roflmao
Just for fun, how are you enjoying your car payment
- Thread starter CourierDriver
- Start date
Read Dave Ramseys way of buying a car, u wont like it, but it makes sense
I retired at 55 years of age because I didn't listen to Dave Ramsey......
Dave does make a lot of sense. I have read his books and listened to him on the radio. The problem with Dave is Dave. He is too sanctimonious for my liking. He will go so far as to say if you don’t do things his way you’re wrong and stupid. Like he is the only wealthy or successful man on the plant or something… Cannot stand the man, no matter how much sense he makes.
Not a Ramsey fan (his latest controversy? 8% withdrawal is perfectly fine, that cuts against 99% of what everyone else is saying). More of a Money Guy fan, they like the 20/3/8 rule. 20% down, 3 year loan, 8% interest max. One can obviously argue a few ways--I think even they would be tempted to let a 0% loan go to full term--but DR's appeal is those for whom balancing a checkbook and writing a budget are foreign concepts.
Disagree. Ramsey is good for people with really poor financial habits. There are far better ways than his process.
Personal finance needs to be taught in schools; give kids a fighting chance.
Love the Money Guy Podcast. I enjoy their sensibility and realistic approach. The MG only advocates the scorched earth method for dire circumstances versus being just a general rule. They are also an advocate of still investing while getting out of debt so you don’t lose the match and the compounding interest.
The road to financial stability is really simple. Invest in yourself; not in depreciating assets. There are no guarantees in life, but your chances are a whole lot better if you invest instead of spend spend spend. It will take many years unless you are born into money, but where do you wanna be when you are 60, or whatever age? Paying crazy rent, stupid loan payments, not sleeping well due yo financial problems? Your call; I wish you well in your financial decisions.
Go look up "the opportunity cost of money." lemme Google that for you:
Opportunity cost is the money or benefits lost by choosing one option over another. It's a key concept in investing and financial planning.
Go look up "the opportunity cost of money." lemme Google that for you:
Opportunity cost is the money or benefits lost by choosing one option over another. It's a key concept in investing and financial planning.
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Agreed. However once you have achieved financial freedom, there’s opportunity cost to not spending money too. You could die tomorrow… have you done everything you would have wanted to do?
But the truck is probably 80,000 dollars!Funny thing, while chatting in this thread, this just popped into my InBox
View attachment 192202
It wouldn't surprise me one bit if there are a lot of people who actually feel that way. After all we're on track to become a costly burden to society. lol
Um, well, without gettin‘ into my personal finances too closely, I bought 300 shares of Chevron (CVX) just a bit over three years ago, reinvested the dividends, and have doubled that investment. It’s a bit more than your example, but close enough.
Is that the kind of investment you mean?
I only have one small car loan, and it isn't a burden.
No the lender is requiring you to insure the value to protect them. If it’s less than the remaining balance and your insurance doesn’t cover that remaining amount, I assure you the bank will be wanting that balance paid to them.
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Yes.
My paternal grandparents emigrated to the USA in the 1920's. They never had any debt. They paid cash for everything. What a different country this is 100 years later.
Respectfully, IMO (and to my strategies) that question has zero relevance. When you die the game is over, except for your heirs. Then it's their game.
The problem is if you live.
The idea is to buy it outside of your emergency fund. If you spent your emergency fund you used your money improperly.
There’s nothing wrong with how you got to your numbers but it’s more than a numbers game with a car loan. You’re also on the hook for that payment even if your income ceases to exist. The real issue is those that are pay check to pay check with a car loan but they have investments locked away that they’re unable to touch. What you’re suggesting isn’t exactly irresponsible if you have measures in place to pay for it if you lost your income. Personally for me I could make 10x what I do now and I still don’t know that I’d spend $75k on a new vehicle with depreciation. A weekend toy that will retain value and maybe increase in value? Maybe.
I think I’m just a bit itchy because I’ve lost a couple high paying jobs before due to market shifts. I try not to hold much debt. I used to be one of those “I can afford the payment” people. It’s just not for me.
No car payments for me. All of our debt is paid off. I hope to pay cash for the next car I buy, which hopefully won't be for a long time.
