Current Events > Would you rather have this pay with low debt or higher pay with high debt?

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known2FAIL 12/10/21 1:32:06 AM #1:	Read topic for exact numbers. Which would you prefer? Option 1 Option 2 Read topic for exact numbers. Which would you prefer? - Results (27 votes) Option 1 48.15% (13 votes) 13 Option 2 51.85% (14 votes) 14 OK. Ill give you 2 options. Ill give you the pay, the cost of average rent for a 2 bedroom apartment in the area and all you have to pay in debt. Yes, this scenario isnt true for much of America and you can scale the pay and rent up if you want it based on where you live. This is assuming 40 hour work weeks. Rent will be static. Also, you are 28 years old in these scenarios. Rent: $900 Option 1: -$20 an hour -Rent -Car is paid off which was your only source of debt -You only have bills Option 2: -$50 per hour -Rent -$500 a month car payment for 5 years -$100,000 in student loan debt -All the other usual bills Option 1 has Which option would you prefer? --- I don't know why I'm playing Destiny 2... but I am... <cite>known2FAIL posted [p:960783826] in Would you ... [t:79803576]...</cite> <quote> Read topic for exact numbers. Which would you prefer? Option 1 Option 2 Vote View Results Read topic for exact numbers. Which would you prefer? - Results (27 votes) Option 1 48.15% (13 votes) 13 Option 2 51.85% (14 votes) 14 Show Voting Form OK. Ill give you 2 options. Ill give you the pay, the cost of average rent for a 2 bedroom apartment in the area and all you have to pay in debt. Yes, this scenario isnt true for much of America and you can scale the pay and rent up if you want it based on where you live. This is assuming 40 hour work weeks. Rent will be static. Also, you are 28 years old in these scenarios. Rent: $900 Option 1: -$20 an hour -Rent -Car is paid off which was your only source of debt -You only have bills Option 2: -$50 per hour -Rent -$500 a month car payment for 5 years -$100,000 in student loan debt -All the other usual bills Option 1 has Which option would you prefer? </quote> ... Copied to Clipboard!
Questionmarktarius 12/10/21 1:35:03 AM #2:	Sooooo close to 1. I make a bit more than that, and my only debt is about 15k in student loans and 20k left on my house. I could burn off my savings to obliterate one or maybe both of those tonight, and probably should. <cite>Questionmarktarius posted [p:960783874] in Would you ... [t:79803576]...</cite> <quote>Sooooo close to 1. I make a bit more than that, and my only debt is about 15k in student loans and 20k left on my house. I could burn off my savings to obliterate one or maybe both of those tonight, and probably should. </quote> ... Copied to Clipboard!
known2FAIL 12/10/21 1:38:29 AM #3:	Questionmarktarius posted... Sooooo close to 1. I make a bit more than that, and my only debt is about 15k in student loans and 20k left on my house. I could burn off my savings to obliterate one or maybe both of those tonight, and probably should. I bet it will feel wonderful --- I don't know why I'm playing Destiny 2... but I am... <cite>known2FAIL posted [p:960783933] in Would you ... [t:79803576]...</cite> <quote>Questionmarktarius posted... </cite> <quote>Sooooo close to 1. I make a bit more than that, and my only debt is about 15k in student loans and 20k left on my house. I could burn off my savings to obliterate one or maybe both of those tonight, and probably should.</quote> I bet it will feel wonderful </quote> ... Copied to Clipboard!
Questionmarktarius 12/10/21 1:45:10 AM #4:	known2FAIL posted... I bet it will feel wonderful I'm just a bit too paranoid to not have at least 20k in "ohshit" money. <cite>Questionmarktarius posted [p:960784014] in Would you ... [t:79803576]...</cite> <quote>known2FAIL posted... </cite> <quote>I bet it will feel wonderful</quote>I'm just a bit too paranoid to not have at least 20k in "ohshit" money. </quote> ... Copied to Clipboard!
known2FAIL 12/10/21 2:02:48 AM #5:	Questionmarktarius posted... I'm just a bit too paranoid to not have at least 20k in "ohshit" money. Man I know that feeling. When I was younger I had $500 put away thinking that was plenty. Man I was wrong. When shit hit the fan, my account went into the red in a hurry. I got bailed out by my brother and got lucky. I vowed to never let that happen again. I have about 20k total set aside as well for emergencies. I have it different things but Im prepared. Its different kind of security when you have enough emergency money to buy a pretty nice car straight up. You just feel a lot more free mentally. --- I don't know why I'm playing Destiny 2... but I am... <cite>known2FAIL posted [p:960784249] in Would you ... [t:79803576]...</cite> <quote>Questionmarktarius posted... </cite> <quote>I'm just a bit too paranoid to not have at least 20k in "ohshit" money.</quote> Man I know that feeling. When I was younger I had $500 put away thinking that was plenty. Man I was wrong. When shit hit the fan, my account went into the red in a hurry. I got bailed out by my brother and got lucky. I vowed to never let that happen again. I have about 20k total set aside as well for emergencies. I have it different things but Im prepared. Its different kind of security when you have enough emergency money to buy a pretty nice car straight up. You just feel a lot more free mentally. </quote> ... Copied to Clipboard!
NoxObscuras 12/10/21 2:17:01 AM #6:	I'd rather have Option 2. More than double the take-home gives you a much bigger safety net, even with the car note and the student loan payments. --- PSN - NoxObscuras Z490 \| i9-10900K \| EVGA 3080 FTW3 Ultra \| 32GB DDR4 3600 \| 4TB SSD <cite>NoxObscuras posted [p:960784436] in Would you ... [t:79803576]...</cite> <quote>I'd rather have Option 2. More than double the take-home gives you a much bigger safety net, even with the car note and the student loan payments. </quote> ... Copied to Clipboard!
GGuirao13 12/10/21 3:06:44 AM #7:	Less debt because it won't pile up over time. --- Donald J. Trump--proof against government intelligence. <cite>GGuirao13 posted [p:960785019] in Would you ... [t:79803576]...</cite> <quote>Less debt because it won't pile up over time. </quote> ... Copied to Clipboard!
known2FAIL 12/12/21 3:59:57 AM #8:	Bump out of curiosity --- I don't know why I'm playing Destiny 2... but I am... <cite>known2FAIL posted [p:960841648] in Would you ... [t:79803576]...</cite> <quote>Bump out of curiosity </quote> ... Copied to Clipboard!
ChocoboMogALT 12/12/21 4:43:13 AM #9:	Option 2 has $130k in debt and makes about $100k a year. Option 1 makes about $40k a year. Option 2 wins in 1.3 years (and has much better wiggle room for fucking around). --- "We live in a country Hasire.." ~ yosouf06 REVOLVER STAKE! http://img.photobucket.com/albums/v717/ChocoboMog123/AltEisenRChocoboMog.png <cite>ChocoboMogALT posted [p:960842029] in Would you ... [t:79803576]...</cite> <quote>Option 2 has $130k in debt and makes about $100k a year. Option 1 makes about $40k a year. Option 2 wins in 1.3 years (and has much better wiggle room for fucking around). </quote> ... Copied to Clipboard!
known2FAIL 12/12/21 4:52:55 AM #10:	ChocoboMogALT posted... Option 2 has $130k in debt and makes about $100k a year. Option 1 makes about $40k a year. Option 2 wins in 1.3 years (and has much better wiggle room for fucking around). Not with taxes --- I don't know why I'm playing Destiny 2... but I am... <cite>known2FAIL posted [p:960842116] in Would you ... [t:79803576]...</cite> <quote>ChocoboMogALT posted... </cite> <quote>Option 2 has $130k in debt and makes about $100k a year. Option 1 makes about $40k a year. Option 2 wins in 1.3 years (and has much better wiggle room for fucking around).</quote> Not with taxes </quote> ... Copied to Clipboard!
ChocoboMogALT 12/12/21 10:50:17 AM #11:	Let's say you live in Cali. Option 1 makes 31,468 after taxes. Option 2 makes 67,679 after taxes. That takes 3.6 years for option 2 to "beat" option 1. Pretax contributions will give 2 an even stronger advantage. It's easier to pay down debt than it is to raise your income. 2 is much better. If you have low interest rates, you can make larger investments with 2 and have compounding growth. The only way 1 is better is if you have zero impulse control, but that's like saying it's bad to win the lottery. --- "We live in a country Hasire.." ~ yosouf06 REVOLVER STAKE! http://img.photobucket.com/albums/v717/ChocoboMog123/AltEisenRChocoboMog.png <cite>ChocoboMogALT posted [p:960846748] in Would you ... [t:79803576]...</cite> <quote>Let's say you live in Cali. Option 1 makes 31,468 after taxes. Option 2 makes 67,679 after taxes. That takes 3.6 years for option 2 to "beat" option 1. Pretax contributions will give 2 an even stronger advantage. It's easier to pay down debt than it is to raise your income. 2 is much better. If you have low interest rates, you can make larger investments with 2 and have compounding growth. The only way 1 is better is if you have zero impulse control, but that's like saying it's bad to win the lottery. </quote> ... Copied to Clipboard!
SauI_Goodman 12/12/21 10:52:53 AM #12:	Lol 20 an hour is considered low what --- If you can see this message it's a wonder why it hasn't been modded yet by the snowflakes. <cite>SauI_Goodman posted [p:960846814] in Would you ... [t:79803576]...</cite> <quote>Lol 20 an hour is considered low what </quote> ... Copied to Clipboard!
BilalPowell 12/12/21 10:53:51 AM #13:	If the interest on the debt is less than I'd make investing I'll take option 2. --- Former #1 Birmingham Iron Fan. RIP AAF <cite>BilalPowell posted [p:960846837] in Would you ... [t:79803576]...</cite> <quote>If the interest on the debt is less than I'd make investing I'll take option 2. </quote> ... Copied to Clipboard!
Perascamin 12/12/21 11:19:56 AM #14:	After taxes and making that kind of money, you could pay 600/month on your student loans and tack in the 500 for the car payment and then add in roughly 1700 for other bills, 2800/month upkeep? You would still have significantly more money than the guy that makes 20/hour and it's not even close. After upkeep and taxes, you'd be left with $40,400 On 20 an hour, that guy will make $32,000 after taxes --- I've grown. <cite>Perascamin posted [p:960847398] in Would you ... [t:79803576]...</cite> <quote>After taxes and making that kind of money, you could pay 600/month on your student loans and tack in the 500 for the car payment and then add in roughly 1700 for other bills, 2800/month upkeep? You would still have significantly more money than the guy that makes 20/hour and it's not even close. After upkeep and taxes, you'd be left with $40,400 On 20 an hour, that guy will make $32,000 after taxes </quote> ... Copied to Clipboard!
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Current Events > Would you rather have this pay with low debt or higher pay with high debt? (+) Yeah! (+)

Current Events > Would you rather have this pay with low debt or higher pay with high debt?