Who has their truck Paid off?

Again, what people choose to do once they put a charge on their card is their choice. I 100% support your approach in theory, but I do agree with @jboudreaux1965 that you need to use your card to get the credit/points for future use. No one is stopping me from immediately paying off my card the day after I put a charge on it, and quite enjoy my high credit score and the cash rewards I get from using my credit card. Also, I don't carry my emergency fund around in my pocket (which would be stupid). I keep my emergency fund in a high interest Goldman Sacs savings account (earning 1.9% at the moment) and use this money to pay the bills I deem to qualify as "emergency", which include an emergency charge on my credit card.

 

I enjoy credit card rewards as well, however, I never carry a balance and I’ve never charged more than I have the cash to pay for.
However credit card rewards don’t make anyone rich and any interest will immediately negate them.


Stating cash is for cars and credit is for repairs is promoting credit card debt and using a card as an emergency fund.


The only person who can wrack up credit card rewards to the degree that they cover actual emergencies is someone with major cash flow IOW a large income. So emergencies in the few thousand or lower range are easily paid for with income in the month they occur.
For the median houshold income American they will not be spending enough monthly to have regular credit card rewards to cover a $500 plumbing emergency for example. So stating credit cards as a rule for covering auto repairs... not a great idea.

I took issue mostly with your statment that you should pay cash for cars but wrack up debt to fix them. That just didn’t make sense.
The statement negated itself. It wasn’t and attack on how you personally handle your cards. The entire statement made no sense.

 

This is a paid off thread. Not credit card debt thread. If you don't carry credit card dept your not American. Lol

 

Just got the note from Toyota today. It is all mine!
So excited!
Not the best pics, from a couple of years ago

 

Paid her off yesterday! Hope to drive her for another 8 years and hand her off to my son when he turns 16

 

my goal next summer, pay off my truck!

 

Paid mine off last month!

 

Congrats!

 

Payment delete mod is the best mod...just sayin'

 

Single owner 2009 bought new, paid off since day one by mommy and daddy and not ashamed to admit it. They made a deal with my brother and I when we each started high school- if we got full rides to college, we could use the money they saved for college on a new ride. He chose an F150 and no longer has it. I chose a Tacoma and don’t see parting ways for a loooong time haha.

I’m fortunate and grateful to have a family that instilled good money habits and the power of cash, and I will do the same for my family.

 

Saved up two years, bought truck in cash. Having cash on hand really gets you a good deal if you are dealing with private party.

 

smart.. really smart.

i have a friend with a crushing car payment. he keeps spending money, (Credit card) on modifying his truck. it's hard to watch, but he is a grown man...

i told him to pay it off first, at a bare minimum. he teases me with my stock 2006 truck and calls it the "old man" truck....

kids these days! . i love the guy.

 

I know right... But I see those kinds of rigs getting towed every time oil prices drop in Texas

 

Everyone has gotta learn on their own.

I made my fair share of truck mistakes, luckily they were all paid for in cash, but they were still mistakes nonetheless.

I wish that money that I did piss away was in my IRA instead lol but you don't know that until you grow up. Unfortunately some people don't grow up until they want to retire and realize they can't, or want to buy a home and realize they can't.

All you can do is offer your opinion and walk away lol.

I will say I'm happy for guys like you who speak up and say something and lead by example. Having those folks around me helped me be in the position I am today. More is caught than taught. When all the folks I knew were well off never had car payments and rarely bought new cars, I finally caught up to maybe there is a trend here I should be mimicking if I want to be like these people lol

 

Me too bud. Yup. Me too.

 

TRUE story. i was working as a field engineer on a bridge. its the central freeway in San Fransisco. it runs right next to the BMW dealership. after work i roamed over there an was looking at a used M3 coupe. it was beautiful..and i was feeling rich with a brand new paycheck. (keep in mind half of my paycheck went to rent).

i look out the panoramic window and look up at the bridge we were retrofitting. i see three of my grizzled seasoned co-workers - they were staring at me and pointing at me - o-oh. i went back to work and there they were. all sitting around my desk. then started the the (badgering) questions, "do you own a house? do you have 8 months back up money?..have i started my 401k? how fast will the BMW depreciate?....." relentless. like a bunch of old bitter Chinese men..because they were. i gave up and said, "okay i wont buy the car!!" instead that week i started my 401k with a very humble contribution. but a start nevertheless. i got raises very quickly, and every raise i put into the fund.

if i ever see those three wisemen..i will thank them.

 

I bet you could buy quite a few M3s now HAHA

There was a young 18 year old kid on here maybe a year or two back, who was talking about his brand new 2017-2018 Blue Pearl Metallic truck and mentioned that his truck payment was $500/mo. His Dad co-signed on the loan for him.

$500/mo from the age 18 to 25 (assume a 7 year loan) in a Roth IRA, then contributions stop until age 65 would be over $190k assuming an 8% average rate of return...

 

This thread needs to be part of a new member intro

 

Paid off since August


2010!

 

Paid mine off 2 weeks ago!!!!!