Mods : Cash (paid for) Or Credit (Still paying)

I dunno?
I think I'd rather buy a couple plane tickets to someplace warm for a week.

Those mods can be done later.

 

Who is stupid enough to finance mods..?

 

We're kinda getting into apples vs oranges here. Taking on debt because you cannot afford something is VERY, VERY different from taking on debt (which you can easily cover) for the purpose of being able to keep your cash working for you. One yields a net loss of income while the other yields a net gain. If I pooled my money together I could pay off my mortgage today. But that would be a bad idea because the cost of my loan (2.5%) is much, much less than the returns my investments are making elsewhere.

 

That's the whole point. But you'd be surprised, apparently... Then again, this is Tacomaworld. A bunch of rare breeds.

 

For all the young guys out there...

You still have to pay off Paypal Credit at some point.

 

I say for all the braggers that you had to have someone that set you up financially to be able to pay cash for everything !!!!

 

Yep lol

It’s also a lot easier to pay cash for something if you make $100k+.. not so much if you are <$50k unless you have been saving for a while or have very low expenses or inherited some money.

 

Paypal Credit and Affirm determined there was a market of rampant IG driven consumerism. I'm sure they're raking in the money.

Edit: Pulled Paypal's 10-K for 2015 when they acquired "BillMeLater" and named it Paypal Credit. They grew 15% that year, which comes to $1.38B. If half of that was PPC, then they made a killing on those finance charges.

 

While I'm sure some of the folks who like to show off on (insert social media platform of your choice here) aren't "embellishing", I guarantee a good chunk of them are.

Like most things involving people & their egos - take it with a grain of salt

 

C'mon you should know better. The true Dave Ramsey lotto is sell it. Buy a POS beater and drive it till the lug nuts rust off.

 

I actually like and use paypal credit on the regular. 6 months 0% for anything. It comes in handy.

 

Cash is king.

 

Not necessarily as more income tends to mean more crap to pay for, maintain, insure, taxes, and generally worry about.

 

Pay on credit to get cashback then pay it off at the end of the week

 

Not if you make 100k and pretend you only make 50 lol. Of course some people I know that make 100k plus usually spend 105k plus...

 

Good grief ... I'd like to meet the person (and his wife) that makes $100k and only spends $50k.

 

True Story.

 

That depends ;-)
The only people that pay cash are those of us without any debt. If you have any debt at all, when you 'pay cash' for something you are actually financing it (!).

If I have any outstanding loans (mortgage, student loan, vehicle loan, etc) and I 'pay cash' for my mods, what I'm really doing is 'borrowing' the money at the aggregate rate of those outstanding loans.

Have a 3.5% mortgage? Then everything you 'pay cash for' is actually costing you 3.5% interest. I know, sounds weird but that is how finances work.

I know people that have quarter-million dollar mortgages on their home and claim to pay cash for everything, not realizing that until they get that mortgage to zero, they are simply running a financial shell game ;-)

You are 100 percent on the right track by NOT tossing your mods on a credit card and probably have a good handle on the whole finance thing...most people don't even give how they finance mods (or anything else) a second thought.

 

Federal reserve notes are also a form of private credit they did away with cash long ago.

 

Believe me, I’m all for savings and not spending at or above one’s limit. Even with saving money gives a person more to worry about. Five years ago I didn’t have umbrella insurance and now I do to mostly protect savings.