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Started By
Message
re: $2B Powerball winner is already burning his money up
Posted on 9/20/23 at 8:55 pm to theCrusher
Posted on 9/20/23 at 8:55 pm to theCrusher
quote:wait for him to write a check? It would be less than 1/12 of his passive income.
Wait til he gets the tax bill
0
Posted on 9/20/23 at 9:18 pm to The Egg
Buying real estate in good markets is "burning his money up" ?
Posted on 9/20/23 at 9:38 pm to GeauxTigersGo
Can’t believe it, only has like 900 million left!
Posted on 9/20/23 at 9:49 pm to The Egg
Till he gets down to two buck he’s money ahead. ??
Posted on 9/21/23 at 8:07 am to The Egg
Dude spent 12% of his money (after taxes) on a fixed asset.
This would be a non story if someone won $100k and spent $12k on a car.
This would be a non story if someone won $100k and spent $12k on a car.
Posted on 9/21/23 at 8:10 am to GeauxxxTigers23
Posted on 9/21/23 at 9:44 am to DamnGood86
quote:60? That's so 1998.
How many of these upvotes have had 60-month car loans?
We doing 72 and 84 month loans now!
Posted on 9/21/23 at 9:47 am to shel311
I do pretty well, but I refuse to get a new car right now in this market. I will drive my car into the ground. I look around at all of these people who can't possibly be doing as well as me driving brand new 60k+ vehicles and I always think what am I doing wrong?
And then I see the commercials for 84 month loans and remember what they are actually doing
And then I see the commercials for 84 month loans and remember what they are actually doing
Posted on 9/21/23 at 9:49 am to TheFonz
quote:
Put the money in a high interest account and live off of the interest.
The only banks I would trust with $600MM uninsured are the too big to fails and they pay shite interest.
Posted on 9/21/23 at 9:51 am to Fun Bunch
quote:
I do pretty well, but I refuse to get a new car right now in this market. I will drive my car into the ground. I look around at all of these people who can't possibly be doing as well as me driving brand new 60k+ vehicles and I always think what am I doing wrong?
This has been me for 10 years.
But I have $0 CC debt, Student Loans under $15k, a car loan I could pay off in full (but its interest rate is low enough to make it smart not to). I have an HSA, Roth, savings, etc. You have to remember these people also look nothing like that.
Posted on 9/21/23 at 9:54 am to SlowFlowPro
quote:
a car loan I could pay off in full (but its interest rate is low enough to make it smart not to).
if your credit rating is already high, why would you choose to continue paying the interest charges- even if they're low? I am genuinely curious. Is there an advantage to that aside from boldsering your credit rating?
Posted on 9/21/23 at 10:00 am to tigernurse
quote:
if your credit rating is already high, why would you choose to continue paying the interest charges- even if they're low? I am genuinely curious. Is there an advantage to that aside from boldsering your credit rating?
If your interest rate is low enough, you can make more money investing that money rather than using it to pay it off.
For instance if you have a mortgage rate of 2.25 at a historic low, and just putting that money you would use to pay it off in a high yield savings account (or even better return investments), why wouldn't you just take the money and invest it instead?
I don't know, I am sure the better at money people than me will chime in.
This post was edited on 9/21/23 at 10:01 am
Posted on 9/21/23 at 10:06 am to Fun Bunch
quote:
For instance if you have a mortgage rate of 2.25 at a historic low, and just putting that money you would use to pay it off in a high yield savings account (or even better return investments), why wouldn't you just take the money and invest it instead?
that makes sense. thanks!
I wasn't thinking about investing the balance owed for the vehicle as much as I was the interest charges being paid on the loan.
Posted on 9/21/23 at 10:06 am to Old Hellen Yeller
quote:
The only banks I would trust with $600MM uninsured are the too big to fails and they pay shite interest.
Obviously you spread it around and have a diverse mix of safe investments. No one is saying stick it in a savings account at Red River Bank.
Posted on 9/21/23 at 10:08 am to tigernurse
If you would make more conservatively investing than you would paying it off, then it makes sense. I know there are people that just believe in paying off all debt immediately but it really does not always make sense, and you always see the ultra rich leveraging loans if the rates are low enough.
Current interest rates, it may not make sense.
Current interest rates, it may not make sense.
Posted on 9/21/23 at 10:09 am to Bjorn Cyborg
quote:
No one is saying stick it in a savings account at Red River Bank.
I think that is precisely what some on this board are saying, after they buy their 2 bedroom house in Gulf Shores 3 blocks from the beach and get new tires for the 98 F150
Posted on 9/21/23 at 10:29 am to tigernurse
quote:
I wasn't thinking about investing the balance owed for the vehicle as much as I was the interest charges being paid on the loan.
Also, having the loan is better for my credick score. Same with my SLs.
So as long as I can take the money I would put towards either debt and invest in an avenue with a higher interest rate, I should come out ahead on both ends.
This post was edited on 9/21/23 at 10:30 am
Posted on 9/21/23 at 10:30 am to Fun Bunch
quote:
I think that is precisely what some on this board are saying, after they buy their 2 bedroom house in Gulf Shores 3 blocks from the beach and get new tires for the 98 F150
*while still working part time as an employee
Posted on 9/21/23 at 10:32 am to SlowFlowPro
600 mill in the bank and not even your own boss. Gotta answer to 27 year old Gerald down at the bait shop
Posted on 9/21/23 at 10:45 am to Fun Bunch
Just as a devils advocate answer.
I would guess people don't have enough money to put into an investment vehicle to make the money to outweigh the payments on their loan. They're going to miss payments putting the money aside.
I think the strategy you're talking about is done by very little people on this board and I would imagine the people chiming in(somewhat) are making more than the average Joe walking around town.
I would guess people don't have enough money to put into an investment vehicle to make the money to outweigh the payments on their loan. They're going to miss payments putting the money aside.
I think the strategy you're talking about is done by very little people on this board and I would imagine the people chiming in(somewhat) are making more than the average Joe walking around town.
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