money- financing and credit hijacked thread

[dustman_stx]

Originally Posted by rockfordroo

I'm debt-free.

Since every man, woman, and child in the US currently has ~$53,000 in debt because of the national debt, technically you aren't.


Just having a little fun.

[OldCoot]

Originally Posted by dustman_stx

Since every man, woman, and child in the US currently has ~$53,000 in debt because of the national debt, technically you aren't.


Just having a little fun.

And that bothers me this much! 0

I won't be around to suffer the consequences of Washington's stupidity much longer!

[Cajun Po-Boy]

Sounds like we need a Dave Ramsey intervention on this topic! LOL ,)

[PhoneDude 8289]

It's been a long time since we financed anything, decided to finance a portion of our 8289 just to have something recent in our credit history. I wanted to go 36 mo but most wanted 4%+ for such a short period. Went for 60 months at 2.25%, payments less than $200 with a 2% penalty if paid off earlier than 36 mo. At month 37 the account will be paid off, no penalty.

[dustman_stx]

Originally Posted by Cajun Po-Boy

Sounds like we need a Dave Ramsey intervention on this topic! LOL ,)

Dave has some good ideas, but he loses me when he basically pushes the ideology of "have nothing today so you can have $10,000,000 at retirement age". What!?!? My kids get to live like paupers and miss out on so many fun things in life so that I can have a wad of cash when I'm old and my kids are grown????? And I have no guarantee I'll even make it that long??? No thanks. I'd rather not be a miserable penny pincher for my best 30 years so I can live in luxury at a later date that might not even come. If I can retire with enough to be "lower middle class comfortable" I'll call it good.

[WolfWhistle]

Hi all, enjoying the banter. Its funny... how far these conversations get far afield. We should not be offering unsolicited advice to others regarding what they do with their money. You can't live someone else's life. Paying cash or paying off a loan in 3 years... or paying for something over a 15 years is no one's business. I see young families with all these payments and shudder, but we come from a different era and different values. Personally and just my opinion, you don't need a high price RV to have fun with the family. If you do, maybe it is more about appearances. If you don't agree with me, I understand, but don't stone the messenger.

[rockfordroo]

We should not be offering unsolicited advice to others regarding what they do with their money. You can't live someone else's life.

When you come right down to it, much of our advice ends up regarding what people should do with their money. If you've been on this forum awhile, then you know that we tell people their TV isn't up to snuff, they need a bigger one - Money. We tell them they should (or shouldn't) get a diesel in that new TV - Money. We tell people they should get a WDH - Money. We tell people they should get an electric brake controller - Money. We tell people they should put fans in their fridges - Money. We tell them they should buy Rhino sewer hoses vs the Walmart brand - Money. We suggest digital thermostats, either programmable or not - Money. We tell them they should (or shouldn't) get a tankless water heater - Money. We suggest they should (or shouldn't) use their furnace vs a space heater - Money. We tell them they should buy PUGs - Money. Almost all of our advice, when you get down to the nitty-gritty, ends up involving money.

You can take the advice or not, it's up to you. And if you don't like the advice, you can always remember the old adage:

Much advice is free and it's worth the cost!

[Weezer]

Originally Posted by OldCoot

Regardless, it is nice to be completely debt free with only monthly utility, insurance, etc. bills to handle. Took 35 yrs to get there and we enjoy it. Our system is we pay cash for whatever we buy.

LOL, all my life my Dad was the same way OC. A few years ago he (finally) wanted to get a cell phone. He was denied an account because he had no credit history!

He's a preacher and I thought he was gonna lose his religion over that!

Owns his home outright, three vehicles, all paid for with cash on the barrel head, owns investment properties all paid for in cash when he purchased them, and he couldn't get a cell phone account in his name??????

I still laugh when I think about his outrage....poor dear, we put his phone on our business account.

He won't even get a debit card. "no way! I'm not buying with plastic money"

[OldCoot]

Originally Posted by Weezer

...He won't even get a debit card. "no way! I'm not buying with plastic money"

Oh, we have debit cards, I've never used mine, and 2 plastic cards that get zero'd out the 20th of every month.

For years, we told everyone we had good credit, everyone had it. Not now, cash for everything except monthly bills.

[heavynlori]

Our dad could not get Dish Network due to no credit history - always paid cash for everything including cars and house and no bank account either - stashed in a jar (old school) - hard to imagine.....

[comfun1]

The great thing about all this advice is we are free to throw ours out there and the people on the other side are free to pick and choose whatever suits them.

[JLud]

Yeah, definetly a generational difference. I feel ok leveraging debt at low interest rates to enjoy life now, while still putting a good amount of money away for the future. Debt is not a bad word, there is such a thing as good debt. Now, getting in over ones head is up to each of us to figure out.

What is comfortable for some is not for others. My vehicle payments are more than most house payments, but that is only part of the picture....cash on hand, investments, net worth, etc...everyone has a different situation.

Borrowing at under 2% beats inflation, and in the case of a house is an investment....the return being if value increase outpaces interest.

[DAISY BOYKIN]

WOW, what a $$$$$$$$ contest. This is great reading and funny!

[ironj]

Originally Posted by heavynlori

Our dad could not get Dish Network due to no credit history - always paid cash for everything including cars and house and no bank account either - stashed in a jar (old school) - hard to imagine.....

Shoot im only 40 and it happened to me....when I finished college I was up to my ear holes in debt (stupidity ) ...so I cut up every card I had and spent the next few years paying EVERY THING off.....up until about 4 years ago I was STILL driving my old 88 gmc...wife finished school and I walked in to buy me a shiny new truck....they said I didnt have bad credit I just didnt have any...so they would not finance me...lol..I got it financed but I had to bring a bag full of cash with me. (30k)....my credit is much better these days....and I have no problem financing things as its a necessary evil anymore..

sent from fat fingers via a space dish thing with no regard to grammer.

[fx2]

Originally Posted by ironj

Shoot im only 40 and it happened to me....when I finished college I was up to my ear holes in debt (stupidity ) ...so I cut up every card I had and spent the next few years paying EVERY THING off.....up until about 4 years ago I was STILL driving my old 88 gmc...wife finished school and I walked in to buy me a shiny new truck....they said I didnt have bad credit I just didnt have any...so they would not finance me...lol..I got it financed but I had to bring a bag full of cash with me. (30k)....my credit is much better these days....and I have no problem financing things as its a necessary evil anymore..

sent from fat fingers via a space dish thing with no regard to grammer.

Unfortunately it is a necessary evil. Though if handled responsibly can be a great tool.

[Salmon Hunter]

Financing is not even evil. It is a tool to use. It all depends on how the tool is used, if you are a craftsman or an apprentice.

[JLud]

I don't smoke, don't drink much, don't gamble, buy lottery tickets, etc....I like to think spending smartly on a lot of little things adds up and enables people to enjoy bigger things. Life's a garden, dig it. You can't have no in your heart.

[ependydad]

Originally Posted by heavynlori

Our dad could not get Dish Network due to no credit history - always paid cash for everything including cars and house and no bank account either - stashed in a jar (old school) - hard to imagine.....

When my grandmother passed about 5 years ago, we had to go through every piece of clothing, pocket book, file folder, pillow case, etc., etc., etc. because she and her husband hid money. All told, I think they found something like $64,000 in the house stashed away.

[chriscowles]

Originally Posted by presley01

It's been a long time since we financed anything, decided to finance a portion of our 8289 just to have something recent in our credit history. I wanted to go 36 mo but most wanted 4%+ for such a short period. Went for 60 months at 2.25%, payments less than $200 with a 2% penalty if paid off earlier than 36 mo. At month 37 the account will be paid off, no penalty.

If you're waiting for month 37 to make a balloon payment, don't. Make lump sum payments as early as you can, calculating how much to pay so payment 36 for the minimum required amount is the final payment. That minimizes the total interest you pay, without a prepayment penalty.

Chris

[BlakeB]

I would hardly think anyone on an RV forum board would be really hurting for money.

Either way....you should ALL send your money to me and i'll keep an eye on it for you!