Damn... 35%?

After 401k contributions, taxes, medical, LTD & HSA contributions I only take home about 55% of my gross.... but 35% aren't to the government.

Heh. Coincidentially, I got pretty close to doing this. I ended up putting 2,000 down on a 3 year note and the car was used, but still. I had enough for about half the cost of the car, and the interest rate was so low that it was going to cost me like $200 to hold on to the rest of the cash.

I probably could have got away with nothing down, but they would have had to re-run the application, so I just put 2,000 down. But hell yes I will maintain the ability to access my money for $200 in interest.

You have long term disability?

I'm quite a ways removed from the insurance industry, but why LTD? And why not STD with it? If you don't mind me asking. I'm not criticizing, just curious on the logic.

The company provides STD to all employees. The LTD is an additional option.

Makes sense.

Perhaps I should be looking into that type of insurance since I'm much more likely to need it in my industry than the normal office job, but at this point, I can't justify the cost.

Are you thinking you are protecting yourself against the car wreck/cancer types of risks?

i was thinking more like 7 years, and make sure you borrow some money to put some wheels on it too

Any type of long-term risk that would prevent me from working. I travel often, I live an active lifestyle, I sometimes work around large machinery and hazardous material. Anything can happen.

LTD @ 60% of my annual salary if I can't work anymore is worth the 0.4% of my gross salary that's deducted.

Well yeah, if you can get a 0% interest deal or something close to that, do it.

You know what I meant.

It was 2.0% money and not any special deal or anything. And it is probably a length of loan deal. My buddy looked into financing a car at 6 years instead of 3 and his rates were much higher. I don't remember how long he tied it up for but it wasn't 6.

I just thought it was funny that you were being sarcastic and I just did almost that.

ROFL

I may have to look into that some. Although it is really difficult to calculate what you need over the long term with inflation. I've got probably 40 more years of work left and I have a hard time calculating insurance that far out.

Maybe I'll just keep bought up on life insurance and have my wife throw me into a driveshaft if I can't work anymore.

Yeah - when I bought my car I put about half down and then financed 5yrs @ 4.24%. This was through the dealer and necessary to get something like $2500 in rebates. After a couple of months I went and refinanced 3yrs @ 1.99%.

Win.

Nice.

The 60% is just what's offered through our company LTD option. I'm single with no dependents and, at least right now, 60% of my salary is more than my annual expenses. Once I have a family, dependents, etc. it will all change.