Need opinions/advice.

[Zandcwhite]

In GroovyGorilla's defense, many of my friends have had to support their parents (we are generally Gen X, our parents are generally Baby Boomers) because their parents could never stop buying stuff, had little in the way of financial discipline, or were incapable of saving for a rainy day or leaving behind something for their kids/grandkids. They were YOLO before it was a hashtag. I read GroovyGorilla's previous comment as more of "be responsible" and less "you should coddle your kid."

IMO there is nothing wrong with being financially responsible in case things don't go as planned. Saving money and helping family every now and then doesn't mean you are raising deadbeat kids. I am secure enough to admit that my parents paid for my college education. Does that mean I'm entitled? No. I work 70-80 hours a week and earn like crazy because (1) I am committed to prove they were right to bet on me, and (2) the social safety nets in the US may be on the cusp of unravelling and I want to be able to cover for them if something fails. I am doing the same with my kids, but I also expect them to work hard in return.

I know plenty of kids whose parents did nothing for them. Some of them developed a great work ethic. Some did not. Some are financially fit. Others are not. It's not a linear relationship. My experience also has led me to believe that hard work does not guarantee success. It doesn't hurt one's chances at success, but the world is also filled with hard working people who never make it. One look as an inflation-adjusted US wage curve over the past 30 years tells you that it is capital (i.e. savings, investments) that gets most of the rewards, not labor. It's not fair. But it's true.

Being financially responsible is easy. Google "Index Card Financial Plans" or Dave Ramsey's "Baby Steps". Once you achieve progress, have fun and live life. I'd also recommend John Bogle's Georgetown commencement address. The key takeaway: being rich isn't about X-salary or y-net worth, its about having something reckless spenders can't never have...."enough."

I think the entitlement came across from the ”they bought themselves toys”, “I had to sink myself into massive debt just to get a decent career”(categorically false, I’m on a jobsite with ~500 people and we all make six figures without going into debt. Skilled trades are great that way, especially for those of us who would have had to go into debt for college), and most importantly he “resents them for not helping him more”? God forbid your parents enjoy the fruits of THEIR labor? Odds are they likely spent on the kids, family activities, etc, but why cherish the memories when they could have paid for your education? I’m all for financial responsibility, saving for the future, and helping out your kids, but when they resent you for not giving them a hand out? I’d give my properties and investments to charity before giving an adult “child” with that mindset a damn dime.

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[Deleted member 59498]

Dude order 392 if you can afford it. Simple as that. Not sure where this thread got off too!

Assuming you can find a dealer to sell at MSRP or whatever.

 

[Heimkehr]

What to do? ?

Consider the larger picture. The economy. The tone of American society. The plainly evident direction of its travel. Consider M1 liquidity maybe being a bit more important than having Toy X lurking in the mise en scène of another YouTube channel that is attempting to shoehorn itself into an already-crowded niche.

Consider exchanging put options for a solid little portfolio of dividend-paying stocks. There's less labor and, taking the long view, the latter is easily able to maintain cash flow.

 

[JayDudya]

I haven't read through all the post, so not sure if anyone else has said this, but... If the goal is to spend quality time and create memories with your daughter while also creating content for a YouTube channel (presumably revolving around the two of you and the Jeep), then I would opt for a nicely but not overly equipped Willys. You and your daughter will be able to have off-roading fun and create content right out of the gate and then create more content and memories when doing all the various modification (which might also include a V8 swap on your own one day!). I just see more possibilities, more quality time, more memories, more fun, and even more media content by building up a Jeep than buying an over priced Jeep 392 Hemi jeep that you may not be able to or want to modify and have real Jeep fun with.

 

[JeepViking13]

Consider the larger picture. The economy. The tone of American society. The plainly evident direction of its travel. Consider M1 liquidity maybe being a bit more important than having Toy X lurking in the mise en scène of another YouTube channel that is attempting to shoehorn itself into an already-crowded niche.

Consider exchanging put options for a solid little portfolio of dividend-paying stocks. There's less labor and, taking the long view, the latter is easily able to maintain cash flow.

The only thing I don't like about totally investing longterm even in high paying dividend stocks is the chance of a market crash. Even when I sell puts its weekly and usually on the Wednesday before and I only have 2 or 3 days of risk. Most of the time I day trade and I'm in and out and don't hold anything over night. I'm extremely conservative and hate risk.

 

[entropy]

if you want financial advise.

Stop trading. Nobody can beat the market, it is just not worth the risk. I trade every now and then, it is a guessing game and you need to adapt to the market as it changes, a strategy that works today might not work tomorrow. Trading is all about following social patterns, trying to guess what other traders are doing. It involves a lot of research, pattern recognition, statistics training, etc... it is just not worth it. Invest in index funds long term and you will always win, and the rewards are big. When you invest in index funds you are investing in the economy instead of trying to guess social patterns.

Wanna know another piece of advice? making over 100k a year does not make you rich. People who actually get rich and make many millions are very frugal. They invest as much as they can, and they buy what they need and sometimes what they want. Not what others make you believe you want through marketing. You never hear about these rich people which are the vast majority of millionares, why? because they are low key. for a reason.

A 392 is gonna give you instant gratification, that's it. it wont last. And it is gonna hurt you big time financially. Buy what you actually can afford. enjoy life, but do it in a smart way. a 392 wont buy you more happiness than other jeeps.

 

[entropy]

The only thing I don't like about totally investing longterm even in high paying dividend stocks is the chance of a market crash. Even when I sell puts its weekly and usually on the Wednesday before and I only have 2 or 3 days of risk. Most of the time I day trade and I'm in and out and don't hold anything over night. I'm extremely conservative and hate risk.

market crashes don't matter. it will always come back up unless there is a zombie apocalypse. you just have to wait it out. day trading is a losers game. I make money short-term trading because of a lot of people like you. being honest.

 

[hoag4147]

Okay. Here is how I always justify my toys (at least with the wife lol). If something cost 10k and can sell in couple years for 8k that toy cost me 2k for couple years of use. So if 392 cost you 80k and sell for 70k couple years you are out 10k. I would bet a $50k Willys will sell for $40k in same time so either way cost you 10k . Of course if financing is involved you will be paying a little more in interest during that time. Everyone has a way to justify just about anything if they want to ?

 

[Heimkehr]

The only thing I don't like about totally investing longterm even in high paying dividend stocks is the chance of a market crash. Even when I sell puts its weekly and usually on the Wednesday before and I only have 2 or 3 days of risk. Most of the time I day trade and I'm in and out and don't hold anything over night. I'm extremely conservative and hate risk.

I understand. To be fair, though, any type of trading instrument has risk.

I set Sell triggers to take (and thus protect) profits. This insulates me if the stock price moves below a predetermined point. That point is one that i monitor and adjust periodically, based on the stock's performance.

The foregoing can be done with a few clicks. It isn't complicated, and it is effective. It surely protected me during the Big Dipper last Spring.

Give it some thought. I'm not recommending any particular holdings here.

 

[The Last Cowboy]

The people who use the term "rich' are usually far from it. You will never hear anyone who has any kind kind of substantial investments and holdings describe themselves or others in their position as rich. Earing $100k, even $200k a year or more, depending on where you live, is nowhere near wealthy. It is a nice comfortable living though.

 

[GroovyGorilla]

I think the entitlement came across from the ”they bought themselves toys”, “I had to sink myself into massive debt just to get a decent career”(categorically false, I’m on a jobsite with ~500 people and we all make six figures without going into debt. Skilled trades are great that way, especially for those of us who would have had to go into debt for college), and most importantly he “resents them for not helping him more”? God forbid your parents enjoy the fruits of THEIR labor? Odds are they likely spent on the kids, family activities, etc, but why cherish the memories when they could have paid for your education? I’m all for financial responsibility, saving for the future, and helping out your kids, but when they resent you for not giving them a hand out? I’d give my properties and investments to charity before giving an adult “child” with that mindset a damn dime.

Yes, as others have said it's about financial responsibility, and past generations sometimes did a poor job at it (not generalizing everyone in the past). The reason I resent them might be a personal outlier, but I'm not alone. They spent it on toys throughout life, they didn't save for retirement, still owe on their house, yet I'm expected to keep them afloat in old age when they have nothing but "collectibles" to their name.

That's awesome that a trade job got you that salary, but it doesn't always work out like that. When you are living on your own at 18 and still in high school because your parents want you to pay rent with a minimum wage job, it's a different story... loans rack up.

Is there anything wrong with wanting something better for my kids than what I had? Financial responsibility, that all the point I was making.

 

[AcesandEights]

You know, OP, you really have your answer. I think you're looking more for validation than opinion or advice.

 

[GroovyGorilla]

market crashes don't matter. it will always come back up unless there is a zombie apocalypse. you just have to wait it out. day trading is a losers game. I make money short-term trading because of a lot of people like you. being honest.

Got that right! Even for algotrading it's difficult. Day trading seems like it's pretty much an algorithm vs algorithm game these days, and hard to get the upper hand. Sometimes you can put in a ton of work backtesting and gain a couple points over a buy-and-hold, but it's a different game live and only lasts until the big guys change up their strategies.

 

[JeepViking13]

I understand. To be fair, though, any type of trading instrument has risk.

I set Sell triggers to take (and thus protect) profits. This insulates me if the stock price moves below a predetermined point. That point is one that i monitor and adjust periodically, based on the stock's performance.

The foregoing can be done with a few clicks. It isn't complicated, and it is effective. It surely protected me during the Big Dipper last Spring.

Give it some thought. I'm not recommending any particular holdings here.

So you basically set alerts? I know stop losses only work during regular Market hours 9:30 to 4:00.

 

[2nd 392]

If you get a 392 you will have buyers remorse for spending 80K, if you get a cheaper model you will forever regret not spending the extra $ for what you obviously really want especially after they are discontinued. Another old saying “ decisions made by emotion are usually wrong “ hope you choose what works best for you.

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