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The Lounge The place to hang out and discuss random things. |
08-08-2011, 01:17 AM
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#1
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V8 Member
Join Date: Dec 2010
Location: Harker Heights, TX
Name: Garner
Age: 29
Posts: 525
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Growing up advice
Hey everybody I need some advice and you guys are like family so I know you'll steer me in the right direction. Well I'm graduating on August 20 and being only 16 it'll limit my job opportunities due to government regulations, labor supply and demand curve, and the like. Anyways I have some connections at dealerships for jobs but that is far from guaranteed so I'll probably be stuck to the average high school graduate jobs and I figure I'll be making about $1,120 before taxes and all that based on 40 hours a week and minimum wage. What I really want to do is take over all my financial responsibilities from my mom such as my truck payment, gas, and insurance which comes out to around $1400 a month. And I would like to have extra money for savings in case something goes wrong. Yes I'm willing to work 2 jobs for more hours.
So my question is what should I do about the truck? It seems like it would be smart to get rid of the R/T and get a cheaper vehicle due to lower monthly expenses but I'm worried about loan rollover. And if decided upon I would like to get the cheaper vehicle by myself but I don't have the money saved to pay cash or even for a down payment and I don't really want my mom to front anymore money because she has already fronted enough money and needs as much left as possible for the rest of her retirement. What do you guys think I should do about my situation?
Yes I know I have to get this approved by my mom, but I just want some advice before I talk to her
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__________________
2012 Ram 1500 Lonestar crew cab with frontier front bumper replacement
Gone but not forgotten:Best time: 14.7402 @87.53 on bald goodyear fortera sl 285 45 22 in 2500 DA. Corrected to 14.301 @ 90.28. 2011 Ram R/T
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08-08-2011, 01:30 AM
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#2
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V8 Member
Join Date: Nov 2010
Location: Texarkana, TX
Name: Mark
Age: 36
Posts: 697
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There's no way you could afford a payment, insurance and gas working a single minimum wage job, even if it is full time. Maybe you shouldn't try to pay for everything on your own all at once.
Do you have a job now? If not, I don't see much of a point in bringing the subject up just yet. Once you get a job and get an idea of what you'll be making on a weekly, bi-weekly or monthly basis, you'll be able to see what you can and can't afford. If your entire income is going towards bills you haven't been paying before, you'll probably get burnt out on working since you wouldn't have anything to really show for it.
Start out small. Pay for your gas to begin with, then include your insurance, then, if you're able to, make every third or fourth payment.
That'll help your mom out, get you used to paying your own way, you'll have a little cash left over to save and you won't be flat broke all the time
---
- Sent from my iPhone 4 using Tapatalk
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08-08-2011, 05:41 AM
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#3
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Florida Chapter Vice President
Join Date: Jan 2011
Location: FL
Name: Daniel
Age: 36
Posts: 3,354
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Same deal I was thinking about, but luckily I have no payments. I say pay the payment and gas yourself and save the rest until you are 18 or you get a better job.
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__________________
2013 Chrysler 300C
2010 Avenger (REVENGE)
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08-08-2011, 07:36 AM
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#4
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Super Moderator
Join Date: Nov 2010
Location: High Point, NC
Name: Paul
Age: 61
Posts: 2,639
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I agree. When you get your job, if your could help your mom out by taking the truck payment and something else. That will really help her out. She wouldn't mind giving you a few dollars for gas and such. I know she will really appreciate any help you can give her as far as bills. In the long run it may be cheaper to keep your truck and the payments, because if you over/under for a fuel efficient car your payments will still be the same or higher. Good Luck with whatever you are going to do.
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08-08-2011, 09:02 AM
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#5
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N.C. Chapter President
Join Date: Nov 2010
Location: Salisbury, North Carolina
Name: Jim
Age: 77
Posts: 2,683
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First of all Garner; YOU are very wise with a grown up attitude for what YOU are thinking about helping YOUR MOM!!! THAT'S OUTSTANDING!!!
And what Mark and Paul said make a lot of sense. Just do your best to find a job and help our your MOM as much as possible. If you really like your truck, you'll find a way to "work for it".
It sounds to me like you are off to a GREAT start on your way of thinking and I'm proud of your way of thinking!
YOU sound like a really fine young MAN!!!
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08-08-2011, 10:38 AM
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#6
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Turbo Member
Join Date: Feb 2011
Location: Virginia/Philippines
Name: PI_greg
Posts: 1,370
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All great advice, you have an expensive ride and you will probably not gain anything by rolling over into another vehicle. So take advantage of your connections and work all the hours you can, if possible work more jobs to gain hours. Or if you can work under the table that really helps. My advice would be to divide up every check. Take half and pay bills, put a fourth into your pocket for spending and put the other fourth into the bank for an emergency down the road. Be open about everyhing you are doing with your Mother so she can see you are trying to make it and staying on track. Talk is cheap, action will speak the loudest. Good luck..
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__________________
PI_greg 2003 SXT-Hemi, SS/T rims, 275/60-17, AeroForce, w/wideband, 6.1 ignition, K&N-77 CAI, Fastman TB, eFan, 180 stat, TMR, HD OEM Trans Cooler, SC3865/PSC1, Dual window switch/ high idle mod, Edge, Crazy Spartan (112 lsa), 2800, DTT 4:10, TCI Floor Shifter, Shift lite, Pacesetter Ceramic LT's, Magna Spun Cats/SI/DO Muffler, Mcgaughys 2/4.5 spindle kit, Monroe shocks, Caltracs, Aeon springs bumps, SRT-10 gage pillar, air horn
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08-08-2011, 11:00 AM
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#7
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Viper Member
Join Date: Aug 2010
Age: 39
Posts: 3,962
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If you are upside down at all in your truck, dont do it. Youll end up saving a few bucks now, but end up paying a lot of bucks at the end of your loan if you roll anything into it.
I speak from experience....I rolled 6k into my Stratus....I had no choice tho....and i hate it every day....
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08-08-2011, 01:07 PM
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#8
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Turbo Member
Join Date: May 2011
Location: Trumbull, CT
Name: Matt
Age: 50
Posts: 1,296
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and stop modding for a while to save.
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__________________
2011 Dodge Ram 1500 QC Hemi Big Horn 4x4 -- Has Mods
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08-08-2011, 01:54 PM
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#9
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Vertically Challenged Super Mod
Join Date: Oct 2010
Location: Collinsville, OK
Name: Michael
Age: 43
Posts: 2,700
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look into other options for work. from what i know sonic pays like 7.50 an hr plus tips. and hobby lobby starts out at 12.50/hr. both of those will give you more then minimum wage. explore you options and dont think you are doomed because of you age. i was making 700 a week when i was 17 and i havent looked back
make a list of all you are wanting to take on, Truck payments, ins, gas, cell phone etc. i would think for you age it would be better to have your parents help you ease into things. get a family plan for your cell if you dont have one and talk to your mom about taking responsibility. if you are serious she will be proud and more then happy to help get you on your feet. they dont tell you this in school but when you are on your own the bills never stop coming so be a kid while you can and learn how to manage your money now. i have seen so many of my friends fall on their asses because they dont understand how to manage money. you need to have somewhere for every dollar to go. money sitting around with out purpose is a very bad thing.
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Last edited by OklaHemi; 08-08-2011 at 01:59 PM.
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08-08-2011, 03:36 PM
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#10
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Viper Member
Join Date: Dec 2010
Name: Lee
Posts: 3,623
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I agree with everything said here. Don't rush anything, pay some of your bills while putting some away. This will show your mother that you are managing your money and she will appreciate the relief of you paying some of your bills.
And in regard to trading your truck for something else...your truck is failry new which will put you upside down in it (owe more than value/trade-in). Whatever the upside down amount, it will be added to the amount you finance for something new. So, it is VERY likely that your payment will be close to the same, or even more.
Good luck.
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Last edited by 4XLGator; 08-08-2011 at 03:38 PM.
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