What is Your Monthly Income?

[jaiman]

Originally Posted by ejazbmw

if you work for the gov like the UN do you need to pay taxes? just curious because my dad works there and he also doesn't get tax returns. Just curious because he always avoids answering question due to something he signed lol

Ask Geithner!

[yomama69]

Originally Posted by jaiman

Since when do bonuses count as base salary?

Don't feel bad about the taxes, my last bonus was taxed at 49%

They don't. That's why they are FTW, because they constitute more than 1/2 my income. I said bonuses FTW because my car payment is 15% of my base salary income. That's a lot when you're paying 12K a year in student loan repayment.

[FStop7]

Originally Posted by silvergray545

Wow, I didn't know that they tax your bonuses. I guess the government has to stick their fingers in everything...

Not only are they taxed, they're taxed at the maximum rate.

[graider]

Originally Posted by xg3

taking 3k home... means 3k AFTER Tax...you failed.

that is not too bad compare to nation average. to answer your quest, let just say the m is 2-3% of my salary.

[graider]

Originally Posted by yomama69

My 335 is around 15% of my base salary monthly income. Bonuses FTW!

But then again, when they take 43% of my bonuses as taxes FTL.

um...doesn't look like you make much either if the 335 is 15% of your income, why bashing the op? unless your bonus is more than 20% of your total income, then your bashing start to make sense.

[nnnnnnnnnnnnnnnnnnnnnn]

is this turning into a dick swinging contest?

[jlstyle]

Haha this thread became a total show off thread!!! Hahahaha
Internet is the shit!

[radix]

Why would anyone care how much anyone else makes? It just doesn't matter unless you feel you are underpaid and doing some sort of comparative analysis as a precursor to salary bargaining. Of course, this isn't a particularly good website to get that sort of information.

[silvergray545]

Originally Posted by graider

um...doesn't look like you make much either if the 335 is 15% of your income

Please excuse me if im not understanding this correctly...but if a decently equipped 335 is around 48-50k, that would make your monthly payment a little over $1000 if you finance it, correct? (im not doing the math now, it's 4 in the morning, lol) If a little over $1000 is 15% of your monthly income, i would have to say he is most likely making a decent amount of money.

Now on the other hand, my 545 is about 28% of my monthly take home. I dont make a whole lot of money. Im still a student and still live at home. My only major expenses are my car, car insurance(which is a bitch, let me tell you. i got a total of 6 points on my license now, i cant wait to see how much its gonna cost now...) and cell phone. I also pay for whatever else financial aid doesnt pick up for school.

I think right now, it is ok for my car to take up 28% of my take home but in the future when i have real expenses to take care of, i dont think i would want my car to take up a full weeks pay check plus a little.

[jhv]

Originally Posted by jlstyle

Haha this thread became a total show off thread!!! Hahahaha
Internet is the shit!

[yomama69]

Originally Posted by graider

um...doesn't look like you make much either if the 335 is 15% of your income, why bashing the op? unless your bonus is more than 20% of your total income, then your bashing start to make sense.

It varies from year to year, but let's just say at 20%, I'd be crying my eyes out.

What's the financial rule for percentage of monthly income to be attributed to a vehicle? Does anyone know?

[ArmyBimmerDude]

Originally Posted by PNF

still.. thats not a lot...... pretty low actually....

$60K in a state like Georgia is more than enough. $60k in a state like Cali? You'll probably need roommates.

[jaiman]

Originally Posted by yomama69

It varies from year to year, but let's just say at 20%, I'd be crying my eyes out.

What's the financial rule for percentage of monthly income to be attributed to a vehicle? Does anyone know?

depends who you ask. The "what can I afford" calculator on the car manufacturers websites will give you a much higher number than financial planners will!!

iirc financial planners say 10% ish

[TiAg335i]

Originally Posted by ArmyBimmerDude

$60K in a state like Georgia is more than enough. $60k in a state like Cali? You'll probably need roommates.

You need about 100K+ in NY to live comfortably.

[Heinzftw]

Originally Posted by TiAg335i

You need about 100K+ in NY to live comfortably.

True that. Cost of living in some states is outrageous, where as some states it's easy.

[SooMighty]

geez, i guess i was wrong to make this?

btw i know this is website that consists of bmw owners but some of you guys must be very well off.

i bring home 3k a month. 700 goes to rent every month (1/2 split with my roomy) and 6-700 will go to m3 payments (assuming everything goes according to plan).

that leaves me with, lets say 1500 left over. cell phone bill, insurance, food and gas, goin out money, etc and hopefully a couple-few hundred to stash up and save. thats fine by my standards for the moment.

i just started working at a new company with room for growth so hopefully my income will increase in the span of time. AND I WAS NEVER BRAGGIN ABOUT WHAT IM TAKING HOME regardless of the bashing.

of course 3k a month isnt anything to brag about but in these times i think its fairly decent for a twenty something year old with no mouths to feed but his own. but thats just me.

[lyndon_h]

its over 9000!
9000?
9000 Million!

[ArmyBimmerDude]

Originally Posted by SooMighty

geez, i guess i was wrong to make this?

btw i know this is website that consists of bmw owners but some of you guys must be very well off.

i bring home 3k a month. 700 goes to rent every month (1/2 split with my roomy) and 6-700 will go to m3 payments (assuming everything goes according to plan).

that leaves me with, lets say 1500 left over. cell phone bill, insurance, food and gas, goin out money, etc and hopefully a couple-few hundred to stash up and save. thats fine by my standards for the moment.

i just started working at a new company with room for growth so hopefully my income will increase in the span of time. AND I WAS NEVER BRAGGIN ABOUT WHAT IM TAKING HOME regardless of the bashing.

of course 3k a month isnt anything to brag about but in these times i think its fairly decent for a twenty something year old with no mouths to feed but his own. but thats just me.

It's your life, but just a suggestion. Wait until you've been working at your new company for a while and a bump in salary before you get the car. Sounds to me like you won't be prepared for murphy's law when it arrives. You should be saving more than a couple hundred a month. That's just me though. Good luck.

[lyndon_h]

Originally Posted by SooMighty

geez, i guess i was wrong to make this?

btw i know this is website that consists of bmw owners but some of you guys must be very well off.

i bring home 3k a month. 700 goes to rent every month (1/2 split with my roomy) and 6-700 will go to m3 payments (assuming everything goes according to plan).

that leaves me with, lets say 1500 left over. cell phone bill, insurance, food and gas, goin out money, etc and hopefully a couple-few hundred to stash up and save. thats fine by my standards for the moment.

i just started working at a new company with room for growth so hopefully my income will increase in the span of time. AND I WAS NEVER BRAGGIN ABOUT WHAT IM TAKING HOME regardless of the bashing.

of course 3k a month isnt anything to brag about but in these times i think its fairly decent for a twenty something year old with no mouths to feed but his own. but thats just me.

Its cool that you are young and are actually paying for your own vehicle. I can respect that. However, I'd humbly suggest (at this point in your life) that you try to put in money in your savings (or 401k) each month than you pay towards your car and entertainment (or at least match it). Life only gets more expensive as you get older.

I hope i didn't come across as trying to tell you what to do with your money. I've just seen too many people start doing well, then one hiccup *ucks everything up. If you make it a point to save alot while you can, you can ensure that you will always have your current lifestyle.

[yomama69]

Originally Posted by SooMighty

geez, i guess i was wrong to make this?

btw i know this is website that consists of bmw owners but some of you guys must be very well off.

i bring home 3k a month. 700 goes to rent every month (1/2 split with my roomy) and 6-700 will go to m3 payments (assuming everything goes according to plan).

that leaves me with, lets say 1500 left over. cell phone bill, insurance, food and gas, goin out money, etc and hopefully a couple-few hundred to stash up and save. thats fine by my standards for the moment.

i just started working at a new company with room for growth so hopefully my income will increase in the span of time. AND I WAS NEVER BRAGGIN ABOUT WHAT IM TAKING HOME regardless of the bashing.

of course 3k a month isnt anything to brag about but in these times i think its fairly decent for a twenty something year old with no mouths to feed but his own. but thats just me.

I think most people here will agree that 1500 a month isn't anything to live off of after your car payment and rent. You have food, car insurance, gas, house bills, etc.

[SooMighty]

lyndon_h, armybimmerdude, thanks guys. i appreciate the words of wisdom.

even if i do purchase the m3 it wont be until around september. so ill see how my finances work until then on a monthly bases (see how much i have to spare, save, etc).

if i feel i do want to splurge and get a m3, and i feel it is overwhelming i plan on taking it back to the dealer afterwards. i do however look at purchasing a car (especially this one) a long term investment. although it wont increases in value, it prolly wont go beneath half its value either. plus, i need a car come november so i figured if im gonna have to invest in a car i might as well edge out the extra 10-15k to get what i really want+prolly have more resell value in the future. thats how im lookin at it anyway.

not sure yet f ill get one or not. but i did take in perspective what you guys had to say. thanks guys

[jopa489]

Originally Posted by yomama69

I think most people here will agree that 1500 a month isn't anything to live off of after your car payment and rent. You have food, car insurance, gas, house bills, etc.

I agree. As others have said, it sounds like you're thinking through this and making a plan (which is awesome). But someone who makes $36k per year post-tax shouldn't be making a $700/mo car payment. I think you'll find that it won't work out in reality as much as it may seem to on paper.

You'll have plenty of time to get an M3 later in life. That's my honest opinion. Again, not bashing here.