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Can I Afford it?

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    #31
    This thread should really be its own main forum section...

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      #32
      Originally posted by wincrasher View Post
      What I want to buy:

      Solid Gold Toilet - 30 lbs gold @ $100/oz = $480,000

      Me:

      50 somthing TV financial adviser, author

      Single, snappy dresser, nice tan

      Take-home - $2 million a month

      Savings/Assets - $25 millioin

      How am I paying for it? American Express Black Card, of course!
      hahaha!!!

      You are denied!

      Hhaha.. just cause.

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        #33
        Originally posted by Dixiechick View Post
        I want to play also! I want to spend $4k on carpet - out of savings.

        Net monthly income: $4400/mo
        Mortgage: $1003/mo
        Phone bill for 3 phones: $120/mo
        Cable and internet: $112/mo (I only have 1 choice for cable/internet service out here)
        Car Ins: $42/mo
        Utility avg: $250/mo
        15% of Gross goes to 401k
        $300 extra a mo. goes to additional mortgage payment
        $1000/mo goes to cash savings (until I get a year's worth of salary saved up, currently at $21k)
        $200/mo goes to Roth IRA
        $100/mo Son's college savings (he already has the prepaid tuition plan)
        $50/mo goes to daughter's gas money while in college

        So, can I go ahead and get the new carpet? Or should I wait until I have the full year's worth of salary saved?
        Most of that stuff is expendable if you were to lose your job, but your savings is under 8 months and if you're going to take 4k out of that, it would only be about 5 months.. of your current gross..

        Are you really comfortable with dropping your savings all the way down to 17k??

        Personally, I wouldn't even be thinking about a carpet until I hit 30k.. then save up for that seperately, without touching your savings.

        Sorry.. she's been strict lately.. I'd say you are denied. You need more liquid savings.

        ___________________


        If you were willing to live on just the basics, however,.. that's a different story...

        If you lost your job,...

        The kids would have to get a job and pay for their own gas, or buy then a bus pass.
        If phone's weren't in contract, you could cancel them or lower the plan
        $300 extra towards mortgage would decease
        200 to Roth, 100 to college savings would be put on hold
        Cable and net would be cancelled or put on a lower plan
        15% to 401K would decease.

        Given those, you may be able to live off of 2-thirds of your income, and that's over 9 mos worth.. but I'd still save up seperately, as oppose to knocking your beautiful 21k savings down to 17k.

        If you're willing to make those sacrifices in the event that something bad happens, then you are approved.
        Last edited by swaymonae; 04-15-2009, 10:03 AM.

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