Financial / car buying advise

[xDestro]

Getting a credit card I think would still be a good idea as I do go out to eat every weekend and I could use that... But my main concern with that is forgetting to pay it at the end of the month... Can you set up automatic payment? Or maybe open another checking account and transfer money over everytime I use my credit card?

 

[xDestro]

xDestro, I'm impressed that you are weighing your options and not just jumping into an already made decision; that shows maturity.
#1- electrician is a good trade with many, many levels of pay and options available to someone willing to put in the work. Taking a pay cut now at 20 to put your apprenticeship in is a smart thing. You've already proven you can budget and save money. You and your girl will find a way to make ends meet.
#2- vehicles. Ugh.
I don't know what kind of truck you have, but, consider hanging onto it as a work truck. If you buy another vehicle to use for outside of work stuff, you don't need to blow your load on it. Carrying a balance on a credit card will build credit, too, and you will (hopefully) have more control over how much it costs you. Your 5k finance might cost you 8.5k in the end!
Also, depending on your state, you may be required to have full insurance coverage on your newer vehicle if you have a loan on it. Even if it is a beater.
You may also qualify for a multi car discount through insurance if you keep your truck.
Good luck, young man. I have a feeling you're going to be just fine!
Josh

Thank you very much it's my life goal to be financially stable but it's a big goal for someone not going to college I feel like

 

[xDestro]

Also does anyone have any experience with being an apprentice? I am 100% a hands on learner and would like to learn and work my way up instead of a trade school (no good ones near me anyway).

 

[Nate77]

If you are that concerned about your truck keep saving and buy cash (the repairs to you truck may be cheaper then another car), there newer used vehicles if you put in the time to search, stay away from car payments , open an account at a credit and get a starter credit card , then after a year or 2 get a small loan threw the credit union but do not spend that money put right into a savings and use that to pay loan.

As far as apprenticeships look up IBEW in you local and go put an application in

 

[Dloks]

xDestro Heres where I can finally voice i my opinion because I’m in fianance and I’ve worked in many high end dealerships and brokerage firm. Being 20 years old I bet many people tell you financing anything is going to put you in debt blah blah blah or it’s a bad decision. No WRONG. Buying a car at a young age especially what you’re doing (10k down 5k finance) is probably the best thing you can do for your credit.. assuming you can pay your car note. Yah sure it’s stupid af to go head and buy a 120k car on pure credit. That’s one way to commit financial suicide unless you have well off parents. Trust me it’s a terrible idea been there done that. Building your credit at a young age helps you in the future. Showing the bank that you can make your car payment on time and etc... will only help you when the time is right to buy a house. I’ve seen many people older who’s always paying things in cash never use their credit and when they hit that time they want to purchase a house or a car even they are scrabbling to find co-signers or secured credit cards. And being only 20 years old even if you defaulted and made a few mistakes missed a few payments you have plenty of time to fix it. Banks prefer people that shows the ability to make payments rather than “Ghosts”.

 

[jaws7777]

I'm that trucks paid off run that sucker into the ground. Car payments suck and would be worse than the minor repairs your truck is going to need. If you want to be smart pretend you have a car payment and put that amount away every month.

Career advice is tough to give it all depends on your long term goals and the goals of your spouse (who ever that may be)

I've been a union laborer, VP of IT on wall street , chemical plant worker and correction officer. Imo you can't go wrong with govt,state or city jobs. They are rock rolid and for the most part uniformed staff is pretty much recession proof.

Electrician is a great trade but when I was in the union I felt that it was too much feast or famine. Even making big bucks in IT wasn't recession proof.

If I had to give my kid the same advice as your looking for I would say : Find a career that you actually like do you think it will allow you to provide for a family ?

Nothing wrong with being an electrician BUT what happens with work dries up for a while ? On the flip side you will be learning a trade and that's always valuable I say take the apprenticeship if thats what's available to you but continue looking at other careers.

My think is retirement if you can land a job that has a gauranteed pension I would seriously consider it.

Short story , I have a friend that got a job in the Dept of sanitation in NY. While the rest of us were making decent money in construction , wall street and what not he started out making peanuts. Guy was a genius. Top pay with OT was close to if not more than 6 figures a year great health coverage and never have to worry about lay offs or a crappy economy. While the rest of spent yrs trying to figure it out he was picking up garbage.

He'll be just over 40 yrs old retired collecting a full pension and owns 2 houses.

 

[jaws7777]

There are other ways to build your credit besides owning a car. This is another hustle and another reason to be forever in Debt.

Like millerkid519 stated just paying off monthly bills with that credit card right away will build your credit.

 

[Dloks]

I’ve always been a do first, worry about it later guy. When I was 17 I purchased my first “luxury” car. Put me a terrible position. I still seem to never learn from that haha. But I’ve been smarter about my credit and how finance works. Jobs will come and go, so honesty my best freaken opinion for the world and ANYONE whose trying to be successful is find something you like to doing, get really good at it no matter what it is and make that your career. You will never be happy working at a job you hate no matter how much they pay you. Then eventually you’ll realize that doing what you love and good will be more rewarding and pays better. This is coming from someone whose in real estate now switching over to law. Passion > Pay

 

[xDestro]

I'm that trucks paid off run that sucker into the ground. Car payments suck and would be worse than the minor repairs your truck is going to need. If you want to be smart pretend you have a car payment and put that amount away every month.

Career advice is tough to give it all depends on your long term goals and the goals of your spouse (who ever that may be)

I've been a union laborer, VP of IT on wall street , chemical plant worker and correction officer. Imo you can't go wrong with govt,state or city jobs. They are rock rolid and for the most part uniformed staff is pretty much recession proof.

Electrician is a great trade but when I was in the union I felt that it was too much feast or famine. Even making big bucks in IT wasn't recession proof.

If I had to give my kid the same advice as your looking for I would say : Find a career that you actually like do you think it will allow you to provide for a family ?

Nothing wrong with being an electrician BUT what happens with work dries up for a while ? On the flip side you will be learning a trade and that's always valuable I say take the apprenticeship if thats what's available to you but continue looking at other careers.

My think is retirement if you can land a job that has a gauranteed pension I would seriously consider it.

Short story , I have a friend that got a job in the Dept of sanitation in NY. While the rest of us were making decent money in construction , wall street and what not he started out making peanuts. Guys was a genius. Top pay with OT was close to if not more than 6 figures a year great health coverage and never have to worry about lay offs or a crappy economy. While the rest of spent yrs trying to figure it out he was picking up garbage.

He'll be just over 40 yrs old retired collecting a full pension and owns 2 houses.

I actually turned down a job not to long ago where I would be making double of not more than what I make now... All I had to do was drive my own vehicle around and replace air filters... I turned it down because I would of ended up hating it just as much... That was the point I decided I wanted to go into a trade... Honestly I might not like any job I will ever have but I would much rather have a job not everyone can do and learn within a week... I also want something more steady... I work primarily 3rd shift... I go to work a lots of different times and I get off when the job is done... I absolutely hate that inconsistenty where the schedule and pay is up and down

 

[xDestro]

I’ve always been a do first, worry about it later guy. When I was 17 I purchased my first “luxury” car. Put me a terrible position. I still seem to never learn from that haha. But I’ve been smarter about my credit and how finance works. Jobs will come and go, so honesty my best freaken opinion for the world and ANYONE whose trying to be successful is find something you like to doing, get really good at it no matter what it is and make that your career. You will never be happy working at a job you hate no matter how much they pay you. Then eventually you’ll realize that doing what you love and good will be more rewarding and pays better. This is coming from someone whose in real estate now switching over to law. Passion > Pay

Ultimately I would like to be my own boss and run my own buisness... If I'm gonna work my ass off I might as well do it for myself... But u feel the safest way to acquire that is to get a career first.. Make some money then start your buisness.. Not go into debt and risk it all imo