Southern_Man 0 #126 April 6, 2011 QuoteA little off topic here, but what do you guys consider to be debt? Those things are all debt. There is no question about it. Some debt is better than others. Student loan debt is generally considered to be good debt as is a mortgage, as long as they are reasonable regarding marketable skills acquired (student loans) and housing in line with income (mortgage)."What if there were no hypothetical questions?" Quote Share this post Link to post Share on other sites
squirrel 0 #127 April 6, 2011 [reply} Telling somone to take all their excess $$$ out of the market at a time like this is almost negligent. Most in are way down right now but it's only an on paper loss, that is unless they sell and not reinvest. well of course. if you have put in 125k and its worth 100k if you pulled it...that would add 25k to the cost of the purchase of the house. but if you had made 25K on a 100k investment, and had all the other things in place....3 to 6 months expenses, saving 15% of income, no other debt. yes, i would use the 125K to buy a home. then, i would take the amount that my mortgage would have been, and continue to invest that every month, at a minimum. follow? ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
squirrel 0 #128 April 6, 2011 " I'm 3k in front of my bike so even if I sold it today I'd come out of it with money in my pocket. " and if you wrecked it tomorrow? many people do not factor in risk into having an object that they owe on. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
Amazon 7 #129 April 6, 2011 Quote" I'm 3k in front of my bike so even if I sold it today I'd come out of it with money in my pocket. " and if you wrecked it tomorrow? many people do not factor in risk into having an object that they owe on. I consider 401K and IRA to be risky investments after the last round of ripoffs that Wall Street managted to get away with... I wonder how many TRILLIONS they managed to steal legally from Americans. Quote Share this post Link to post Share on other sites
squirrel 0 #130 April 6, 2011 QuoteQuoteA little off topic here, but what do you guys consider to be debt? Those things are all debt. There is no question about it. Some debt is better than others. Student loan debt is generally considered to be good debt as is a mortgage, as long as they are reasonable regarding marketable skills acquired (student loans) and housing in line with income (mortgage). and if a college education actually pays off. its like buying a good set of tools, if they make you the money, great. but if they just sit in your garage...hmmm. i am a fan of state schools. average cost is 12k a year (housing, books, tuition)...thats 1000 a month, or 250 a week. part time work, and working full time in the summer, thats how i paid for mine, with cash. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
squirrel 0 #131 April 6, 2011 QuoteQuote" I'm 3k in front of my bike so even if I sold it today I'd come out of it with money in my pocket. " and if you wrecked it tomorrow? many people do not factor in risk into having an object that they owe on. I consider 401K and IRA to be risky investments after the last round of ripoffs that Wall Street managted to get away with... I wonder how many TRILLIONS they managed to steal legally from Americans. so, are you going to invest in exotic motorcycles for retirement? the market is back to the level it was. if you did not pull, you are ok. heard a report the other day, going through history, of how the market responded to major events, like WW2, JFK, Oil embargo...within 6 months, the market had recovered, and the majority were back in the black. edit to add: frankly, i am lucky to have been putting money into the market when it was down. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
champu 1 #132 April 6, 2011 Quote Quote Telling somone to take all their excess $$$ out of the market at a time like this is almost negligent. Most in are way down right now but it's only an on paper loss, that is unless they sell and not reinvest. well of course. if you have put in 125k and its worth 100k if you pulled it...that would add 25k to the cost of the purchase of the house. but if you had made 25K on a 100k investment You're missing the point. It doesn't really matter how you got to having $125K in the market, what matters is that it's there, and that current market conditions are "X". I don't understand the obsession with paying off a mortgage early. It's not inherently a good idea. It simply may be a good idea. Other than that, the general priorities he lists out are pretty good advice. Quote Share this post Link to post Share on other sites
squirrel 0 #133 April 6, 2011 Quote Quote Quote Telling somone to take all their excess $$$ out of the market at a time like this is almost negligent. Most in are way down right now but it's only an on paper loss, that is unless they sell and not reinvest. well of course. if you have put in 125k and its worth 100k if you pulled it...that would add 25k to the cost of the purchase of the house. but if you had made 25K on a 100k investment You're missing the point. It doesn't really matter how you got to having $125K in the market, what matters is that it's there, and that current market conditions are "X". I don't understand the obsession with paying off a mortgage early. It's not inherently a good idea. It simply may be a good idea. Other than that, the general priorities he lists out are pretty good advice. ahh, obsession. yes, i am passionate. and that there is why i am not "normal." normal, in america, is broke. paying off a home early saves thousands, more often hundreds of thousands in interest, that can be redirected towards building wealth, and then giving. and, most fail to recognize the peace that comes with paying that last payment. really, you see the world different. try it, you like it. edit to add: as i said earlier, if you don't like NOT having a mortgage on your home, you can always go get one. but, i bet you won't ok, and with that, i am done... i need to layout my route for tomorrow... i am looking at some more real estate. great discussions! ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
champu 1 #134 April 6, 2011 Quoteahh, obsession. yes, i am passionate. and that there is why i am not "normal." normal, in america, is broke. paying off a home early saves thousands, more often hundreds of thousands in interest, that can be redirected towards building wealth, and then giving. and, most fail to recognize the peace that comes with paying that last payment. really, you see the world different. try it, you like it. You're fast-talking like a televangelist. I'm neither broke, nor normal, nor obsessed with paying off my mortgage early to "find peace." Quote Share this post Link to post Share on other sites
squirrel 0 #135 April 6, 2011 Quote Quote ahh, obsession. yes, i am passionate. and that there is why i am not "normal." normal, in america, is broke. paying off a home early saves thousands, more often hundreds of thousands in interest, that can be redirected towards building wealth, and then giving. and, most fail to recognize the peace that comes with paying that last payment. really, you see the world different. try it, you like it. You're fast-talking like a televangelist. I'm neither broke, nor normal, nor obsessed with paying off my mortgage early to "find peace." AAAAHMEN! (kidding) gotta admit, most of that last paragraph is "Ramsey" talk. he is also very christian, i am not. I am 42, and i wish i had done this alot earlier. its nice being like a teenager again, not owing anyone. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
wmw999 2,149 #136 April 6, 2011 Quotehe is also very christian, i am not.Dave Ramsey is a great example of why you shouldn't fail to listen to someone (or a radio station) simply because you disagree with them on certain fundamental issues. Yes, is is very Christian and conservative. But his overall message is that one should: 1. be forthright and up front with your family 2. be forthright with your finances in that order. It makes a lot of sense. Finances are a family affair, and keeping them in the open (even if that means that one of the family members needs to turn loose of the wallet and be put on an allowance) makes it a partnership. Wendy P.There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown) Quote Share this post Link to post Share on other sites
squirrel 0 #137 April 6, 2011 Quote Quote he is also very christian, i am not. Dave Ramsey is a great example of why you shouldn't fail to listen to someone (or a radio station) simply because you disagree with them on certain fundamental issues. Yes, is is very Christian and conservative. But his overall message is that one should: 1. be forthright and up front with your family 2. be forthright with your finances in that order. It makes a lot of sense. Finances are a family affair, and keeping them in the open (even if that means that one of the family members needs to turn loose of the wallet and be put on an allowance) makes it a partnership. Wendy P. I hope you saw that I am a Ramsey fan, listen to the show daily, but simply believe differently on religion. I am more of a buddhist. In fact, my wife is a Dave Ramsey ELP Realtor. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
wmw999 2,149 #138 April 6, 2011 That was abundantly clear. I think I spend too much time in SC Wendy P. There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown) Quote Share this post Link to post Share on other sites
squirrel 0 #139 April 6, 2011 Quote That was abundantly clear. I think I spend too much time in SC Wendy P. yeah, i don't tread in there...no money in it. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
skymama 35 #140 April 6, 2011 QuoteA little off topic here, but what do you guys consider to be debt? I consider debt to be any company that is going to give me a finance charge/late payment fee if I miss a payment and also any company that could ruin my credit score with a late payment (my score is around 800).She is Da Man, and you better not mess with Da Man, because she will lay some keepdown on you faster than, well, really fast. ~Billvon Quote Share this post Link to post Share on other sites
theonlyski 3 #141 April 7, 2011 Quote (my score is around 800) So... how YOU doin?"I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly DPH -7, TDS 578, Muff 5153, SCR 14890 I'm an asshole, and I approve this message Quote Share this post Link to post Share on other sites
JohnMitchell 14 #142 April 7, 2011 Quote i was spec building, making 100k per home, i put alot of cash away, alot, becuase i knew that my "job" at that level was temporary. Now there's a concept for some folks. Smart move, make it and save it. Until I paid it off, I was carrying a rental house on a line of credit for a year or two, very low interest rate. One of my CCs offered my $50K, interest free, for 9 months, so I hopped on it like a hot pork chop. Free money, right? All of a sudden, my credit score went from the low 8's to the low 7's. I did some research and found out it was caused by having a maxed out CC that I was only paying the minimum on each month. That and a couple of hardware store cards I picked up to get all kinds of freebies. Lesson learned. Luckily I left Vskydiver out of all that. She still has ultra-golden credit. Quote Share this post Link to post Share on other sites
squirrel 0 #143 April 7, 2011 Quote Quote (my score is around 800) So... how YOU doin? "any company that could ruin my credit score with a late payment (my score is around 800)" company = man ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
theonlyski 3 #144 April 7, 2011 I won't ruin her credit.... Now, her credibility... maybe "I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly DPH -7, TDS 578, Muff 5153, SCR 14890 I'm an asshole, and I approve this message Quote Share this post Link to post Share on other sites
squirrel 0 #145 April 7, 2011 Quote I won't ruin her credit.... Now, her credibility... maybe ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
JohnMitchell 14 #146 April 7, 2011 QuoteI consider 401K and IRA to be risky investments after the last round of ripoffs that Wall Street managted to get away with... But you can have those funds invested in many thinks, even very secure bond funds. It doesn't all have to be in stocks. Quote Share this post Link to post Share on other sites
squirrel 0 #147 April 7, 2011 QuoteQuoteI consider 401K and IRA to be risky investments after the last round of ripoffs that Wall Street managted to get away with... But you can have those funds invested in many thinks, even very secure bond funds. It doesn't all have to be in stocks. and if you choose to have someone manage it, you have got to have a good person. too many people blindly use the person provided by their company. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
