20 Years of Debt

Topic by FunInTheSun

FunInTheSun

Home Forums Money 20 Years of Debt

This topic contains 8 replies, has 6 voices, and was last updated by FunInTheSun  FunInTheSun 3 years, 9 months ago.

Viewing 9 posts - 1 through 9 (of 9 total)
  • Author
    Posts
  • #232585
    +5
    FunInTheSun
    FunInTheSun
    Participant
    8283

    I just realized that I’ve spent most of my adult life in debt. During the last 20 years, I’ve had a credit cards, car loans, and a student loan. The banks are winning and I’m losing! I’m basically working to make other people richer.

    I’d rather be in a situation where I’m lending money and people are paying ME interest!

    "I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

    #232591
    +2
    Blue Skies
    Blue Skies
    Participant
    15665

    is this because you’ve spent a lot of time in relationships or married?

    banks make enormous amounts of profits……don’t take out loans unless its absolutely necessary.

    i recommend start saving for retirement as early as possible.
    Cheers,
    $aver

    MGTOW is not a movement, it is a way of life.

    #232597
    +2
    FunInTheSun
    FunInTheSun
    Participant
    8283

    I’ve been in debt because I didn’t seriously plan my life, and I’m addicted to frivolous spending. Lately, I haven’t spent a lot of money. I’d have an extra $200 every month if I didn’t have any debts.

    "I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

    #232637
    +5

    Anonymous
    24

    After the latest banking crash of 08 I haven’t borrowed a single cent. Done playing the game of making other people rich just because my government gave them magic powers of creating something from nothing and charging me interest for it. Oh, and when they lend out too much out of greed and crash the world economy as well they then make us pay for it??? Biggest Ponzi scheme of all time. Biggest scam in the history of mankind. Government created monopoly, and destroyer of nations who try to undermine the Fed. U.S. money has more blood on it than others, a lot more.

    #232659
    +3
    Beer
    Beer
    Participant
    11832

    I’d rather be in a situation where I’m lending money and people are paying ME interest!

    Glad to see you’ve come to realize what some people never do. A family member of mine for example just finished paying off his truck 2 months ago. My thoughts…sweet, now you can drive a paid off vehicle and put the money you were using for your car payment into savings/investments so you can buy your next truck in cash! What did he do…went in traded it in a month after paying it off for a newer truck.

    He doesn’t think about it but every time he buys a vehicle he ends up paying the bank thousands of dollars in interest. Instead there was no reason he couldn’t have drove his paid off truck that was still in great shape for a few more years…not only would his savings grow for him but he’d save paying the banks interest on car loans he wouldn’t need…its a double win.

    I wish you success on your journey to becoming debt free and making money just for having money instead of paying someone to let you borrow money!

    #232777
    +1
    DarkRyu
    DarkRyu
    Participant
    2354

    LOL. I drive an 11 year old vehicle. Not a piece of s~~~ either. A Cadillac Escalade. Totally paid off years and years ago. Sure, there’s a repair here and there. But that’s nothing compared to the last car I leased. $500/month, then you have to give it back or pay $20,000 to keep it? No thanks!

    I drive maybe 4,000 miles a year so an Escalade is fine for me. I’m a pretty tall guy and the newer cars are way too small for me.

    Eating out? What a waste of money! I pay about $300/month for food.

    Renting is a HUGE waste of money. I’d rather own a shack then rent a mansion.

    I have ZERO debt and I have no reason to ever change that. I might buy another house and rent this one out, but that will be years down the road. I like my little house and have no desire to own a bigger one. More upkeep, more maintenance, higher property taxes, and much more likely to attract a gold digger. No thanks!

    I’m not “wealthy” but any means, but just being debt free makes me wealthier than most people. I live a comfortable life and don’t have to worry about where my next meal is coming from. And that’s a peace I hope everyone gets to experience at least once in their life.

    Honestly I’ve gotten to the point where I would be attracting quite a few gold diggers if I dressed the part. But I dress like a broke teenager in public. Ratty old T-Shirts and baggy blue jeans really keeps women away. My “old” car is enough to attract a few gold diggers, but not many. Most with any brain at all can see that it’s an 11 year old car. Unfortunately just because it’s a Cadillac it attracts unwanted attention. Next time I’m going with a GMC Yukon Denali. It’s just as nice as the Escalade, but doesn’t turn heads. Just now I like it.

    #232824
    +1
    Beer
    Beer
    Participant
    11832

    LOL. I drive an 11 year old vehicle. Not a piece of s~~~ either. A Cadillac Escalade. Totally paid off years and years ago. Sure, there’s a repair here and there. But that’s nothing compared to the last car I leased. $500/month, then you have to give it back or pay $20,000 to keep it? No thanks!

    Nice man. It saves you so much money getting longevity out of a car. My last car I bought when it was 2 years old and drove it for 12 years…it just got to a point where it was going to need some money put into it and not really worth it anymore so I traded it in and bought another 2 year old car that hopefully I’ll get 10+ years out of!

    Grand total I’ll hopefully spend to buy 2 cars that will both last me 10+ years…25,000. Meanwhile when people lease or perpetually have car payments that average out to let’s say 500 a month…they’d have spent 120,000 over a 20 year period, with a decent chunk of that not even paying for cars, just paying interest and fees. And what the f~~~ for? While they end up working an extra 2-3 years of their life to pay for it…they’ll look nicer going to work in a fancier car? Meanwhile my money is going to be building up in the bank compounding. I think we all know to some extent debt is slavery but so many people love putting the shackles on voluntarily just because they want stuff now and don’t want to save for it.

    Renting is a HUGE waste of money. I’d rather own a shack then rent a mansion.

    Oh yeah this one is huge too. So many people get stuck with the mind set that 200k in a house isn’t going to appreciate as 200k in stocks…but the truth is a 1000 dollar mortgage builds you equity while 1000 dollar rent leaves you with nothing to show for it. Plus at some point the mortgage is paid off and you have a super cheap place to stay where as rent just perpetually increases. I know when I bought my place my monthly expenses to own were roughly the same as renting, about 700/month either way. Owned outright cost of ownership is about 350 a month and rent is about 850-900 for something similar. I bought right before the crash and I don’t even care because the amount I’ve saved vs paying a more expensive rent the whole time more than covers the decrease in property value.

    The beauty of it is that the longer I stay here the more buying vs renting pays off. At this point if I want to move…maybe an upgrade, maybe just something closer to work…I have options. If I get another sub 3% loan I’ll just string it out for the duration, sell this place, and throw the proceeds in the market. If rates go up a bit I can just sell this place and throw the money at the next place which would leave me with little to no mortgage. Renting wouldn’t give me those options as I’d have 0 equity and get nothing on my way out the door.

    Honestly I’ve gotten to the point where I would be attracting quite a few gold diggers if I dressed the part.

    Thank god many of them are too stupid to understand the difference between stealth wealth and a tool digging himself into a pit to look wealthy. If person A has 400k invested earning 5% a year, he makes 20k for essentially for doing nothing and. If person B has 400k in debt with an average of 5%, he has to pay 20k a year to service his debt without even counting what goes towards the principal on whatever loans he has unless he plans on perpetually paying interest only. Person A effectively has a 40k a year higher income than person B plus lower monthly expenses, and the difference could be even greater if person A beats 5% and person B has s~~~ty credit and higher rates.

    If they both earned an average income of around 50k…person A now gets to live like he makes 70k a year and person B like he makes <30k a year. Hell person A say f~~~ it I’m done working and have 20k a year coming in still…almost as much as person B who would still be working full time! I know which route I want to take in life…a little sacrifice early on, be responsible with debt, and grow that nest egg!

    #233005
    +1
    Antares
    Antares
    Participant
    208

    I’ve been in debt because I didn’t seriously plan my life,

    Once you realize this, debt is just a speed bump on the way to better things.

    Beer’s story reminds me about my car purchase last year. Some asked me about the rate I got on the car loan to which I replied, there isn’t any interest rate on a check. How could I just pay for a car? I have a car fund I contribute to, then add on what I sell my existing car for, and that’s how much car I can buy next time. If I ain’t got a lot, I get a s~~~ car. It’s that simple: Simple math. Simple discipline. Simple plan.

    Price is what you pay, value is what you get. -- Ben Graham

    #233239
    FunInTheSun
    FunInTheSun
    Participant
    8283

    Had hot dogs tonight…no going out. Saved $100.

    I’m trying to cut back on my fast food habit. It’s hard. Tonight I ate home-made sandwiches and ramen soup—basically a $2 meal. I’ve made a list of cheap foods to buy at the supermarket.

    "I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic.