Hey there! Okay, so hear me out. Or well, read.. lol. I know there are a few threads about "comfortable living" but I kinda wanted to get some answers to my own questions.
I define comfortable living as NOT having to live paycheck by paycheck.
Say I am single. No kids. I live in an apartment $700 monthly, pay a car note of $500 monthly, $70 for cellphone, $140 for insurance, let's add miscellaneous $1,590 to make the bills an even $3,000 monthly. Will I be able to live comfortable? $3,000 in bills monthly, will an RN's salary be sufficient? Please don't be mean or sarcastic, I'm really looking for some personal experience. Answers from those whom have gone down a similar path as I plan to pursue. Thanks so much in advance for taking your time to read this post and/or even replying!
Good lord, a $500 car payment.. for a Camry?! That's the part I can't get over... not the $500 car payment, but the fact that it's a Camry.
I just bought a brand new car with no money down. It is a sports car, and I financed the entire amount. My monthly payment is $523. I can't figure out how in the world they got you over $500/month for a Camry.
Now, granted, the way I look at the sports car is all I have to work is two shifts a month at my second job to pay for it. I have been working more than that anyway. A car payment like this IS a luxury, and I'm treating it like such - I am going to work extra for it. Granted, I could pay it just fine out of my full time job's regular income with some careful budgeting, but I rather enjoy throwing huge amounts of extra principal payments at my mortgage, so I'm just going to work two jobs instead.
I live in the Midwest (low cost of living) and work overtime a ton... but the real secret to my comfortable financial status? No kids. Little black holes of money and energy -- and the ROI is terrible!
OK, OP has explained that her current payment of $500 is not the actual calculated loan payment ... but she has the disposable income to pay more than the required amount, so that she can (wisely) pay the loan off faster and reduce the total amount of interest paid.
We can step back from the ledge, as far as the Camry. :)
Specializes in Nurse Leader specializing in Labor & Delivery.
We can step back from the ledge, as far as the Camry. :)
I disagree. 18 or 19, just graduated high school, with a brand new car? If the poster is looking for the path to financial freedom, she's started off on the wrong foot.
I own a business. Passed down from sister to sister. But it's not where I see myself in the future. That's why i figured asking the questions I did on Allnurses would help me understand. A lot of you are nice in giving me your time to respond. A lot of you kind of just only saw the car part of the thread (which is upsetting bc that wasn't my main point). I appreciate it guys, really.
Specializes in Nurse Leader specializing in Labor & Delivery.
Why do you disagree klone?
I would think it's self-evident. She is approximately 18 years old, she just graduated from high school, and she has a brand new car. That's not a financially sound decision.
My husband and I *can* afford a brand new car, and we still don't buy them. They are horrible investments.
I disagree. 18 or 19, just graduated high school, with a brand new car? If the poster is looking for the path to financial freedom, she's started off on the wrong foot.
I agree , I see too many young people starting off on the wrong foot by living above their means. The average 18 or 19 year old does not have the funds to afford such vehicles neither do they have to access to stable jobs that can afford them such cars. I hope the op has a very stable job. I looked the up the msrp for the car, so unless she put a large down payment on the car, her original payment is not too far from what she is currently paying. I also feel strongly about this , because two associates that I know are getting their cars repossessed because they can no longer afford payments.
I own a business. Passed down from sister to sister. But it's not where I see myself in the future. That's why i figured asking the questions I did on Allnurses would help me understand. A lot of you are nice in giving me your time to respond. A lot of you kind of just only saw the car part of the thread (which is upsetting bc that wasn't my main point). I appreciate it guys, really.
Good for you! I commend you for asking questions now and actually considering the financial end of the career you choose (or don't choose).
Whether any job provides a comfortable living really depends on your definition of comfortable and the sacrifices you are willing to make to save for the future. One person's comfortable might be another's poverty. It can also depend on lifestyle (kids, vacations, private schools) as well as health. A chronic illness or injury can cause financial nightmares.
As part of your college electives, no matter what you decide, a financial and business course might be helpful to guide your future. Good luck to you!
Specializes in Nurse Leader specializing in Labor & Delivery.
I know you think I'm harping on the car, OP, but there truly is a method to the madness. Buying a brand new car is a really really bad financial decision that MANY people commit. Realizing this fact is one step in becoming a financially savvy adult. If you invested the money you spend on that car payment in an IRA instead, and continue to put several hundred dollars away every month, you would be able to retire at 55 as a multi-millionaire. Right now is the BEST time for you to start putting money away for your retirement, because you have the luxury of several decades of compound interest.
I second (and third and fourth) another poster's suggestion to read Total Money Makeover by Dave Ramsey (completely changed our lives), and I would also suggest The Automatic Millionaire by David Bach. In that book, he talks about the "latte factor," a concept that also changed our lives. A new car is an example of the latte factor, on a much larger scale.
That's the part I can't get over... not the $500 car payment, but the fact that it's a Camry. 
johsonmichelle
527 Posts
I wonder what kind of job the op does to afford that car.