BidspayMax

Hey,

I've been apart of Maxima.org since high school, (yes, with the same '96 SE), and I can really say that the people here (for the most part), are very respectable, upstanding, and understanding people, that I feel I can confide in for financial advice. Here's my dilemma...

I'm 20, not sure about my credit, no credit card debt, have a mortgage in my name, all the bills (i.e. FPL, cable, telephone) all in my name, and I have two cars paid in full, in my name. The Maxima, and a 2000 Celica that I bought primarily for my fiance's use. I've never had a car payment in my life, both cars were paid in cash, and now that we have a mortgage payment every month, the insurance on both cars...etc, I was interested in selling the Maxima and getting something a little more luxurious,(i.e. a used GS400). Now, I recently invested in a business idea, and am a little shorter on cash than I am used to, as this business has been in development for over 2 years, and I have yet to see any kind of return.

I was wondering what a good percentage rate on a loan for a used car is, and how most of you manage the family life, bills, and a car payment. I moved out of my parents house a little more than a year ago, so I am still new to "LIFE". Any advice, suggestions, etc would be greatly appreciated. Also, I'm want to know how much I can expect to sell my 1996 Maxima SE, 69k miles, very good condition for.

Really, I'm looking for any advice on my situation, the maxima, the lexus...etc. More of a friendly topic, than directly related to my max, however, it is included so it's not completely "OFF TOPIC"

Thanks in advance.
-phil

Padsy

iTrader: (1)

First of all.....DAMN...your doing well for 20 yrs old.

There is a place on the net....Peoplefirst.com that gives GREAT used car rates. I got one there for my wifes Audi...5.4% 60 months, but you have to have GREAT credit, and it sounds like you do.

Hope this helps.

BTW...a car is a HORRIBLE investment.

Jeff92se

iTrader: (82)

Well I would suggest just hanging on to the Maxima until you see how that other business venture goes. If it turns the corner, you might be able to buy a better car or a new car.

Just some thoughts.

BTW. This is a PRIME example on how to write a post(in terms of subject and actual post) Good job. Yeah it's slightly OT but it's done right.

Padsy

iTrader: (1)

Why....thank you very much Jeff, you are too kind.

Since when did you become "Mr. Freggin Nice Guy"?

Jeff92se

iTrader: (82)

yO bIsH, I ain't talking to you.

BidspayMax

Very good advice. In all honesty, that is what I will probably end up doing, however, I am a very impatient person, TERRIBLE character trait, but still existant.

Thank you. If you want to talk about any business ideas, or need any advice, or just want to hear "my story" feel free to drop me a line, Phil@bidspay.com, or drop me a line on instant message "BidspayDotCom"

I know a car is a horrible investment but it is something that really makes me happy in life, just having a nice one, or working on one, and I think that's a reasonable sacrafice. After all, happiness is one of the few things that we can really control.

As far as my credit, it's not terrible, but still very new. I had anticipated several years of paying bills on time, paying over the mortgage amount each month, etc, to build a solid credit foundation. But I am going to look into everything. Thanks for all of the advice so far, I appreciate everyone's opinions.

Padsy

iTrader: (1)

Jeff92se

iTrader: (82)

Bidspray, I'd love to hear your story.
<--- email me. Origato!

Bluebird

iTrader: (4)

My advice would be to hold off on the Lexo. Life is pretty unstable so I wouldn’t want to put myself in a situation that could collapse on you if an unfortunate event were to happen. Example: You find yourself in some legal trouble and have to pay large lawyers’ fees, your company is suddenly bought out, your house burns down, you get a DUI, or whatever else and you are stuck with a completely unnecessary luxury item like a big GS 4-hunny. I’d hate to see you have to turn around and sell it and take a big hit on it. I’m sure your max is pretty nice, definitely nice enough for a 20-year old. Maybe you could take the extra money and invest it in your house. If you’re in a good neighborhood you should always be able to get your money back on something like that. Of course, I’m 24 and have a fiancée, mortgage, student loans and I’m still making two car payments. You’re obviously doing better than me so take the advice for what its worth. Best of luck to you.

Padsy

iTrader: (1)

Jeff....lmao...which one was I??


Bidspray...me too. email me please.

Green 2kSE

Bidspay, you are an exception by having accomplished so much by 20. I mean, a house, 2 paid cars, independent from family, plus a sound credit and no debt is something few people can boast about. Life is a string of ups and downs, however, so don't bet on the future's best. Keep a safe buffer of funds for 6 months ahead. You never know what may happen; even if it's a nice event such as marriage and kids, they still cost $$$, trust me.

gepetto

Hey,

My advice: unless you need a new car (I'm guessing you don't) just hang on to the Max a bit longer. With fresh investments, it's never a good idea to take on more expenses, ESPECIALLY a loan. Once that investment works out (and almost certainly it will, if you invest right. 97% of every 5 year period in the stock market makes money) then you can go on and buy better stuff.

Other things: dude you're doing awesome for 20. Having no credit trouble is going to save you.

I'm only 17, so don't know about much. But I have been taking a financial course. If you have a chance, look into Dave Ramsey. He's got some good stuff.

Jeff92se

iTrader: (82)

Jeff92se

Padsy 02 gheyspeed

SuDZ

That is always a good idea. You will want to be able to get yourself out of trouble faster than you can get into it.

SuDZ

2002 Maxima SE

iTrader: (3)

Bidspay,

Curiosity is getting the best of me. Email me your story.

Padsy

iTrader: (1)

ME---> <---Jeff92SISSY

Bluebird

iTrader: (4)

Put me on your e-mail list as well, I posted earlier.

Jeff92se

iTrader: (82)

Pansy 02 IQ

BlackCat

iTrader: (6)

Me too! vandan6@hotmail.com

SuDZ

Stick me on there ... why not.

SuDZ

BidspayMax

LOL, I should write a book. It would be an "ORG BEST SELLER". I appreciate all of the advice, and have "OFFICIALLY" decided to wait a while and let things play out a bit, especially with the new company, and see how that unfolds.

Again, I can't thank you enough for being understanding, and offering very sensible advice. I also appreciate all of the nice comments, and look forward to speaking with some of you about business and life in general.

-Phil

orgasmicNYC

orgasmic@optonline.net...Your just the same age as me but about 100% better off. I'm studying Computer Engineering and have 4 if not more semesters left! Help me I need ideas.

dmbmaxima2k2

iTrader: (1)

ok, i'm in lending at the bank i work at so i can give you some advice on most of this, BTW you are doing good for 20. i'm only 19 and minus the whole moving out thing i'm in a similiar position to you.


anyway, at my bank i can get you 6.5% on any vehicle 99 or newer. 10% on a 97-98 and older then that we suck on our rates lol. i need to know the exact year GS yoour looking at but ya around 7% would be good. and you max, i'd say its worth at least 8 grand private party, maybe more.

Dave B

Wow, you're doing great for 20. Did you not go to college? What do you do for a living. You're a smart man not to carry debt.

How do many of the guys afford thier cars in this Org? They have loans, charge everything, carry huge credit card debt, and many still live at home. Carrying a butt-load of debt seems to be the American way. Most people don't own anything. The bank and credit card company does.

I don't know what to tell you about the GS400. If you had about $7000-10000 you could part with then I say go for it. The stock market sucks right now. I've lost ~23% of my money in the market in the past 1.5 years Do you invest? Do you have a money market account for your larger cash reserve? Do you have IRAs? A good rule of thumb is to have enough cash around for 6-10 months unemployment, save 3% of your income in cash and invest at least 10% of your income (stock, bonds, funds). Real estate is always good too. If you're already doing all this then you can afford the GS400 with no problems. I love my 96 Maxima, but I really would like to get a new car right. The amount of money I save and invest every would easily cover a big car payment, but I want to retire early and be driving a REALLY nice car. I might buy myself a $25000 car next year (my first new car ever, I'm 28).

FYI, I've read a couple books that say you should have ~120K in net worth (ie stuff you honestly own) by the time you are 30. Just something to think about.


Dave

BidspayMax

Hey Dave,

Thank you for the kind words, I'll try and answer all of your questions...

Yes, I am full time at FAU (Florida Atlantic University) here in Boca. I have 1 semester left (after this semester), and then I start Law School at Nova South Eastern University School Of Law. (I started college a semester early...I went to high school for 3.5 years)

I do not have 1 single credit card. Infact, the closest thing I have is a debt card that deducts directly from my Washington Mutual checking account, so I think that hardly constitutes credit, however, I am able to use it as a Visa, and it carries about $2500 overdraft protection.

I have a pretty unique story, and was fortunate to get involved in a successful business at a relatively young age. The only debt that I have is that of the balance on my house. I played the stock market once, with one stock, several years ago, but nothing more than a couple thousand dollars came of it, over a period of about 14 months.

Like I said, we are still getting settled into our home, and getting used to life on our own (my fiance and I), so i have really not had time to research money market accounts, IRA's...etc. I am the type of person that will not give anybody a dime (with the exception of charity, of course) without extensive research into what I am paying for and I feel fully informed of the investment that I am making. I currently work part-time just for extra and steady income.

I am not a typical investor, as I like to invest in people rather than "things". To me, stocks, bonds, IRA's are things, paper. About two years ago, I made a substantial investment in a guy that I was buying wheels from, (wheels that 90% of the people on this site did not like, I might add)
I have not received a return on that investment as of yet, but that is because the business has been in development for two years, and I will be sure to let everyone know about it once it completed.

Because I had absoluetly no credit when I purchased my home, I had to put 20% down, so I could aquire a home equity loan without a problem. I was more interested in general interest rates for used cars when I posted this message, as I've never even looked into it before.
So, I've decided to hold off on the new car for a little bit, and wait until I feel that I'm secure enough to buy it in cash. Thanks for the advice and good luck with the new car, what kind are you going to get? MAXIMA

Have a good one.

gtr_rider

iTrader: (50)

phil is the man

BidspayMax

Lol @ Luke. Thanks bro, just for that, I'll see if I can make my way down to a meet sometime

gtr_rider

iTrader: (50)

Dave B

I don't blame your distrust in the stock market. The whole thing has been way over valued and we have all suffered from the huge market correction in one way or another (lost jobs, lost money, more expensive bills, etc). I will say this though, playing the market right and not "putting all you eggs in one basket" will net you a VERY healthy return in the long run. My late grandfather was stellar in investing and really only started investing money in the late 70s. Starting with a few thousand dollars in the market (stocks, bonds, funds), he turned the money into 2 million dollars by the time of his death in 93. My grandmother is still alive and reinvests and manages the money in a special "insured" account which is worth well over 4 million....including what's happened with the market. Simply put, "the richer you get......the richer you get."

I've learned (and my grandfather too) that stock brokers and retirement accountants don't know jack unless you're a multi-millionare with more money than you know what to do with. You've got to remember that brokers really aren't out for your best interest. The movie "Boiler Room", while a little extreme, is closer to reality than you would think. IMO, a brokers guess is as good as yours assuming your can get the data (msn.com has a wealth of info concerning investments). I find Fortune magazine to be pretty insightful and the book "The Millionare Next Store" is incredible and a very easy read.

A home is an excellent investment especially if you live in good neighborhood. My home's value has already increased 15% in two years. Team that with 30% down, I making some good money. I actually think I could get more than appraised value right now. Which leads me to real estate, good choices in real estate investments are quick and effective ways to make serious money. You just need to be very informed about the real estate market.

Investing in a new company is probably the most dangerous investment you could ever make next to investing in the restraunt business. Investing in a new company either means you loose ALL your money quickly or in about 3-5 years you make butt-loads of cash. Unfortunately most people loose all thier money.

BTW, people would buy those "wheels" if they made some better styles. Unfortunatly their designers are stuck in the early 90s of wheel design and their wheels are heavy. With the import market, you've GOT to be on the cutting edge of design and everything is about weight now.


Dave