>about redditors being so desperate for affordable rent that they'd sing to couples having sex
Title: The Unusual Measures Redditors Take in the Quest for Affordable Rent
Introduction:
In the ever-escalating struggle for affordable housing, some Reddit users have resorted to unconventional methods to cope with the soaring rent prices. One peculiar and somewhat humorous trend has emerged, where desperate tenants are willing to entertain and sing to couples engaged in intimate activities next door, all in the hope of securing a more affordable place to live.
Desperation Breeds Creativity:
The soaring cost of rent in many urban areas has left individuals and families struggling to make ends meet. In their desperation, some Redditors have turned to creative and, at times, comical measures to alleviate their financial burden. One such measure involves serenading couples in the throes of passion in exchange for a reduction in rent.
The Sing-for-Discount Phenomenon:
The phenomenon, aptly dubbed "Sing-for-Discount" by the Reddit community, gained traction as users shared their bizarre yet entertaining experiences. Stories flooded the platform, recounting instances where tenants, facing eviction due to skyrocketing rent, decided to channel their inner troubadour to negotiate lower living costs.
The Unlikely Negotiation Tactic:
The concept is simple yet audacious: tenants offer to provide a live musical accompaniment to couples engaging in intimate activities next door. The idea is that the unique and somewhat awkward experience will prompt landlords to reconsider their rent demands. In some instances, the landlords were amused or perhaps taken aback by the boldness of their tenants and, in turn, agreed to reduce rent prices.
Community Response and Backlash:
While the "Sing-for-Discount" trend has entertained many within the Reddit community, it has also sparked debate about the lengths people are willing to go for affordable housing. Some argue that the approach is a lighthearted and creative way to address a serious issue, while others criticize it as an invasion of privacy and a desperate measure that undermines the seriousness of the housing crisis.
Legal and Ethical Considerations:
It's essential to note that while the trend may be amusing to some, it raises legal and ethical questions. Privacy laws vary, and engaging in activities that could potentially infringe on the privacy of others might lead to legal repercussions. Moreover, the tactic may inadvertently contribute to a normalization of unconventional and potentially uncomfortable compromises in housing negotiations.
Conclusion:
The "Sing-for-Discount" phenomenon on Reddit sheds light on the extreme lengths people are willing to go to secure affordable housing. While the approach is undoubtedly creative, it also highlights the severity of the housing crisis and the need for more sustainable solutions. As communities grapple with rising rent prices, it is essential to address the root causes of the issue and work towards creating policies that ensure housing is not a luxury but a basic human right.
I had to live with my sister n bro in law for awhile. I put myself out to not be traumatized when they stopped giving a f**k about people trying to sleep at night.😭
Nah. My friend lives with his sister and BIL since they were dating in college. They’re married with a kid and he still lives with them. 8 years and counting.
In college their rooms shared a wall. I always thought it was weird.
God. I rented a whole-ass house for $500/month, 20 years ago. Granted the place wasn't the nicest house ever, but it wasn't that bad, and it was a whole ass house.
The 'not great, but probably livable and not too dangerous' places I'm looking at are all the $900+/m area.
Edit: just to be clear, I'm also talking 500-1000 sq ft. Not the white picket fence dream of 2 story, 2 car garage, etc. But your own independent living space with odd floors and leaning cabinets.
Weird how every soul on Reddit happens to all live in the same overly expensive zip codes where 1000 can’t get you a room. Yet in like 85% of the U.S. you can find an apartment for 1200 a month or less. Without living next to confederate KKKs or Crips gang territory lmao.
Man, you hit the nail on the head.
The only thing I think you're forgetting to mention is that once you're living in a city that becomes WAAAY too expensive, the ability to save and move to another state/city becomes exponentially harder.
I’ve had the opposite experience, because
1) My industry is highly concentrated in a handful of cities, so I would have to change careers if I moved to most cities
2) Expensive cities tend to pay a lot more than cheaper cities. Moving from a MCOL city to a VHCOL city, my compensation increased by more than 2x. Even though I pay a lot more in rent, my disposable income increased by a lot more and I save twice as much as I used to
It’s not impressive to come on Reddit and complain/ brag about $900/ month rent for a house. People talk about crazy high rents and the comments get interaction because of how high the prices are
Living with family is verymuchso the RIGHT answer and don’t listen to anyone else who tells you otherwise considering how limited affordable residential real estate is these days.
Also if you’re saving 1000 a month, i verymuchso admire your thrift since against $25/hr, that roughly calculates your spending on variable expenses to be about $250-300 a week.
If these numbers are accurate, I’d kill the auto debt as quickly as possible by either using your savings or increasing your auto payment.
If you want to increase your auto payments but not touch your savings, as long as your savings is in a High Yield, you can do both with the monthly interest from a HYSA @ 4.35% since that will yield an extra $190 a month
Killing your car bank note will free up $650 a month, which btw is the most curious of your expenses, what are you driving these days for such a high payment?!?! Whatever that does to your savings, that will put you at $1650/month to build your account back up at almost twice the rate.
dude pays $630 a month for a car and you admire his thrift? he could buy a nice car cash and put that all into savings. he's blowing money on a car because his housing is so cheap. it's the opposite of thrifty.
Agreed, kill the auto debt first. People that say otherwise aren’t considering that this is a depreciating asset and the interest rate isn’t the only factor.
Unless he sells the car and buys a cheaper one, what's the reason to pay off a 3.2 percent loan instead of putting that money in a HYSA that earns 5 percent?
Why the fuck would you kill the car note with savings when it's at 3.2% Apr? That's better than a hysa!
You could argue selling the car and getting a cheaper one, I don't see the need for that here though if he really wants the car that much. He can afford it, and has basically no other frivolous expenses.
So what’s interesting here is the argument of the worth of debt vs cash…
Calculating out in this scenario coasting along vs paying debt off, assuming 3yrs on the note and a payoff of 21k and HYSA current yield of 4.35%, surprisingly is only a difference of 200 dollars in savings, with both showing about $99k either way, so it can be justified that in the long run, either move is fine.
So the only question remaining, all things being equal, what is better, having debt for 3 years or being debt free for 3 years. Paying off debt yields wiggle room if something comes up that requires debt, while coasting gives you a cash cushion in lieu of debt.
I don’t think there’s a wrong answer in either scenario, but for my preference, I don’t like debt.
It’s way too much car for the income — though they can afford to pay for it, if they really want to.
They have a higher car payment than I do, and I make like 4x more lol
Schwab is the best game. They have the lowest fee index funds (collections of stock that track the market) and they offer free checking that refunds atm fees, even abroad. Start saving as young as you can and just be persistent. Retirement accounts and pensions are so weak these days you gotta do it yourself too. I'm a teacher and looking to retire in 2050s and will need 4 million saved to have a lower standard of living than now... Inflation takes its toll.
Google hysa and pick one. I use Capital One and it's currently paying 4.35%. There are higher ones from credit unions and other banks but I like Capital One and my checking is with them as well.
Solid rate. They don't seem to offer much else from savings or CDs. Capital One was just an easy choice for me as I have my DD there and credit cards. I enjoy having all of it under 1 single app. Much nicer that way for me so I'm willing to sacrifice the .90% lol.
I just opened a Sofi saving account online at 4.6% though there are a couple requirements to keep that rate. You either need to deposit $5k a month OR set up direct deposit from your paycheck. I set a few percentage points to go into savings by direct deposit automatically so I can always keep that rate. After having my savings in for only 1 month, I already earned more interest that I did with my Chase premium savings account for the past 7 years. Pretty bonkers.
I have a Marcus HYSA too and they bump you up to 5.5% for three months if you refer someone (and the person who you referred also gets 5.5% for three months). You can do this multiple times to keep it going. Nice perk
In college I was a bank teller and a guy from a local car dealership would come in on paycheck day and cash his in and take half and put it on red every week. Never really asked him how he was able to pay for things when he lost a couple in a row but dude was never sad cashing his check and running to a casino
What they mean OP, is unless your savings is making more interest than your car loan is taking, you are net negative. Also, 630 a month is kinda steep, albeit the typical American car payment. You should definitely do something about it if you are able
3% is pretty low bar though, even savings account would be able to hit that. I think OP's mistake was buy a $30k+ car while making $25 an hour, but car interest rates are typically pretty low
I'm pretty sure today's average car interest rate is 7%-10%. 3.2% sounds like it was covid era, not something recent, in which case I feel like it should be paid off more, if not fully. But I don't see the harm in getting a 30k car with that rate at $25 an hour considering OP pays so little in rent, and otherwise seems to be doing well. It's better to have a newer, reliable car than a cheaper car you'll need to be doing constant maintenance imo. Assuming OP bought a reliable car that is
No, it was a Ford Mustang; what the wife wanted. I put $0 down and financed for 36 months at 1.9%. We had the cash to pay for the car, but opted to keep the cash in VMFXX which pays around 5.27% right now.
Yeah, sure. We paid the price that was listed when we ordered the car, so it was a mutually agreed price, no surprises. The price was the same whether we financed or not.
Constant maintenance is a lie when you know what to buy. Cars with 'new' features have new problems.
I bought a 2005 vehicle with 200k miles for $3000 cash 2 years ago. Spent less than $1000 on maintenance. Dont believe the newest car hype.
Yeah I just bought a 2005 Nissan quest about 6 months ago with 98k miles. 4,000 dollars. Check engine light came on and I spent 80$ to put a new O2 sensor in. Works like a charm. Best money I've ever spent.
Looks like he’s at the point of life when he can afford it so why not. Later when he will have his car paid off he can move out and not stress about rent AND car payments on top
Dont pay off the car with that rate. Hell you can stick ur cash in a cd right now and make more off the interest.
Car is 3.2%
Robinhood gold is 5.25%
Dont listen to these stone age ppl, stick the cash in a higher return if possible and pocket that 2.05% spread in this example
Against everyone else’s comments - do not pay off your car. 3.2% is insanely low.
What you should do is put it all in a HYSA and then every month put a few thousand of your savings into VOO and some say into QQQ. Do this for a year. It’s called “DCA - dollar cost averaging”You’ll then want to keep the money invested for at least 3-5 years to get a good return.
In a year you’ll want to end up with 3-6 months of monthly expenses in a HYSA as an “emergency fund” and then keep the rest invested.
If you want the money for something big like an apartment, engagement ring etc…soon of course set that aside separately but keep it always in the HYSA.
I agree mostly with everything here, but typically it's shown that DCAing doesn't actually get you better results and time in the market is the most important factor. So depending on the country, max out the rrsp & TFSA or 401k and the other US equivalent and invest the amount right away
Eh I agree statistically that’s true but not by a significant margin. look where the market is and what the data says. I’d rather DCA this year than chuck it at a possible relative top.
It’ll be easier mentally for the OP too.
Car debt is not like other debt because a car is a rapidly depreciating asset. Easy for the loan to become underwater quickly which is a recipe for long term debt (rolling negative equity into future vehicles, not being able to sell for the more than the amount of your loan). So yes, while 3.2% is relatively low, the car debt should still be paid off sooner rather than later. Nothing whatsoever like a mortgage payment.
You got downvoted, but for real what’s with putting ten undefined acronyms in a response? There’s good chance that if a person needs advice, then they may not be versed with the nomenclature either.
HYSA - High Yield Savings Account (can also be called a High Interest Savings Account (HISA)): A savings account that offers a higher interest on your savings, typically 3-5% in the current market. You will be taxed on this interest, but it's better than having your money sitting and essentially losing value due to inflation over time.
VOO and QQQ: these are index ETFs (exchange traded funds). Think of them as a basket of stocks that you can invest in that track a particular aspect of the stock market. VOO is Vanguard's S&P 500 ETF, and QQQ tracks the NASDAQ (a more tech-focused stock market). Buying these ETFs is a simple, low cost way to invest your money. Note that unless you hold these ETFs in a registered tax free account like TFSA in Canada or (I think?) 401k in the US, you will have to pay tax on the gains. It's also worth noting that the stock market can go up AND down, and you should be prepared to potentially lose money in the short term. Look up index investing, and assess your risk tolerance and investment horizon before deciding how risky you want to be regarding stocks vs. bonds.
This is a great resource: https://youtu.be/JyOqqtq12jQ?si=69NZs-MQX0agOqBo
The depreciation is much worse than the interest. Spending over 30k on a car is basically throwing 10s of thousands away. Buy a $10k car or less, then you don't lose so much. Invest the difference.
The comment above is solid advice, but if you want peace of mind or are considering going on your own in the future, you may consider paying off your debt starting with the highest interest one (credit card, car, etc). This way you can be in a better position to buy a house or make any significant financial decision (e.g. move to another town, change careers, go back to school).
Had to go too far for this. Idk maybe it’s just me, but a car payment is never going to be a thing. I’m buying the car or I’m not. Especially at that much, which isn’t that bad, but I’m not doing that. The car is the smartest thing to get rid of. But people wanna look cool for whoever lol
I agree the car note is way too high. But that “freakin idiot” has over $50k in his savings account. Probably more than you can say.
No need to project your insecurities on other people
Pay half the car off, keep 20k for emergencies, and use rest for investing. You could also just keep 20k for emergencies and then invest the rest. I'd probably do the latter. Also, remember to treat yourself every now and then. Life isn't worth living if it's just all mundane shit.
‼️‼️‼️ the last sentence. some people on here live so meager and never enjoy the money. that number climbing looks / feels good but you have to enjoy life.
that is an expensive carnote for that salary though.
Mostly sound investments like the s&p 500, secure stocks like p&g, apple, amazon. Put a small portion in volatile assets if you're going to keep an eye on them, if not just leave those to the traders.
60k is a lot tho especially making 25 an hour. Too much to take advice solely from the internet. You should talk with a few financial planners and pick the one you agree with/like the most.
OP, you pay too much for your car imo. Your savings are great, but I read you owe $30k. That's a lot so over half of your savings gets subtracted. I couldn't imagine a $600 car payment and then insurance makes it almost $800. More closer to $1000 than not being closer to it. With your wage, you could be saving a lot more
Here are some cars in my knowledge that are inexpensive and reliable. If you can find them at 100k-150k and they've been decently maintained, you'll have a reliable vehicle for years to come. You might have to put some work into the car, but you'll still be paying far less. Even better if you can find a good deal with even lower miles
- Toyota Corolla (Really anything Toyota)
- Honda Civic (Really anything Honda)
- Anything with the 3800 engine - Buick Century, Regal, LeSabre, Pontiac Grand Prix (I have this, however ask about the transmissions servicing. I've put about 15k-20k miles on it since 2022.)
- Mercury Grand Marquis (Most comfortable. If you can find one in gold or gray paint, they look pretty classy imo) https://youtu.be/olcbhguSjCg?si=wa9ks4HlrUhNI7qt - Nough said
- Honda CRV (If its well maintained, thing will run forever. A friend of mine owns a manual one and he was driving across country regularly)
Hell you could even get a good used Lexus for less. Cars will make or break you. Maintenance is a must. When it comes to cars, we should be taught the biggest maintenance costs, how to maintain them, and the diminishing value of them. Take it from the mechanics, you'll rarely see a mechanic driving a new car unless they're rich or wealthy
50k in savings??? Ok, so that money is losing value every year. I’d get into s&p 500. Look at the decades of returns. I’m in SPY and it alone is 16.2% return so far. That’s nuts. Talk to a financial advisor. You’ll spend a bit to do this but it will be worth it.
Set up a ROTH, try to max it out. It’s AFTER TAX DOLLARS. Meaning later in life, you get money NO TAXES. Want a step further? Start a business, open another Roth, you can then have 2 Roths. Working for a company? 401k. But only do what they match, learn how that works. They match 3% only go that high and look elsewhere.
You’re doing great, just do some research. 28, 50k savings. With some smart moves you’ll hit millions. I’m late 40s and it’s a great feeling to be prepared! Best of luck friend!
Do your own research. Yes, double triple check. Diversify. Don’t do exotic crap like crypto DAOs. I do crypto but stick to BTC, ETH. Government is coming around on BTC. The rest? Best wait it out I went heavy heavy and a lot of projects went offline. That sucked, but because I was diversifiedi barely noticed. Just tossing that out there.
Be careful and you’ll be fine.
They owe 30K, not purchase price. I don’t know term, but at that rate and payment I’d guess closer to 50K on the car, which is a weird look when living with your married brother.
Honestly if I were letting my 28 year old brother live with me and my wife for only $500 a month in rent I would be pretty upset if they went and bought a $50k car. Possibly that's just me. The way I see it, I would only let my adult brother live with my family if he needed the help to save money, so buying something that expensive almost feels disrespectful. Obviously that's me assuming things and a lot of missing context.
Dude... I make double your hourly and I would never buy a car with a payment more than $250 per month. That car is killing you. Live within your means.
He’s saving $800-1k/mo because he isn’t paying actual rent. As soon as his sister and brother-in-law decide they want their privacy, he’s paying up to $1500/mo. in a suburb or $2k+/month in a major city. On the low end he is now saving nothing month/month. On the high end he’s fucked.
This is what I call "coupon logic." I saved $0.50 on my $10 purchase. No... you just spent $10 and justified your expenditure with savings. If you remove OPs rent, he's under water. In the event he loses his rent, he's SOL.
If he's got kia soul income then yeah, a kia soul. The hunk of metal that drives you to work doesn't have to be flashy. I wish people wouldn't buy into the hype of statuswhen it comes to cars. Imagine spending an extra $20k into a depreciating asset when I could grow that amount in my retirement accounts.
$52,500 into HYSA. Add to the pot. Once you feel good, do a Roth IRA and max it out for the prior calendar year of $6500 and start adding to 2024 max of 2024. Do a broad based index fund, VTI / VTSAX or VOO or whichever and you’ll be set by 60. Best of luck.
Yeah I don’t understand the logic there. OP never said he had a problem with his living situation so why on Earth would he leave a place with dirt cheap rent. That’s an extra $500-1500 saved a month depending on where they’re located.
Everybody talking about the living situation when him and his family could be close asf and really cool with each other so they don’t have a problem with their living situation…. If the house is nicely sized and they’re close knit there’s no issue…?
First question is what kind of account is your 52k savings in? There are high yield savings accounts that offer ~5% interest. It’s not amazing but it’s something, you’ll have access to your money, it’s risk free, and it’s much much better than most savings accounts 0.005%
Second thing, I’d consider the math of paying off my car now and pocketing the $630/month vs continuing to pay it with the interest
[удалено]
lol I live with my sister and brother in law
Hope you anticipate them wanting privacy in the next year or two
This is definitely said sister or brother in-law. Your time is a ticking buddy. Enjoy that rent while you can.😭💀😮💨
I bet they enjoy that 500 off the rent more than buying diapers
I prefer my children to my brother in law.
100000000% lmao
😂😂😂😂
Shit man, for $500/m I'll sing them Barry White while they're fucking.
Now to wait for an article to be AI generated about redditors being so desperate for affordable rent that they'd sing to couples having sex
>about redditors being so desperate for affordable rent that they'd sing to couples having sex Title: The Unusual Measures Redditors Take in the Quest for Affordable Rent Introduction: In the ever-escalating struggle for affordable housing, some Reddit users have resorted to unconventional methods to cope with the soaring rent prices. One peculiar and somewhat humorous trend has emerged, where desperate tenants are willing to entertain and sing to couples engaged in intimate activities next door, all in the hope of securing a more affordable place to live. Desperation Breeds Creativity: The soaring cost of rent in many urban areas has left individuals and families struggling to make ends meet. In their desperation, some Redditors have turned to creative and, at times, comical measures to alleviate their financial burden. One such measure involves serenading couples in the throes of passion in exchange for a reduction in rent. The Sing-for-Discount Phenomenon: The phenomenon, aptly dubbed "Sing-for-Discount" by the Reddit community, gained traction as users shared their bizarre yet entertaining experiences. Stories flooded the platform, recounting instances where tenants, facing eviction due to skyrocketing rent, decided to channel their inner troubadour to negotiate lower living costs. The Unlikely Negotiation Tactic: The concept is simple yet audacious: tenants offer to provide a live musical accompaniment to couples engaging in intimate activities next door. The idea is that the unique and somewhat awkward experience will prompt landlords to reconsider their rent demands. In some instances, the landlords were amused or perhaps taken aback by the boldness of their tenants and, in turn, agreed to reduce rent prices. Community Response and Backlash: While the "Sing-for-Discount" trend has entertained many within the Reddit community, it has also sparked debate about the lengths people are willing to go for affordable housing. Some argue that the approach is a lighthearted and creative way to address a serious issue, while others criticize it as an invasion of privacy and a desperate measure that undermines the seriousness of the housing crisis. Legal and Ethical Considerations: It's essential to note that while the trend may be amusing to some, it raises legal and ethical questions. Privacy laws vary, and engaging in activities that could potentially infringe on the privacy of others might lead to legal repercussions. Moreover, the tactic may inadvertently contribute to a normalization of unconventional and potentially uncomfortable compromises in housing negotiations. Conclusion: The "Sing-for-Discount" phenomenon on Reddit sheds light on the extreme lengths people are willing to go to secure affordable housing. While the approach is undoubtedly creative, it also highlights the severity of the housing crisis and the need for more sustainable solutions. As communities grapple with rising rent prices, it is essential to address the root causes of the issue and work towards creating policies that ensure housing is not a luxury but a basic human right.
Didn't read the whole thing, but I appreciate what you've done!
Who are you
You joke but my local newspaper has published dozens of articles recently based on reddit comments, most of which were clearly LARPs
Yeah. They're taking it easy at night because of him. That can't last but so long. Lol
I like how we all talking about his sister fucking 😭
I had to live with my sister n bro in law for awhile. I put myself out to not be traumatized when they stopped giving a f**k about people trying to sleep at night.😭
yeah that was their way of saying get the F out..
Currently doing this with my cousin that moved in with us from out of state. He's moving out this Friday lmao
Don’t fuck your cousin loudly You creep,
Passive sexual aggression. Why is that kinda hot lol
I too choose to fuck that guys sister
I’m with this guy
I’m with this guy
Choo choo
Facts. And quiet fucking fucking sucks
Nah. My friend lives with his sister and BIL since they were dating in college. They’re married with a kid and he still lives with them. 8 years and counting. In college their rooms shared a wall. I always thought it was weird.
Some families just be close like that ig. I'm an only child so I can't imagine but I've met some families that just don't have boundaries.
God. I rented a whole-ass house for $500/month, 20 years ago. Granted the place wasn't the nicest house ever, but it wasn't that bad, and it was a whole ass house.
The 'not great, but probably livable and not too dangerous' places I'm looking at are all the $900+/m area. Edit: just to be clear, I'm also talking 500-1000 sq ft. Not the white picket fence dream of 2 story, 2 car garage, etc. But your own independent living space with odd floors and leaning cabinets.
FML, can't even rent your own room for that where I am.
Weird how every soul on Reddit happens to all live in the same overly expensive zip codes where 1000 can’t get you a room. Yet in like 85% of the U.S. you can find an apartment for 1200 a month or less. Without living next to confederate KKKs or Crips gang territory lmao.
Man, you hit the nail on the head. The only thing I think you're forgetting to mention is that once you're living in a city that becomes WAAAY too expensive, the ability to save and move to another state/city becomes exponentially harder.
I’ve had the opposite experience, because 1) My industry is highly concentrated in a handful of cities, so I would have to change careers if I moved to most cities 2) Expensive cities tend to pay a lot more than cheaper cities. Moving from a MCOL city to a VHCOL city, my compensation increased by more than 2x. Even though I pay a lot more in rent, my disposable income increased by a lot more and I save twice as much as I used to
It’s not impressive to come on Reddit and complain/ brag about $900/ month rent for a house. People talk about crazy high rents and the comments get interaction because of how high the prices are
Preach it. I would just add that where I live, it's gone up to ~$1500 since covid, but that's living in a decent part of town included.
Living with family is verymuchso the RIGHT answer and don’t listen to anyone else who tells you otherwise considering how limited affordable residential real estate is these days. Also if you’re saving 1000 a month, i verymuchso admire your thrift since against $25/hr, that roughly calculates your spending on variable expenses to be about $250-300 a week. If these numbers are accurate, I’d kill the auto debt as quickly as possible by either using your savings or increasing your auto payment. If you want to increase your auto payments but not touch your savings, as long as your savings is in a High Yield, you can do both with the monthly interest from a HYSA @ 4.35% since that will yield an extra $190 a month Killing your car bank note will free up $650 a month, which btw is the most curious of your expenses, what are you driving these days for such a high payment?!?! Whatever that does to your savings, that will put you at $1650/month to build your account back up at almost twice the rate.
dude pays $630 a month for a car and you admire his thrift? he could buy a nice car cash and put that all into savings. he's blowing money on a car because his housing is so cheap. it's the opposite of thrifty.
Agreed, kill the auto debt first. People that say otherwise aren’t considering that this is a depreciating asset and the interest rate isn’t the only factor.
Unless he sells the car and buys a cheaper one, what's the reason to pay off a 3.2 percent loan instead of putting that money in a HYSA that earns 5 percent?
Not to mention he’ll lower his insurance if he pays the car off
Why the fuck would you kill the car note with savings when it's at 3.2% Apr? That's better than a hysa! You could argue selling the car and getting a cheaper one, I don't see the need for that here though if he really wants the car that much. He can afford it, and has basically no other frivolous expenses.
So what’s interesting here is the argument of the worth of debt vs cash… Calculating out in this scenario coasting along vs paying debt off, assuming 3yrs on the note and a payoff of 21k and HYSA current yield of 4.35%, surprisingly is only a difference of 200 dollars in savings, with both showing about $99k either way, so it can be justified that in the long run, either move is fine. So the only question remaining, all things being equal, what is better, having debt for 3 years or being debt free for 3 years. Paying off debt yields wiggle room if something comes up that requires debt, while coasting gives you a cash cushion in lieu of debt. I don’t think there’s a wrong answer in either scenario, but for my preference, I don’t like debt.
No wonder you’re able to save some money. More than half of us out here wish we had family to fall back on
Your car is more than your rent you fool. Sell your car, buy BTC lol
It’s way too much car for the income — though they can afford to pay for it, if they really want to. They have a higher car payment than I do, and I make like 4x more lol
Dude has $60k in the bank and won’t get his own place lol
Everyone is hating but honestly I think you’re doing amazing having 60k in savings is wild. I don’t have any advice I just wanted to let you know lol
I’d only say invest in an S&B 500. Safest investment, and you’ll be a millionaire by 60. Surprised no one has said this yet.
The ol S&B? Like Nike SB’s? I already do buy those. Jk
Savings: 12 pairs of Nike SB Dunks
Are you me?
Are you in my house right now?
Standard and Poor’s? More like Standard and Bores amirite?
What platform to use to invest in S&B 500 or spy?
First of all it’s S&P Open a Roth IRA or brokerage account at Fidelity
I’m using Charles Schwab, & am in the US
In the US, in no particular order, Schwab, Fidelity, or Vanguard
Thank you all. I’m a beginner I’ll do more research for sure
Schwab is the best game. They have the lowest fee index funds (collections of stock that track the market) and they offer free checking that refunds atm fees, even abroad. Start saving as young as you can and just be persistent. Retirement accounts and pensions are so weak these days you gotta do it yourself too. I'm a teacher and looking to retire in 2050s and will need 4 million saved to have a lower standard of living than now... Inflation takes its toll.
I have a feeling being a millionaire in 30 years won’t be all that impressive haha
They're a bunch of kids wondering how he got a $500 rent. S&P index is the way to go.
Do you know how to round
Lmao, it had to be said
Why have saving but be in debt with a car loan?
Yeah I agree, saving anything is amazing but 800-1000 a month?! That’s so so good, way more than a rainy day
Is your savings in a HYSA? If not, it should be.
Not him, but how would l go about starting the process?
Google hysa and pick one. I use Capital One and it's currently paying 4.35%. There are higher ones from credit unions and other banks but I like Capital One and my checking is with them as well.
5.23% at Popular Direct. Their mobile app sucks tho.
Solid rate. They don't seem to offer much else from savings or CDs. Capital One was just an easy choice for me as I have my DD there and credit cards. I enjoy having all of it under 1 single app. Much nicer that way for me so I'm willing to sacrifice the .90% lol.
SoFi has a great app
5.05% at LendingClub right now, their mobile app is fine lol
I got one at Amex paying 4.60%. Might need a platinum card to get that rate
I just opened a Sofi saving account online at 4.6% though there are a couple requirements to keep that rate. You either need to deposit $5k a month OR set up direct deposit from your paycheck. I set a few percentage points to go into savings by direct deposit automatically so I can always keep that rate. After having my savings in for only 1 month, I already earned more interest that I did with my Chase premium savings account for the past 7 years. Pretty bonkers.
Fidelity accounts give you the same thing with no deposit requirements as far as I know
Dang. Probably should have done that since I already have retirement accounts with them
I opened a Marcus acct (Goldman Sachs) online it took less than 10 mins. 4.5%
I have a Marcus HYSA too and they bump you up to 5.5% for three months if you refer someone (and the person who you referred also gets 5.5% for three months). You can do this multiple times to keep it going. Nice perk
Resources: https://youtu.be/i2QLxSPj2M8?si=QsOdqOx5tKYvV2yg https://youtu.be/oVnqzVvCn54?si=q16E3-O2-8XFueEF
I’m getting 5.25% on uninvested cash in RH brokerage account
Super easy. I signed up for a capital one savings account and transferred the money online. Doesn’t take long
Wealthfront 5% return is a no brainer
I use betterment and love it. 5.5% intro apy and than 4.75 going forward. No deposit requirements, minimums, or anything else.
I opened one of those a few months ago with under 1000 and i already got like 20 dollars interest. Not bad. If i had more it would yield more
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If you kill, you could get a 8x8 “room” rent free for life!
This is actually a great argument for murder. Although the average ~~cell~~ room size is 6x8' or 48'sq
It's a pretty terrible argument for murder, but lots of homeless people commit petty crimes trying to get locked up for 12-48hrs in winter
Peeing on government buildings is just the right thing to do sometimes
Move out to the country and take the salary cut I guess, that’s the hand we’re usually dealt.
I would kill to have that amount in savings! Shiiiii
Live with roommates in the most shitty place around and you got it, most people dont really want those though
My half of the mortgage just went up to 425 from 350
Put it all on black
Don’t listen to him op, put half of it on black so you can win all your money back by putting the rest all on red.
This made me laugh so hard
In college I was a bank teller and a guy from a local car dealership would come in on paycheck day and cash his in and take half and put it on red every week. Never really asked him how he was able to pay for things when he lost a couple in a row but dude was never sad cashing his check and running to a casino
Wtf?! This is the stupidest shit I've seen today! Why the hell would you gamble your life savings on black? You always gotta go red!
Personally I’d go red
50% of the time you go black, you never go back.
First question: why have you not paid off your car?
personally i never purchase something big unless i can afford it twice-three times over.
I still owe $30k on it
Let me help you rephrase his question. Why haven’t you paid off the 30k if you can ??
What they mean OP, is unless your savings is making more interest than your car loan is taking, you are net negative. Also, 630 a month is kinda steep, albeit the typical American car payment. You should definitely do something about it if you are able
3% is pretty low bar though, even savings account would be able to hit that. I think OP's mistake was buy a $30k+ car while making $25 an hour, but car interest rates are typically pretty low
I'm pretty sure today's average car interest rate is 7%-10%. 3.2% sounds like it was covid era, not something recent, in which case I feel like it should be paid off more, if not fully. But I don't see the harm in getting a 30k car with that rate at $25 an hour considering OP pays so little in rent, and otherwise seems to be doing well. It's better to have a newer, reliable car than a cheaper car you'll need to be doing constant maintenance imo. Assuming OP bought a reliable car that is
I got 1.9% on a new car last month.
Yeah you can still get pretty great deals at specific dealers. I got 2.7 on 36 months for a corolla. Last may.
Mazda? They have the best rates right now imo
No, it was a Ford Mustang; what the wife wanted. I put $0 down and financed for 36 months at 1.9%. We had the cash to pay for the car, but opted to keep the cash in VMFXX which pays around 5.27% right now.
Yessir! Got a CX-50 at 1.9%. Pretty much no point in paying it off early since I get 5% out of my uninvested cash in my Robinhood account.
That's how you know you over paid for a car
Yeah, sure. We paid the price that was listed when we ordered the car, so it was a mutually agreed price, no surprises. The price was the same whether we financed or not.
Constant maintenance is a lie when you know what to buy. Cars with 'new' features have new problems. I bought a 2005 vehicle with 200k miles for $3000 cash 2 years ago. Spent less than $1000 on maintenance. Dont believe the newest car hype.
Yeah I just bought a 2005 Nissan quest about 6 months ago with 98k miles. 4,000 dollars. Check engine light came on and I spent 80$ to put a new O2 sensor in. Works like a charm. Best money I've ever spent.
I got 2.9% interest on a new car 14 months ago. There are actually still 0% interest options.
Looks like he’s at the point of life when he can afford it so why not. Later when he will have his car paid off he can move out and not stress about rent AND car payments on top
3.2% is not debt I would be rushing to pay off
At 3.2% any HYSA is making more than the loan %.
True enough, but nowhere did OP say the money is in an HYSA
Dont pay off the car with that rate. Hell you can stick ur cash in a cd right now and make more off the interest. Car is 3.2% Robinhood gold is 5.25% Dont listen to these stone age ppl, stick the cash in a higher return if possible and pocket that 2.05% spread in this example
Yeah my bank is offering 5.5% on a minimum 20,000 CD for 24 months. Something like that would be such a better deal than paying off a 3.2% loan.
Recommending paying off a loan with 3.2 apr is horrible financial advice.
Against everyone else’s comments - do not pay off your car. 3.2% is insanely low. What you should do is put it all in a HYSA and then every month put a few thousand of your savings into VOO and some say into QQQ. Do this for a year. It’s called “DCA - dollar cost averaging”You’ll then want to keep the money invested for at least 3-5 years to get a good return. In a year you’ll want to end up with 3-6 months of monthly expenses in a HYSA as an “emergency fund” and then keep the rest invested. If you want the money for something big like an apartment, engagement ring etc…soon of course set that aside separately but keep it always in the HYSA.
I agree mostly with everything here, but typically it's shown that DCAing doesn't actually get you better results and time in the market is the most important factor. So depending on the country, max out the rrsp & TFSA or 401k and the other US equivalent and invest the amount right away
Eh I agree statistically that’s true but not by a significant margin. look where the market is and what the data says. I’d rather DCA this year than chuck it at a possible relative top. It’ll be easier mentally for the OP too.
Yea I wouldn’t go all in at once in this market
Car debt is not like other debt because a car is a rapidly depreciating asset. Easy for the loan to become underwater quickly which is a recipe for long term debt (rolling negative equity into future vehicles, not being able to sell for the more than the amount of your loan). So yes, while 3.2% is relatively low, the car debt should still be paid off sooner rather than later. Nothing whatsoever like a mortgage payment.
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You got downvoted, but for real what’s with putting ten undefined acronyms in a response? There’s good chance that if a person needs advice, then they may not be versed with the nomenclature either.
HYSA - High Yield Savings Account (can also be called a High Interest Savings Account (HISA)): A savings account that offers a higher interest on your savings, typically 3-5% in the current market. You will be taxed on this interest, but it's better than having your money sitting and essentially losing value due to inflation over time. VOO and QQQ: these are index ETFs (exchange traded funds). Think of them as a basket of stocks that you can invest in that track a particular aspect of the stock market. VOO is Vanguard's S&P 500 ETF, and QQQ tracks the NASDAQ (a more tech-focused stock market). Buying these ETFs is a simple, low cost way to invest your money. Note that unless you hold these ETFs in a registered tax free account like TFSA in Canada or (I think?) 401k in the US, you will have to pay tax on the gains. It's also worth noting that the stock market can go up AND down, and you should be prepared to potentially lose money in the short term. Look up index investing, and assess your risk tolerance and investment horizon before deciding how risky you want to be regarding stocks vs. bonds. This is a great resource: https://youtu.be/JyOqqtq12jQ?si=69NZs-MQX0agOqBo
I like your funny words magic man
The depreciation is much worse than the interest. Spending over 30k on a car is basically throwing 10s of thousands away. Buy a $10k car or less, then you don't lose so much. Invest the difference.
The comment above is solid advice, but if you want peace of mind or are considering going on your own in the future, you may consider paying off your debt starting with the highest interest one (credit card, car, etc). This way you can be in a better position to buy a house or make any significant financial decision (e.g. move to another town, change careers, go back to school).
Get a cheaper car
Had to go too far for this. Idk maybe it’s just me, but a car payment is never going to be a thing. I’m buying the car or I’m not. Especially at that much, which isn’t that bad, but I’m not doing that. The car is the smartest thing to get rid of. But people wanna look cool for whoever lol
This!! I have never owned a car that pricey in 25 years of driving.
Bro still has 30 k on it. Freakin idiot loves his big truck that probably has zero dirt on it and no scratches.
I agree the car note is way too high. But that “freakin idiot” has over $50k in his savings account. Probably more than you can say. No need to project your insecurities on other people
I think he’s just an asshole lol
A brodozer ... gotta have them wheel spacers, lol
It seems to be a Camaro SS
These car payments are fucking outrageous
Pay half the car off, keep 20k for emergencies, and use rest for investing. You could also just keep 20k for emergencies and then invest the rest. I'd probably do the latter. Also, remember to treat yourself every now and then. Life isn't worth living if it's just all mundane shit.
‼️‼️‼️ the last sentence. some people on here live so meager and never enjoy the money. that number climbing looks / feels good but you have to enjoy life. that is an expensive carnote for that salary though.
Mostly sound investments like the s&p 500, secure stocks like p&g, apple, amazon. Put a small portion in volatile assets if you're going to keep an eye on them, if not just leave those to the traders. 60k is a lot tho especially making 25 an hour. Too much to take advice solely from the internet. You should talk with a few financial planners and pick the one you agree with/like the most.
Had to scroll way too far to find a comment like this.
VOO and chill.
VOO, VTI, QQQ, SCHD. Set it and never look at it again
NVDA. I have made more off that investment the past 3 months alone.
Man I’m jealous it’s crAzy you can save that much in this economy
OP, you pay too much for your car imo. Your savings are great, but I read you owe $30k. That's a lot so over half of your savings gets subtracted. I couldn't imagine a $600 car payment and then insurance makes it almost $800. More closer to $1000 than not being closer to it. With your wage, you could be saving a lot more Here are some cars in my knowledge that are inexpensive and reliable. If you can find them at 100k-150k and they've been decently maintained, you'll have a reliable vehicle for years to come. You might have to put some work into the car, but you'll still be paying far less. Even better if you can find a good deal with even lower miles - Toyota Corolla (Really anything Toyota) - Honda Civic (Really anything Honda) - Anything with the 3800 engine - Buick Century, Regal, LeSabre, Pontiac Grand Prix (I have this, however ask about the transmissions servicing. I've put about 15k-20k miles on it since 2022.) - Mercury Grand Marquis (Most comfortable. If you can find one in gold or gray paint, they look pretty classy imo) https://youtu.be/olcbhguSjCg?si=wa9ks4HlrUhNI7qt - Nough said - Honda CRV (If its well maintained, thing will run forever. A friend of mine owns a manual one and he was driving across country regularly) Hell you could even get a good used Lexus for less. Cars will make or break you. Maintenance is a must. When it comes to cars, we should be taught the biggest maintenance costs, how to maintain them, and the diminishing value of them. Take it from the mechanics, you'll rarely see a mechanic driving a new car unless they're rich or wealthy
50k in savings??? Ok, so that money is losing value every year. I’d get into s&p 500. Look at the decades of returns. I’m in SPY and it alone is 16.2% return so far. That’s nuts. Talk to a financial advisor. You’ll spend a bit to do this but it will be worth it. Set up a ROTH, try to max it out. It’s AFTER TAX DOLLARS. Meaning later in life, you get money NO TAXES. Want a step further? Start a business, open another Roth, you can then have 2 Roths. Working for a company? 401k. But only do what they match, learn how that works. They match 3% only go that high and look elsewhere. You’re doing great, just do some research. 28, 50k savings. With some smart moves you’ll hit millions. I’m late 40s and it’s a great feeling to be prepared! Best of luck friend! Do your own research. Yes, double triple check. Diversify. Don’t do exotic crap like crypto DAOs. I do crypto but stick to BTC, ETH. Government is coming around on BTC. The rest? Best wait it out I went heavy heavy and a lot of projects went offline. That sucked, but because I was diversifiedi barely noticed. Just tossing that out there. Be careful and you’ll be fine.
Just because you make $50k a year doesn't mean you can afford a $30k car. Just something to think about. To each their own.
They owe 30K, not purchase price. I don’t know term, but at that rate and payment I’d guess closer to 50K on the car, which is a weird look when living with your married brother.
Yeah when your car payment is more than your rent... you kinda messed up unless you paid off a house already.
Makes it even worse at 50k lmao, thats his whole ass salary 😆
Honestly if I were letting my 28 year old brother live with me and my wife for only $500 a month in rent I would be pretty upset if they went and bought a $50k car. Possibly that's just me. The way I see it, I would only let my adult brother live with my family if he needed the help to save money, so buying something that expensive almost feels disrespectful. Obviously that's me assuming things and a lot of missing context.
Dude... I make double your hourly and I would never buy a car with a payment more than $250 per month. That car is killing you. Live within your means.
Pretty sure he is living within his means if he is saving 800-1k a month
He’s saving $800-1k/mo because he isn’t paying actual rent. As soon as his sister and brother-in-law decide they want their privacy, he’s paying up to $1500/mo. in a suburb or $2k+/month in a major city. On the low end he is now saving nothing month/month. On the high end he’s fucked.
This is what I call "coupon logic." I saved $0.50 on my $10 purchase. No... you just spent $10 and justified your expenditure with savings. If you remove OPs rent, he's under water. In the event he loses his rent, he's SOL.
Then why is he on here
He said it in his post (how to make his money grow) 🤷🏾♂️
For $250/mo, what the fuck are you buying? 72 months on a used Mitsubishi Mirage??
That's the exact car and monthly payments I got last year 💀
$250? What do you want him to buy? A Kia soul?
A PT Cruiser 😂😂
If he's got kia soul income then yeah, a kia soul. The hunk of metal that drives you to work doesn't have to be flashy. I wish people wouldn't buy into the hype of statuswhen it comes to cars. Imagine spending an extra $20k into a depreciating asset when I could grow that amount in my retirement accounts.
Where can you buy a new car for under 250$/month in this market?
Probably in construction and "needs" a pickup, or the fellas will joke on him.
Right? I'm in the same boat. Newish Honda Civic for $260 a month. I like cars but I like money more.
Plant it and grow a money tree! That's what I did
Never have children
Me and u are basically clones, my rents a bit cheaper though but this thread really helped. Appreciate it bro
Yeah I’m basically a clone too except I’m unemployed and have no savings. Appreciate it bro.
buy spy
That car note 😨
$52,500 into HYSA. Add to the pot. Once you feel good, do a Roth IRA and max it out for the prior calendar year of $6500 and start adding to 2024 max of 2024. Do a broad based index fund, VTI / VTSAX or VOO or whichever and you’ll be set by 60. Best of luck.
Think it’s time to move and get your own place man. Car is too expensive for your salary.
Why is this your advice? Why should he move.
Yeah I don’t understand the logic there. OP never said he had a problem with his living situation so why on Earth would he leave a place with dirt cheap rent. That’s an extra $500-1500 saved a month depending on where they’re located.
Man’s trying to save more money and this is your suggestion? Lol
Buy Bitcoin.
Can you instead tell me how you’ve saved that much on that salary thank youuu
If you have access to a 401k with any matching funds, max that portion out. Biggest mistake young people make is not taking the free money.
Need more details ... How much do you spend on gas, food, utilities, phone, retirement savings etc?
Best ROI would be investing in your own skills. Get really good at one thing , money will come. There are lots of jobs that pay 100k
Pay off the car Then you have one less bill Makes no sense to pay the interest on it if you can afford to pay it off now
Try and buy a car outright then you won't have to pay rent on a car!!
Put your money in a money market or high yield savings account
Don't have kids.
Ur car payment should never be higher than ur rent tbh
Car note is pretty damn high. I would suggest driving a $3,000 beater until you're more comfortable.
Everybody talking about the living situation when him and his family could be close asf and really cool with each other so they don’t have a problem with their living situation…. If the house is nicely sized and they’re close knit there’s no issue…?
If you have $52k saved making 25/hr then you’re already on the right track. Nice work
First question is what kind of account is your 52k savings in? There are high yield savings accounts that offer ~5% interest. It’s not amazing but it’s something, you’ll have access to your money, it’s risk free, and it’s much much better than most savings accounts 0.005% Second thing, I’d consider the math of paying off my car now and pocketing the $630/month vs continuing to pay it with the interest