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Now that you're in your 40s/50s...


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#1 JKor

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Posted 16 January 2020 - 07:21 AM

Are there things that are financially attainable now that you felt were unattainable in your 20s?

 

I was looking back with some nostalgia on my days in my early 20s when I was really into high end audio gear.  I had put together a decent system by buying used stuff.  Much better than you could get at Best Buy but really entry level for "audiophile" gear.  There was this set of speakers called the PSB Stratus Goldthat I was totally in love with.  They still weren't really high end but out of my price range at $2500/pr (and FYI, speakers have really gotten expensive in the last 20 years, PSB's top end speaker is $7500 now).  I just saw some on CL for like $500 and had the thought that i could just buy those to see what they sound like.  It got me thinking that it's a little weird being in a place that I couldn't even really fathom as recently as 12-13 years ago.

 

Buying a 911 was a little like that but at the same time the car is >10yrs old and cost the same amount as every full size SUV you see families driving around in so it's doesn't feel like it was much of a reach.  

 

 


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#2 ER Pemberton

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Posted 16 January 2020 - 07:29 AM

Honestly, nothing specific but I often think about my 20-something self where I was always looking at various things that I really couldn't afford... If I saved X amount over X time could I afford this?  I remember going into a car dealer and looking at a super slick black Mustang.  Of course the sales guy wanted to sell it to me so he brought me into the sales office, looked up my credit and then said You couldn't afford this thing if you lived to be a million!  :lol:  I'm not really into "fancy" but I like being secure.  I have bought my last 2 cars with cash which feels nice.  About 5 years left on our mortgage, no car debt and no credit card debt feels good too.  



#3 JKor

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Posted 16 January 2020 - 07:33 AM

It feels good to buy a car with cash, I didn't have any car payments for like 10 years but then I realized that car loan rates are so cheap that it doesn't make sense to tie up cash in a depreciating asset.  So, while it feels "safe" it's not really a great financial decision.  Sorry, Ken.   :lol:


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#4 BFB

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Posted 16 January 2020 - 07:35 AM

Yep..... transmission went out in my truck yesterday. So I fixed it by buying a new truck. Not all cash, but it is nice to be able to do something like that without worrying.


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#5 zymot

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Posted 16 January 2020 - 07:43 AM

IN my 20's I spent my spare money on everything my little hear wanted. A few extra hundred bucks shows up in my back account at the end of the month. What do I want? What can I get?

 

One of those purchases was a pair of speakers, Acoustat model 1+1. Man I loved them. I sold thenm to some numbnut that insisted on paying me way too much money for them. I regret that to this day.

 

These days, I get extra money and my first thought is, "Where are we going to invest it?"

 

 

 

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#6 ER Pemberton

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Posted 16 January 2020 - 07:44 AM

It feels good to buy a car with cash, I didn't have any car payments for like 10 years but then I realized that car loan rates are so cheap that it doesn't make sense to tie up cash in a depreciating asset.  So, while it feels "safe" it's not really a great financial decision.  Sorry, Ken.   :lol:

That's true.  A new car at 0% would tell you to just make payments.  But both of these cars had a couple miles on them so there would have been an actual interest rate on them both... they did not qualify for 0%.  The other part of all of this is that when you get into your 40s/50s, there are just so many other things to think about where being in your 20s is very different.  Now, I might buy a new lawnmower, build a $1000 greenhouse, get new wifi equipment, buy a new smartphone, make a $25k college tuition payment and go to the Caribbean for a week all in the same month!  :lol:



#7 JKor

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Posted 16 January 2020 - 07:48 AM

0% is a no brainer but even at market auto loan rates it makes more sense to take a loan.  


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#8 Dave McG

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Posted 16 January 2020 - 07:49 AM

I got married and had kids pretty late. I often feel like I'm about a dozen years behind schedule for most things, except that I put a ton into my retirement, which I can do quite eary. Because of my retirement contributions, I tend to feel cash poor. Retiring in 4 years (I'm 47) sounds like a good trade off, even when I expect to take up a second career.
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#9 TonyBrown

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Posted 16 January 2020 - 07:53 AM

I think mid30's to mid40's was better, but we have college students now that is really impacting when we want something that should be very attainable but we have to reconsider because of upcoming college expenses.  then there's the ongoing moving expenses these days and a real push to get debt free, something we probably should have done 10yrs ago, but oh well, hindsight and all


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#10 Genesee Ted

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Posted 16 January 2020 - 08:01 AM

I’m not yet

#11 ER Pemberton

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Posted 16 January 2020 - 08:14 AM

Funny how audio equipment is mentioned.  There was a place near me called Musicraft.  They had all the good stuff.  I had some older speakers that my dad bought and they were quite nice.  I used those but eventually bought new ones.  I used the older ones to support a shelf that went across and held my cassette deck.  Then I put my new speakers next to those and ran another shelf across that for the receiver and turntable.  There was space underneath all of that for "albums".  Between vinyl, equipment, headphones, etc. there was always something to buy.  But I started working when I was 15 so I always had a couple dollars.  I also got into car audio.  When I was 21 I bought a Mustang convertible and saved until I could buy an Alpine head unit, Alpine speakers and a big ass amp.  I pulled the car into the warehouse where I worked on a winter weekend day with the plan to install all of it.  I ran into some problems and at just the right time a sales guy showed up to do some work.  He asked me what I was doing and then jumped in to help.  A couple hours later that fecker was POUNDING.  I'm pretty sure I have some hearing loss from that system.  



#12 ER Pemberton

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Posted 16 January 2020 - 08:18 AM

0% is a no brainer but even at market auto loan rates it makes more sense to take a loan.  

Maybe.  I think they offered me a 4.3% loan for my convertible.  I was aghast because my credit score is better than that.  They shrugged and said that was the best they could do so I just paid cash.  On this Rogue I bought last year, the dealership was REALLY peeved that they weren't going to make money on financing.  They kept going down the financing road, asking me to fill out paperwork, checking my credit, etc. and I kept saying I'M PAYING CASH!  That really frosted their flakes.  



#13 JKor

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Posted 16 January 2020 - 08:20 AM

I put together a badass system in my WRX circa 2002.  It was much more fun to build it and put it together than listen to it.  I cranked it up to impress my buddies but other than that I probably never played it at over 10% of its capability.   :lol:


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#14 TonyBrown

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Posted 16 January 2020 - 08:21 AM

lol, i have a pretty hot stereo in my 91 GT, alpine head and 2 amps, Polk Audio components speakers front and rear with dual 10" JL Audio subs, thing thumped hard, I have slight tinitis probably in large part because of that car


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#15 VolFan

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Posted 16 January 2020 - 08:22 AM

Yep..... transmission went out in my truck yesterday. So I fixed it by buying a new truck. Not all cash, but it is nice to be able to do something like that without worrying.


The GMC?
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#16 JKor

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Posted 16 January 2020 - 08:24 AM

Maybe.  I think they offered me a 4.3% loan for my convertible.  I was aghast because my credit score is better than that.  They shrugged and said that was the best they could do so I just paid cash.  On this Rogue I bought last year, the dealership was REALLY peeved that they weren't going to make money on financing.  They kept going down the financing road, asking me to fill out paperwork, checking my credit, etc. and I kept saying I'M PAYING CASH!  That really frosted their flakes.  

 

 

an S&P 500 index fund is going to get you much more than 4.3%.  


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#17 ScottS

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Posted 16 January 2020 - 08:27 AM

I buy a new laptop every other year just because I can.  I used to run them into the ground.

 

We've always run our cars into the ground too.  When our car died a couple years ago, we decided it would be better to replace it with two cars.  So we bought two simultaneously, one at 0.9% and the other at 2.9%.  I think we made that salesman's day.  Paid the 2.9% off about 4 months later.

 

We pay contractors to do some of the work on the house now rather than trying to do it all ourselves.  We try to keep it to one big project a year.  Our siding is being replaced right now.  That's the last major exterior project.

 

We carried two mortgages for 2.5 years until the house on the island sold.  It was worth it to get out of that place.

 

We were super uber cheap for a long long time.  None of this stuff was even on the radar in our 20s.



#18 BFB

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Posted 16 January 2020 - 08:33 AM

The GMC?

Yep..... leaning on 150,000 miles


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#19 KSUwildcatFAN

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Posted 16 January 2020 - 09:02 AM

Yes and no. There are objects I covet, but nothing more than time. Not even close really. I drive a 15 year old truck, live in an average home. But I thought I'd work until I was 65ish, and with just a little luck I'll be done a few days before 40. I can't call it retirement because I'll need to do something but I'll be able to do everything on my terms, when I want to. So my most valuable commodity will hopefully be available at a much earlier point in my life than I thought when I was younger. It really kind of does make me pause at times and ask myself if this is really possible, but it is.
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#20 Vagus

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Posted 16 January 2020 - 09:12 AM

I'm fairly consistent in my purchasing. I like to focus on minimizing debt than investments. Right now, that mentality has me taking a financial beating compared to everyone else.  lol  But at least its a sure thing!


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