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Message
re: Do most people finance significant portions of their lifestyles?
Posted on 10/20/20 at 8:15 am to Salmon
Posted on 10/20/20 at 8:15 am to Salmon
i'm not some perfect finance guy. i have a good chunk in savings but i always find a reason not to put it into an investment account (if i would have done as planned this year Covid would have hit me hard so that's not helping me 
). i am self-employed so no 401k match or anything yet. i've been trying to focus on simply increasing revenue, which i was on pace for this year until the "frick you SFP" tifecta of covid, Laura, and Delta.
yesterday i actually started on a self-improvement plan (i started before Delta but fricking hurricanes derail everything). one part of that is increasing revenue and creating a mandatory self-imposed retirement plan that isn't savings
but, at the end of the day, the fact that i'm not negative with a car loan and student loans means i am ahead of the game. also, while i don't have a set income or perks like 401k matching, i have the ability to increase my income incredibly. so i'm not bad off even with all of my financial errors
). i am self-employed so no 401k match or anything yet. i've been trying to focus on simply increasing revenue, which i was on pace for this year until the "frick you SFP" tifecta of covid, Laura, and Delta. yesterday i actually started on a self-improvement plan (i started before Delta but fricking hurricanes derail everything). one part of that is increasing revenue and creating a mandatory self-imposed retirement plan that isn't savings
but, at the end of the day, the fact that i'm not negative with a car loan and student loans means i am ahead of the game. also, while i don't have a set income or perks like 401k matching, i have the ability to increase my income incredibly. so i'm not bad off even with all of my financial errors
0
Posted on 10/20/20 at 8:15 am to Sao
quote:
Hell, I know some couples who use CC's and carry balances on them they can't pay off in full. But to them, the "perks" are worth it.
self delusion is real and powerful
Posted on 10/20/20 at 8:16 am to BluegrassBelle
quote:
I thought what was most interesting was what the mortgage company was willing to offer us in a loan. It was quite a bit above what we budgeted for but we didn't want to put ourselves in a position where we wouldn't have "play money" and didn't feel comfortable using the full amount of the loan.
the office next to mine is (or was, pre-Laura?) a mortgage broker. i was going to get them to write me one of those pre-approval letters just to see what i could get. credit is good but AGI isn't the best b/c of self-employment. i'm just curious what i could get approved for
Posted on 10/20/20 at 8:19 am to SlowFlowPro
quote:
most people who think it's a good idea
quote:
I have the cash, so I'm not taking a risk.
don't have this and that's why they're jumping on the 0% offer. they have no real legroom if they face adversity in life
Oh, I'm aware of why the CC companies are doing it. they are certainly fishing for someone irresponsible. I don't mind taking the free bait while I have the ability to avoid the hook. And I think most should if they can.
Posted on 10/20/20 at 8:19 am to SlowFlowPro
quote:
i'm just curious what i could get approved for
probably double what you think
Posted on 10/20/20 at 8:20 am to Rize
quote:
f I finace something like a new car I’ll put down enough to were my note is under $650 a month.
That’s still a hell of a car note. I hope you’re financing for 3-4 years at that monthly note.
Posted on 10/20/20 at 8:22 am to JumpingTheShark
Ive got a few odd things like this financed but all with the same caveat of 0.0% interest on all of them. Most of these things have a certain window they need to be paid off in so I set an auto pay to zero out at the end of the period and I hardly even notice.
Posted on 10/20/20 at 8:23 am to SlowFlowPro
quote:
the office next to mine is (or was, pre-Laura?) a mortgage broker. i was going to get them to write me one of those pre-approval letters just to see what i could get. credit is good but AGI isn't the best b/c of self-employment. i'm just curious what i could get approved for
At least tree fitty.
We got approved for about double what we had planned on spending. It was absurd.
Posted on 10/20/20 at 8:25 am to Jon A thon
I'm not going to judge someone who goes into debt. I'm paying for plenty of financial errors in my early life.
However, if you know you fricked up and continue to willingly frick up without trying to right the ship, then yeah...you need to do better. Especially if you're still young and in your 30s.
However, if you know you fricked up and continue to willingly frick up without trying to right the ship, then yeah...you need to do better. Especially if you're still young and in your 30s.
Posted on 10/20/20 at 8:26 am to East Coast Band
quote:
Oh, and 8 1/2 percent interest
Yeah, in 2002 I signed for 6.5% for my first home and I remember my parents telling me that was crazy low rates for a first time home buyer. I did one of those ‘bond programs’ for first time homeowners where they have to 3% of the purchase price for closing cost. Do they still offer those? I haven’t heard about it in forever but I don’t really keep up with mortgage programs, just know that rates are crazy low like 2.75% on a 30 year fixed. That’s crazy I paid triple that and was told it was good not THAT long ago.
Posted on 10/20/20 at 8:30 am to GetCocky11
You'd be surprised
Posted on 10/20/20 at 8:31 am to Zachary
Some items are more negotiable if you are financing because they are counting on making the money on the back end. If there’s no hidden fees or prepayment penalties you can finance it for a better price then just pay it off. I did that with a ZTR about 10 years ago, it was $1500 cheaper to finance it than to pay cash and I paid it off the first month......it was a no brainer
Posted on 10/20/20 at 8:32 am to Salmon
quote:
probably double what you think
damn two hundred whole thousand dollars?!?!?!?
it's become a lot less important with 75% of the houses having some damage here. prices are going to be hefty for a while now. they were finally sliding a bit and i wanted to look for a good opportunity..but whatever
Posted on 10/20/20 at 8:34 am to Antonio Moss
quote:quote:
read yesterday that the average American is in debt over $93,000.
If the average American owns a home there is a good chance this is what they owe on.
I believe that number may be exclusive of a mortgage
Holy shite! If that’s true God damn!
Posted on 10/20/20 at 8:37 am to Slippy
quote:
People who worry about status and appearances and having a house in the “right” hood, and driving the “right” car, and sending their kids to the “right” schools are living sad lives.
I know you mean the right hood and right schools as a matter of appearance, but living in the right neighborhood can have a dramatic impact in getting into the right school, setting up your children better. I don’t resent people who make life style sacrifices to pay more for better neighborhoods (in order to get to a better school) or schools.
Posted on 10/20/20 at 8:38 am to ShoeBang
quote:
Want a camper? Great, save money and buy one - those things are one of the worst things to finance, bar none.
Boat
Posted on 10/20/20 at 8:41 am to BluegrassBelle
quote:
And make no mistake, the shite's expensive when it comes down to inspections (good ones), closing costs, etc. All of those costs have gone up as well, along with housing prices.
It’s because they can all be rolled into the mortgage now.
Posted on 10/20/20 at 8:41 am to Oilfieldbiology
quote:
I don’t resent people who make life style sacrifices to pay more for better neighborhoods
they key portion of this statement is "sacrifices"
it's the people who do what you said but don't who usually are the problem
Posted on 10/20/20 at 8:44 am to Salmon
(no message)
This post was edited on 10/22/20 at 6:16 pm
Posted on 10/20/20 at 8:46 am to SlowFlowPro
(no message)
This post was edited on 12/18/21 at 1:44 am
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