- 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
0
Posted on 7/30/16 at 7:08 am to makersmark1
This place can be a broken record with debt sometimes.
Life isn't all about who can have the most money at the end of the race. It's about enjoying it along the way as well.
With that being said, I would focus on the trailer first as well. The 10% interest rate is significantly higher than anything else you have, and making the minimum payments on everything else will not kill you. One thing to consider is that in planning for building, you are going to have to provide a down-payment. In the scenario you provided, this would be before you sold the trailer.
Life isn't all about who can have the most money at the end of the race. It's about enjoying it along the way as well.
With that being said, I would focus on the trailer first as well. The 10% interest rate is significantly higher than anything else you have, and making the minimum payments on everything else will not kill you. One thing to consider is that in planning for building, you are going to have to provide a down-payment. In the scenario you provided, this would be before you sold the trailer.
Posted on 7/30/16 at 7:37 am to GeauxTigers777
quote:
Life isn't all about who can have the most money at the end of the race. It's about enjoying it along the way as well.
Fine, but right now he's leaving 8k out of his 401k. In the 8 years he's talking about, that's 64k in principal alone. At age 60, with just a 6% rate of return, that 64k would turn into 300k+.
Hope the truck is worth it...but you can never duplicate the time value of money.
Posted on 7/30/16 at 9:34 am to TheHiddenFlask
Listen to Hidden Flask. 
Posted on 7/30/16 at 10:09 am to 13SaintTiger
You guys are doing well financially, but there's a solid 50/50 chance at least your wife stops working when you have kids.
I'll echo that you guys have way WAY too much debt.
Is the trailer and student loan debt tax deductible? It should be to a certain extent right?
I would sell one of or both of your cars well before I stopped contributing to a 401k. Not putting money into a 401k because of car loans is stupid.
You gotta stop buying stuff new. Why would you buy a new trailer, new truck, etc. when you have all those student loans?
Also, is your credit not good because you are young or other reasons? 3% for a car and over 5% for student loans is not very good. WIth good credit you should be able to lower those by a 1% or more. If your credit is not very good, you really need to sell something.
I understand you think you are in control of your situation because you guys are doing well financially right now, but life happens. That is a ton of debt on depreciating assets that really no one should have. Take it for what its worth.
I'll echo that you guys have way WAY too much debt.
Is the trailer and student loan debt tax deductible? It should be to a certain extent right?
I would sell one of or both of your cars well before I stopped contributing to a 401k. Not putting money into a 401k because of car loans is stupid.
You gotta stop buying stuff new. Why would you buy a new trailer, new truck, etc. when you have all those student loans?
Also, is your credit not good because you are young or other reasons? 3% for a car and over 5% for student loans is not very good. WIth good credit you should be able to lower those by a 1% or more. If your credit is not very good, you really need to sell something.
I understand you think you are in control of your situation because you guys are doing well financially right now, but life happens. That is a ton of debt on depreciating assets that really no one should have. Take it for what its worth.
This post was edited on 7/30/16 at 10:11 am
Posted on 7/30/16 at 11:14 am to baldona
It hasn't been mentioned yet, but if you don't have an emergency expenses account setup, I would save for that first. 6 months expenses is general rule... Unless you have a really secure job
Posted on 7/30/16 at 11:32 am to Athletix
I think the biggest thing would be to make sure you do a budget each month. Since your wife hasn't started working, you're not used to her income coming in. So use all of her income for debt.
I'm usually a fan of Ramsey's debt snowball, but that 10% rate is horrible and is jumping out at me. Use all extra money to pay down the trailer. You should be able to pay it off within a year if you're on a budget and buckle down.
I'm usually a fan of Ramsey's debt snowball, but that 10% rate is horrible and is jumping out at me. Use all extra money to pay down the trailer. You should be able to pay it off within a year if you're on a budget and buckle down.
Posted on 7/30/16 at 12:32 pm to Athletix
quote:
Wife's a teacher income is around 43000. She's just starting so I don't know her exact monthly take home, but safe to say around 2500-2700
First thing you need to do is fine out if your wife is being paid over 10 or 12 months. The last thing you want to find out in May is that income not being there for 8 weeks.
Posted on 7/30/16 at 1:03 pm to Athletix
Your $41K truck was an absurd purchase at your income level.
Posted on 7/30/16 at 4:47 pm to 13SaintTiger
quote:
Listen to Hidden Flask
Yeah appreciate the layed out plan. It's pretty much the plan I'm operating under outside of the change in the 401k contribution.
The wife gets payed 12 months. I handle ALL OUR bills while still being green. Her income is gonna be used to attack debt. She won't be a stay at home mom. Her being a teacher is the compromise so that she can be around for kids instead of chasing money. My credit score is good. Was around 710 when bought truck. Wasn't better because of not a strong history.
Only way I lose my job is if I got in a fight at work. It's very secure and if something happened to the company id have a year + before being let go.
I've got a budget layed out. My baseline pay handles everything. I don't have a ton of breathing room if I don't work extra. BUT I have access to all the overtime I want, and it's gonna be available for the foreseeable future...
Posted on 7/30/16 at 5:00 pm to Athletix
I'll give some advice, but you're not going to like it.
You need to sell the truck and get a 15-20k 4 wheel drive truck (since that is necessary to do your job). That truck purchase with your other debts was absolutely insane. Your damn truck is worth about as much as your residence. Think about that. Dump it, clear out some more income to attack these other debts, and you'll be done (and into a home) faster.
I agree with HiddenFlask otherwise. That truck is absolutely insane.
You need to sell the truck and get a 15-20k 4 wheel drive truck (since that is necessary to do your job). That truck purchase with your other debts was absolutely insane. Your damn truck is worth about as much as your residence. Think about that. Dump it, clear out some more income to attack these other debts, and you'll be done (and into a home) faster.
I agree with HiddenFlask otherwise. That truck is absolutely insane.
Posted on 7/30/16 at 7:22 pm to Athletix
No offense, but if I made 6 figure in income, I'll be damned if I lived in a trailer, even if for a specified short amount of time.
Clean out that debt, sell the trailer and get to building a home. That trailer will only depreciate more and more, home interest rates are pretty low now, etc.
Clean out that debt, sell the trailer and get to building a home. That trailer will only depreciate more and more, home interest rates are pretty low now, etc.
Posted on 7/30/16 at 8:25 pm to Athletix
quote:
Yeah appreciate the layed out plan. It's pretty much the plan I'm operating under outside of the change in the 401k contribution.
The wife gets payed 12 months. I handle ALL OUR bills while still being green. Her income is gonna be used to attack debt. She won't be a stay at home mom. Her being a teacher is the compromise so that she can be around for kids instead of chasing money. My credit score is good. Was around 710 when bought truck. Wasn't better because of not a strong history.
Only way I lose my job is if I got in a fight at work. It's very secure and if something happened to the company id have a year + before being let go.
I've got a budget layed out. My baseline pay handles everything. I don't have a ton of breathing room if I don't work extra. BUT I have access to all the overtime I want, and it's gonna be available for the foreseeable future...
Why did you waste all of our time if you have it all figured out?
Posted on 7/30/16 at 8:27 pm to Athletix
*laid
*paid
*paid
Posted on 7/30/16 at 9:05 pm to Mr.Perfect
quote:
My reason for starting this thread is the trailer home. I live on family land and plan on building a house next to the trailer in 5-8 years. So, I'm trying to make sure I'm correct in directing all of my extra money towards the trailer even though I'll be out of it in 5-8 years...
Here was my question. Does paying extra on the trailer make sense considering my other debts. I wasn't asking for advice on how to make changes in my life. Pretty simple actually... Extra money- where to put it?
Posted on 7/30/16 at 9:15 pm to Athletix
That's the thing we're trying to explain to you but you aren't listening. You are going to be spinning your $42k wheels for YEARS until you make more significant changes to how you live your life.
Posted on 7/31/16 at 12:20 am to Costanza
OP, you need to get rid of the stupid truck. If you want to get ahead, listen to what the OT is trying to convey to you. You'll be paying on the truck for many years to come for a depreciating asset. The only person that will be laughing all the way to the bank is the finance manager that signed you up on this bullshite loan in the first place.
This post was edited on 7/31/16 at 12:22 am
Posted on 7/31/16 at 12:26 am to Athletix
If you have the means to rent out the trailer, by all means, rent it out and charge more than what your monthly payments are. Secondly, get a HELOC and borrow a sum to get a second. Most likely, this option is out of your means because you make very little, however, try, and the monetary gain will be substantial.
This post was edited on 7/31/16 at 12:28 am
Posted on 7/31/16 at 6:42 am to Costanza
Indeed. The truck costs as much as the house? Crazy. If the goal is to build a house, why buy such an expensive truck? Especially when the trailer is not paid off?
Deriving a measure of your self worth from the purchase of an expensive vehicle is exactly the sort of thinking that keeps people poor.
Deriving a measure of your self worth from the purchase of an expensive vehicle is exactly the sort of thinking that keeps people poor.
Posted on 7/31/16 at 7:52 am to BigD13
Dave Ramsey would tell him to sell her car and his truck. It's takes a lot of discipline to follow his plan but from what I hear it's totally worth it if you follow through.
Page 2 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News