She Makes $1,800 and Bought a $23,000 Car | Millennial Real Life Budget Review Ep. 12
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- čas přidán 8. 09. 2024
- Can she really afford a $23,000 car at this income level? Did she self-sabotage her opportunity to move out of her parents' house? Sharing my advice in this next millennial real life budget review!
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Accountant here 👋🏽. Your calculation of her annual pay should be $17 x 2080 hours = $35,360 gross or $17 × 40 hours x 52 weeks (weeks in a year).
Sometimes I think doing repairs, although expensive, are worth it. A one time 1.5 or 2k repair is better than tying yourself to a 23k loan for example. We have 2 old cars. A 2003 Focus and a 2005 Elantra. The key to keeping them in great condition is keeping up with maintenence, every 6 months - oil change, etc. And yes, we have a car sinking fund just in case everything goes south. Great video!
Thanks for the info
Yes! We also have 2 older paid for cars. We spent about $3000 on repairs total this year for both.
Much cheaper than buying a new car! And we get our auto insurance significantly cheaper now that they aren’t financed.
She doesn't really pay rent so I don't think the car payment is outrageous. The interest rate is what is killer.
Yo, NEVER BUY A FORD CAR. I bought a Ford Focus and it too had transmission issues
That interest rate just sucks. I'm sorry to everyone who is borrowing money now or in the near future.
As for paying for a car in cash, that's just unrealistic, ESPECIALLY with the used car market right now.
Can you elaborate if you don’t mind ?
Specifically the car cash part
Hmm well I wonder if she works for Wells Faro and that’s why the car loan is with them. Needing to be three months ahead is kinda scummy.
Thank you for bringing to light the predatory behavior of banks. I switched to Ally from BofA and I’m in shock all the tools ally provides to HELP me manage my money in a way that’s intuitive and helps me achieve my goals 😊
Over time, she will find that it’s hard to get ahead with a big car or loan payment.
Def pay off that car and stockpile your money to save for a house, while living at home. both of my kids did that and both of them own their homes.
that's what i'm working on too!
I wouldn't get a car loan, but I would have said that 6.5% was pretty good for a car loan, esp at the moment. My mortgage is going up to 6.8% next month.
Do you have an adjustable?
@@aboucher2110 it is coming off a fixed rate and going onto another
My cousin is 26 and makes 1300 a month. Lives in europe and got a 24k car. Now he owns his place and pays 300 the most for everything... he saved up for a year 12k and just got the loan for the rest 12k. 2 year loan.
What country?
@@1xlina Croatia
So interesting how much people value cars. I earn substantially more than her (95k plus bonuses) and I thought my 5k car was stretching it (old one was 3k).
My car is getting old (has done 250000kms) so I'm saving for my next one at $60/fortnight. That means I'm spending around 3% of my take-home income on buying cars ($60/$1900 per fortnight). A lot when I'm struggling to get to 20% investing. If I bought a 30K car, following this rule, I would probably have to sell my house.
And that's without interest!
Wheres the Beer and Budget for April?
We are SO behind on B&B! We have to film April and May this weekend. But since we are behind, I'll release them back to back!
Cars are poison 😂😅
🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥
Plot twist: she got the loan from Wells Fargo because she works for them 🫠