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They can get a used Boxter!

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I am an immigrant and coming from that background most of my friends with similar or even lesser savings than Op have premium cars ranging from BMW/Audi to Porsche/Tesla. So it’s mostly the mindset is what I feel.

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I can agree with this as well, being an immigrant. It’s not surprising and not as controversial as it seems. I think financial literacy plays a part as well as long-term planning. I know from personal experience that my friends are more focused on living for today and letting tomorrow take care of itself.

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A Porsche to go to Target?

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More like Forever 21

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The average American does this all the time but the scenario would be making $50k, no savings/retirement and buying a $60k pickup/SUV with a 96 month loan

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A2, did you even read D2’s comment!

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Extremely representative of average Americans

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Yes, unfortunately

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Def no

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Lease?

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So you can spend $45k for 3 years? That might make even less sense.

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It’s *her post tax income. *She makes 135k a year (and wants a Cayenne 🤢)

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Thank you for the clarification, I can’t edit the original post to change to her.

She posted in the original that this was a joke.

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I think she stated it was initially a joke. She probably considered it after reading some of the comments encouraging her to go for it and chose to participate in the conversation. I learned a lot from that thread. I was thinking of purchasing a Lexus but will hold off and pay off debt before moving forward.

They can do whatever they want, tbh. This is the investment bowl and we're all skewed towards saving up.

It's a ridiculous idea in our eyes, but hey if they really want it...

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Yes they can afford it as long as they keep the job.

Honestly you can get a used Porsche if they really wanted to + this doesn’t take into account how much they have in savings right now. If they have a sizable down payment and have monthly payments while also contributing to their savings, I don’t see why not?

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Well the post indicated an 80k car , not used. What do you mean sizable savings? The life net savings are 15k after you remove the debt, that’s super low. That’s not enough for an emergency fund

Absolutely not lol

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So someone who isn’t into cars, still has student loans, and has <1y of income in assets wants a Porsche that costs almost their net worth? Hm this one’s a close call 🤔

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Can she ? Yes. Should she ? Most likely no.

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She*

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They can afford, but will be paying from future retirement and investment savings which are foregone.

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“Rule of thumb” is 35% of your annual salary as the cap for the car. Based on that, their budget is $47,250. If they can buy a Porsche for that amount (preferably less), go for it.

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This being an investment bowl, I'd say definitely YES -- as long as she buys a classic Porsche :) We bought a 1986 911 with 60k miles on it back in 2010 for $16k. If we were to sell it today, it'd go for +$90k with those miles, $60k with 100k more.

Related Posts

I lived and worked in the US for 5 years with H1B. I currently live outside. I still have my US credit cards and bank account open. Will it cause me any trouble in the future? should I close them all? The reason I don't want is I want to keep my money in the US.

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In the 6 years of our married life me and my husband have always had differences.
One thing we stuck to was not to care about expenses like we saved together, spent together...my salary was his and vice versa...
I have differences with his side of the family...but recently I got to know that he has been buying crypto for his brother without my knowledge.
Mind it that his brother is very well off but for some reason he can't buy crypto himself since he is in India.
Knowing my husband...contd...

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Serious question - is there a reverse FIRE strategy? I like the idea of saving and retiring early, but the one hiccup I see (and sorry if this is grim) is if you die earlier than expected. I’d be worried that I would minimize lifestyle and fun for retirement at 50 but I’d die at 49. How about a way to work 9 months out of the year and retire/travel/relax for 3 months? This way you guaranteed your dreams/etc. are fulfilled

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Are there any incentives to being in the military beyond veteran benefits?

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I’m in a rather peculiar situation. I have been in the HR field going on 4 years, I have over 11 years of management experience, I got my PHR last year and I recently graduated with my MBA with a concentration in HR this month. I am ready for a more challenging role. However, there doesn’t seem to be much available at my current company. However, I am going on 5 months pregnant with the expectation of being out in October. I feel like once I mentioned my pregnancy I was in a holding pattern.

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I am in dallas and looking for a new job. I currently work 70 hours a week and want to spend more time with my family. Looking for 150k sal or more, weekends off, decent benefits. I have a good resume, but no idea what I’d like to do. Anyone have ideas?

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Getting so over the grind of New York but don’t want to give up the pace of my career. Where should I consider moving (PR necessary, healthcare preferred)

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Hi tax 🐠,

I have a question for those who prep individual tax returns. My parents claim my grandfather as a dependent on their tax return and due to their low income, receive PTC for the premiums they pay on his insurance (not eligible for medicare). However, would it be advantageous to have him file for his own tax return (he stays with my parents and doesn't have his own proof of residency via bills). If so, can he get PTC if his income is 0?

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Anyone have three kids and working in big law? I just found out I’m pregnant with no. 3 and it’s been a lot trying to juggle morning sickness, but based on my experience, I know this is only the tip of the iceberg of what’s to come. My husband and I are elated, but the anxiety of being a mom of 3 kids and working in big law is preventing me from truly enjoying this news. It would be good to know what it’s really like having 3 kids so that I can evaluate how long I really have left in big law.

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My mother isn’t the smartest cookie and let’s people take advantage of her—to the detriment of her health. It’s absolutely infuriating and she refuses to acknowledge the problem. anyone dealing with something similar ?

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I am a permanent resident. If I have a gap in benefits coverage, can I opt for obamacare without any future liability owing to using federal benefits? Or is COBRA recommended.

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Does LTI provide reimbursement for WFH setup ?

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Hi Moms. I’m 4.5mo postpartum with my first, and I’m having incredible feelings of resentment toward my husband, who I love dearly and with whom I’ve always had a great relationship. It feels like he’s not factoring me or the baby into his decisions (e.g. going on a 4d boys trip, attending big events), while I’m left with the consequences. My mat leave is ending, and he’s now sick with COVID. He’s quarantining at my in-laws while I return to work and take care of baby. I’m so frustrated… (cont.)

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I am currently at a firm and received an in-house offer. Aside from main items like comp and big ticket benefits like PTO/health insurance/401k, what other items do I need to think about discussing/negotiating? For example, fees to keep bar licensure, professional association fees, CLEs, etc. I feel like there is so much on that end I currently take for granted being covered at my firm. Anything else I should consider?

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Start tomorrow but I don’t get a match for 401k until 2nd year. Living at home and wanted to pay off my loans. Is it ok if I just do loans, max out IRA, and have an emergency savings? Projected CONTD

3 years ago I asked for a compensation review/raise, went through what felt like a ridiculous 8 MONTH long process of defending why it was warranted, only to be told no. 3 months ago I asked again and it has gone nowhere. I should add that salary bands are kept secret and I have no clue what the range for my position is. There are a decent amount of benefits in my position, the biggest being WLB, which is what has kept me here for so long. But I’m getting frustrated. What would you do?

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Hi guys.
Can anyone please share company perks and monitory benefits and JPMC for software engineer

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Are there any pros to staying at a company and getting laid off, vs. proactively looking for a new job and quitting before it happens? I.e., financial (possibility of receiving severance or any other benefits). Or is being laid off just all bad? I don’t know if my job is at risk — I don’t believe it is — but my agency lost some clients and is talking about cost cutting to be safe and get ahead of it. Fwiw, I’m ready for a change anyway.

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Anyone here retire in late 30s or know someone that has?

More Posts

Almost everyone here is from a consulting background. What is everyone's target industry/role post MBA? Just curious 🤔

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Does Deloitte Canada do the collective disconnect over Christmas like the US?

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With kids returning physically back to school, are you planning on having students work in groups or more of individual learning? Will there be team work in your classes this year?

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Any recommendations on brokering app (features and fees included) for trading in India’s stock market ? What has been the experience on signing up to these from out here in US?

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Any ladies currently at Deloitte with positive feedback on the company/culture/career progression? TIA!

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Charleston audit, good market? I’ve been eyeing a move but unsure how logical the build to partner would be.

In your opinion, where is the safest (but still exciting) place for a female living alone in Manhattan?

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Trying to update my closet for casual work wear. What are your go to stores for clothes and shoes.

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Hi Guys, any referrals i am looking forward for a switch as i am having 12 years of experience in Operations in which 6 years in Insurance. Please advise if any openings available. Thanks

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Can we stop saying MAANG companies and switch to the cooler MANGA acronym instead?

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Does anyone here have experience / know someone who was successful at negotiating merit scholarships at M7 schools?

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Anyone in Deloitte Advisory find out about promotions yet?!

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Anyone started recently or starting soon like in September? Reason I ask is that I’m not sure what the plan is, are we staying remote? I know on boarding and training is remote but not sure there after. Curious to know what others were told.

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Thought's on KPMG Singapore? Heard the work-life balance is comparatively better than other Big 4 but pay might be slightly less.
How long should one ideally stay before leapfrogging?

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Is it just me, or are apartments in Dallas expensive as hell for their size and for being Dallas?

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I am in conversations for a SVP role at a media agency. Does anyone have any guidance on salary expectations I should be asking for

Are Pandora bracelets still in

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This years appraisal.

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Additional Posts in Personal Investment Chatter

Thoughts on a high yield savings account (~2.25% interest) vs a money market account (~2.5% interest)?

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I was planning to buy a home next year, but now I expect to renew my lease once it expires. If so, I wouldn't be buying a home for at least 2 years from now.

Guessing I should still leave the down payment in a HYSA (getting 3% right now)? Sucks to miss out on market returns, but I understand that conventional wisdom is not to invest money you'll need in the short term (within 3ish years). I'm definitely tempted to put a portion of that in VTI though...

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Just opened up a Roth IRA with Schwab. what’s are good stocks/mutual funds that i should buy for the Roth IRA account?

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Anyone else feel like they’re never going to be able to afford a house??? I’m 25 & live in New York. The real estate prices are crazy here

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About to get a payout from a legal settlement ($300k-$500k). How would you invest it or what would you do with this money if you got a payout like this? My goal is to build exponential wealth, but would love everyone’s thoughts even if it has nothing to do with investing! (I’m 25, not married, no kids, have about $240k in student loans, and no savings)

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Has anyone invested in real estate using Lofty AI or PocketProperties? It seems like a good way to dip my toes into real estate - the minimum amount is $10-50 and I would benefit from receiving rent payments proportional to ownership and appreciation in value.

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Worth buying VTI today? Every week I am buying and it’s going lower and lower the next day. I bought it yesterday and today it’s 5$ lesser than yesterday!

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How much do you take home after tax and maxing pre tax 401k while making 144k? Not sure if I'm doing something wrong with my withholding. I'm married filing jointly withholding at a single rate, 1 federal and 1 state. DC location. I'm only taking home $6k a month.

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If you kids are the beneficiaries on my will — can I put one of them as the primary executor as well ? I’m divorced btw

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Is watch a good investment vehicle in terms of resale value?

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Hey all! I would appreciate some feedback on my investing strategy: I want to buy QQQ3X when QQQ goes below 118$. I believe a major market reversal (a crisis) should take place in late 19 or (cont)

New to cryptocurrency and want to invest in it. Recommendations welcome. How to start? Coinbase vs. GBTC via Vanguard? Is it a good time to enter?

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What does a single family house (with basement) home owner insurance costs. Just looking for a range. Looking for a ballpark.

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If I get a new job in New York but only move in august, would I be able to avoid state income tax for all of 2021 income given I spent over 6 months in Florida ? Have lived in Florida for all of my career thus far.

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I’m considering Schwab roboinvestors to manage my investments actress various index funds aligned with my risk profile. Aside from the large 6% cash requirement, what are other downsides?

what’s the most you’ve spent on brunch 🤣

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If I’m above the Roth income limit, can I do back door Roth for my Roth IRA and mega back door Roth for my Roth 401k? And does back door Roth count against contribution limit for mega back door?

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Fully aware this is a newbie question. Looking for the best way to get started in purchasing stocks. I used to use E-Trade back in high school like 11 years ago, but stayed away to focus on paying

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Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

When you do a back door roth - do you close the traditional ira or leave it open? My first time doing it and fidelity is asking which I prefer.

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