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re: Anyone with big car notes, check in...
Posted on 8/3/14 at 8:36 am to Will Cover
Posted on 8/3/14 at 8:36 am to Will Cover
Agreed. It sounds like he has that covered, but his situation is extremely unique.
I'm no Glen Beck, but I'm about as anti-debt as it gets.
Part of that is from being a business owner for 17+ years and seeing how quickly the economy can nosedive.
Living at or below your means and preparing for a rainy day seems to be a forgotten concept in this country. Life is tough enough, who wants the added stress of being over-extended financially?
I'm no Glen Beck, but I'm about as anti-debt as it gets.
Part of that is from being a business owner for 17+ years and seeing how quickly the economy can nosedive.
Living at or below your means and preparing for a rainy day seems to be a forgotten concept in this country. Life is tough enough, who wants the added stress of being over-extended financially?
1
Posted on 8/3/14 at 8:37 am to Will Cover
quote:
the greatest gift I can give to my children is the one of no debt when I pass on. I don't want my burden to become their burden.
This is noble and intelligent that you also have purchased as much life insurance that you can own.
Posted on 8/3/14 at 8:38 am to Will Cover
quote:
I just don't want to have to pay for it.
Who gave you his Porsche?
Posted on 8/3/14 at 8:39 am to VetteGuy
Could be worse - I could start gambling. 
Like I said, I have a million dollar life insurance policy. Likewise, by the time my kid is out of school, my health will be so bad that I won't be able to do anything. As it is, I pretty much don't leave the house except whn we go to a karate tournament or one of my many doctor visits. I get at least a dozen steroid injections in my neck and back every 3 weeks, and have been every 3 weeks for over 6 years. 95% of my day is spent on the recliner. My days of enjoying life are limited. There will be many years ahead for me to stockpile money.
Like I said, I have a million dollar life insurance policy. Likewise, by the time my kid is out of school, my health will be so bad that I won't be able to do anything. As it is, I pretty much don't leave the house except whn we go to a karate tournament or one of my many doctor visits. I get at least a dozen steroid injections in my neck and back every 3 weeks, and have been every 3 weeks for over 6 years. 95% of my day is spent on the recliner. My days of enjoying life are limited. There will be many years ahead for me to stockpile money.
This post was edited on 8/3/14 at 8:41 am
Posted on 8/3/14 at 8:39 am to VetteGuy
I agree with you except for the anti debt part. You could change your view to anti risk. Debt is a monetary decision to be used wisely. As is risk.
Posted on 8/3/14 at 8:43 am to BestBanker
That is a better term.
A lot of business owners become so conservative they never get to the next level.
I built my own building b/c I hate paying rent. I borrowed the money, but I paid it off in 50 months.
A lot of business owners become so conservative they never get to the next level.
I built my own building b/c I hate paying rent. I borrowed the money, but I paid it off in 50 months.
Posted on 8/3/14 at 8:44 am to lsu xman
I paid cash!
In 2012 for a 2001 Sequoia.
This thread makes me feel good.
In 2012 for a 2001 Sequoia.
This thread makes me feel good.
Posted on 8/3/14 at 8:52 am to uway
$212 for 60 months. Bought 2013 with 5k miles earlier this year.
Currently $101.67 in credit card debt.
Currently $101.67 in credit card debt.
Posted on 8/3/14 at 8:54 am to 911Moto
I'm not knocking you. I totally understand why you are doing it-my Dad was disabled at a fairly young age and couldn't enjoy his boat or bike anymore.
I just don't advocate what you are doing financially for the majority of people. Long-term financing of rapidly deprecating assets and carrying a hefty amount of credit card debt is usually not the best plan for financial security.
I just don't advocate what you are doing financially for the majority of people. Long-term financing of rapidly deprecating assets and carrying a hefty amount of credit card debt is usually not the best plan for financial security.
Posted on 8/3/14 at 8:54 am to LSUAlum2001
quote:
This is the OT, where we pay cash for our $75K vehicles.
At 0% interest, I wouldn't be an OT baller if I was dumb enough to pay cash.
Posted on 8/3/14 at 9:43 am to lsu xman
937$ a month for the ole ladies ride 
Posted on 8/3/14 at 9:46 am to VetteGuy
By all means, I don't advocate what I do for the average person. If I didn't have 5K of expendable income every month, I would't let my credit card debt reach those levels. At one time I let it get to $90K (credit cards and home equity loan), but that was right after Katrina when my practice was shut down. I got it back to 0, then let it get to its current level.
Posted on 8/3/14 at 9:54 am to TigerTailgater
quote:
937$ a month for the ole ladies ride
haven't had a note for a while, but my last two were for about $1100/mo. each, at the same time, had 0% interest loans so 100% financed, paid them off as quick as I could, it was like getting a pay raise when they were paid off, not looking to do that again any time soon
Posted on 8/3/14 at 9:59 am to VetteGuy
quote:
Financing a car almost never makes a lick of sense, even at 0%. Write the check and move on. The absolute worst decision is leasing, but anyone that can do math knows this.
It makes perfect sense at 0%. If you invest the money you would have spent up front over the life of the loan you come out way ahead.
Posted on 8/3/14 at 10:02 am to aaronb023
quote:
It makes perfect sense at 0%. If you invest the money you would have spent up front over the life of the loan you come out way ahead.
yep
Posted on 8/3/14 at 10:18 am to lsu xman
quote:
frick that
Posted on 8/3/14 at 10:38 am to VetteGuy
quote:
Car manufacturers don't get free money. 0 is usually not zero.
I agree that no one can stay in business by giving away their product, but if you are disciplined enough to knock that note out as fast as you can, it will negate a slightly higher purchase price, paying interest is what kills a lot of opportunities, and I hate doing it
This post was edited on 8/3/14 at 10:45 am
Posted on 8/3/14 at 10:48 am to 777Tiger
quote:
haven't had a note for a while, but my last two were for about $1100/mo. each, at the same time
$2,200 a month in car notes? Yikes
What did you have?
Posted on 8/3/14 at 10:49 am to SPEEDY
quote:
What did you have?
F-250 for me, and an Escalade for the old lady, it sucked until I paid them off
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