Anyone want to team up on a savings thread to keep each other motivated?

[ohmman]

Scared money don't make money.

For those with less risk adverse, Put in ETF or majority of vanguard mutual funds will return more on your investment than saving or CD.

Still not comparable. It's advice, and probably appropriate for most, but comparing instruments with different purposes isn't an academically sound argument.

How about structured products with downside protection? What about certain flavors of private equity?

The best risk limited growth approach is diversification.

 

[Max*]

^^^^^

I agreed completely. If you are any normal person that do some due diligence on investment, you have to be really stupid and bad to only get 2-3% return. Even if you throw a dart at some random companies in SP500, you would get an average of 5-6% in 10 years.

That is not even counting compound benefits in investment. All of my net worth is mostly in IRA account where I have several accounts to hold long term (mutual funds) and short term (swing trade).

I made $6k net (excluding $3.5K loss on a stupid stock in the beginning) on my IRA account from swing trade since end of March of this year until now. Do you think leaving money in a saving account or money market will give me $6k return in 4-5 months?

I agree with this logic too, but I didn't put that into my rant because some people are extremely risk averse and would not invest the money anyways (i.e. take out a loan, but then keep the $35k+ in savings earning 0.01% APR)

 

[Lem89]

I'm scraping some simoleons together. I have $700 toward a down payment , aiming for $10K by early 2018.

 

[jsrawa]

I'm scraping some simoleons together. I have $700 toward a down payment , aiming for $10K by early 2018.

I'm not planning to highly option, just need AWD and Supercharger and an electric blue paint job.

Keep in mind the Colorado tax credit will decrease to $5000 at point of sale by the time the 3 arrives.

Your post was edited while I wrote mine but still important information for anyone in Colorado.

 

[Lem89]

Keep in mind the Colorado tax credit will decrease to $5000 at point of sale by the time the 3 arrives.

Your post was edited while I wrote mine but still important information for anyone in Colorado.

Hehe I edit too much. I'm glad you caught that. So Colorado's tax credit is phasing down from 6k to 5k. That's beautiful.

 

[MojaveWheeler]

Currently have $12,160 saved (including the $1,000 deposit). I am hoping to be at 20k by year's end. My budget is around 45k including taxes/delivery/etc. I plan on saving the full price of the car by the time I take delivery (who knows when that will be).

 

[Mkorpal]

Hehe I edit too much. I'm glad you caught that. So Colorado's tax credit is phasing down from 6k to 5k. That's beautiful.

Yes, on the other hand, it is no long a "tax credit." Instead, the state will just cut a check to whoever is financing the car. So, you don't need to wait upwards of two years to get that money (based on how long it was taking some people to get the credit). It's a bit less money, but much easier (in theory).

 

[int32_t]

Hoping dual-motor, winter package, and the giantest* battery pack available doesn't cost more than $50k Canadian. I've got a bit saved and I plan to buy it outright. It would be sad if the 3 arrived before I have enough saved.

* Totally a word.

 

[wallet.dat]

I'll probably bring a few Bitcoins online and convert to analog money.

 

[Lem89]

Yes, on the other hand, it is no long a "tax credit." Instead, the state will just cut a check to whoever is financing the car. So, you don't need to wait upwards of two years to get that money (based on how long it was taking some people to get the credit). It's a bit less money, but much easier (in theory).

Nice, that sounds way simpler than a tax credit.

 

[Wee John]

In reply to the state cash credit, when I got my California cash check 5 years ago for my current car, it was stipulated that you have to own the car for 3 years or you give the money back.

 

[jvmoore1]

I'll probably bring a few Bitcoins online and convert to analog money.

are bitcoins still profitable or is it too late for someone to get in the game at this point?

 

[JeffK]

are bitcoins still profitable or is it too late for someone to get in the game at this point?

I remember back in the day you could buy bitcoins for like $2 a piece, I thought "this crap isn't going to go anywhere".... Doh!

 

[jvmoore1]

I remember back in the day you could buy bitcoins for like $2 a piece, I thought "this crap isn't going to go anywhere".... Doh!

my thought was it was only used for illegal activity and i didnt want to go to jail. lol

 

[wallet.dat]

are bitcoins still profitable or is it too late for someone to get in the game at this point?

To mine them? Not really. But then again they weren't super profitable for me when I was mining 6 years ago either. Used to be able to mine out maybe a few hundred coins per day that would barely pay for electricity. In hindsight I should have hung onto all those coins and just ate the cost of the electric bill.

 

[ohmman]

I remember back in the day you could buy bitcoins for like $2 a piece, I thought "this crap isn't going to go anywhere".... Doh!

Hindsight is 20/20. Given the data you had at the time, your thought was much more in line with the statistical reality.

 

[Wee John]

I'm hoping some people are in the same boat of trying to save as much as possible to buy the car flat out or to make a large down payment. I'd like to check in here in this thread with others in the same situation to help keep each other motivated. Is anyone interested?
I'd like to check in every month if anyone is interested.

Ok. I've figured out how I'm going to have someone else pay for my Model 3. I will be trading oil and Tesla stock and I'll post my progress monthly, we'll see how it goes, might not be pretty.

 

[wman]

HI, new to the board and super excited about the model 3. Definitely not filthy rich, but do make a comfortable living. I'm hoping some people are in the same boat of trying to save as much as possible to buy the car flat out or to make a large down payment. I'd like to check in here in this thread with others in the same situation to help keep each other motivated. Is anyone interested? I guess I'd go first and would want to list as follows:
1- final budget for car: 42,000
2- current savings: 10,900

I'd like to check in every month if anyone is interested.

August 26 update: $11,600.

 

[Spenny818]

Currently have $10,642 saved (including deposit). I'm putting away $600/month into regular savings, and investing whatever is left over. I sold all of my Tesla stock in 2014 when it first broke $200/share to buy a Zero electric motorcycle. Hindsight is 20/20...

 

[SgtLou02]

Sold my ICE SUV to CarMax and will be a 1 car household till Model 3 delivery. 14k saved to this point.