probably end up keeping it since it meets my current needs and I don't have a payment.
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Old 11-08-2011, 03:44 PM   #119
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Never again!
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Old 11-09-2011, 12:38 PM   #120
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Good for you! And thanks for the encouraging words JDM.

I think after I get my housing stuff done and go to Europe, I may consider a 2013 Genesis Coupe or 2011+ GT. I love both cars and the 2013 Gen Coupe has some major upgrades heading its way that make it a LOT more interesting!

Yes I know car debt is dumb, but I'm investing now, and I won't have any other debt. Just the car and house (15/yr mortgage). Also, I am going into the ground eventually so might as well enjoy life. Quit a different tune from when I first joined this site, but oh well. I feel like I've matured over the years.
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