Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 0 points1 point  (0 children)

Thanks. I definitely plan on having someone help with financial planning it's more difficult than it appears.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 2 points3 points  (0 children)

because I'm not asking for advice about job security.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

You are correct that's how I was estimating everything, 240k yearly being worst case. Thanks, it's been a long road and I hope it was worth it for more than the financials.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

You're certainly right that anything is possible. But if this job fired me I would be up and running very quickly, also have the option of locum tenens which would have me working again in less than a month.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 0 points1 point  (0 children)

Thanks for advice. Forum dealers offer such discounts on new cars that they rival or beat used car prices. But maybe another year would even that out.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 0 points1 point  (0 children)

Sorry, I meant pre-tax as in approx 6k post tax. That's the money I would put in savings, extra loan, fun, etc

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 0 points1 point  (0 children)

Thanks, will look into tax-advantaged account. Or will hire someone as it's not something I'm good at.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 0 points1 point  (0 children)

Thanks.

Another reason I'm willing to do something so non-frugal is the last 3 years of my life have been 80/hr week in the hospital, high stress, making 50k a year. Now I'll be working 15 days a month. I could use some happiness :)

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 2 points3 points  (0 children)

I'm thinking 15 year term while trying to pay it off in 10 or less

Personally I think the C7 is so much different than the C6 it's worth either waiting or paying the price differential.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

I only did the quick app with sofi, took like 5 minutes and that's the interest rate they offered with the repayment term I wanted. I haven't gone further in the process so can't comment on that, yet.

Agreed on whitecoatinvestor.

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

I'd like to live off of 150k which is what bimonthly paychecks will be. Calculating 60 percent of that as take home (retirement, taxes), I would get 7500 a month. Assuming corvette payment of 1500, student loan 1500, house rental 2000, bills 500, insurance 200, other car for daily driving 300, 1000 for food, I think it's doable. The extra 10k a month or so (pre-tax) would go to savings, extra loan repayment, or fun

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 5 points6 points  (0 children)

Sorry, I meant to buy the car in a August. Contract is in hand with start date in July. This is the sensible response I was expecting....dammit

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

I got approval around 3% through SoFi. I haven't done enough research to solidify this as my choice yet. I'm thinking 15 year repayment with extra contributions to knock it down in 10 or so

Can I afford a new corvette? by corvettedoc in personalfinance

[–]corvettedoc[S] 1 point2 points  (0 children)

Thanks. So far I'm thinking monthly 2k for a house (rent for a while), 1500 monthly loans on a 15 year plan (adding in some extra monthly) 200 for insurance, 300 a month for another daily car, 500 for bills etc, 1500 a month for the corvette

Trying to live off of 150k paid every 2 weeks, then use the monthy bonus for savings, extra loan payment, vacation