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View Poll Results: What's your annual income?
under 30k 29 8.01%
30k-40k 22 6.08%
40k-50k 27 7.46%
50k-60k 27 7.46%
60k-70k 38 10.50%
70k-80k 41 11.33%
80k-100k 50 13.81%
100k-150k 66 18.23%
150k-250k 33 9.12%
over 250k 29 8.01%
Voters: 362. You may not vote on this poll

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      11-07-2007, 10:25 PM   #45
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Quote:
Originally Posted by kamakazitp View Post
Irresponsible on who's standards? Who's responsibility other than that person's is it to tell them what they can and can't afford. No one. I think I'm saving enough of my salary, but the next guy might think its way too much and the next might think its way too little. It's all relative to each person's own future goals, etc. If they don't want to save at all for the future, thats their choice. They'll be "living large" now, those who save will be "living large" later, provided they are all still alive.

PS, I'm 24 and I've been putting 10% of my salary into 401k for 2 years.
you're very defensive, and wasnt referring to you or your situation, but if it applies?...heres an analogy.......prior to the subprime mortgage debacle that coincided with the housing boom, legitimate lenders(ie banks, not the vampires) required that you provide documentation of your income and used a strict standardized % of your gross income to prove affordability, and thus approval......these standards were based on economic data, very similar to actuarial tables.... one's membership to Netflix, their cell bills et al was superfluous, and not used to calculate affordability......the data was based on well researched, accurate HISTORICAL information ...the same is true for autos, which, besides housing, is typically the largest expense one has...statistical data regarding affordability of autos is there....check out bankrate.com..I didnt just pull a figure out of my a**....this is well researched stuff....those who spend 50% of their gross annual income on a car CANNOT live large now AND later...bottom line is that little angel on a person's shoulder should advise them what they can afford i.e common sense.....and by the way, I really could care less what people do with their money, but I write the sobering facts....

BTW, IMO you should be putting 4k into a Roth as well every year.....
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      11-07-2007, 10:55 PM   #46
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Originally Posted by Tsion View Post
People like me at 22 care about retirement....I want lots of trips when I hit my older years. And lots of pretty toys.
I know and that's cool.....I was just writing an example of the "quid pro quo" that many use to make those payments.....
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      11-07-2007, 10:59 PM   #47
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I feel that how much car you can afford is partly determined my how much of a car nutcase you are. Obviously, someone where cars are their hobby and life will be more willing to spend more on cars than on a bigger house, a wife, lol, or fancy other material things. There's some flex room in there. Naturally there's a point where you need a certain amount for basic necessities, but beyond that where there's disposable income; it's wildly variable for each person.
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      11-07-2007, 11:05 PM   #48
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Quote:
Originally Posted by Ryephile View Post
I feel that how much car you can afford is partly determined my how much of a car nutcase you are. Obviously, someone where cars are their hobby and life will be more willing to spend more on cars than on a bigger house, a wife, lol, or fancy other material things. There's some flex room in there. Naturally there's a point where you need a certain amount for basic necessities, but beyond that where there's disposable income; it's wildly variable for each person.
Again, these are guidelines......and again, "quid pro quo".....if you spend an inordinate % of your income on a car , you will ultimately sacrifice something else important,regardless of whether you cut back on discretionary purchases ....maybe that bigger home that will yield you more equity, more retirement funds, more liquid cash... all vital things that build wealth......if you spend "about" 25% of your gross household income on a car, it will not make a financial impact that will alter your lifestyle now or in the future......
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      11-08-2007, 12:05 AM   #49
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Quote:
Originally Posted by Ryephile View Post
Obviously, someone where cars are their hobby and life will be more willing to spend more on cars than on a bigger house, a wife, lol, or fancy other material things.
Word of advice, guys... Don't overspend on a wife.

Seriously, though, you're right. Some women have expensive tastes, and no matter how much you money make, they will find a way to spend it. As an old rich guy who rents space in my office building said to me recently, "Don't marry a princess."
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      11-08-2007, 12:14 AM   #50
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If I were to get one, which is looking less and less likely (no conclusions until I see and drive it!), it would be about fun and value not price per se.

My backup is a 997.
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      11-08-2007, 12:38 AM   #51
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I am one of the guys who is under 30k. Being in the Army pays bad, I know, however, I think its a different situation for us. Right now I am deployed and have been for about 11 months, but the end of my 15 month deployment, I will have spent about $500 this entire deployment. With no bills at home, no insurance, no car to pay off, no cell phone bills, everything I made over is was not only tax free but also just accumlating So I guess I am an exception, and I know people will say "take that money and invest, or something else) because I do make very little, however, when back in the states, I not only get free housing, but health insurance, food, pretty much everything. Am I going a little crazy? Sure, but driving a Camry your entire life, then spending 15 months in this god forsaken country makes you a little crazy about wanting a new car!
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      11-08-2007, 06:22 AM   #52
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Quote:
Originally Posted by Tsion View Post
People like me at 22 care about retirement....I want lots of trips when I hit my older years. And lots of pretty toys.
I want those trips and toys now (24) rather than when I'm old and tired :biggrin:
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      11-08-2007, 07:00 AM   #53
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Quote:
Originally Posted by TESLAASTRO View Post
No, 25% is a guideline, not a rigid reality....doesnt matter what your expenses are though, since those are ever changing, emergencies happen....the roof could cave in, requiring 30k for a new one.....your what ifs are not reality based......of course anyone can do whatever they want, and Lord knows they do.....however, regardless of monthly expenses, buying a car that is, for example, 50% of ones gross household income is exceptionally irresponsible.....to put it plainly, it is 'mortgaging your future'.....Sure, you may be making your payments, but something has to give, and since the younger the buyer,statistically the more the % of income will be spent, it will probably be the 401k, the IRA, the life insurance, the college fund, and the 3-6 month emergency fund that suffers....afterall, you think you're going to live forever ..no, you'll never lose a job.....who cares about retirement when youre 29???...it's a tough thing when you're friends, relatives, and neighbors drive realllllllly nice cars....sh--, the temptation....

I really love this topic.......


Your making a huge generalization. If you don't have kids and don't care about a 401k... and realize that when you die, if you owe nothing or are $400k in debt... you win!

Obviously thats not the mojority of the populace. But not everyone shares your ticket to success.
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      11-08-2007, 08:58 AM   #54
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I just graduated college and want somethin reliable thatll be fun to drive and classy. Im at the lower income bracket but thatll change after my first year, I hope.
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      11-08-2007, 09:36 AM   #55
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Quote:
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I think we all understand what you're saying. Sometimes the volume of your posts can be a little overwhelming.
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      11-08-2007, 09:42 AM   #56
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After seeing this poll it's a little clearer why so many are hoping that a 128i is 25K and a 135i is 30K.
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      11-08-2007, 09:55 AM   #57
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Suprised at the amout of folks who earn under 30k and are looking at this car. Amazing how you can afford it.
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      11-08-2007, 10:23 AM   #58
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Quote:
Originally Posted by TESLAASTRO View Post
What sort of car do you think is befitting someone earning between 100-150k?.....
I would think most of the 100-150K'ers would have families, thus creating a need to look for more practical vehicles. Thus why I asked how many in that salary range are looking at the 1 as being a second vehicle.
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      11-08-2007, 10:27 AM   #59
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This poll as you might imagine could be a tad misleading. Is this individual income or household income?

For those that are single or DINK's could have a much lower income level and still easily afford a 135 as opposed to those with several children, ex spouses, or other fiscal responsibilities.
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      11-08-2007, 10:39 AM   #60
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Quote:
Originally Posted by MrRoboto View Post
Suprised at the amout of folks who earn under 30k and are looking at this car. Amazing how you can afford it.
Not saying that I represent this group, but it all depends on what your monthly costs are. It really has nothing to do with what your raw income is.
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      11-08-2007, 11:22 AM   #61
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^^^I understand what you are saying but buying a car that costs more then a years gross salary seems a little out of wack. There are better was to spend your hard earned 30k.
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      11-08-2007, 11:37 AM   #62
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I think a better poll would be what is your yearly disposable income. People get hung up on total income and household income.

I agree with they guy who is in Iraq, things like that change people and what there income can do.

Dealing with death daily changes perspective. Life is short, and for some of us the chances of it being shorter than longer is greater and it changes the definition of 'future planning.' For a service person in Iraq: future=back home.
For a guy at a desk working 9-5: future=retirement, second home, building equity, etc.


Thank you for your service.
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      11-08-2007, 12:04 PM   #63
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Quote:
Originally Posted by Brandon26pdx View Post
Is everyone voting for their own personal annual income, or are these results skewed higher because of "combined" or "household" figures?
actually, i did the opposite; i subtracted what my s.o. spends:redface:.
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      11-08-2007, 12:39 PM   #64
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Out of curiosity...what percentage do you folks from USA pay to income taxes given certain income levels?
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      11-08-2007, 01:39 PM   #65
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Quote:
Originally Posted by 1ster View Post
I think we all understand what you're saying. Sometimes the volume of your posts can be a little overwhelming.
Don't mind him. He just likes to rattle (clearly).

Like I said, affordability is a squishy issue:tongue:
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      11-08-2007, 02:01 PM   #66
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Quote:
Originally Posted by MikeT View Post
Word of advice, guys... Don't overspend on a wife.

Seriously, though, you're right. Some women have expensive tastes, and no matter how much you money make, they will find a way to spend it. As an old rich guy who rents space in my office building said to me recently, "Don't marry a princess."
That is such good advice. I've definitely overspent on my wife, but not because she is a princess. She's two years into her own new startup company, and it has been very asset intensive. For the first year, instead of bringing in two incomes, we put out my income to build her business. Talk about a budget buster!

If you think purses and shoes are expensive, definitely do not let your wife start a company! :biggrin:
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