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Ah bliss...! 💁
Thoughts on Riveron Consulting?
Does anyone know if the same 401k rules apply at EY as Accenture so they will cap the contributions coming for your check say if you hit the yearly limits in August? So if you hit the 22,500 in 23 there is no way to go over for tax issues. Thinking to frontload next year contributions if market is down. EY
This is why we need Universal Healthcare
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Enjoy life
Pro
I’m not entirely convinced you’re not a NPC
Enjoy responsibly. You work hard and deserve a little appreciation towards yourself. Having said that, if your dream car is 150k, I’d wait a little longer since it seems you are on the right path. You can still find other vehicles that are as nice and fun to drive.
Lease makes sense if you don’t drive a lot (I lease because I rarely drive) and the payments are lower. If you like the vehicle, you can keep it after the lease contract or return it and get something else.
Rising Star
Life’s too short to drive boring cars
Rising Star
Depends on the lifestyle you want with the car. Driving around town? Probably lease.
Like doing road-trips? Owning would probably be best.
Point B, obviously
How uncomfortably does it get you from point A to point B? Will you need a car for the foreseeable future, or do you think there’s a chance you could move to a place like e.g. NYC in the next few years and not need a car? Lots to think about!
Will definitely be needing a car as I live in a suburb without lots of public transportation, but wouldn’t be uncomfortable, just not “fun”
Rising Star
Depends on the price point and impact to your overall savings, as well as how long you expect to own the vehicle.
If you’re making 85k in a low or medium COL area with a low debt burden you have a lot of options, so when you phrase it this way it seems like the lease might be higher that reasonable considering auto loans are usually 1-5 years.
Buy a used or certified pre owned car. Don’t lease.
Here comes the voice of reason i didnt wanna hear 🙄 jk haha i feel like you’re probably right! And i appreciate all inputs!
Factor in the mileage. If you lease there is a mileage limit and since you are in the suburbs, depending on where your office is, your commute will eat it up. I have a coworker who just had to buy out her lease because the overage cost were something crazy. Outside of that I would say enjoy life.
That’s a great point, but my wife and I both wfh, so we don’t expect to be putting heavy mileage!
The used car market is crazy right now. I’d lease then buy later. I own my car but am planning to lease a new car while keeping my baby. Maybe you lease, your wife buys.
Buy the car that is practical this time, then buy the car that you love next time. Nice cars are a luxury, leasing them is an additional luxury
I’ve leased in the past; however, recently purchased my leased car and wish I had just bought in the beginning (this is for a car that I truly love). It’s worth considering buying new in this market as used prices are still out of control and you might not get much of a discount off of new.
A good way of keeping your purchase in check is that the price of the car should not be more than 50% of your annual income. Assuming you don’t have a lot of other bad debt (student loans, credit card etc)
For context I am 23 YOE, debt-free making roughly $85k, but torn between being more “financially responsible” or enjoying life a bit more
To ask a different question, under what circumstances would you lease a car?
I would lease if I needed a car and I was expecting additional children in the next few years that would materially change my needs in a car
What are the cars in question?
Do not pay 600 dollars a month to LEASE a Jeep wrangler
Rising Star
Lease. Swap out every couple of years and don’t have to worry about the resale value. If it’s the same monthly payment, I don’t really see how this is a question.
Financially, leasing a car is universally agreed to be a bad decision haha
OP I was in a similar boat as you last year, my trusty 2006 Altima broke down and I needed a new car. Luckily I was in a time of pandemic prices and being a car fanatic, I ended up getting a fully loaded 2019 Bullitt Mustang for $39K. But I made sure all my other finances were in order (house downpayment, 401K contributions, good budget and control) then I went for it. If you enjoy cars like I do, it’s not a depreciating asset for us. Every time I cold start the car or shift gears, I smile like a 10 year old. Enjoy your life
It’s worth 45K right now lmao regret not getting a GT350 back then. All good tho, just need this one for 4-5 years while I save for that elusive 911 😬