New news from the Fed:

COVID: consumers weren't spending and vendors were using it at an excuse to not work. $20k over value for trade in and bought at a significant discount. Dropped from full-sized truck to mid-size before the cost of fuel jumped 120% and baselined at record highs. Thanks be to the most high for the foresight.

 

So, what you’re saying is that you found a value proposition worth taking, so you SHOULD have bought your truck, but other people shouldn’t even if they find a value proposition they’re comfortable with?

 

the only people with a wrecked retirement portfolio are the ones not contributing to said portfolio. or the ones that think paying msrp or above is a good deal.

 

In my opinion, anytime the market give the rich an advantage over others besides having more money, that's helping the rich...

 

So you dislike the idea of borrowing money with an interest rate?

 

I dislike the idea that I have to borrow money with interest and others don't...

 

Get rich and you won’t have to.

 

I’m trying but TW makes me spend all my money.

 

I can tell you aren't very old. These aren't high interest rates. These rates are still lower than they were for years and years. Don't get me wrong, this administration is economically illiterate and will continue to raise rates and fuel the issue, but current rates are still decently low compared to the last 40 years.

Note this graph ends at 2016, but rates today are around 5.5%.

 

You'll be waiting a long time.

 

Awesome that you are debt free and free of financial stress. Some of what you wrote in there seems like it really sucks though. No way am I eating what is likely Jif peanut butter and white Franz bread out of a truck. Nope. I do mow my own lawn and fix my own stuff. "Lived on rice and beans...." Again nope. Sounds like a terrible cheap diet loaded with carbs.

I think there is a middle ground somewhere. For instance I took out a full loan on my Tacoma with nothing down. It is now paid off and I budgeted for the payment. The alternative was to buy a junker and save money each month to pay cash for a new truck at a later time. But all the while I could have just been using that money I would have been saving to make the loan payments and be driving the new truck instead of buying a junker like I chose to do. To each their own. Just because because some of us don't live on rice, beans, bread, peanut butter, and pinch every dollar does not mean it is bad financial decision making. I'd definitely have a little financial stress and live a more exciting life. It's just money and you can't take it to your grave.

 

Trading your health for finnacial freedom isn't the best deal. You can always make more money if you're healthy.

 

I'm a cheap tightwad bstard but I don't mind spending good money on quality products. I could have paid cash for my 2021 but wanted to keep x dollars in reserve at all times so I dropped 24k on it. I'll pay if off as I approach the 4th year of payments.

 

I get your logic and have no problem with people making financial decisions they are comfortable with. I do get annoyed when people are broke and blame everything but their own decisions and behavior.
When I was paying off debt aggressively I never really felt miserable or like it was a huge sacrifice. The thought of having no financial obligation excited me and still does. The upside is that I now have expendable income to do whatever I want. I am also not dependent on my job. If I got fired today, it would not be a big deal. I would not lose my house, trucks, or jeopardize my family’s wellbeing.
I appreciate your concern for my diet. I avoid Jif and white bread. I prefer pure peanut butter, raw honey, and multigrain bread. Keeping some in the truck keeps me from eating fast food or experiencing mediocre food and service at most restaurants. I also avoid white rice. I am the same weight I was in high school and my annual physical raises no concern. My choices are not for everyone, but I have no regret.

 

Thats fair.

 

Money doesn’t actually exist, we humans made it up…



…interest rates are also a man made construct.

 

The rich definitely have many benefits. They can usually dump more money into the low market and they'll get amazing returns when it recovers. They can also borrow against things like insurance and CD's they already have which lowers their rates since it's a secured loan plus their CD's are 5 plus percent so it offsets that intrest rate.

 

Are you in your 40’s ?

 

44

 

Most people still need to work in their 40’s. Very few could quit or get fired and be able to be unemployed for a year or longer. It’s a rare person that has a year of compensation stashed in a savings account at that age. It is ultra rare to be able to retire in your mid 40’s.