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Rising Star
Hi guys, I need a suggestion.
I am very new to devops domain like only 6 month of theoretical knowledge and i got offer pf a tech lead role in a company so will i be able to survive ? Will this 6 month knowledge with less hand-on is sufficient to survive or should i choose lesser profile first and try to learn and then try for higher role as tech lead? Guys who are working in devops domain please help me to understand that how is the work load in devops?
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When the payment is under 10% of your take home pay. I had a 2013 911 C2 and I loved it but it cost me $1k a month so I got it when my take home was over $10k a month excluding bonus since that is more variable
Total household car payments should never exceed 10% of take home either
Rising Star
Or buying something you enjoy because Porsches are incredible cars that are an absolute blast to drive.
If everyone made decisions solely based on the economics, we would all drive used Toyotas…of course until market equilibrium drove the price up! You need to factor in what economists call “utility.” There is a differing level of value and enjoyment for each person from owning that car. I make almost all decisions on sound financial principles, but I love vehicles. Raised around cool cars, worked on them with my dad and brother. To me, my 75k vehicle is worth it because of the enjoyment I get every time I get in it and drive it…it’s a great place to be. All things in moderation, especially moderation!
Enjoy the 911!
Rising Star
I make 300k (plus bonus), and I would not feel comfortable with that level of purchase.
I make TC close to 400k. After taxes, mortgage, insurances, child care and so on I can save around 100k per year. So I would need to work 9 months for that Porsche. Would not feel comfortable with that purchase.
How long would it take you to build one?
That said, it’s an expensive consumption, it will either cost you a lot of time or a lot of money.
Don’t think there needs to be a rule of thumb for everything. Are you willing to cut back in other areas to make the purchase? You’re probably looking at 10k-15k a year for a car like this so consider what the tradeoff would be
Kids are $300k now on average in the U.S. not including college. I expect if you’re considering a $75k Porsche you probably like nicer things for your kids, expensive trips, higher end childcare…prob looking at $500k before college
Never, but I don’t care for cars. If you’re at a SM big 4 you can def afford, go for it!
Pro
When you have 2x cash in hand after paying all commitments to buy it outright - so for example if you have a balanced portfolio of investments and around 8% of cash in hand, that should be around 150k as a part of a $1,875,000 net worth in assets.
Pro
Yah it's a few rules of thumb:
- Never buy a liability with debt
- Only buy 'nice to haves' if you can afford to buy them 2x outright
- 8% cash is from the Ray Dalio all weather portfolio mix (approx 50% stocks, 30% bonds, 10% gold, 10% cash)
It's essentially a toy and I would feel dumb financing a toy, so I would only buy it if I could afford paying cash for it.
Pro
Formulaic approaches don't account for the emotional factor of a vehicle if you're an automotive enthusiast. I think it's fair to "overspend" on a car you've always dreamed of having if it brings you lots of joy with the expectation that you'll trim other hobby or travel spending (maybe you'll do a rad road trip in your new 718 instead of flying to wherever though!).
So are you comfortable spending ~1500/mo for that combined utility and joy? That's up to you to decide. I would probably want my total monthly take home to be at least 7500 to be ok with it.. as a fellow motor enthusiast.
As an aside, last I saw on some forums is that Porsche build allocations are not easy to find still and they will be harder to find for a less expensive model like the 718, so just a heads up you might have to wait but it'll give you some time to save up.
Rising Star
I don’t know the rest of your financial picture, but I bought my first used Porsche back in 2012 for $59k. (2012 prices, obviously.) At the time I was single, no kids, and I had just signed on my first mortgage three months prior. (I wanted a garage. It seems like a sin to park a Porsche outdoors, but that’s just me.)
In 2012, I was working for Sony, and my total comp was $125k. (I’d make about $10-12k in our annual bonus depending on how record sales were in each department.) Seeing how my car was roughly half my pay, I’d wager $150k should be the minimum you’d want to make.
My only request is that you be doing a 991 and not a 993. 90s Porsches are cool, but those maintenance bills will catch up to you. A 991 should be an easy car to live with. Just my two cents.
Pro
993 > 991
Pro
Which Porsche?
Pro
Used 911 tho….
I made around 250K before CPO cayman, now HHI 500K looking at spec’ed out taycan
Rising Star
The Taycan Turbo 4S is my absolute dream.
First try lighting ~$10k of that on fire for depreciation. Then see if you still want the car.
If I can make it work it would be where I can still set off ~2k USD/month to long term (pension) investment portfolio. As I progress and make more I will start to be able to set aside more money besides this target into savings for other things (like a car, a Rolex etc) and when I can and have enough in that part to my servings then I would do it
Honestly, if you're going drive it regularly, go for it! Otherwise, probably better to get one from Turo or something for a couple days whenever you feel the urge
Chief
I make 120k and bought a 911. 22M. It's just money.