How old are you and How did you afford the WRX? - Page 28

View Poll Results: How old and how did you afford it?

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  • under 20. Parents pays for car & insurance

    85 10.68%
  • under 20. You pay for everything. (which bank did you rob?:-)

    98 12.31%
  • 20-29. you pay for everything

    458 57.54%
  • 30-39

    98 12.31%
  • 40+

    57 7.16%
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This is a discussion on How old are you and How did you afford the WRX? within the Everyday Impreza Talk forums, part of the Community - Meet other Enthusiasts category; im 24 y/o i work full time/ go to school full time. im married with a kid. i sold my ...

  1. #406
    Registered User 03subiedude's Avatar
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    im 24 y/o i work full time/ go to school full time. im married with a kid. i sold my 03 wrx cause a guy offered me wat i had in it and i just had a kid. 2 weeks later bought an 04 wrx wagon now trying to do the same mods minus rollcage. i pay all my bills to include my mortgage and work side jobs to mod what my wife calls my girlfriend....
    "if you want peace, prepare for war", latin proverb and common sense
    "Why do penguins take smoke breaks?"

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  3. #407
    Registered User teflon_jones's Avatar
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    Quote Originally Posted by smorris View Post
    <snicker> No, my Mom would be pissed beyond belief if I still lived with her. She just turned 80 last month.

    Not to sidetrack this too much. Look thought a bunch of the finance threads in my posts and you'll see a lot more info. For 2010 the max for 401k was $16,500 and you are correct that the max for a Roth IRA is $5000. There is also an addition $5500 for the 401k and $1000 for the Roth IRA for a total maximum of $28,000 for contributions toward retirement. I made about $52,000 the year before I retired last year at age 56. I maxed every year I could. My wife made about $27,000 her last year and maxed her Roth IRA every year before she retired at 55. Paid off our inexpensive house, paid off all the cars and bikes in the sig, and stashed money away my whole life. No living in Mom's basement for me!


    BTW, when my daughter started to drive, she bought her own 13 year old Miata for $2800 on babysitting and saved Christmas and birthday money, and made payments to me on what she couldn't pay outright. A couple years later, she thanked us for *not* buying a new car for her. All her friends got new cars when they turned 16 or graduated, and she was envious at the time. But later she saw them trash them and not take care of them, because they knew they hadn't any investment in it, so why worry? She realizes that was wrong, and thanked us.
    So is the additional money towards the 401k and Roth due to your age? I know they allow extra money after age 50 I think?

    I'm glad your daughter appreciates what you did. Too many kids these days get nice cars and don't appreciate where the money comes from. The first car I owned outright was an '88 Jetta with 170k miles I bought from my brother for $1500 about 13 years ago.
    Scott
    Past Subies - '11 STI Limited stage 1+ and '04 STi stage 2+
    '13 Wrangler Rubicon - custom front bumper w/12k lb winch & off-road lights, skid plates, diff guards, etc.
    '04 Porsche 911 Turbo GT2 clone 600 HP/TQ
    '77 F-150 heavily modded for off-roading

  4. #408
    Moderator smorris's Avatar
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    Quote Originally Posted by teflon_jones View Post
    So is the additional money towards the 401k and Roth due to your age? I know they allow extra money after age 50 I think?

    I'm glad your daughter appreciates what you did. Too many kids these days get nice cars and don't appreciate where the money comes from. The first car I owned outright was an '88 Jetta with 170k miles I bought from my brother for $1500 about 13 years ago.

    Yep, sorry, I forgot to note that the extra $5500 and $1000 was catch-up for 50 and over.

    My first car was 38 years old when I bought it!
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    Steve - Avon, Ohio, USA - Moderator - Fun Drives and North Central States
    The Morris Garage
    2008 Outback 2.5XT Ltd __2002 WRX Wagon __ 1958 MGA Roadster __ 2008 smart Cabrio __ and a few scooters...

  5. #409
    Administrator RayfieldsWRX's Avatar
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    Continuing the massive (but appreciated) OT...
    I haven't done what you have, Steve, but I've done alright. My 401K has rebounded nicely (thank you dollar cost averaging during the trough), my IRA has grown though I haven't contributed like I should, and my non-tax sheltered stuff is finally getting into the territory where dividend reinvestment is becoming a sizable chunk. My 529 for the kids isn't where it should be, but I'll supplement as needed from the money I'll be saving when the house is paid off in 5 years.

    On a down note, I spent the weekend with a couple of close friends, and one revealed to me that he panicked and cashed out his investments when the market went low. I know a number of folks at work that did the same. I'm not sure they realize what they've done there...
    --Ray
    Grandfather of the Bugeye Mafia
    2013 Subaru BRZ Limited
    2002 Subaru WRX Bugeyebrid Wagon

  6. #410
    Registered User 96accord's Avatar
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    25 years old - Bought MY07 WRX Limited May 2007 - Work for *it's a secret*

  7. #411
    Registered User teflon_jones's Avatar
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    Quote Originally Posted by RayfieldsWRX View Post
    On a down note, I spent the weekend with a couple of close friends, and one revealed to me that he panicked and cashed out his investments when the market went low. I know a number of folks at work that did the same. I'm not sure they realize what they've done there...
    Yeah I wonder if they realize the tax hit they took. It's massive.....
    Scott
    Past Subies - '11 STI Limited stage 1+ and '04 STi stage 2+
    '13 Wrangler Rubicon - custom front bumper w/12k lb winch & off-road lights, skid plates, diff guards, etc.
    '04 Porsche 911 Turbo GT2 clone 600 HP/TQ
    '77 F-150 heavily modded for off-roading

  8. #412
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    I'm 21 and I worked my ass of since I was 16. I just bought a 2004 WRX in August and I paid all cash for it and I pay all the insurance for it also. It cost about $14,000 for the car and then I pay $1700 a year for the Scooby, a civic, and a sport bike :-)
    That awkward moment when you realize that an energy drink company has a better space program than your country...

  9. #413
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    I make my GF pay for everything.

  10. #414
    Registered User djclue8713's Avatar
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    I vote for an "Ask an old fart" thread. Seriously though, there's a lot of good people on here with some wise advice. Hope everyone reading realizes that this is real world stuff from people that have been there. Listen to them!

  11. #415
    Administrator RayfieldsWRX's Avatar
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    Quote Originally Posted by teflon_jones View Post
    Yeah I wonder if they realize the tax hit they took. It's massive.....
    They missed out on the opportunity to reinvest while in the pit, and then ride the coaster back up. I gave serious thought to moving or even borrowing money to throw into the market in early 2009. It would have changed my retirement path significantly.
    --Ray
    Grandfather of the Bugeye Mafia
    2013 Subaru BRZ Limited
    2002 Subaru WRX Bugeyebrid Wagon

  12. #416
    Moderator smorris's Avatar
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    Quote Originally Posted by RayfieldsWRX View Post
    I gave serious thought to moving or even borrowing money to throw into the market in early 2009. It would have changed my retirement path significantly.
    The company I worked for was a division of Emerson (EMR), and my 401k was a mix of mostly EMR and some mutual funds. Before the 2008 mess, EMR almost hit $60/share, and I had over $200k in my 401k. This was when I still thought I'd be able to retire before I hit 55. Then the housing collapse hit and I knew I wasn't. I sold EMR on the way down and put it into a stable fund (3% savings, basically). In 2009 EMR was at $28. I moved all of my mutual funds and the stable fund back into EMR. I did exactly what you are told not to do; put your eggs in one basket. I recently moved 75% of my 401k from EMR into the stable fund again when EMR was at $62...
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    Steve - Avon, Ohio, USA - Moderator - Fun Drives and North Central States
    The Morris Garage
    2008 Outback 2.5XT Ltd __2002 WRX Wagon __ 1958 MGA Roadster __ 2008 smart Cabrio __ and a few scooters...

  13. #417
    Registered User bn_bnntt's Avatar
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    23 years old. Banking big bucks (for my age) at an industrial thermometer factory. Bank of Mom bought my 02 wagon. I get to pay it off w/o interest.

  14. #418
    Administrator RayfieldsWRX's Avatar
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    Quote Originally Posted by smorris View Post
    The company I worked for was a division of Emerson (EMR), and my 401k was a mix of mostly EMR and some mutual funds. Before the 2008 mess, EMR almost hit $60/share, and I had over $200k in my 401k. This was when I still thought I'd be able to retire before I hit 55. Then the housing collapse hit and I knew I wasn't. I sold EMR on the way down and put it into a stable fund (3% savings, basically). In 2009 EMR was at $28. I moved all of my mutual funds and the stable fund back into EMR. I did exactly what you are told not to do; put your eggs in one basket. I recently moved 75% of my 401k from EMR into the stable fund again when EMR was at $62...
    I worry a bit about the eggs in one basket thing. I now have over $200K in the 401K myself, and the fund family has changed over time to now be somewhat similar to my non-tax-sheltered investments. I need to think about spreading the love around in some different directions.
    --Ray
    Grandfather of the Bugeye Mafia
    2013 Subaru BRZ Limited
    2002 Subaru WRX Bugeyebrid Wagon

  15. #419
    Registered User djclue8713's Avatar
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    Slightly OT but I need to update my information now, today's my birthday! 24 and owning a WRX now! Treating her to some bushings REALLY soon

    Also, love the little birthday message that greets me on every page.

  16. #420
    Registered User SRTSamb's Avatar
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    my one fear when i bought the 2011 WRX was that it would be me... a self employed 30 year old driving around town amongst other WRX owners all of which just took their girlfriends to prom in their WRX. Glad to know we are in the majority. And wtf how in the world did all of you 20 and unders get your folks to pay for anything. I remember one time in my life my dad bought me a 16 oz coke.

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