voip-ninja
Give me some sugar baby
Is that gross or net earnings?
Net.
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Is that gross or net earnings?
I'm sitting on a yacht off the Italian coast. I wish I had a better history class. But, the reason I'm on the boat is because of good financial planning...Ira,Roth, time value, salary commensurate with talent.For those financing the monthly payment would typically be recommended to be about 10% of net.
Let's say that I'm sensible with my finances. I have a "car fund" and put money into it every month planning for that next big car purchase. When my Model S is delivered I have $20,000 in my car fund and the price of my car with taxes and options is $50,000.
I am now financing $30,000 because I'd rather take delivery of the car now than wait until I can pay for it in cash (and maybe there's a pressing need like my old car is falling apart, etc). I do a 5 year note at a relatively low interest rate and my payments are about $550 per month.
For a $550 monthly payment + 100 in other expenses (electricity, insurance, registration) I should probably have a monthly net income of around $6500. For most earners and depending on how many deductions they have, etc, that probably means a pre-tax annual salary of around $100K+.
Now is that realistic? For me it is. For others, they will happily put 20% or more of their monthly net into a car purchase and live in mom's basement, etc.
I look at 10% as "top end" on a car and feel bad if I'm not putting 20% of my income into various retirement and non-retirement investment vehicles. I work with plenty of guys who do the opposite. Put 30% into a car(s) and zero into investments and retirement. It's true you only live once, but it's also true that life is short and I'd rather spend my golden years enjoying life rather than working at Starbucks or Walmart to make ends meet.
It is crazy stupid foolish to buy a car that costs more than 50% of your annual income unless you can put a pretty generous amount down on it up front... plenty of people do it though. Look at how many people have reported that their $35,000 Model S will be a real stretch for them, because they don't even earn enough to get the full benefit of the $7500 federal tax credit.
This is why they should be teaching finances and economics in school and stop believing that teaching computers and world history is the recipe to a successful life financially.
I'm sitting on a yacht off the Italian coast. I wish I had a better history class. But, the reason I'm on the boat is because of good financial planning...Ira,Roth, time value, salary commensurate with talent.
You Give good advice...sounds like experience. I hope pearls aren't cast before swine
Umm..afraid you're going to be a little light here.
Car insurance rates are built on a lot of data points, including cost to repair. Tesla's experience rates are pretty high based on costs / availability of parts, and a very small network of trained shops. The current fleet of cars are not ones you want to damage for this reason. Search here for threads.
Ludicrous is already bumping up the cost of quotes on S and X models.
I'm planning on $1,500 - $1,800, non-Ludicrous, based on what I'm paying on an S5. And I'm 51, married, with a clean driving record.
just to be clear...yacht is not mine. just a passenger. but still traveling with a well heeled crowd.Not really. I would describe it more as a kick in the nads 10 or so years ago when my 401K imploded that taught me to start paying attention to what was going on for me financially.
No yachts in my future but Model 3 probably.
3 - 4 miles a kWh strikes me as a fair range of owner experience, so you will consume between 15,000 - 20,000 kWh. At 10 cents/kWh, this works out to $1,500 - $2000 over five years.
I calculate $6000