Traded in the Shelby for a 2018 GT

[Crayon]

Congrats!

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[Automobilist]

Far, far off topic, but who cares...
One thing thing that's often conveniently overlooked in these circular discussions, is that you have to pay tax on the investment returns made in the stock market. (Assuming they're made outside of an IRA, 401k, etc...) So that 7% return is really only 4 or 5%. :doh:

To me, we've always wanted to carry as little debt as feasible. So, we pay cash for our cars, boats, RV's, etc. It may have cost us a small amount over the years, but I much prefer NOT making payments on stuff. You also don't need as large as an income to live comfortably when you don't have payments due every month. :cheers:

I knew I wanted a bunch of toys, a very nice home, and the time to enjoy it. So, I chose my career accordingly and it's all worked out well. Thanks to education & planning. ;)

For you young guys, it's ok to hold off on the blingmobiles for a while. Build your net worth up, and you'll be in a position to buy pretty much anything you want, if you play the game well. And here's a secret that can both diversify your retirement plan, and make you a ton of money: Open a Self-Directed IRA. Unlike a regular IRA or Roth IRA, (which only offers investments in stocks, bonds, mutual funds, etc) in a self-directed IRA you can invest in real estate, businesses, etc.

If you're an old guy and you still make car payments, well... :shrug:

 

[Houston Kid]

If it's like most company 401K plans, he can continue to put it in whatever fund options the 401K has if he wants too, just like he was still at the company. If he's too old and is forced to take some 401K money out, then that's a different story, but the Gov't doesn't force you to take it all out at the same time.

It's the US Gov't so of course it's not like most other retirement plans. We cannot continue to contribute to the fund once you retire unless you transfer in an existing IRA or Roth account. You can however, conduct interfund transfers within the account, i.e. G fund, C fund, S fund, etc.

We can do a one time lump sum withdraw within the first year after retirement of any dollar amount or transfer it to another retirement account. After the first year if you did not withdraw all of your money, you only have two options to get your money. Withdraw all of it as one lump sum or set up a monthly amount you want to withdraw until it runs out.

By age 70 1/2 you have to make a withdraw choice. Either set up a monthly withdraw amount or a lump sum withdraw.

 

[Wriggly]

This is still a bad financial decision. Your payments are less, but now they are going straight towards the depreciation on the 2018 GT which will be severe in the first year or two versus building equity in the Shelby.

Where do people come up with this stuff. Equity? Really? I bought a GT350 in September for 60k. Two weeks later and 550 miles and it was worth 51k. That's not building equity.

 

[Wriggly]

Far, far off topic, but who cares...
One thing thing that's often conveniently overlooked in these circular discussions, is that you have to pay tax on the investment returns made in the stock market. (Assuming they're made outside of an IRA, 401k, etc...) So that 7% return is really only 4 or 5%. :doh:

To me, we've always wanted to carry as little debt as feasible. So, we pay cash for our cars, boats, RV's, etc. It may have cost us a small amount over the years, but I much prefer NOT making payments on stuff. You also don't need as large as an income to live comfortably when you don't have payments due every month. :cheers:

I knew I wanted a bunch of toys, a very nice home, and the time to enjoy it. So, I chose my career accordingly and it's all worked out well. Thanks to education & planning. ;)

For you young guys, it's ok to hold off on the blingmobiles for a while. Build your net worth up, and you'll be in a position to buy pretty much anything you want, if you play the game well. And here's a secret that can both diversify your retirement plan, and make you a ton of money: Open a Self-Directed IRA. Unlike a regular IRA or Roth IRA, (which only offers investments in stocks, bonds, mutual funds, etc) in a self-directed IRA you can invest in real estate, businesses, etc.

If you're an old guy and you still make car payments, well... :shrug:

Ding, ding, ding.

 

[69mach1-395]

What I learned after only owning a few cars, its better to buy used (car will still be under warranty). Let someone else take the depreciation hit.

Trudat. I saved about 8-10k by just waiting a year.
As for the stock market, most of the huge gains until recently were based on hope. This is probably the expected correction.

 

[nastang87xx]

This is probably the expected correction.

If one didn't see that coming from a mile away...well, I don't know what to tell ya.

 

[GNN60GT500]

If you want to live debt free don't buy a house in orange county .ca and don't have kids and definitely don't do both lol

As long as I have more than I owe I'm ok with debt
When 2500 square foot houses are a million dollars and your paying for private school for 2 kids...we can reduce debt but we will never eliminate it.

Equity is the key

 

[Bull Run]

By age 70 1/2 you have to make a withdraw choice. Either set up a monthly withdraw amount or a lump sum withdraw.

Wow, I didn't know that. Once you set up a monthly withdraw, can you change it or are you stuck until you die? Will your former co-worker live on the pension until the market recovers?

I was able to sign up for TSP as a Reservist. Reservists don't get any matching funds (at least on the old system) but it has the lowest expense ratio, so I put almost all of my drill and annual training pay into it and I rolled my old 401k's into it when I switched jobs.

 

[Bull Run]

When 2500 square foot houses are a million dollars and your paying for private school for 2 kids...we can reduce debt but we will never eliminate it.

That's what I don't get about California. I used to live there for a few years but found that despite having highest state income tax, many of its public schools aren't that good. My daughter was zoned for a school surrounded by million dollar houses, but it had a crappy rating. We were looking at private schools but was fortunate enough to get into another school with much better rating. It was by a military community and most of its students are from military family, so it probably received DoD funding.

 

[Nomadic]

Only reason I can afford to live here is b/c I have no kids and don't need a lot of space.

 

[GNN60GT500]

That's what I don't get about California. I used to live there for a few years but found that despite having highest state income tax, many of its public schools aren't that good. My daughter was zoned for a school surrounded by million dollar houses, but it had a crappy rating. We were looking at private schools but was fortunate enough to get into another school with much better rating. It was by a military community and most of its students are from military family, so it probably received DoD funding.

That's my problem as well. I hate to pay both taxes to fund public schools and 1200 a month in tuition for grade school for 2 kids but I'd sell my cars to pay for the private school if I ever needed to

 

[Houston Kid]

Wow, I didn't know that. Once you set up a monthly withdraw, can you change it or are you stuck until you die? Will your former co-worker live on the pension until the market recovers?

I was able to sign up for TSP as a Reservist. Reservists don't get any matching funds (at least on the old system) but it has the lowest expense ratio, so I put almost all of my drill and annual training pay into it and I rolled my old 401k's into it when I switched jobs.

If you set up a monthly amount, you can change that amount but it is goes into effect January 1. So, if you have a major issue early in the year and need more money per month, you are SOL util January 1. You are stuck for the entire year at whatever amount you choose that went into effect January 1 unless you withdraw the entire amount. You can withdraw your entire amount anytime you want to.

 

[Coyote Red]

I went through Harvey and saw a correction was due, my 401k was only two years old or so and I did a 1 time withdraw to rebuild my carport/garage. Water heater blew up during the storm, well, it was destroyed, I'd turned it off at the gas line.

 

[Lorne34]

Houston gets it share of rain. It was a white knuckle day driving the GT350 in the rain. Even in weather mode, that car wanted to swap ends on you.

Thanks BTW. Got to drive some today before work. I'm liking the car. The only thing I'm missing about the Shelby is the constant thumbs up and looks it got.



It really did. LOL. The numbers I posted were what was really going on with the car. I was way less concerned with that when I sold the car. Had it continued to burn 1 quart per 750 miles, I would have tried to sell it sooner. Another minor point in the back of my mind though in selling the car.

Do you think the poor performance when driving in the rain could be contributed to the Michelin Super Sport tires?
Also, the oil consumption concerns me and has held me back from pulling the trigger on a gt350...whether they say that is normal in the manual or not-- unless you are hard tracking the car it should not be consuming that much. I have also read other forum threads on the gt350 side where users have had little to no oil consumption... so why is it all over the map? I think it is a problem with certain 350's that either had an issue in engine production, break-in or something else... the quality control should be better...

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