Payments. Here's my plan
Road Master
Joined: Mar 2007
Posts: 887
Likes: 4
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RE: Payments. Here's my plan
ORIGINAL: OldFenderGuy
Guess I'm 'old fashion', but I don't believe in usingother peoples money(credit), along with paying interest,tomake purchases.
Especially when this credit and interest are being used to purchase items might be considered a 'luxury item', and not necessary for day to day survival.
I just like the feeling of being completely debt free, and not having to worry about currentor future financial obligations.
But that's just my opinion, and opinions vary.
Guess I'm 'old fashion', but I don't believe in usingother peoples money(credit), along with paying interest,tomake purchases.
Especially when this credit and interest are being used to purchase items might be considered a 'luxury item', and not necessary for day to day survival.
I just like the feeling of being completely debt free, and not having to worry about currentor future financial obligations.
But that's just my opinion, and opinions vary.
I don't mind carrying some debt. If you are a hard worker, and have confidence in your abilities, I see no reason not to borrow some money. I tend to make double payments on most of my stuff, so I get things paid down rather quickly. I am not rich, but I have some nice toys, and we eat well.
Nice bike by the way.
Tourer
Joined: Mar 2007
Posts: 340
Likes: 0
From: SRQ (Sarasota)
RE: Payments. Here's my plan
ORIGINAL: Brackneyc
I don't mind carrying some debt. If you are a hard worker, and have confidence in your abilities, I see no reason not to borrow some money. I tend to make double payments on most of my stuff, so I get things paid down rather quickly. I am not rich, but I have some nice toys, and we eat well.
Nice bike by the way.
I don't mind carrying some debt. If you are a hard worker, and have confidence in your abilities, I see no reason not to borrow some money. I tend to make double payments on most of my stuff, so I get things paid down rather quickly. I am not rich, but I have some nice toys, and we eat well.
Nice bike by the way.
I tend to wait till I can afford it in cash, put 25% down, take a 3 year loan, and make double payments every other month. that way if things DO get a little lean for any reason I have the buffer of the payments in savings already, and I can just make a regualr payment monthly instead of doubles.
Course I also keep a 6 month cover of all paymments for all expenses liquid just in case too.
Never know when that hurricane could screw me fubar bigtime.
Road Master
Joined: Jun 2005
Posts: 1,008
Likes: 8
From: Dogtown, Oakland, CA
RE: Payments. Here's my plan
ORIGINAL: drrandall1
I hear ya. I have 14.9%. I will be paying mine off early too!!
I hear ya. I have 14.9%. I will be paying mine off early too!!
Road Master
Joined: Jan 2006
Posts: 856
Likes: 6
From: Charlotte County FL
RE: Payments. Here's my plan
If you plan to retire off what you put away in a 401k in a couple of years after you pay off your toys forget it, by the time you are 48 you should have been putting money into it for at least 25 years and you will be lucky to have enough to retire on. Do you own a house? real estate can return more money on the dollar than most retirement plans if done right. The best thing is to have both, a house in a good area that will appreciate in value that by the time you are ready to retire will be paid off or have alot of equity. When you retire you sell the house move to a area where the cost of living is less, buy a house or condo put enough down to have a small mortgage and smartly invest the rest. The lesson is if you have not planed this years ago and only doing so now you are pretty much scewed unless you start agressive saving now. Otherwise you are destined to to live in the basement of kids house during your senior years with social security as your only income.
Novice
Joined: Feb 2007
Posts: 21
Likes: 0
RE: Payments. Here's my plan
Many of you guys are pretty insensitive to other folks financial circumstances..to each his own..none of us are going to take it with us you know..pretty smart to live life for today if you ask me..if you are meeting your obligation to your family..your toys are no body elses business..jmo
Novice
Joined: Jan 2007
Posts: 19
Likes: 0
From: Apopka, FL
RE: Payments. Here's my plan
Dallastx
The example of paying off the loan by making double payments to interest is wrong. Unless you haveno payment penalties that apply.
Make your regular payment plus an additional payment towards principal. Get the payment table for your loan to find out how much each principal payment each month amounts to.
Write a second check each month and write "Principal Reduction Only" at the bottom of the check.
I've done this with several loans. Cars, bikes, boats and mortgage. I works quicker than you think. But watch the lender's math. Don't know how many calls I've made because of errors on the banks part.
The example of paying off the loan by making double payments to interest is wrong. Unless you haveno payment penalties that apply.
Make your regular payment plus an additional payment towards principal. Get the payment table for your loan to find out how much each principal payment each month amounts to.
Write a second check each month and write "Principal Reduction Only" at the bottom of the check.
I've done this with several loans. Cars, bikes, boats and mortgage. I works quicker than you think. But watch the lender's math. Don't know how many calls I've made because of errors on the banks part.
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Stage IV
Joined: Mar 2007
Posts: 4
Likes: 0
RE: Payments. Here's my plan
Always been a saver,and worked hard for my money.I had a 2004 honda shadow, and paid cash, saved my money for 2 more years. And this year i'm buying a 2007 street glide and paying cash for it but thats just me.