Average Median Income?

[Dark-Hawk]

I've simply decided to stop modding my car. Unless I have to replace something, I'm no longer putting money into my vehicle. I'm keeping this trend until I'm making upwards of 70K/year and have some form of disposable money to put aside. Cars are great, but they're a terrible investment. I'd rather just have my car, and a motorcycle for my fun vehicle; at least for now. That's just me though!

[AdamVR4]

How much money are you going to be saving every year?

I think I'm in a very similar income situation... Based on my relatively well refined budget model, given our current expenses (including a car loan), we will save ~$20k this year in spite of spending $9k on the VR4/travel... I'm not pleased with the amount we're saving, but I can't justify not having any fun... Then again, to be fair, I just used the VR4 half of that budget to buy a daily beater, so yes, I feel your pain on not being able to afford mods

[IPD]

i should be content, but i'm not. and that's probably how it will stay until i'm happy with my car.

i regret buying a 2nd car; and even more, i regret trying to have WSR fix it up for me. oh well. at least in another 18 months or so, that loan will be paid off. debt sucks.

imho, if you can save $10k per year, per income earner--then you're doing ok. i'm a little behind on that goal this year. at times, i feel that i constantly get the short end of the stick financially. i only seem to have money for my IRA just before the market takes a s**t. i purchased a house during the ONE AND ONLY spike in interest rates during the housing slump. so that "normally a great idea" 15-year fixed rate has been biting me in the ass because i'm stuck at 6% while the rates have dropped to 3.75% in some cases. and since i can't guarantee that i'll be around for another 2.5 years...i'm stuck without refinancing.

it's really par for the course for me though. if there is a hard way to do anything, i'll probably end up going down that road. i have the absolute worst luck. i'm like william h. macy in the cooler--only without the happy ending.

[Show Killer]

Shit, tell me about it. After taxes, child support, 401k and medical i will take home about 45% of my net income this year. Good thing is both kids will be 18 in about 3.5 years. That will be an extra 25% right there to my pocket.

[2fnloud]

OP,

I think you have a misconception, sure you are reading about different people doing grand and wild things to their 3s. But it is not like it is the same person saying "Oh I did this to my 3s and now on to do the next thing."

I too get frustrated by the news that this use just got these killer rims, and that user just finished installing a new set of DR750's" and I have only had my car a year.

Do you have a goal of how you want your car? If not write it out, group it in stages as much as possible, then don't sway from that list at all. It is too easy to look for items that do not line up with your goals for your car. I used to due this because I would get frustrated that my goal list would appear to go stagnate. Honestly that is how I became an owner of a 3s, I got frustrated that my Saturn project was moving at a snail's pace. Saturn vs. 3s, I decided the 3s was the better car to have.

I remember a question I heard a year or so ago, "How do you eat an elephant? One bite at a time."

Our cars are our elephants, and sometimes "Keeping up with the Jones's" causes us to bite off more than we can chew at times.

[i3igpete]

I'm throwing my money away in a studio apartment. we should include which state people live in also? huh?!

don't always think that renting is "throwing money away". when you buy a good size home, the annual taxes may equal what you're paying for rent. people don't always consider this, since you're throwing away just as much.

[HilbillyHomeboy]

Alex, for me its closer to 40%. I lose 15% right off the top for FICA and then state and fed off of that cuts almost an even 40% right off the top. If i didnt have to pay taxes id have been caught up on my personal finances a while ago

Jason

Gotta love being self employed...uggg. My biggest problem is I have almost no overhead, so very little write-offs. All profit blows when the tax man comes knocking.

Jeremy

[ChargerX3]

Im just glad that im making more than i did a year ago. $0 for over a year is tough. I work at job that doesnt necessarily tie into my major, but it pays all the bills and then some. I dont make big $ at all, but my needs atm are met, so i am happy. That is all that matters.

[DrkZide]

Do you have a goal of how you want your car? If not write it out, group it in stages as much as possible, then don't sway from that list at all. It is too easy to look for items that do not line up with your goals for your car.

Our cars are our elephants, and sometimes "Keeping up with the Jones's" causes us to bite off more than we can chew at times.

That's actually a pretty good idea. I'll have to sit down and write it out. For right now I'm just trying to get it mod receptive again. I know I need the 120k and a new set of brakes up front since mine rusted out when I was in the Army.

My other problem is being that I live in Denver I sold my little truck (Ranger) to buy a bigger 4wd (K10) so that I can tow the car, haul stuff, drive through tall snow, etc.. But now I'm finding I'm just modding the car AND the truck AND the wife's Audi.

[91stealthrt2]

Last year my wife and I only made 40k combined. And we purchased our house 2 years ago, it's less than 1400 sq ft, and our mortgage is 1600 w/ taxes & insurance. We don't spend out of our means and the only debt we have besides the house is student loans, which is almost 600 a month(Wife just finished her masters). We used up all our savings in the last year.

My wife just got a one year contract so she will be making about 40k for the next year, and I am hoping to get a promotion that will bump me from 30 up to 40k.