Should I or should I not. Need advice

I am also 21, Canadian. I pay 260 every payday into the truck along with 400 a month for insurance. I have a rather good paying job however. 14 dollars an hour is decent and you could probably afford it. I suggest getting a couple years older but hay people told me the same thing. I bought my 2015 off the lot! Do what makes you feel right but make sure you aren't going to get fired, layed off, etc before you go buy. I have been working my job for 3 years(started at 18) and am Union member etc. make sure it's right for you man! Get a taco for sure!

 

$1000 a month for your truck?

Fuck me.

 

Dude, you're 21, don't worry about wasting time. The fact that you ARE worrying about it is great, it means that you won't

I left because I started a business that took off and made me good money. I was 24 when I got into electrical, was 28 when I left. Not union though... can't become a Journeyman in that short of a time being union.

There have been MANY times when I wish I was still an electrician, though... different workplace almost every day, never boring, usually outdoors just enough to be glad you're not cooped up in an office but not enough to hate it because you're always cold and wet. It's a great gig. If you know electrical, you will always have a way to make good bucks because so many people are afraid of it or just zone out thinking about it. It's a skill that's not very common, as opposed to a lot of other construction trades. You have to have a good head on your shoulders and be able to tie your own shoes and be able to THINK. Sounds like you have all the qualifications, IMO. Good luck.

 

Thank you sir congrats on the business! Thats awesome!

 

Thank you! I feel like I should use what I have for the time being to get more experience in the electrical field so I dont dig a hole I cant escape from. Congrats on your sweet job man!

 

Save your money while you're an apprentice. When you get your card you'll be close if not ready to pay cash. WAIT! And buy used.

Best advice from anybody!

Nice SHITTY return! You need 6% to break even. But that's a different conversation.

I agree! (From info given)

Check out Dave Ramsey. Most of his advice is for getting out of debt, but a lot of good advice on retirement, insurance and day to day finances.

 

I meant a couple years more job experienced lol. But just make sure you have job security before you dig the hole, you got er'. Thanks man!!

 

OP Should you or should you not... You should, but at the right time...

I was in a similar situation, and I'll lay out what I did. I have wanted a truck since I was 16. I went to college to better my career (a good decision), similar to you going through an apprenticeship program. I made some money during college, but definitely shouldn't go buying a new truck or anything. So I decided to start saving for my truck while working during college. This way when I graduated and got a well paying job, I could afford the luxury of owning a truck. I started saving for my truck at the age of 20. It was hard, I had to make the conscious choice to save instead of spend, but I had a decent bit saved up when I graduated school.

Now for the monthly payment. I calculated how much additional money I made each month because I pursued an additional degree to increase my pay. This is how I justified my payment. My standard of living did not go up, I just used my new income to afford buying a truck (which I always wanted and was my reward for my hard work). I picked up my new truck one week before I turned 24. Took me 4 years to save a decent down payment.

What I recommend:
1) Don't buy that new truck just yet, but save. Try to save a truck payment equivalent per month and see how that feels. If its too tight, you can EASILY adjust without loosing your new toy or damaging your credit score. Plus this savings doubles as a quick emergency fund if needed.
2) Finish your apprenticeship / any other education you plan to do for your career.
3) Once you finish your apprenticeship, I assume there will be a pay increase. You can use this to figure what additional income you generate from your efforts. (Make sure you calculate take home! The extra taxes you pay don't count!) Use this as a baseline for your monthly payment. I still suggest taking a few months making truck payments to your self to get a feel before buying to verify you can live with this payment (I did this for 4 months before buying). Plus it saves additional money for the down payment.
4) Walk into a dealer of your choice and get the exact 2017 / 2018 / 2019 / 2020 truck you want. Don't settle for less. After all, you earned it!

Hope this helps OP. Good luck!

 

That's what that was. Saw one today blue on top, white bottom carrying a plow. It was bad ass.