December 11, 2018, 01:12:50 PM

Author Topic: I went on that reddit personal finance and they gave me a bunch of trash advice  (Read 829 times)

Offline wickedrx7

This is some world-class shitposting. Thanks, OP.

Actually, your post is shipposting.  Honestly. 

1993 Touring, 2012 L99, T-56, Ronnin 8.8, Ohlins, Speedhut, Samberg and lots of custom parts
Build Thread - http://www.norotors.com/index.php?topic=19354.0
Pictures - www.flikr.com/wickedrx7

Offline spacevomit


Offline T34418L31

  • Pre-Staging
  • Location: Pittsburgh, PA
  • Posts: 111
  • View Gallery
    • View Profile
This is some world-class shitposting. Thanks, OP.

Actually, your post is shipposting.  Honestly.

 :lurk:

Fair enough.

Offline Dvous

So it sounds like you just want someone to say what you want to hear...so yeah, buy an FD, knock yourself out!

In all honesty here's a story that may be applicable.

I started buying and building cars when I was a teen.  I put off college because I thought I wanted to be a mechanic or something, but really I just wanted to blow money on cars.  My friends and family thought I was nuts with my spending considering I wasn't in school and living with my dad into my 20's.  I started building my FD at 21 and still hadn't started college (despite spectacular SAT scores), eventually I started engineering school for my BS Mech E.  I dragged out school for way to long because I was "busy" building my FD. Again, everyone thought I was nuts and had no idea what I was doing. At 26 I graduated, within a year I secured a fantastic job in aerospace.  Now I'm 28 and have since bought the house I grew up in from my father, bought a vacation house in another state, started working on retirement funding and have put together a collection of rather valuable cars and other assets along the way.

The moral of the story? Everyone has a path, identify yours and do what feels right!  Other people can only advise on what worked for them, do what works for you.
« Last Edit: September 22, 2018, 12:05:20 AM by Dvous »
'93 fd~black/orange, 5.3l, t56, 7875, HP efi, 4 pt, etc
'63 F250~95' F350 frame, D60, 12valve, zf 5spd, 35's
'51 Willys M38~350/4spd, otherwise all original
'72 FJ40 landcruiser
'03 2500hd duramax~ppe stg 5 trans, efilive tunes, etc, 600hp 1000 ft lbs - daily
Quote
Once you drive a V8 RX7 you'll feel like a friggin Viking that just pillaged a village.
- Speedfab

Offline staticx27

Personal Finance is good for advise on managing your investments / retirement stuff.  Every single one of them will tell you that hobbies are a dumb idea, cars are the absolute worst investments; everyone there drives 12 year old cars they bought used.  Strip clubs and cars are in the same vain to them; prolific waste of money with zero benefit to the long run.

Thing is, it's a lifestyle you can emulate some points on.  They're advice on how to diverse your portfolio is spot on.  Their advice on splitting your assets into 401K's, maxing out Roth IRA's, etc are spot on.  The little hacks they have, like buying one share of Berkshire Hathaway for a 10% discount on your GEICO insurance is accurate. 

They're also completely unaware that when you do a track day, you can buy optional insurance from the track that will cover your car getting wrecked, but it's pretty expensive I think. They're 100% correct that your insurance company won't cover you if you're racing (on the track OR the street).  I believe most insurance companies have some rules in the contract like how they won't cover you if you're using your vehicle in a crime or something.  Just imagine, you rob a bank and get in a car chase with the police, crash and get arrested, and still put in an insurance claim. =P

Make no illusions about it, from the standpoint of managing your money, buying an FD to put an LS into it is a really really bad financial decision.  Even as the prices of FD's increase, it's originality/classic car status won't really apply to swapped because we drastically changed the car, just in the way a "tastefully modded" FD won't retain it's value even remotely close to what you spend on it.  I'm sure some guys on here have gone full retard on cars and hit dangerously close to the 6 figure mark, as have many on the forums.  I'm sure a not-so-small minority of people have spent north of $50k, etc.  What makes this different is that I'd imagine most guys here have their finances in order and the money they've spent is extra month, after all their "obligations" are paid.

I recommended personalfinance to you because I wanted you to find out more for what would be considered "obligation," since it didn't seem like you really understood that part of things.  If you've truly got fist-fulls of cash beyond all of that, go crazy and wild.  Build that suckah and take lots of pictures.  Hell, make a monetized youtube channel and record the whole process. :)

Offline MPbdy

I make a certain amount of good decisions with my money so I don't have to think about what I do with the rest.

The rest usually vaporizes into car parts, food and booze, and vacation/travel/date nights etc.

Offline FourAces

Well I got a 45 day ban from reddits personal finance so it must have been a decent enough shitpost.

Offline Dvous

Deleted
'93 fd~black/orange, 5.3l, t56, 7875, HP efi, 4 pt, etc
'63 F250~95' F350 frame, D60, 12valve, zf 5spd, 35's
'51 Willys M38~350/4spd, otherwise all original
'72 FJ40 landcruiser
'03 2500hd duramax~ppe stg 5 trans, efilive tunes, etc, 600hp 1000 ft lbs - daily
Quote
Once you drive a V8 RX7 you'll feel like a friggin Viking that just pillaged a village.
- Speedfab

Offline sciff5

well if you're asking for our financial advice, yes building an FD when you live with your parents and only 10k to your name sounds like a terrible idea.
I mean if you were 23, I'd say you're normal, maybe even late 20s.

I'm 34, so I'm basically the same age. It's time to figure out how you're going to become financially stable while raising a family so you can have a hope of retiring one day.
If you're not making money hand over fist living at home at this point in your life you're pissing away money on other stuff or you need to re-evaluate your career.

Just for example 35K is a lot of cash
I started my business with about 2-3k total.

You could also buy a duplex or three family, where you could rent the other units and live in one, and possibly cover your mortgage. Essentially living for free. FHA loans can be taken out on up to a 4 family, allowing you to put 3.5% down. If that 35K represented the 3.5% down payment needed you could buy a million dollar propety.
Now thoeretically if you held that million dollar property for 20 years because the rents covered the mortgage and the propety kept appreciating near inflation you'd have a property woth 2M in cash. Welcome to being a multi-millionaire

Now a bank will never lend you that much based on your income so it would take a few more steps get from here to millionaire (likely would have to buy a small property first and trade up to a larger one) but 35K can go a REALLY long distance with enough leverage and time

Offline jwvand02

Well I got a 45 day ban from reddits personal finance so it must have been a decent enough shitpost.

Just because they told you what you didn't want to hear didn't make them wrong.

Ostensibly asking for advice when really you just want to be validated is a bad move 100% of the time. You don't get banned just for making a post, so I've gotta bet you then followed it up with being combative when they gave you an answer that made sense.

"How can I spend all of my money on a car" is not asking for personal finance advice. You don't need advice to do that. The weird thing about that whole forum is that people like you post I guess looking for some sort of magic way to make money appear. Make more of it, spend less of it.

Offline FourAces

Well yea you're spot on. They were telling me to get some shitty apartment. Makes no sense, my parents like living with me, I like living with my parents. And I'm away from home a good 80-85% of the time. Unless I get CDL work in West Texas or North Dakota, the oil fields, it doesnt really make sense to get my own place for the time being.

Offline sciff5

Well yea you're spot on. They were telling me to get some shitty apartment. Makes no sense, my parents like living with me, I like living with my parents. And I'm away from home a good 80-85% of the time. Unless I get CDL work in West Texas or North Dakota, the oil fields, it doesnt really make sense to get my own place for the time being.

Living with your parents is fine as a means to an end,
No one is knocking "doin what yah gotta do" to get from here to there, the problem is it seems like your priorities are all messed up. Do you plan to find a woman, get married, create offspring? Are they all going to live with your parents too, have you had that conversation with your parents. Would multiple kids even fit at your current house, I say multiple because in situations liek this I never see people with ONE or TWO kids, they're usually rolling 3 or 4 deep at least.

Did you even listen to what I said about other uses for your 35K??

Offline jwvand02

Well yea you're spot on. They were telling me to get some shitty apartment. Makes no sense, my parents like living with me, I like living with my parents. And I'm away from home a good 80-85% of the time. Unless I get CDL work in West Texas or North Dakota, the oil fields, it doesnt really make sense to get my own place for the time being.

Living with your parents is fine as a means to an end,
No one is knocking "doin what yah gotta do" to get from here to there, the problem is it seems like your priorities are all messed up. Do you plan to find a woman, get married, create offspring? Are they all going to live with your parents too, have you had that conversation with your parents. Would multiple kids even fit at your current house, I say multiple because in situations liek this I never see people with ONE or TWO kids, they're usually rolling 3 or 4 deep at least.

Did you even listen to what I said about other uses for your 35K??

The dude has way over-shared elsewhere, but more or less it doesn't sound like that's in the cards. It doesn't change the fact that someday his mom is going to be gone and he will have no clue how to live as an independent adult.

That said, if that's the way you want to live your life I have no problem with it. What I do have a problem with is soliciting advice when he never wanted advice and was never going to listen to anything other than what he wanted to hear... then doubling down by calling that advice "trash" instead of acknowledging that he was being an ass in the first place. Like I said - if all you want to do is live with your mom and blow all of your money on a car, why would you bother asking for 'advice'? 

Offline FourAces

Well I did mention to her I was worried about my retirement situation. She said I'm ok, I'll be fine.

So to me that was the green light for buying the FD. If that weren't the case, I'd put the FD off for another several years probably.

I have more than $10k saved up, I have "a few $10k" saved up. Stocks and bitcoin mainly, I don't intend on cashing them out to finance a car.

You're right, girlfriend, offspring, not in the cards. Never has been, never will, or as I like to put it "I like women, but women don't like me". If I had a kid, that kid would be profoundly autistic, and just require massive personal sacrifice to raise over that of a non-autistic child.

I'm a bit of an asshole, so any criticism leveled against me on here, is probably well deserved, I really do hold you guys in high regards. I don't really get to socialize much if at all, so I go on here for that. I apologize if I've overshared on here, I really do hold you guys in high regards, and I don't want to make any enemies in this community.

It's a hard time making friends for me, I went to 18 wheeler training for my company last week, and I was just such a weirdo compared to all the normal people around there. There wasn't a single autistic person for miles it felt like, apparently not a lot of autistic people get into driving these vehicles for some reason or another.

The only real argument for my own place to live is what you cited, independent living for when my parents pass. But I'm overweight and I smoke like a chimney, so that might not necessarily happen. Right now I'm the ideal demographic for having a stroke or heart attack. Due to social isolation and depression, autistic adults have significantly shorter lifespans than normal people.

I'm away from home 85% of the time. I work 168 hours a week. It really just doesn't make any financial sense, past an independent living argument, to get my own place. I go out on the road for a 31 day month, I'll only get like 5 days back at my place. And spending $1,500 a month for that sole, very isolated place? It would definitely weigh on my mental health to not have a single human in my household besides myself, but that's definitely a depressing reality I am going to face later in life.

I don't think my own place is a good idea, I think it would be harmful to my mental health to have such extreme isolation.
« Last Edit: October 06, 2018, 09:10:16 AM by FourAces »