Interest rates

0xDEADBEEF · Mar 17, 2020

Itchyfeet said: ↑

A lot of people think they won't be hurt and can keep the bounce up during a recession. Then maybe one day it's their turn, to get laid off.

I'm sure the toy sales will start later this summer. Wake boats, Tacomas, Raptors, Cessnas, Corvettes, 911s, Diesel trucks, Side by Sides, ATVs, guns, bass boats, campers, etc. There's always some dumbass that's levered to the hilt that was really 1-2 paychecks away from oh shit.

If I can score an early 80's 911 3.2 Carrera or 3000 Healey when this is all over i'd be stoked
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There's a guy in Houston selling a 67 Healey 3000 right now

Stocklocker · Mar 17, 2020

Itchyfeet said: ↑

A lot of people think they won't be hurt and can keep the bounce up during a recession. Then maybe one day it's their turn, to get laid off.

I'm sure the toy sales will start later this summer. Wake boats, Tacomas, Raptors, Cessnas, Corvettes, 911s, Diesel trucks, Side by Sides, ATVs, guns, bass boats, campers, etc. There's always some dumbass that's levered to the hilt that was really 1-2 paychecks away from oh shit.

If I can score an early 80's 911 3.2 Carrera or 3000 Healey when this is all over i'd be stoked
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I’m hoping for a diesel side-by-side.

viking15 · Mar 18, 2020

drwx said: ↑

You gotta know how to use credit cards right. I use an Amex for everyday purchases and pay it off every week. My check card got skimmed at a gas station a few years ago and my bank gave the me runaround about $400 that for spent. Banks don't care because it's your money. Credit cards care because it's their money. Plus I get cash back..6% on groceries and streaming services, 3% on gas and 1% on everything else. I have never paid interest on this card in 3 years. It has a $99 annual fee but I'm getting $60-80+ cash back 12 months of the year on money I'd already be spending anyway.
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. Well it seems you are managing your credit cards well. The same can’t be said for most people when it comes to credit cards. I have had one credit card for the past 20 years and have had no more than a 200.00 balance on it. I really only use it for emergencies

viking15 · Mar 18, 2020

shane100700 said: ↑

Unless there is a significant upgrade or you feel like you HAVE to have a new truck, I’d hold what you got.

I’ll contend that I follow Ramsey (also teach sessions on it) and it is a proven system to get out of debt and stay out of debt. HOWEVER, it doesn’t always work for everyone. Following his doctrine IS the most effective way, but as long as you understand that skipping or half-assing a step will effect your debt free timeline, do what you feel works for you.

I bought a new one because I knew I wanted a Tacoma when I wrecked mine. I also knew I’d keep it until it breaks. Used hold their value far to well (did give me a great insurance payout though) so I got new.

Since everyone else is giving financial advice, I will say a couple things.

-have an emergency fund if you don’t already.

-seriously consider 6 months worth of expenses saved up. The current corona scare and business shut downs should be enough reason to understand why.

-don’t get a loan that makes you truck or house poor. I’m sure you’ve seen tons of dudes on here asking about selling price because they got over their heads.

Based off your cc comments, I would imagine you have a decent head on your shoulders. It’s your choice to ignore any or all of us, but that’s just my two cents. In the end, do what you think you need or want to do. It will either work out or it won’t. I’d keep what I had if it was me though.
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Appreciate your wise input.

viking15 · Mar 18, 2020

Stocklocker said: ↑

Unless you believe it’s the end with this virus.

I have an uncle who’s mission in life is to die with as much non-transferable debt as possible. In his mind, there is no afterlife, so you might as well die with a couple million in debt that cannot be held against your next-of-kin. Then you have had $2,000,000 more fun in your life than those who skrimp and save.

Of course, you gotta get the timing right. I hear you but everyone’s financial situation is different. No harm intended but I could buy it with cash. I just prefer to use other people’s money at a cheap rate

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stun gun · Mar 18, 2020

Stocklocker said: ↑

Unless you believe it’s the end with this virus.

I have an uncle who’s mission in life is to die with as much non-transferable debt as possible. In his mind, there is no afterlife, so you might as well die with a couple million in debt that cannot be held against your next-of-kin. Then you have had $2,000,000 more fun in your life than those who skrimp and save.

Of course, you gotta get the timing right.

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Even if there IS an afterlife, the debt doesn’t transfer there. Right?

Fulton246 · Mar 18, 2020

0xDEADBEEF said: ↑

On the other hand, having some money laying around so you...

Never have to pay interest, except maybe for a house.

Can literally just quit your job if you get sick of it. And not worry. For a couple years.

Can take that time to go travel and do the things you never get enough vacation to do

...feels really good.

It isn't about making the biggest pile possible. It's about freedom and security.
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Exactly. Add to that, some of us want to be able to leave enough to our kids so they don't have to experience the same hardships.

Madtown · Mar 18, 2020

I would keep your current truck. In a couple months might see better interest rate on the 20's. Nobody is going to be buying new vehicles in times like these. I am really happy I sold my Tacoma last week. Just in time before chit hit the fan.

Stocklocker · Mar 18, 2020

Fulton246 said: ↑

Exactly. Add to that, some of us want to be able to leave enough to our kids so they don't have to experience the same hardships.
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The rub is, your kids will squander the windfall because they won’t appreciate its value, having not earned it themselves.

Life is generally suffering and hardship for us all. It’s doled out to us in equal amounts, and you cannot escape your share. It’s not always obvious how it’s manifesting, but an “easy life” where mom and dad eliminated any financial worry for you, can create other problems.

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