- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: .
Posted on 5/23/15 at 2:56 pm to CQQ
Posted on 5/23/15 at 2:56 pm to CQQ
For me, the convenience of swiping a credit card or writing a check (can sometimes get an extra few percent off by paying cash/check), and negotiating the best deal trumps any 0% finance offer. It's not worth my time to give up the extra negotiating factor of cash to do the financing deals. The only exception may be a memory foam mattress which sets their price nationwide, and doesn't negotiate.
For furniture, there is a Mitchell-Gold outlet about an hour from my house where I get great deals. Markup is too damn high to pay retail.
For furniture, there is a Mitchell-Gold outlet about an hour from my house where I get great deals. Markup is too damn high to pay retail.
0
Posted on 5/23/15 at 3:25 pm to I B Freeman
Your advice sucks. Go back to the poliboard where the mentally challenged don't know how stupid you are.
Posted on 5/23/15 at 3:27 pm to I B Freeman
quote:
Stay out of debt related to depreciable assets if you want your journey to financial freedom to be shorter. It is a rule everyone should adopt.
Everyone's situation is different. I guarantee my 8000 will make me more money sitting in my CD ladder over the next 2 years than I am paying in interest.
This post was edited on 5/23/15 at 3:55 pm
Posted on 5/23/15 at 8:43 pm to CQQ
If it's through Ashley don't finance it. I did 0% financing for a year with Ashley earlier in the year when I had the money and ended up just paying it off when the first payment was due.
Ashely told me to expect a bill within 3-4 weeks of delivery. After about 3 weeks I call the store to see why I didn't have a bill yet and they said they had nothing to do with it anymore and gave me a number to call. So I call the credit company and ask what's up and they said they've sent it and I should see it soon. A week later I call again since I still didn't have a bill and it turns out they had the wrong address even though the furniture was delivered.
So they get the correct address and tell me I should expect a bill within 7-10 days but by that point my first payment was due in 5 days. Not wanting a late payment I offer to pay by phone and they tell me I can't without the account number on my bill.
Ashely told me to expect a bill within 3-4 weeks of delivery. After about 3 weeks I call the store to see why I didn't have a bill yet and they said they had nothing to do with it anymore and gave me a number to call. So I call the credit company and ask what's up and they said they've sent it and I should see it soon. A week later I call again since I still didn't have a bill and it turns out they had the wrong address even though the furniture was delivered.
So they get the correct address and tell me I should expect a bill within 7-10 days but by that point my first payment was due in 5 days. Not wanting a late payment I offer to pay by phone and they tell me I can't without the account number on my bill.
Posted on 5/23/15 at 10:28 pm to I B Freeman
quote:
Let me get this straight. It your opinion Mr. Climpsum The Hidden Flask that working to raise cash to buy furniture is really dumb.
Is that your stance?
Is that the original statement you made? Are you unable to recall something you wrote less than 24 hours before? Is that really your stance?
Faux outrage might work on the twerps on the poli board, but you can't pull that shite here. The people are to smart and the posts are too infrequent to bury your previous dumbass statement.
If you would like to quote what you originally said, I will confirm that you are indeed really really REALLY dumb. Conveniently, you missed the part where I warned against this loan, but that is here nor there.
If you would like a hard and fast rule, here it is:
Making blanket statements about lending without knowing the terms and rate is as dumb as making an investment without knowing the expected returns and NAV. You've illustrated your failure to understand investment return ad nauseum on the poli board, so I'm not really surprised by this response.
Posted on 5/24/15 at 10:40 am to CQQ
I did it when I bought get my first house. But I had the $8k tax credit credit coming in so I paid them all off almost immediately.
The places I bought furniture don't "deal" in cash either.
The places I bought furniture don't "deal" in cash either.
Posted on 5/24/15 at 1:17 pm to TheHiddenFlask
quote:
Is that the original statement you made? Are you unable to recall something you wrote less than 24 hours before? Is that really your stance?
Here is the original statement. Just what is "dumb"?
quote:
Please don't buy furniture on credit.
Mow some yards or wash some cars or deliver some pizza or something to get the additional money you need to pay cash.
Try your best not to borrow money for depreciable assets. Buy cars even for cash. I would rather see you buy a $5000 car and have to spend $4000 over three years keeping it running that to see you buy a $30000 on credit.
Here is a hard and fast rule for you---if you don't have the CASH to buy some highly depreciable asset like furniture DON'T DO IT.
quote:
Making blanket statements about lending without knowing the terms and rate is as dumb as making an investment without knowing the expected returns and NAV. You've illustrated your failure to understand investment return ad nauseum on the poli board, so I'm not really surprised by this response.
That is BS. If I have ever posted something on the poli board that was contrary to any principle of finance you are welcome to point it out.
It is easy to see how politicians so easily fool the general public when the citizenry of the state consists of thousands that even consider using debt to finance TVs and furniture.
Is advanced finance at Clemson "Financing of Lazy Boys 400"?
I suspect it takes a graduate degree to ascertain the financing nuances of used double wides.
This post was edited on 5/24/15 at 4:02 pm
Posted on 5/24/15 at 2:35 pm to CQQ
As has already been said, it depends on whether or not the purchase price represents a good deal. It also depends on your current (and projected future) financial position.
If the price was right and I couldn't negotiate a discount based on paying cash, I personally would do it in a second. Why wouldn't I? I have the cash, but why would I use my cash when someone will let me use their cash for five or six years? I got a great deal on an HD TV several years ago and I took the 0% option on top of it. I just set up automatic payments through my bank and paid equal payments until the special financing term was up. Did I get rich doing that? Of course not. It didn't really change my life one way or the other. It was just the principle of it. For any purchase that I'm going to make anyway, I try to get the best price possible. And then if I can also get "free" financing for some meaningful length of time (when I have the money in my pocket), I generally prefer to use other people's money instead of my own. I've been doing that successfully for several decades now. And until they start giving out bonus Heaven Points for doing otherwise, I'll stick with that strategy.
Just don't buy things you can't afford. It's worse if you do it using credit, but it's bad to do it with cash too.
Best of luck.
If the price was right and I couldn't negotiate a discount based on paying cash, I personally would do it in a second. Why wouldn't I? I have the cash, but why would I use my cash when someone will let me use their cash for five or six years? I got a great deal on an HD TV several years ago and I took the 0% option on top of it. I just set up automatic payments through my bank and paid equal payments until the special financing term was up. Did I get rich doing that? Of course not. It didn't really change my life one way or the other. It was just the principle of it. For any purchase that I'm going to make anyway, I try to get the best price possible. And then if I can also get "free" financing for some meaningful length of time (when I have the money in my pocket), I generally prefer to use other people's money instead of my own. I've been doing that successfully for several decades now. And until they start giving out bonus Heaven Points for doing otherwise, I'll stick with that strategy.
Just don't buy things you can't afford. It's worse if you do it using credit, but it's bad to do it with cash too.
Best of luck.
Posted on 5/24/15 at 2:50 pm to I B Freeman
quote:
I would rather see you buy a $5000 car and have to spend $4000 over three years keeping it running that to see you buy a $30000 on credit.
This is really really dumb. You would rather him spend $350 a month on repairing a beater car (I won't even mention him making much worse mileage) than spend $450 (assuming a $5,000 trade in and no down payment) a month on a car note where you are amortizing your debt far faster for the vast majority of the time. At the end of 5 years, the new car would be worth $10,000 and the beater would be worth $2,000. In the meantime he has made better mileage and had a much more reliable vehicle, not to mention the enjoyment of a new vehicle. At the end of the whole process he would have paid an extra $6,000 and would have $8,000 more in a trade. Please explain to me how that makes any sense at all.
As far as you being a dolt on the poli talk on the specific topic of finance, I'm not searching through the last 10,000 posts about film tax credits. Everyone here knows you are on the level of Toddy as far as having your head up your arse. I will let your failure of a post here suffice as an example.
Funny you mock my education when you can't do an NPV calculation.
Posted on 5/24/15 at 2:55 pm to I B Freeman
Also, your rule of thumb is stupid, but probably effective for simpletons with no self control.
Keep paying cash for everything. It will keep rates low for people like me who choose to finance for 6 years at below 2% interest and use that money to fund tax advantaged accounts that earn many multiples of that rate. I appreciate your help.
Keep paying cash for everything. It will keep rates low for people like me who choose to finance for 6 years at below 2% interest and use that money to fund tax advantaged accounts that earn many multiples of that rate. I appreciate your help.
Posted on 5/24/15 at 3:17 pm to TheHiddenFlask
quote:
This is really really dumb. You would rather him spend $350 a month on repairing a beater car (I won't even mention him making much worse mileage) than spend $450 (assuming a $5,000 trade in and no down payment) a month on a car note where you are amortizing your debt far faster for the vast majority of the time. At the end of 5 years, the new car would be worth $10,000 and the beater would be worth $2,000
Thus the reason for the buying the beater. He would have lost using your numbers $7000 on the beater compared with $20000 and interest and any repairs on it on the new one.
You assume better mileage. Why is that? Just pulling crap out of the air?
quote:
At the end of the whole process he would have paid an extra $6,000 and would have $8,000 more in a trade. Please explain to me how that makes any sense at all.
New car $30000 worth $10000 three years latter according to you---loss equals $20000.00. Cost of car per year--$6666
Beater $5000--maybe $4000 in repairs--worth $2000 according to you. loss equals $9000-$2000=$7000. Cost of car per year $2333.
I know that is high finance for you but maybe you can figure it out.
No need to confuse you with the savings on insurance on both collision and comprehensive and the savings on sales taxes---$2700 on the new car--$450 on the beater at 9% typical in So. Louisiana.
Let's not even mention the entire three years he has remained out of debt.
Now from a money point of view just exactly how do you justify the crap you posted?
Where did you do a NPV calculation? Is the math you presented Climpson's definition of net present value? They are proud of you today.
This post was edited on 5/24/15 at 3:18 pm
Posted on 5/24/15 at 4:36 pm to DayBowBow
that wasn't a mistake
Posted on 5/24/15 at 5:03 pm to I B Freeman
quote:
Here is a hard and fast rule for you---if you don't have the CASH to buy some highly depreciable asset like furniture DON'T DO IT.
Meh. If it is the same value object, and you can invest it in a money making account, who cares?
Posted on 5/24/15 at 5:12 pm to Jcorye1
quote:
Meh. If it is the same value object, and you can invest it in a money making account, who cares?
You have the luxury to make the decision you describe but you do not such a luxury when you don't have the cash. I promise you there is no "zero" interest. It is in the price and 99 times out of 100 you can get a good cash discount with cash you can't get with 0 interest deals. (I never buy furniture for what the retailer is asking. I start at 50% off in my cash offers.)
It is foolish to buy something with debt that is not worth half what you pay for it as soon as you own it.
Just work a little longer and pay cash.
The natural extension of some posters here is that if it is zero interest then debt is ok. Silly logic.
Posted on 5/24/15 at 7:48 pm to I B Freeman
quote:
You have the luxury to make the decision you describe but you do not such a luxury when you don't have the cash. I promise you there is no "zero" interest. It is in the price and 99 times out of 100 you can get a good cash discount with cash you can't get with 0 interest deals. (I never buy furniture for what the retailer is asking. I start at 50% off in my cash offers.) It is foolish to buy something with debt that is not worth half what you pay for it as soon as you own it. Just work a little longer and pay cash. The natural extension of some posters here is that if it is zero interest then debt is ok. Silly logic.
I don't consider that I have a dog in this fight. I already know what I know because I have done it for such a long time. But I will point out, and hopefully make what I said a bit more clear, if mine was one of the posts which you were referring to: it's not that (ALL) zero interest debt is OK. But of course zero interest debt is OK if the price you're personally paying is not affected by the financing offer. I have no idea what your 99 out of 100 claim is based on. Sort of like 93.745% of stats quoted on the internet are made up? That's a joke... don't get offended. Anyway, if/when you can negotiate a better deal by paying cash, then do that - absolutely. If you cannot, and the purchase is one which you would have made anyway, it's a good deal and you can make the payments dead on time every month, then taking the zero percent financing option is a no-brainer.
And there are certainly various zero percent deals. Why? How? Because that is the hook. In part, if enough people take the bait and end up paying interest, that makes up for people who use the loan without incurring interest for some period of time. When it comes to debt, you just have to be smart and see it for what it is, and what it can and cannot do.
Be a
and not a trick.Posted on 5/24/15 at 8:53 pm to Jag_Warrior
quote:
I don't consider that I have a dog in this fight. I already know what I know because I have done it for such a long time. But I will point out, and hopefully make what I said a bit more clear, if mine was one of the posts which you were referring to: it's not that (ALL) zero interest debt is OK. But of course zero interest debt is OK if the price you're personally paying is not affected by the financing offer. I have no idea what your 99 out of 100 claim is based on. Sort of like 93.745% of stats quoted on the internet are made up? That's a joke... don't get offended. Anyway, if/when you can negotiate a better deal by paying cash, then do that - absolutely. If you cannot, and the purchase is one which you would have made anyway, it's a good deal and you can make the payments dead on time every month, then taking the zero percent financing option is a no-brainer.
And there are certainly various zero percent deals. Why? How? Because that is the hook. In part, if enough people take the bait and end up paying interest, that makes up for people who use the loan without incurring interest for some period of time. When it comes to debt, you just have to be smart and see it for what it is, and what it can and cannot do.
Be a and not a trick.
Stay away from debt for depreciable assets--particularly something so inexpensive and valueless as furniture--is my mantra and is very good advice.
I have bought consumer notes before and whether it is in house or sold to finance companies those 0 percent notes are sold (or carried on the books for in house furniture retailers) at steep discounts. Nobody is letting anybody use their money for free.
If you have cash and are offered 0% financing immediately make a cash offer with a big discount.
If you do not have cash don't buy it. You are not healthy enough financially to be taking on debt for something like furniture---IMHO.
This post was edited on 5/24/15 at 8:58 pm
Posted on 5/24/15 at 8:57 pm to TheHiddenFlask
I missed this jab Flask
Perhaps you missed this thread
LINK
If you disagreed with me on the math of film credits you have no standing to be giving financial advice.
quote:
I'm not searching through the last 10,000 posts about film tax credits. E
Perhaps you missed this thread
LINK
If you disagreed with me on the math of film credits you have no standing to be giving financial advice.
Posted on 5/24/15 at 9:02 pm to CQQ
It's a great deal. I did it as an undergrad and got five years interest free which ends this year. I had higher quality furniture than anyone else and still do without killing the wallet.
Posted on 5/24/15 at 9:18 pm to I B Freeman
quote:
Nobody is letting anybody use their money for free.
M'kay then...
So you're saying that the five figure 0% interest loan I have with Chase is costing me something? My account shows that I have thus far earned a 13.5% return on that free money. But you're saying that it's not really free.
I am but a simple ex-banker with an Econ degree and an MBA. So please explain to me how I am being taken advantage of here. I have been tricked! Hoodwinked! I demand satisfaction and justice!
But oddly enough, I have done this very same thing over the years and thought that I was the one making out like a bandit (and I'm pretty sure that I am). But you're telling me that the money wasn't really free. So, please tell me where they "got me".
Your rule of thumb advice isn't bad, as rules of thumb go. But don't get it twisted, amico. The problem is, people only have two thumbs. And rules of thumb don't apply to every situation or every person.
Like I said before, if what you do works for you, do that. No one is trying to talk you out of paying cash for everything that you buy. And since I know that what I do works for me, I believe I'll just keep on keepin' on.
Peace...
Posted on 5/24/15 at 9:32 pm to Jag_Warrior
quote:
So you're saying that the five figure 0% interest loan I have with Chase is costing me something?
send me a link to where one might get a five figure 0% interest loan. I think everyone would be interested in that.
There is more to that than you are telling.
Page 3 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News