Great article on Matthew Jordan

[swampsting]

An internship at a paper mill in Alabama? That might make calling follow or counter option against Clemson or Va Tech seem like a breeze.

All the best to MJ. Getting his degrees while playing football and having played QB and slotback.

Tech man.

 

[Eli]

That is also not true if said vehicle is going to have a use and based on certain deals. Depreciation only matters if you are viewing the vehicle as some kind of investment. Depending on interest rates new car deals and how long you keep cars buying a new vehicle can be the right choice

Average car depreciation is 20 percent. You can not convince me spending 50k on a truck and the car depreciates 20 percent as soon as you drive it off the lot a good money decison at 22 years old
It would be like you buying a house for 100k and as soon as you move in its now worth 80k.

https://millennialmoneyman.com/i-still-drive-a-6000-car-when-i-dont-need-to/

 

[jgtengineer]

Average car depreciation is 20 percent. You can not convince me spending 50k on a truck and the car depreciates 20 percent as soon as you drive it off the lot a good money decison at 22 years old
It would be like you buying a house for 100k and as soon as you move in its now worth 80k.

https://millennialmoneyman.com/i-still-drive-a-6000-car-when-i-dont-need-to/

Real estate is different than a vehicle. If that vehicle is going to be the method of earning a living and it can enable you to earn back that depreciation then as an operating expense it is ok to purchase. Now you personally could never want to do it but buying new is not always bad just like buting used always comes with elevated maintenance cost quicker especially if you plan on driving the vehicle hard

 

[Eli]

Real estate is different than a vehicle. If that vehicle is going to be the method of earning a living and it can enable you to earn back that depreciation then as an operating expense it is ok to purchase. Now you personally could never want to do it but buying new is not always bad just like buting used always comes with elevated maintenance cost quicker especially if you plan on driving the vehicle hard

Terrible argument lol. Anything you do with your money is an investment. Of course it's different but you'e missing the point lol. I drive a 2001 Honda civic. I have yet to pay 50k in maintenance. You still have to get tires, oil change etc on a new car just like an old car.

 

[MountainBuzzMan]

Don't underestimate the value of rewarding yourself for a major lifetime accomplishment. Maybe that was one of his lifelong goals. He probably does not have any student loans. That is a lot more than most college students can say. I am happy for him and would never go on a forum and bash his decision to purchase a new truck.

 

[jgtengineer]

Terrible argument lol. Anything you do with your money is an investment. Of course it's different but you'e missing the point lol. I drive a 2001 Honda civic. I have yet to pay 50k in maintenance. You still have to get tires, oil change etc on a new car just like an old car.

That is fine and well but if you need to offroad or haul anything good luck doing that in your civic

Also new cars come with far better warranties. No car is an investment by itself. Cars do not appreciate. Cars are operational expenses. And like any operating expense if its earning potential outstrips its expense it is worth it. Also it might just be new to him.

 

[jwsavhGT]

I'm a girl and even I understand the truck purchase!

 

[dressedcheeseside]

Terrible argument lol. Anything you do with your money is an investment. Of course it's different but you'e missing the point lol. I drive a 2001 Honda civic. I have yet to pay 50k in maintenance. You still have to get tires, oil change etc on a new car just like an old car.

Plus you still have warranty on nearly new cars.

 

[Eli]

That is fine and well but if you need to offroad or haul anything good luck doing that in your civic

Also new cars come with far better warranties. No car is an investment by itself. Cars do not appreciate. Cars are operational expenses. And like any operating expense if its earning potential outstrips its expense it is worth it. Also it might just be new to him.

You should read the millionaire next door. Would really open your eyes. Also do some in depth research on warrnties. It's all a game and even the smartest people get sucked in

 

[Supersizethatorder-mutt]

HTH did this thread turn into a discussion/argument on how best to spend one's money after getting out?

 

[BonafideJacket]

Average car depreciation is 20 percent. You can not convince me spending 50k on a truck and the car depreciates 20 percent as soon as you drive it off the lot a good money decison at 22 years old
It would be like you buying a house for 100k and as soon as you move in its now worth 80k.

https://millennialmoneyman.com/i-still-drive-a-6000-car-when-i-dont-need-to/

Did I miss the part of the article where it said MJ's truck was 50k? Or that it was even new? How do you know he didn't purchase a used 2001 Sierra like your civic?

 

[jgtengineer]

You should read the millionaire next door. Would really open your eyes. Also do some in depth research on warrnties. It's all a game and even the smartest people get sucked in

Mate there are several different approaches to wealth management. Also I dont have to do research. The people that get raked over coals with new cars are the people un willing to walk away or dont understand how to make a deal.

Also its just money even 100k is nothing when you have the earning potential of a tech degree. I am truly sorry you feel like you have to live like a broak college student

 

[jgtengineer]

HTH did this thread turn into a discussion/argument on how best to spend one's money after getting out?

Eli trying to justify his life choices as the only right ones

 

[Eli]

Eli trying to justify his life choices as the only right ones

Just the smartest one lol. Keep spending your wealth on a truck that depreciated at 20 percent compared to an investment account with a 7 percent return. Lol it' not how much you make its how much you spend. No matter an earning potiential. Take a finance class mate. Also there is nothing wrong with owning a brand new truck. It's just not wise to do that before you have your wealth built up. It's why people who make 500k a year file bankrupty and 80 percent of America lives pay check to pay check.

 

[Eastman]

This stream is proof that you guys went to Tech. If this article was on a dwag site about one of their players it would not focus on the operational expense and depreciation of the players new truck but how many stickers could be placed on the back of it.

 

[Techster]

My $0.02 on MJ's purchase: Not my money, not my business

Not my place to tell someone how to enjoy their money.

 

[lv20gt]

This stream is proof that you guys went to Tech. If this article was on a dwag site about one of their players it would not focus on the operational expense and depreciation of the players new truck but how many stickers could be placed on the back of it.

If it was about a dawg player half the posts here would be sarcastic questions wondering where he got the money from while replacing every s with a $.

 

[GTL]

We might even have beaten Clems0n.

I hear ya, but that's a bit over the top.