If You Had $10k to Blow..........

I'd invest

 

Good question bahaha my mistake

Here's a picture as requested. It's an older picture from December, haven't had a chance to finish the front bumper and do a tamper proof LED mount.

 

Nice! I like the glass

 

My contribution is pre-tax too. I get a free financial adviser of my choosing from my company as well, and mine has been very good at getting me +10% average return. I expect this year will be rough with the way the economy is going but I'm already punching some serious numbers out of my retirement accounts. My company matches my contributions to the investments I choose but I don't have access to that money until I'm 65, so really I've been banking 16% but I can't count on that extra 8% if I switch careers or jump ship so I don't really include it.

Yeah, I don't hunt. With the cost of ammo, optics, and rifles in Canada I could easily pass $10K on that hobby in only a year or two. I fish cause it's cheap and easy to do to relax.

I didn't mean offense, but there is a balance between being a miser and being too liberal with your money. I think the critical thing is to keep your debt low enough that you can get out of it in a respectable amount of time and to keep your investments/retirement savings growing faster than any debt you have.

 

Shit.


Great minds think alike.

 

O.P. - What do you actually use your truck for? Knowing that would go along way for people making suggestions on what to get.

Also, just curious; Why have sponsors paid for your truck, but not the necessary upgrades needed to make it look badass? Doesn't that usually work the other way around?

 

Fuck the S/C's. If you want to go fast, get a car.

I'd get lockers on front/rear, re-gear, install onboard air, more skids towards the rear end, and refresh my suspension. Last step would be to Line-X the whole thing in tan.

 

Get an education to do what you love. Never work a day in your life. Spend excess dough on whatever you want. IMO

 

LOL what if you already have an easy well-paying job, no debt, and you have liquid cash to spend on luxuries already? Yes, we exist.

 

I agree with most everything you said minus the 10k for hunting. I live a few hours away from you. $700 rifle (one time purchase) and a $40 box of bullets (that last me 3 yrs) and I go moose hunting and deer hunting every season. You could go spend 10k if you want to go buy all the crap you see on TV, but you don't need to just to go out and enjoy hunting and the outdoors. You can spend 100k on a watch too but a $50 will tell ya the time as well.

 

If I was forced into spending 10k on my truck I'd do a 10k stereo.

 

Should attempt to do post tax if you can. You will save money in the long run. (pending extreme changes to tax laws)

 

I enjoy wasting my money on my vehicles and driving the piss out of them. Makes me happy and I don't have to work hard either to come up with the money for my hobbies. Get an education and get a job you like so work is also enjoyable. Maybe I'm not investing into future just yet, but I'm only 24 with a very enjoyable lifestyle and know how to manage myself very well.

 

$10k and it had to be for my truck?

Lowering kit - $700
TRD Blower - $6000
Rear Discs - $800
Rear Sway - $300
Big Brakes - $2000

 

True, that's why I said I COULD blow through $10K. I know my buddies new rifle and optics he bought for his Elk tag were just a shade under $4K and he is paying something like $3-$4 a round. That and most hunters will end up getting a quad or side by side at some point... well you get the picture. In my mind, while you can do hunting on the cheap, most people end up well over $10K into the hobby before they even know it.

 

The annual limit on 401k contributions is 18k, and the annual limit on Roth IRA contributions is 5.5k.

I say do whatever it takes to max out both accounts first before going to crazy on luxuries. If you're not maxed out on both yet and still buying a lot of luxuries, then you'll end up with less later in life. Debt isn't necessarily bad as long as the interest rates are fixed and at very low rates.

 

Not necessarily, it can work out better either way depending on your current tax bracket, the tax bracket you plan to be in during retirement, and how you take it out. If you are currently in a high tax bracket, then maxing out 401k contributions can significantly lower your current tax rate.

If your 401k contributions lower your current total tax by just 3k per year, and you re-invest that full 3k each year. That would be over 250k compounded yearly at 6%, after 30 years of savings. Even if you then pay taxes on it when you take it out, that's still a lot of extra savings.

The best thing to do is contribute to both. Then use the ROTH to offset large purchases in retirement, so that you can buy a new vehicle or other large purchase without increasing your tax bracket to much and paying a high percentage of taxes.

 

well if your gonna blow it, may as well go all in and trade for a pro imo

 

Wow this turned into an investment advice column. Apparently none of us know how to invest/save/spend our own money. That's a bit narcissistic.

 

I concur. My truck is my transportation, my hobby, and a helper with a lot of things around the house. It makes me happy and is the thing I use the most so spending money on it doesn't bother me in the slightest.

At 25 I own 36% of my house with a mortgage for the rest and I have enough set aside in short term investments and cash to pay off the balance of my truck any time I wish. I earn greater returns having that invested than I pay on the loan so I probably wont pay it off early, but it's nice to have that peace of mind. I do save for retirement as well (although perhaps not as much as I should), so I feel like I'm doing just fine and the $12k I have into mods so far isn't a big deal. There'll be another $10k in mods this time next year I'm sure Prepare for the future but don't forget to enjoy today!