How long did you finance for?

got my truck used w/ 50k miles (very high for < 2 year old truck...) for 28k including tax+fees. 3k down 3 years simple interest @ 2.x% (interest rates were higher a few years ago), paid it off when the balance got under 20k. pretty good deal. i have 800+ credit.

 

My retirement plan is to drop dead.

 

do it! We have sponsored several of our family members. Our Niece and her husband were one of them. Just starting out together in their mid 20s and the only debt is a modest town they are using as a starter home. They are going to be much further along than my wife and I. Wish we had learned earlier.

it’s not about making more. It’s about doing more with what you make and making your money work for you. Good luck and it’s not easy, you have to want to do it. Like loosing weight or stopping smoking.

 

Unless you start contributing in your 20’s and plan to make more later in life. Lower tax bracket = more savings since you don’t pay taxes on distributions

Also, what is or isn’t responsible financing-wise is highly dependent on your income. It’s totally possible to get a crappy rate but have a high enough income to compensate. I like cash, but some factor in the time-value of money.

 

I DID quit smoking in 2016. It just required good motivation. No cigarettes since then.

 

Oh, damn. A lot of poor people in here.

 

Yup. Welcome to the ghetto, where people can't even afford to buy a $40K vehicle with cash.

*Insert sarcasm emoji here

 

My buddy and his wife just bought a Volvo XC90 and financed it for 84 months......crazy! A Ford dealer told me that 10yr notes aren't that far off...in a couple years F-250s will hit $100k and they need people to be able to "afford" them, hence the 10yr note.

 

Max your 401k
Max your (and your spouses if you got one) ROTH IRA

Have an emergency fund that is well funded

Do these things, and you can spend whatever money is left over and still become a millionaire in less than 20yrs

 

Ah yes. The cult of Dave Ramsey and his advice is the only advice that works and if you don't follow his advice to the letter you're financially incompetent and destined to die owing the GDP of Canada. I laugh when his disciples pop in with the "IT MUST BE THIS WAY OR NOTHING." Like you said, the methodology works, to a point, but it's not the only way to do things. I remember reading a Jalopnik article about someone calling into his show and asking about 0% financing on a RAV in light of the pandemic and his claim was the only way to get 0% was to pay full MSRP for the car, because everyone does that, right? Or the vaunted debt snowball that disregards interest rates? Or that he views credit cards as the devil without considering the perks that come with it if you pay off your balances in full?

He always pops up in any thread about money with someone saying it's the ONLY WAY TO GO.

 

Funniest thing I've heard today.

That and, "I had a retirement plan but my brother sold his couch."

And, "I could retire tomorrow if I wasn't going to live past next Thursday."

Put half down in cash, financed for 60 months, will be done in 12.

 

I'm a really good engineer. Not so much at the rest of life lol.

 

84 is the new standard for auto loans unfortunately. People keep buying shitty chevys they'll pay for until they die...

 

I don't have money falling out of my ass, but choosing not to have kids, get married has saved me a lot of money. I have done dumb shit with money in my twenties.

 

I will say though, if your interest is sub 2%, you'll make more playing market games than you will paying your taco off early

 

People have so much recency bias that some are playing stupid games in the market, like gambling on broke and busted concepts like GME. I have no doubt some people made money, but some seem to be bent on going down with the ship to show those shorts. If you don't respect the capital you should lose it all.

 

The gamestop stuff is for morons who don't understand the market. I'm talking working with your investor on a consistent basis to multiply your investments.

 

Were you referring to the person or the Chevy diying?

 

Yes

 

Cash purchase. But only cause I’m probably older than most of you. Paying off our house next month and will have ZERO debt for the 1st time in my adult life. And then partial retirement in July! Then travel time!