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re: People go into $50k of debt to buy a F-150 instead of investing in a low-cost Vanguard ETF
Posted on 5/4/22 at 8:49 am to Hermit Crab
Posted on 5/4/22 at 8:49 am to Hermit Crab
quote:
, but not sure how they would finance that.
I did hear a few stories about people taking out loans to finance the latest Altcoin craze. And before Bitcoin, I knew some that tried to play penny stocks with loans without realizing the commitment needed to essentially be a day trader. Hard to do w a 9-5; especially one that monitors/blocks certain websites
0
Posted on 5/4/22 at 8:58 am to BearsFan
quote:
I don’t think it is as simple as the OP makes it. People do need at least some form of transportation.
I think the OP's point is more along the lines of why choose a brand new $750 mo/6 years truck payment over investing.
I.E. transportation comes in many different costs to you. You dont have to get the $50k vehicle.
I agree the OP didnt really put it across very well, but get where he is coming from. Car debt is something people get very very bad with, especially when they roll through vehicles and have negative equity they roll over in the loans.
The bigger problem with the perception of a car payment vs. investing that money is whatever money is saved on a car payment hardly anyone is taking that difference and investing it which is the real problem. I.E. Lets say someone that can afford a $750/mo truck payment goes with something for $250/mo, the chances they are investing that $500 difference is probably small, but could be really beneficial to them....or just keep what you have if it's still in good working order, investing THAT $750/mo you would otherwise be spending on a truck....again though, that's what most people simply wont do.
This post was edited on 5/4/22 at 9:03 am
Posted on 5/4/22 at 9:02 am to go ta hell ole miss
quote:
Could I retire a few years earlier if I never spent money on any hobby like golf, fishing or hunting? Of course I could, but I’d rather enjoy those things now when I am younger.
Hear you? Yes
Can many (not most) people do both, enjoy today and grow wealth for tomorrow? Yes
Opportunity costs cut both ways:
OVER enjoy life today and risk wealth power to do what you want, when you want, with whom you want, for as long as you want. Balance, grasshopper
Posted on 5/4/22 at 9:02 am to stelly1025
quote:
Many people have their priorities wrong
=/=
quote:
Many people don't share my priorities
Posted on 5/4/22 at 2:10 pm to rickgrimes
quote:
Why?
Maybe they do both. Don't be such a doosher.
Posted on 5/4/22 at 2:15 pm to ConfusedHawgInMO
VOO & VGT lit
Posted on 5/4/22 at 2:37 pm to stelly1025
quote:
I have multiple tenants whom all drive newer nicer vehicles than I do. My wife and I own several homes and apartments most of my tenants will probably never own a home. Can we afford a new vehicle? Yeah I can go and pay cash ,butvwhy when my old one works fine? Many people have their priorities wrong. They spend when they should save and invest and they buy new things that they shouldn't.
Or… life’s too short to drive old shitty vehicles and deal with renters all day.
Posted on 5/4/22 at 5:18 pm to rickgrimes
Got to have that decked out truck for travel ball. You can’t have Braxxton, Jayden and Brayden riding around in last years’s edition.
Posted on 5/5/22 at 1:20 pm to rickgrimes
I'm waiting on my new truck right now. Why? because I'm young and work hard for my money to enjoy it how I want. It's not that complicated. Same question could be asked about everything a person does
Posted on 5/5/22 at 3:04 pm to thunderbird1100
quote:
I think the OP's point is more along the lines of why choose a brand new $750 mo/6 years truck payment over investing.
This.
quote:
I agree the OP didnt really put it across very well, but get where he is coming from. Car debt is something people get very very bad with, especially when they roll through vehicles and have negative equity they roll over in the loans.
Yep.
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