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re: somebody talk me out of this (car related)
Posted on 4/16/15 at 1:21 pm to Creamer
Posted on 4/16/15 at 1:21 pm to Creamer
quote:
I just cringe at the thought of a monthly payment.
So make the loan term as short as possible. You can easily get a 12 or 24 mo repayment schedule.
Think about it this way: if you have the capital on hand, you can at any time pay off the loan. So if your circumstances change 6 mos into the loan (say you get a higher paying job, or your wife gets a promotion), you can always pay it off early. And conversely, if she gets laid off or you don't pass the bar on the first go-round, you will be happy to have that chunk of change still in the bank.
Do you plan to pay cash for a house? A monthly payment or debt does not mean you are undisciplined or foolhardy: you are simply paying a little for the privilege of using someone else's money for a short period of time. Meanwhile, your money can be working for you. As the previous poster mentioned, you can pretty easily find a guaranteed 3% return on $10K, so you can cover the small amount of interest paid and earn a tiny bit more.
Meanwhile, go sign up for a personal finance course. No practicing attorney should avoid understanding money matters. From community property settlements, to structured settlements from PI, to following the money on RICO cases...your legal career will only benefit if you develop a more nuanced appreciation of finance than "debt is bad".
Posted on 4/16/15 at 1:36 pm to hungryone
This all makes logical sense to me, I just need to get over it. I intend to pay cash for the investment property upon graduation.
This may be a dumb question, but when a hard pull is done for an auto loan do you have a Grace period where The additional pulls do not have an effect? Similar to a hard pull for a mortgage.
This may be a dumb question, but when a hard pull is done for an auto loan do you have a Grace period where The additional pulls do not have an effect? Similar to a hard pull for a mortgage.
Posted on 4/17/15 at 6:31 am to hungryone
quote:
hungryone
Looks like Dave Ramsey checked in to downvote you.
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