Tell that to the wife zoner... she does not see why I should buy a car that's 133K. Even though she brings in another 6 figures. We are VERY fortunate and lucky to be bringing home what we bring home - so I figured, maybe I can treat myself to a nicer car.

Ah well... the longer I keep the G, the more I save anyway.

Maybe I'll wait for the new M3.

 

I think it was actually Albert Einstein who said "The most powerful force in the universe is compound interest." While I haven't been in a S yet, online reviewers seems to complain about the harsh ride generated from the hard seats. It sounds like you still really like the car, but you don't like the seats. Maybe consider throwing in some non-S front seats? I'm sure a member would swap some with you. Or maybe an upholstery shop could help you make things a bit more comfy. Heck of a lot less expensive just to change seats if that's your real gripe. Just a thought...

 

I hear ya man... I just need some comfier seats.

My back has not hurt in a long time, but I feel like my back gets "tired" with long drives. Not painful, but it just feels like I'm glad to get up and walk around.

Wife thinks it's a ploy to get a new car.

 

i hope to be in a similar predicament in the next few years (i.e. the attending salary boost), and will try not to get carried away...but my 6 figure loans will keep me honest =)

 

[quote=joey_v;3333203]I hear ya man... we gotta be reasonable.


Let me ask you this, how does one save 49,000 into a 401k? The max is 16,500 and your employer can match that if they want. Also most hospitals though they match its not 100%...what are you doing?

Loth

 

My employer doesn't match - they just contribute 15% of my gross salary into my 401K until the max of $49,500. So, all I need to make is $320K, you can see how they max my 401K. This 401K contribution is in addition to my salary. And I make a bit more than $320... but my 401K can't be maxed anymore unless there are changes to federal regulations.

I am looking at safe harbors for my money - like whole life and very very conservative mutual funds or commodities... since the 401K is maxed.

 

Also, you can also see if your employer has a deferred contribution plan - where you can enroll and defer more of your pretax salary to a plan which is similar to a 401K plan.

You can also do a Roth IRA to help out.

 

lol somehow I had a feeling you'd say you were a physician...congrats on your newly accomplished attending position, was prolly a lot of hard work!

Honestly, I would put the percentage of 'car money' to 'income' at about 10% per year of your total income, MAX. Save the rest for a family, you and your wife's retirement, a home, and most importantly, a rainy day as others have mentioned.

There are a lot of safe investment vehicles you can utilize to make your stashed money grow, I would suggest a bit of research at MSN Money (helped me) and even at your local bank to see what kind of programs and investments they offer. There's also always the private investment company route like a visit to Merrill Lynch or others.

Also, it seems like the ride on your car is too harsh for you, so why not play with the suspension a bit and maybe soften it up? Heck, with a bit of cash you could even get air ride suspension compared to getting a new car

 

Question...

When you say 10%, do you mean the car should only cost 10% of my annual or do you mean that the monthly payment x12 should equal 10% of my annual income.

$400K x 10% = $40K cost of the car

OR

$400K x 10% = $40K annual cost of vehicle (meaning $3,250/mo... meaning a $200,000 car)

Also, I did look into MSN money - I also have a financial advisor who I'm meeting up in 6 hours so I have to get to bed.

Thanks for the tips man!

 

I am as fortunate as you. But with 2 little blessings. (Kids) Word of advice is to enjoy it while you can, once you have some kids your dream ride will have to take a back seat until the kids go away to college :-) Happens to everyone, that is if you are planning to have kids. Until I get my dream ride, my daily driver keeps me very happy.