Old Jul 1, 2007 | 03:20 PM
  #7  
Jeremiah 29:11's Avatar
Jeremiah 29:11
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Default RE: What Salary needed to afford Challenger

This is a very complex answer based on your situation.

Let me make some assumptions:

1. You will start at $45K/year
2. Not married
3. no children
4. no house note yet

Action Items:

1. Tithe your money to God.
2 .Be sure you start saving at least 10% of your annual net salary for the rest of your life.
3. Start a 401K at your job immediately upon joining.
4. Always have at least 6 months of emergency cash (for things that you don't expect to happen)
5. Always make sure you have all of the insurance for medical, auto, home, etc..

I would get a 6 cylinder Challenger for fuel and insurance costs at your age.

We currently live in a fast food society. In other words, in the old days people worked for year and decades to get things we wanted and now
todays younger generation sometimes has unrealistic expectations to get things overnight.

I know economically we live in a society where finanancialy people are better off than back in the day and so sometimes you can get the things you want.
I think patience is a virtue and if you can practice in this case you will be better off in the long run.

You can start life in debt and struggle making it financially (I know of people using credit cards to payoff other credit card bill.....what a tragedy)
for the rest of their lives or they can start off on the right foot making good sound financial decisions now which will pay dividends in the future and when you retire.

I have many examples but I will give just one. When I got laid off 6 years ago, (6 months total) had I not already saved for my kids college funds over 20 years ago
I would have not been able to pay for it.

I am not here to burst any bubbles but to paint a realistic picture of what you need to do to start off financially on the right foot.

I have helped both of my sons to plan and as a result my oldest is 25 and has already paid off his 2006 Ford Mustang GT($32K).

You are young, so use time on your side to make your money grow.
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For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future. Then you will call upon me and come and pray to me, and I will listen to you. You will seek me and find me when you seek me with all your heart.
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