Quote:
Originally Posted by investingdad
I've spent a lot of time on other forums (including some money forums on MSN) trying to help people understand how NOT to get into these sorts of ridiculous debt situations.
It never fails to knock me over when I see people that are teens and 20s (or any age, really) driving cars that cost anywhere from 50% to 60% of their income. Pure insanity.
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I don't see what's so hard to understand. Anyone living at home doesn't have a mortgage and other costs such as food and utilities are slim to nonexistent. It's pretty easy paying off a car in such a situation. After paying for my car ($440), insurance, phone bill, and credit card charges I still have $2k every month.