When we last left our cashier, we looked at how different house choices would be depending upon who he or she marries and how debt affects the kind of house that they could afford. We also looked at our top earners from the top 25 jobs from indeed.com. Those were 2 software developers.
Cars played largely into the amount of debt. Lets break down the math:
Cashier + Sales $42,241 net/12 months = $3,520
$3520 a month take home pay * 15% =$528
$528/2=$264/ month to spend on a car each
Total car debt is monthly amount *36 months:
$528*36=$19,009 total, $9,504 each
You can see why Dave Ramsey is not a fan of car payments.
What kind of car could each driver afford? Let’s check Carmax: 2012 Chevy Sonic
What about if he/she marries the truck driver?:
$16,654 each. 2014 Nissan Murano
And what about our software devlopers? $33,872 each. 2017 Lexus
If our couples paid cash for more modest cars, they could afford a better house. Here’s a great explanation about why you don’t want car payments from Dave Ramsey https://www.ramseysolutions.com/debt/the-truth-about-car-payments
So there you have it. 3 lifestyle scenarios not only about who marries who, but what impact debt has on house and car.
Dave Ramsey Solutions
Spreadsheet from yours truly