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re: People who can't manage finances or spending. How does this happen?
Posted on 9/20/20 at 5:48 pm to BobABooey
Posted on 9/20/20 at 5:48 pm to BobABooey
quote:
I’m a big fan of the 72 month car loan as long as it doesn’t mean you can’t take advantage of better dealer incentives.
I’ve bought two vehicles in the last two years with no money down.
60 months and 72 months.
At 0%. That’s the only time you should ever put $0 money down or take a note longer than 60 months on any vehicle.
In fact, at 0% it’s smart money to stretch it out as long as they allow. The depreciation rate stays the same. Only time you wouldn’t I suppose is if you know you’re like a hot shot hauler and knew you’d likely see end of life in less than 72 months. Even then, you’d have to put on some serious miles to not make it worth it. Talking 250,000 over 5-6 years.
This post was edited on 9/20/20 at 5:49 pm
1
Posted on 9/20/20 at 6:10 pm to SlowFlowPro
The majority of the posters on this board likely have terrible finances. It’s just the reality of America and a huge gap in the educational system.
Posted on 9/20/20 at 6:24 pm to McCaigBro69
quote:
I have no clue what I spend a month. I put aside a percentage of my check and just use my debit card.
Rarely check my balance tbh.
Everyone should budget IMO. Even if you aren't getting into financial trouble without one, I think you're doing yourself a disservice by not tracking your expenses.
And even if you don't have a spending problem as far as buying stuff you don't need, I still believe most people can easily shave off some of their living expenses. Do you think you can save $3 per day? Probably. Maybe you skip eating out once a week, or switch to house brands at the grocery store, or wherever else you can shave a buck. $3/day after 30 years is more than $30k saved, or if you invest it may be $100k.
Posted on 9/20/20 at 9:04 pm to SlowFlowPro
Just had this discussion with my 19 year old sophomore son at LSU ( no pics). Gotta learn to live within that budget.
Posted on 9/20/20 at 9:16 pm to jlovel7
quote:
My dad taught me a lot about finances
My dad made me read books like “winning the losers game” “rich dad poor dad” and “the wolf of Wall Street” (the one about Jesse Livermore not Jordan Belfort) when I was 8 years old and now he complains when I do stock market outside of vanguard shite
It was super weird going over to peoples houses and playing ps1 and asking if their parents were talking to them about the stock market
Posted on 9/20/20 at 9:21 pm to el Gaucho
Never underestimate the other guy’s greed.
Posted on 9/20/20 at 9:45 pm to Paul Allen
Imagine cornering the corn market then jumping out a skyscraper window
Posted on 9/20/20 at 9:56 pm to SlowFlowPro
Seems like a random old school OWEO thread.
Posted on 9/20/20 at 11:40 pm to SlowFlowPro
LMAO. What is this drunk post I made? Deleted.
This post was edited on 9/21/20 at 12:33 pm
Posted on 9/21/20 at 3:43 am to DiamondDog
quote:
At 0%. That’s the only time you should ever put $0 money down or take a note longer than 60 months on any vehicle.
In fact, at 0% it’s smart money to stretch it out as long as they allow.
That’s not true either. When you take the 0% financing, you give up additional rebates for not financing through the car company. The real smart money way to do it, is to finance through them, then immediately refinance through a credit union at the lowest rate you can get. I’ve run the numbers every time I’ve purchased a vehicle, and this method has saved money every single time.
Posted on 9/21/20 at 6:22 am to SlowFlowPro
"Bububutttttt it's a good deal!"
Posted on 9/21/20 at 6:49 am to SlowFlowPro
Yep; people owe for their mortgages and cars, too.
Weird world.
Weird world.
Posted on 9/21/20 at 10:27 am to SlowFlowPro
I'll be the first to admit that I am horrible with personal finances. Part of it I grew up relatively poor and didn't really learn much about it growing up. I save fairly well, but I also have horrible spending habits. Luckily my wife is OCD about that stuff and keeps things in line for us, and I've learned a lot from her. And I've drastically curtailed my frivolous spending over the past few years.
Only debt we carry right now is our mortgage and HELOC.
Only debt we carry right now is our mortgage and HELOC.
Posted on 9/21/20 at 12:03 pm to The Spleen
Growing up poor had the opposite effect on my wife and I and our siblings.Both our fathers were engineers(electrical and mechanical) and were financial disasters.We seemed to all decide we weren’t going to live like that.There is 7 of us and we’re all fairly affluent.
Sadly,our children haven’t done nearly as well.We’ve done a poor job of teaching them financial wisdom.I can truthfully say I tried with my stepsons but they would never listen to anything I told them.
Sadly,our children haven’t done nearly as well.We’ve done a poor job of teaching them financial wisdom.I can truthfully say I tried with my stepsons but they would never listen to anything I told them.
Posted on 9/21/20 at 12:27 pm to SlowFlowPro
Yeah, I'm no stranger to dining out..But we do it as a social activity, not as the sole means of feeding ourselves.
Its crazy the amount of people whose only source of food is takeout. The money you have to spend for that is just so incredibly absurd. Even if you don't know how to cook, the grocery store is filled with items already made for you and still less expensive than takeout. And you don't have to get in your car and make a trip every single time you want something to eat.
Its crazy the amount of people whose only source of food is takeout. The money you have to spend for that is just so incredibly absurd. Even if you don't know how to cook, the grocery store is filled with items already made for you and still less expensive than takeout. And you don't have to get in your car and make a trip every single time you want something to eat.
This post was edited on 9/21/20 at 12:33 pm
Posted on 9/21/20 at 1:06 pm to LouisianaLady
quote:
Yeah, I'm no stranger to dining out..But we do it as a social activity, not as the sole means of feeding ourselves.
Its crazy the amount of people whose only source of food is takeout. The money you have to spend for that is just so incredibly absurd. Even if you don't know how to cook, the grocery store is filled with items already made for you and still less expensive than takeout. And you don't have to get in your car and make a trip every single time you want something to eat.
i totally forgot to reply to your post earlier today. life without an internet connection is rough
THIS one is much more reasonable
Posted on 9/21/20 at 1:40 pm to SlowFlowPro
People confuse credit for income and end up leveraging themselves to a point of no return.
Posted on 9/21/20 at 1:59 pm to PokerPlayingTiger
love how the thread is about how people suck at finances.... and people are arguing that you shouldn't finance a vehicle for as long as possible when the rate is below 3%, hell most of the time 1% or lower 
Never change OT, never change
yea I should finance at a higher monthly payment so i can put less into the stock market and where most are making a minimum of 4% even in terrible years. bunch of financial gurus on here. and they wonder why they have to work until they are 65.
***Not saying to go buy a vehicle you cant afford, but most vehicles if taken care of, last longer than 7 years. Having the lowest note at the lowest interest rate you can is the best bet, many times that means a 6 or 7 year note.
Never change OT, never change
yea I should finance at a higher monthly payment so i can put less into the stock market and where most are making a minimum of 4% even in terrible years. bunch of financial gurus on here. and they wonder why they have to work until they are 65.
***Not saying to go buy a vehicle you cant afford, but most vehicles if taken care of, last longer than 7 years. Having the lowest note at the lowest interest rate you can is the best bet, many times that means a 6 or 7 year note.
Posted on 9/21/20 at 2:11 pm to lsu777
the reason people cant manage finances is because they dont understand them and most people are stupid.
Example of being dumb is those that think knowing how to balance a check book is important.....learn to use a damn app so you dont have to write a check. the damn bank will send a certified check out for you with the click of a button and it immediately comes out of your account. I havent written a check in 10+ years. Those of you preaching that, sound like an uncle of mine who believes real men carry cash at all times and doesnt even know what a damn debit card is.
Main reason is people think they have to have the best and the biggest. They have no concept of money and how it works.
example....poor people having I-phones etc and having a phone with a traditional service provider. most should have flip phones and be pay as you go.
Kind of like the meme going around that talks about how the blue collar worker used to be able to work and wife stay home and they could afford it fine, its utter bullshite.
The ones that were doing this were
-living in a 12-1500 SF house, not a 2k+
-house was 20 years old
-most households had one vehicle or one nice, one beater work truck. Kept the vehicle a long time.
-the wife cooked, eat out once a week max
-no cable
-no internet
-no 250 dollar a month phone bill
-no real extra curriculars like travel ball. did free activities like rec ball etc.
- vacation every other or 3rd year
etc etc, shite ton of reasons why.
Example of being dumb is those that think knowing how to balance a check book is important.....learn to use a damn app so you dont have to write a check. the damn bank will send a certified check out for you with the click of a button and it immediately comes out of your account. I havent written a check in 10+ years. Those of you preaching that, sound like an uncle of mine who believes real men carry cash at all times and doesnt even know what a damn debit card is.
Main reason is people think they have to have the best and the biggest. They have no concept of money and how it works.
example....poor people having I-phones etc and having a phone with a traditional service provider. most should have flip phones and be pay as you go.
Kind of like the meme going around that talks about how the blue collar worker used to be able to work and wife stay home and they could afford it fine, its utter bullshite.
The ones that were doing this were
-living in a 12-1500 SF house, not a 2k+
-house was 20 years old
-most households had one vehicle or one nice, one beater work truck. Kept the vehicle a long time.
-the wife cooked, eat out once a week max
-no cable
-no internet
-no 250 dollar a month phone bill
-no real extra curriculars like travel ball. did free activities like rec ball etc.
- vacation every other or 3rd year
etc etc, shite ton of reasons why.
Posted on 9/21/20 at 2:13 pm to lsu777
I love when people argue and downvote 0% finance for 5-6 years. I went through and got every rebate they had plus the 0%. Like everyone should do.
How the dealership moves the money around, I do not know but I never choose the financing or the rebate.
I negotiate down to a price then tell them I want the 0%. Walk if they don’t agree. You never allow them to set the terms of your purchase.
How the dealership moves the money around, I do not know but I never choose the financing or the rebate.
I negotiate down to a price then tell them I want the 0%. Walk if they don’t agree. You never allow them to set the terms of your purchase.
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