She Makes $1,800 and Bought a $23,000 Car | Millennial Real Life Budget Review Ep. 12

Can she really afford a $23,000 car at this income level? Did she self-sabotage her opportunity to move out of her parents' house? Sharing my advice in this next millennial real life budget review!

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[dtim]

Accountant here 👋🏽. Your calculation of her annual pay should be $17 x 2080 hours = $35, 360 gross or $17 × 40 hours x 52 weeks (weeks in a year).

[katerinaschenke]

She doesn't really pay rent so I don't think the car payment is outrageous. The interest rate is what is killer.

[oneofeverything]

Yo, NEVER BUY A FORD CAR. I bought a Ford Focus and it too had transmission issues

[denisa]

Sometimes I think doing repairs, although expensive, are worth it. A one time 1.5 or 2k repair is better than tying yourself to a 23k loan for example. We have 2 old cars. A 2003 Focus and a 2005 Elantra. The key to keeping them in great condition is keeping up with maintenence, every 6 months - oil change, etc. And yes, we have a car sinking fund just in case everything goes south. Great video!

[greenlantern]

That interest rate just sucks. I'm sorry to everyone who is borrowing money now or in the near future.

As for paying for a car in cash, that's just unrealistic, ESPECIALLY with the used car market right now.

[ladyluck]

Hmm well I wonder if she works for Wells Faro and that’s why the car loan is with them. Needing to be three months ahead is kinda scummy.

[karinafarrell]

Thank you for bringing to light the predatory behavior of banks. I switched to Ally from BofA and I’m in shock all the tools ally provides to HELP me manage my money in a way that’s intuitive and helps me achieve my goals 😊

[summerjoy]

Over time, she will find that it’s hard to get ahead with a big car or loan payment.

[missfroggie]

Def pay off that car and stockpile your money to save for a house, while living at home. both of my kids did that and both of them own their homes.

[anniegoomes]

I wouldn't get a car loan, but I would have said that 6.5% was pretty good for a car loan, esp at the moment. My mortgage is going up to 6.8% next month.

[lorenzovonmatterhorn]

My cousin is 26 and makes 1300 a month. Lives in europe and got a 24k car. Now he owns his place and pays 300 the most for everything... he saved up for a year 12k and just got the loan for the rest 12k. 2 year loan.

[anniegoomes]

So interesting how much people value cars. I earn substantially more than her (95k plus bonuses) and I thought my 5k car was stretching it (old one was 3k).

[fredvc]

Plot twist: she got the loan from Wells Fargo because she works for them 🫠