I'm a soon to graduate engineer in California...

>$14400 car payment
>$500 a month on food
holy shit people are retarded

If you're gonna make a budget chart, put some energy into it

What is having an expensive car going to get you? fucking nothing. Prehaps a gold digger but then you may as well fuck an escort a few times.

It also has no functional purpose other then driving yourself around while a good ole trusty Ute (pick up tuck for you burger tards) can be used for moving shit.

It's actually really good for the price. I'm going to consider that.

I was also thinking about just leasing a car instead of buying one, just for a few years until I start getting a solid inflow of money with investments.
The money I would be throwing down the drain with the lease is probably less than the money I would lose from buying an okay car that I will be tired of in a few years and sell it back after it has been really devalued. I want to buy that 50-55k car in say six years from now at least.

understand that saving money is two valve - one for money coming in, one for going out. just keep the one going out flowing less than the one coming in, thene you grow from there

I was thinking on buying a 50-55k car, that's were the car payment comes from, 1200 a month.

The 480 a month on food is calculated from spending 120 a week. I like to eat out on weekends and buy that organic stuff. I love food.

Leasing is much better idea

Enjoy drowning in debt.

You're absolutely right. I just threw that together in a minute here to ask for advice. That's a good example though I'll expand mine, didn't take into account car insurance, that's a big one.

Thanks for the example. I haven't looked into the 401k stuff I need to read up on that.

This is my budget Planner with forecasted income (I may make 4k a month but prefer to assume less because contractor)

I know. Same thing as fancy clothes and expensive watches.

The flesh is weak and I like flashy things. My brain knows it's pointless and a waste of money, but man would I feel made driving a 50k car around.

But then again I can always throw that in the back burner and get some good investments going first that can possibly pay for that, and keep producing money after.

Yeah I think so too. I will change that around in a second I'm just going to find an average price of something I would like leasing.

Cool, I'll throw me some cool graphs like that.

Big difference, that's on leasing a car with 300mo. I saw Mazda 3 at 200mo, which I would be okay with driving, but the 200 doesn't include taxes and just to be safe (prices go up or can't find a good deal in my area) I used 300.

Makes a pretty good difference.

>$1000/month car payment
>only $80/month on gas
Are you 12 or just have no bearing on reality?

If he drives a 4 cylinder or even a new 6 cylinder that's pretty reasonable. I spend 120 a month and I use premium and drive a lot.

oil is at all time lows. Any long term budgeting should be done at $4.00 gas minimum, especially in CA

For the gas I actually used the milage of the car model I was intending on buying and used an average of about 45 miles a day for 5 days of the week or you could say an average of 32mi per day. That's of course playing slightly safe on the possibility of commuting 20-30 miles to work.

The car payment was 1200mo intending on buying a car that's 50-55k it's pretty reasonable I think. Changed that already though.

True. I used $3.00 that might be too optimistic. I'll change it to $4.00.

thank god you changed your mind on the car. Also I dont see insurance or phone bill on there. Insurance for the 50k vehicle could be 500/month easily for a male in his 20s especially for a sports car.

I'll get me that 50-55k car before I'm 30 though. I'll lease until then.

Any idea on how car insurance works for leasing a car? or the average cost of it?

Have to add internet, utilities, phone, both health and car insurance and gym membership.
Fucking insurance is going to suck.

Updated gas price from 3 to 4 (pic related).

I would imagine you would need full coverage and anyway, not having full coverage on a vehicle you owe a substantial amount of money on is a stupid liability. So that will likely run you $250/month if you are still set on driving a new vehicle.

Have fun with Obamacare (literally ate a quarter of my income last year)

M8 you don't make nearly enough money to buying that kind of car unless you want to be perpetually broke

So I would be leasing something similar to a Mazda 3. Say 20k car. Would the insurance still be about 250mo?

Damn 25% ?! I'm going to look into the health insurance right now.

Already changed my mind to leasing a modest car until I can afford that 50k car. When I'm making 70-80k and have some solid investments producing income for me. Like I said I'll be driving that car before I'm 30.

Why do you care so much about the car?

You're gonna look pretentious showing up in a new car right after getting your first check. It says, "I assume Ill be working here for however long it takes me to pay this off." Instead of being brashfully confident you should be humbly confident. They know it's your first job. You think they want to see you sign a big chunk of your income away on something superficial like a car as soon as you get a bit of money? What does that say about your judgement?

Much better to drive a decent but older car you purchased for 5 or 6 grand cash on Craigslist. This will show your employer you think in the longterm and are capable of handling greater responsibility than your peers, resulting in more income

It has nothing to do with peers or my boss or anything work related. Usually you just park in a structure and go to work. I wasn't thinking on that at all.

What I do think about is that to me a 50k car is a stamp of success. I've been away from my family, schooling hard for 4-5 years. It would be nice to be able to go see them with something to show. It would make me feel more confident (bashfully confident perhaps). I would feel as though I made it already.

I understand it's foolish and all. Rationally obviously it makes no sense, but that's the reality of how I feel.

So I'm balancing it out and getting it later when the timing is better.

50k post tax is 1 year of working at your income level. Ask yourself whether you would rather have a fancy car or a 1 year vacation.

Fancy car.
Finish paying car and then travel thereafter.

I'm guessing you mean 1 vacation per year. Instead of the ~$1400 year payment on the car travel once a year on that. I can wait on the traveling for a bit.

I repeat though, I'm not intending on buying a 50k car some time soon anymore I will wait until I have 75-80k income and some solid generating investments.

yeah please don't buy a nice car as soon as you get a job. literally get some corolla or something and drive it for five or six years and then get a nice car after you have some savings built up

even the 20k car makes no sense, senpai. Buy a 5k car cash and save the payments so you actually can afford the 50k model one day. Being 20k in debt or stuck in a lease contract isnt a status symbol. It may be to you, but everyone else will see right through that. And the number is closer to 200k/year to buy the 50k Jag.

>500 a month on food
what the fuck.

OP is a currynigger. 100% guaranteed.

This is a white board. You need to leave.

I've done worse. I eat out all the time and still put stupid money away since I'm single, paid $260 in rent, had no car payment, and was making $105k.

It was also alcohol included.

> 14000 car payment

What the fuck!? Sell that fucker right now. Eat the loss and buy a civic you stupid tit.

Jesus fucking christ, you're only paying 5000 on student debt and 13200 on RENT and you decide to pay 14400 for a car? I don't know where to begin here. This is the "herp derp" post on Veeky Forums today.

You don't deserve a nice car until after you've paid down your student debt AT LEAST. I'd argue until you stop renting entirely bu YMMV.

> I love food.
That almost makes it make less sense for a single person to be spending $120 on food each week. There's no way ingredients for one would come to that amount. Are you including booze in this?

You are wasting your money. That's all there is to it. You are taking, probably at least 10,000 a year and basically setting fire to it. Pay down your debts and buy a few durable suits before you decide to splurge on all this bullshit.

I agree with food costing that much, Here in Canada you can spend a lot of higher quality stuff that actually tastes good. Your steak from walmart will never be the same as a high quality steak from the market.

Well I mean my current car has over 100k miles and might break down in a near future. I rather lease a 20k car and be on a 3 year contract twice to have it for 6 years (time in which I will pay my student debt). I currently have a 5k cash car, but I would like a bit of an upgrade to a 15-20k, a mazda 3 sort of car. I don't want to get a job and downgrade to a worse car than I currently have.
Yes I would be throwing 21600 down the drain in a time lapse of six years.

I could perhaps buy a 8-10k salvage car that looks good, but salvage cars are always a risk.

I currently eat on about 80 a week. And I eat cheap right now, I want to be able to cook me whatever I want to cook me, occasionally go out to eat and buy me some booze.

Like I said before a few times in the thread I changed my mind to leasing a ~$20k car until I finish paying my student debt, am making about 70-80k and have some solid productive investments.
updated (pic related).

I have to add a few things though mainly car and health insurance.

modern cars last until 250k miles, 100k doesn't mean shit

If you want to lease, that's fine, I'd just aim to have a huge chunk of my student loans gone by the time the lease is up

Once the student loans are gone, you can go off and buy yourself a fancy new car

sometimes you get a lemon, I had a sunfire that was flawless before I crashed it at 200k
had a friend with the same car and constantly had problems, now we both bought used so maybe the previous owner raped his car but who knows.

If you have a car payment then you're a fucking retard. Cars depreciate instantly. If you can't buy it with cash then you're a retard.

>mfw my neighbour spent 28k on a bran new 2016 hyundai accent
I spent 17k on my bran new 2016 elantra.

Don't Americans get tax refunds and shit for eating out on the job?
Since I'm working in another city I declare about 300 yuros per month just for lunch.

lmao no, that would be awesome if they could

Well I have a salvage 2008 Dodge Avenger. I might ride it until it dies, because I do like the car. I think over 100k mi it's odds of breaking down are higher, but if it rides until 250k I could ride that.

Yeah my current plan is to lease until I finish paying my student debt and then get me a fancy car. By that time It will be 6 years in and I should be at an income of about 70-80k with some solid investments producing more income for me.
Or I could ride my current car until it dies. Get that fancy car once I finish paying the student debt still same plan except without leasing. If the car does last more 6 years.

Either of those two should be fine. Obviously, the latter is more economically sound because it gives me about 3.5k additional to invest. I might still go for the lease though. Because comfort.

If you know of a better strategy do explain. Not paying in cash though because I just don't have the capital for something I would like to own. Like you said cars get devalued so if I buy one I'm going to assume that I won't be trying to sell it and that I will have it for a long time and love it.
That's why leasing is my current plan until I do buy a fancy car.

If you bother keeping your receipts you can get refunded the difference between what you paid and a typical meal at home (estimated at 5€)
So if you have lunch for 20€ you can ask for a 15€ refund.
If you don't want to bother keeping a billion receipts they assume you pay 10€ on average when eating at work so you still get a 5€ refund. (This is a better deal if you often skip lunch or buy a cheap snack.)
Between that and the transport cost refunds I'm never paying any income tax.

>you can ask for a 15€ refund
Well technically the refund is capped at 13.45€ per meal.

>Not leveraging the difference between the down payment and investing the rest.
Don't be a clown. Why would I pay $30k cash for a new car when I could put $10k down and get a 3 or 4 year loan with a ~3% interest rate and then take the $20k and invest it and get a 7% return?

Answer: I wouldn't, and neither would any intelligent adult.
>b-b-but buying new
I can afford it and having a car with a warranty is a huge relief.

>I would feel as though I made it already

You keep saying this, but you're an entry level engineer making $65k/yr. You don't say how much student debt you have, but it's there.

You haven't made it yet. If your company needs to cut a few workers and you get the slip, is that giant pile of debt you have with no savings, assets, or means to pay it off going to make you feel like you "made it?" You shouldn't be paying that much extra for luxury items until your net worth is at least zero (rather than negative) but really you should be saving before you throw your entire net worth into a damn car.

what are you talking about 'salvage'? why would you buy a salvage vehicle? where are you that a salvage vehicle costs $8,000+?

just buy a used toyota or honda for $4000 and under 180k miles on the odometer and call it a day.

I'm abandoning thread. OP is the definition of nigger rich and is beyond saving.

>buying a 50k car on a 75k salary

Actually, this whole thread is bait

>I would feel as though I made it already
>feel
I know It wouldn't be real, but the feel would be. It's a confident boost.

Regardless, like I said quite a few times in the thread already I changed my mind and I'm leaning towards leasing a 20k car for about 6 years when I will be done paying my 30k student debt with 0 interest (subzidized) with 5k payments over 6 years.

A salvage vehicle in good shape is about 5k-8k down here in southern california.

If I could find me a a used camry with 100k miles for about 5k that would be better.

I still think I would rather just lease for a few years, the alternative to that would be to keep my 2008 dodge with a little over 100k miles for 6 more years.

When would you consider buying that fancy 50k car?
On a 75k salary and post student debt I would be sitting on over 10k to play with in investments. While paying off that 50k car.

>over 10k to play with in investments

10k is nothing. If you insist on the car, you should have at minimum all your student debt paid off and an emergency fund of 3-6 months worth of living expenses (including the projected car payments) in cash. I personally would want at least the same value of the car in investments as well.

By the way, your tax calculations are wrong. 25% is a marginal federal rate so you don't pay that much on your whole income. On the other hand, you didn't include FICA stuff or CA SDI. You should have about 2k more than calculations, 45k after-tax income, according to paycheckcity.com/calculator/salary/.

Yeah, my current plan is to have all my student debt paid off before I buy the 50k car. That would be in 6 years. So by the end of those 6 years I should have ~$60k+ in investments. I should take some of that into an emergency fund that can cover all expenses for 3-6 months though that's some good advice. I'll have that before I buy the car, to be safe.

Thanks for the website I figure something was wrong with it, it couldn't be that simple, I tried looking for tax calculators, but they were mostly shit. This will help out, I'll recalculate those taxes and throw them in my budget sheet.

I cant even believe the 50k car is still in the equation lol. This guy has planned his life around buying a car.

How about this: Move to good ol Texas where the rax rate on items is only 8.25% and your dollar will strech way longer on all those items. Good amounts of jobs except when the Saudi princes are fucking with our oil and a cheaper rent too. Like organic food? There are farmers markets and Whole Foods and Trader Joes littered everywhere. I know one friend that came from Cali just to get away from that money leaching that happens up there.

This is Veeky Forums, only german vehicles are acceptable. Either an Audi or preferably a BMW.

Hey, I want to buy a Spitfire one day too, so I can't really say anything. And no, not the car.

I seriously hope u dont finance one when ur making less than its value yearly

OP once you start working and see how slowly your bank account fills up, you'll realize how much sweat and tears 50k represents.