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re: Paying off everything off while young
Posted on 11/1/13 at 1:53 pm to braindeadboxer
Posted on 11/1/13 at 1:53 pm to braindeadboxer
I wouldn't blow it on a nice house when young. Your taste and decision making on a nice home will change.
I would pay cash for vehicles and invest the rest. In fact, I've never financed a car. Paid $900 for a used car when I was 16. The money I would have spent on a note I placed in savings and accrued enough to pay $1,550 for a better used car at 19.
I continued that habit of saving the 'non note' until I was able to pay cash for a cheap new car by 25 and a nice new car by 35.
As for investing..I'm all for blue chip buy and hold.
I would pay cash for vehicles and invest the rest. In fact, I've never financed a car. Paid $900 for a used car when I was 16. The money I would have spent on a note I placed in savings and accrued enough to pay $1,550 for a better used car at 19.
I continued that habit of saving the 'non note' until I was able to pay cash for a cheap new car by 25 and a nice new car by 35.
As for investing..I'm all for blue chip buy and hold.
1
Posted on 11/1/13 at 1:58 pm to Zach
quote:
I would pay cash for vehicles
I'm already doing this. I bought my first truck out of school and paid it off about a year later. Every vehicle from now on will be cash.
quote:
Your taste and decision making on a nice home will change.
Good point, although I've wanted ~ 20 acres in the woods and a lake for many years now. It's the environment I'd like to raise my kids in. And I have no plans to make a permanent move away from home. I'm a small town and family oriented guy.
This post was edited on 11/1/13 at 1:59 pm
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