- 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: Credit card and bullshite debt??
Posted on 7/25/13 at 9:51 pm to wegotdatwood
Posted on 7/25/13 at 9:51 pm to wegotdatwood
quote:
new boobs financed
Well, this I do approve of.
0
Posted on 7/25/13 at 9:52 pm to foshizzle
quote:
Absolutely you should take free money. So long as you use the money for something that pays a positive return. Not for a TV of course, but a 0% card offer is fantastic b/c it lets you pay off something else that is a higher rate.
I agree with what you're saying, but the other poster is saying that money isn't "free" for the OP because he doesn't have it in the first place and he's buying stuff that depreciates.
If someone offers me free financing for 2 years, say $100000 for a nice house, that's fine. At least I can try to sell it when the free period is over if I can't afford it. There is some risk of the house's value going down though. If I'm accumulating tvs and watches, I have to face that bill in 2 years. I can't get rid of the debt by selling the item. Even if I pay the bill off, the stuff isn't worth anything.
What gets me is when people pay on a car for 5-6 years and don't take care of it. By the time they pay it off, they feel they NEED a new one.
Time to get out of this thread I only responded because it struck a nerve because I know so many people like the OP. Can you tell?
This post was edited on 7/25/13 at 11:04 pm
Posted on 7/25/13 at 10:04 pm to man117
quote:
What gets me is when people pay on a car for 5-6 years and don't take care of it. By the time they pay it off, they feel they NEED a new one.
This. Drives me insane. My sil and bil now have my wife convinced she needs a new car.
Again, they the ones who have so much debt.
Not a chance in hell. Her suv has 70k on it and it's paid off. We're not buying a new car.
Posted on 7/25/13 at 10:09 pm to man117
quote:
he's buying stuff that depreciates.
Right, that's the problem with most of these people. It usually isn't borrowing that kills them, it's what they do with money they have, whether borrowed or not.
Posted on 7/25/13 at 11:09 pm to wegotdatwood
quote:
This. Drives me insane. My sil and bil now have my wife convinced she needs a new car.
Again, they the ones who have so much debt.
Not a chance in hell. Her suv has 70k on it and it's paid off. We're not buying a new car.
What's funny is cars are the thing I am most interested in, yet I can wait and show restraint. However, people who could give 2 shits about cars are the ones who have to have a new one. Would seem like if you are indifferent about them you wouldn't care if it's new or not.
I'm really not going to post anymore.Posted on 7/25/13 at 11:14 pm to man117
quote:
However, people who could give 2 shits about cars are the ones who have to have a new one. Would seem like if you are indifferent about them you wouldn't care if it's new or not.
So true. My wife doesn't really care about cars, just wants a new one for some reason. She's also pregnant so that could be it.
I don't give a crap, but I also don't have the urge to get one. I bought a new car with cash. I'm holding out as long as possible
Posted on 7/26/13 at 7:56 am to LSU alum wannabe
I enjoy security more than that new car feeling. If I lost my job today I'm fine for over a year. In fact, I'm seriously considering stopping work for 3 months to travel Europe. Its nice to have options like that. If I had a new car , boat payment, etc there is no way those thoughts could even enter my mind.
Posted on 7/26/13 at 8:16 am to I Love Bama
quote:
I'm seriously considering stopping work for 3 months to travel Europe. Its nice to have options like that.
My question is balance? Would you ever ACTUALLY quit? I have known guys in great financial shape like you and it never seems to be enough. Will you ever spend your money on YOU?
Posted on 7/26/13 at 8:35 am to LSU alum wannabe
I thought this thread was started to help advise you instead of analyzing i love bama? You have enough to focus on.....
Some people enjoy security more, some people enjoy the thrill of getting stuff more. Neither approach is great in the extreme, but no one is going to have a guidline for balance. We just know you're tilted on the wrong end.
Some people enjoy security more, some people enjoy the thrill of getting stuff more. Neither approach is great in the extreme, but no one is going to have a guidline for balance. We just know you're tilted on the wrong end.
This post was edited on 7/26/13 at 8:38 am
Posted on 7/26/13 at 8:36 am to man117
quote:
If I'm accumulating tvs and watches, I have to face that bill in 2 years. I can't get rid of the debt by selling the item. Even if I pay the bill off, the stuff isn't worth anything.
The former, yes, the latter not so... It all depends on what you buy.
quote:
By the time they pay it off, they feel they NEED a new one.
I haven't had a car note in over 3yrs and its glorious. Although, I am considering getting a toy, but whatever I get would be 10+ yrs old and collectible. Most I would lose if I sold would be the interest paid and a small amount in depreciation.
Which goes back to my thread from yesterday about enjoying your money. If I've got enough in the bank to survive for well over a year, plus putting away a few thousand a month, is it really that bad if I blow a few hundred a month on a toy
Posted on 7/26/13 at 8:37 am to LSU alum wannabe
Thats what I am trying to tell you. I find joy in stability and having life options. How does spending money on things I don't need make me happier? It doesn't. For some people it does...I get that.
I enjoy what I do, so quitting doesn't make much sense.
I enjoy what I do, so quitting doesn't make much sense.
Posted on 7/26/13 at 8:43 am to Lsut81
I'm 28 and have never had a car note yet. Not really looking forward to it.
Posted on 7/26/13 at 9:14 am to Martini
quote:
paid off $200,000.00 in three years including mortgage.
You paid off $200k in 3 years? That is impressive.
Were you active in balance transfers? I know that can be a good way to take advantage of short term offers to lower rates(mini arbitrage).
Posted on 7/26/13 at 1:20 pm to LSU alum wannabe
quote:
Was just wondering where people on here find balance. There is a line between running up x-amount of dollars and telling all creditors to f{#k off and dying like my aunt. Old and alone in a SHITTY house in south Crowley that was falling down around her head. With $300k in the bank.
With no debt or mortgage and low property taxes my wife and I spend close to 6-figures and still invest a lot of money. There isn't much use in building wealth if one can't enjoy some benefit from it. Expenditures would be nice vacations, eating out, going to sports events, shows, doing some other traveling, home improvements or replacing things at the end of usefulness, etc. We enjoy using money for things we enjoy most, which, luckily or not, does not involve vehicles with short ownership cycles. I like vehicles, but have a very strong disposition not to make consumption decisions that will be regretted later. This reminds me of a good friend who bought a Z06, put 4k miles on it in 6-yrs and decided to sell it and got a whopping $1k more than another acquaintance that sold a similar vehicle with > 30k miles on it. What was the real purpose of buying the vehicle and garaging it while it depreciated regardless?
Clark Howard is a consumer advocate and has been doing it for at least 20-yrs. If college students listened to his advice on not borrowing to pay for college that alone would greatly benefit them. Clark has become wealthy, but he has done it much differently than Ramsey and never blew up/BR'd in leveraged RE.
LINK
Posted on 7/26/13 at 2:21 pm to tirebiter
In what ways is he different than DR?
Posted on 7/26/13 at 3:48 pm to wegotdatwood
He focuses on a lot more consumer oriented challenges than primarily debt reduction and likes to get good deals that make economic sense. Like when Prius first hit the market he touted the tax credits and bought one. Tesla, credits, bought one, he is an early adopter of somethings and evidently likes alternatives to fossil fuel consumption. Otherwise he is pretty frugal and always looking for deals. And if Ramsey starts talking equity investments I would run from his remarks as the numbers he touts are inaccurate. Who pays for Dave's mansion? I am not going to get into it, one guy I like for good reasons, the other I avoid. Fortunately, this country has a lot of options.
Posted on 7/26/13 at 3:51 pm to wegotdatwood
If im in your shoes this is what I would do:
1-Pay off that car asap and sell the other car and buy a beater. Right there you will save $1100 a month to put towards the debt.
2-Your wife puts school on hold and gets 2 jobs not one. She works 7 days a week. And one of thos jobs will be a waitress wher she can earn good tip money.
3-You will also get a 2nd job on the weekends.
4-have a garage sale and sell anything that you don't need.
You can easily put 2K a month toward this debt. In 2 years you will be out of debt except the mortgage if you have one.
Oh and cut the credit cards in a million pieces.
1-Pay off that car asap and sell the other car and buy a beater. Right there you will save $1100 a month to put towards the debt.
2-Your wife puts school on hold and gets 2 jobs not one. She works 7 days a week. And one of thos jobs will be a waitress wher she can earn good tip money.
3-You will also get a 2nd job on the weekends.
4-have a garage sale and sell anything that you don't need.
You can easily put 2K a month toward this debt. In 2 years you will be out of debt except the mortgage if you have one.
Oh and cut the credit cards in a million pieces.
Posted on 7/26/13 at 5:25 pm to wegotdatwood
quote:
Solid plan for the op
He doesn't think he's in a bind. His burden to bear. He'll be 70 one day still working and in debt, watching his buddies take it easy, take vacations, play golf everyday and sleeping late.
The only debt I've ever owed was on my truck. Bought it 6 months after I finished at LSU and had it paid off within a year and a half. It was a 35k truck. I pay my own insurance, fund my own retirement (and it's doing fantastic), and have 100k+ to put on a home downpayment when i decide to buy. I work on the road in refineries. It's a cushy job so it's not painful to work a lot, and I get as much OT as I want.
One of these days I'll propose to my girlfriend of 8 years when she finishes her PhD and I'm home for good. And we'll start off married life with a gorgeous home on 10 acres, with high income potential, nearly (if not 100%) debt free. All because I looked ahead when I was 18 graduating high school and knew where I wanted to be after college.
Posted on 7/26/13 at 5:28 pm to braindeadboxer
Page 5 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News