UnThreaded | Threaded | Whole Thread (31) | Ignore Thread Prev | Next
Author: sykesix Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 461303  
Subject: Re: Budget exercise: Broke on $50K/yr. Date: 3/3/2013 2:25 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 34
I stand by my statement that a car loan is not a necessity.

It isn't. I never had a car loan until last year. And I probably still wouldn't have one, except the dealer offered 1.8% interest, which is at or below the rate of inflation and less than the 6% or so PFF is paying these days. I think it was smart to get the loan.

That said, $300/month (which presumably includes tabs and maintenance) isn't a whole lot to spend on a car. You're not driving anything fancy. $50/month on clothes is $600/year. That's pretty tight for a family of four. The rest of the budget was pretty tight too.

The reality is that middle class wages don't support a middle class lifestyle very well anymore. I think that is a real problem.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (31) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement