[Jr_Bullit]

hahaha

I OWN MY CAR

woohoo!

No more stupid payments. This is the last time I'll go into debt for four wheels and an engine .

 

[Morryjg]

Yeah! It's time to go into debt for 2 wheels and no engine!!

p.s. congrats on getting out from under at least one debt!

 

[Jr_Bullit]

I have one debt left - and it's paid down enough that I can finish it easily with next month's paycheck.

That leaves me with just student loans, and I refuse to stress about those right now.

 

[splat]

This is the last time I'll go into debt for four wheels and an engine .

ive said that before , I just wish it were true .

congrats

 

[Dirt rider]

well thats super

 

[JRB]

uhhh - are you spending all of your extra dough on booze now, sista???

congrats - I have lot's of cotton to chop, myself.

 

[Jr_Bullit]

hahaha- no...the booze cabinet is rather small - I find it rather lonely in the evenings after a weekend of relative stillness....the sweetie is out with the boys, should be home sometime late tonight, at which time I can finally share my ecstatic news

I spent the last 6 months doing nothing but paying down my debts...such a burden to finally finish....the money from now on goes into savings until the day I can quit my job and be free

 

[Jr_Bullit]

Sometimes I actually feel rather ashamed of the fact I use the Monkeys as my personal "victory" sharing arena ...hahaha - I really need to read more of the posts...

 

[JRB]

Sometimes I actually feel rather ashamed of the fact I use the Monkeys as my personal "victory" sharing arena ...hahaha - I really need to read more of the posts...

Nope - I feel much better when I post more and read less.

 

[binary visions]

Congrats, Jr_B. I was excited to have mine paid off too.

I'm under no illusions that I'll never go into debt for a car again, but I have promised myself that the next car I buy, I will be putting 50% of the cost down, up front. That means if I want an expensive car, I'd better have done a damn good job saving

Good luck with those student loans!

 

[MTB_Rob_NC]

I have promised myself that the next car I buy, I will be putting 50% of the cost down, up front.

Ugh it could be a long day if we argued why that is not a great plan.


JrB - congrats on paying off your car.

 

[Westy]

Out of college I busted my ass to pay down my car and student loans early. Then reality hit me in the head like a brick. While I was saving 5-8% interest on the loans I could have been making 10-20% by investing.

 

[Jr_Bullit]

Hahah - I'm not planning on investing either...at least not in anything other than myself. It just feels so good to be out from under...My car has at least another 100k on her to go...and my kid brother (apparently) is just as excited as I am that the thing is paid.

Mom called last night and said "so your brother thinks your going to "give" him your car".

Fat chance! What's the little twerp gonna pay for it...hehe...he's got two years, and he's working Mom and Dad in to a payment of like 5-6k on his behalf for a first car. In two years I should be able to save for another, equally inexpensive, commuter car.

 

[binary visions]

Out of college I busted my ass to pay down my car and student loans early. Then reality hit me in the head like a brick. While I was saving 5-8% interest on the loans I could have been making 10-20% by investing.

If you have good credit, that's a good plan. I'm young and foolish, though, and ran up a nice credit card debt, then couldn't pay it off (this was about 3-4 years ago). My interest rate on a car was 11.something percent.

When that's off my credit record, interest rates will look a lot better.

 

[shocktower]

You mean to tell me you guy`s don`t just go write a check for a new rig ,and it`s done with Dam ink: ink: ink: ink:

 

[Westy]

If you have good credit, that's a good plan. I'm young and foolish, though, and ran up a nice credit card debt, then couldn't pay it off (this was about 3-4 years ago). My interest rate on a car was 11.something percent.

When that's off my credit record, interest rates will look a lot better.

My parents beat it into my head from a very young age that debt is a bad thing. I graduated college with what I thought was a backbreaking CC debt of $1,100. Funny thing was that that $1,100 was all the money I spent my last year in school.

 

[dan-o]

Ugh it could be a long day if we argued why that is not a great plan.

Let's hear it!

 

[Crashby]

Ugh it could be a long day if we argued why that is not a great plan.


JrB - congrats on paying off your car.

There's only one rule that applies here...

Would you be able to earn more money (or value) with that money than the interest you would pay on it?

In other words, if the car loan interest rate is 6%, and you can earn 7% elsewhere, belay payments on the car.

 

[pixelninja]

My parents beat it into my head from a very young age that debt is a bad thing. I graduated college with what I thought was a backbreaking CC debt of $1,100. Funny thing was that that $1,100 was all the money I spent my last year in school.

I would say that your parents did you a huge favor. I've seen way too many stupid people get in over their heads because they were clueless about how hard it is to get out of debt.

Congrat's Jr_B! Car payments suck. When we sell our house, the first thing we're going to do with part of the profits is pay off my truck. I want to be totally debt free before we move back to St. Louis, just in case I can't find as good of a job as I have right now.

 

[SkaredShtles]

ive said that before , I just wish it were true .

Me too.

-S.S.-

 

[Squeak]

Me too.

-S.S.-

Me three.

Congrats JB. I have not had a car payment in 2 years. Now I find my self wanting a new car.............

 

[MTB_Rob_NC]

Let's hear it!

There's only one rule that applies here...

Would you be able to earn more money (or value) with that money than the interest you would pay on it?

In other words, if the car loan interest rate is 6%, and you can earn 7% elsewhere, belay payments on the car.

That is pretty much it, but add to the fact that a car is a depreciating asset and cash is an appreciating asset (if treated correctly). So having cash sit in your pocket is better then having it sit in your car depreciating.

 

[Crashby]

That is pretty much it, but add to the fact that a car is a depreciating asset and cash is an appreciating asset (if treated correctly). So having cash sit in your pocket is better then having it sit in your car depreciating.

There is some value to the emotional peace of mind not to have debt as well... Ive never had a car payment, and never will... I took my loathing of debt to the extreme when I paid off my house in 20 months. Now, I have no debt of any kind and a free place to live.

I may have a mortgage again, but it will be for rental property owned by an LLC in my name. Any upgrade for my personal residence will be a cash deal. Again, mortgages are considered "good debt", as you have a low interest rate for an appreciating asset, but worth the peace of mind in my book not to have any monthly payments.

It also depends on your job stability. I got laid off a couple years ago, and was out of work for 7 months, and it scared the crap out of me. I have a pretty high level position now at a big company, but I could get laid off tomorrow for all I know... I wouldn't think twice about having a mortgage if I had a job that is classically more secure (civil service, teacher, etc.)

"Sometimes your flush, and sometimes your bust..."

 

[johnbryanpeters]

Out of college I busted my ass to pay down my car and student loans early. Then reality hit me in the head like a brick. While I was saving 5-8% interest on the loans I could have been making 10-20% by investing.

Then losing 50-60% in a crash.

 

[TreeSaw]

Congratulations! I too paid off my first car and was SO excited to have the title in my hand. Right now, I have college loans (undergraduate, I paid cash for all of my graduate school expenses), my new car payment, and the house payment. We always pay our credit card off every month so I guess my parents lectures about being as debt-free as humanly possible managed to sink in a little

 

[Westy]

Then losing 50-60% in a crash.

I cashed out in 2000 about a month before things went to poop.

 

[Crashby]

I cashed out in 2000 about a month before things went to poop.

Nice jorb! I cant tell you how many people I know lost half of their nut.

50k, 200k, 600k.... unreal...

I was a daytrader during the crash, so I stayed about even (down 2-3% I think).

 

[Westy]

Nice jorb! I cant tell you how many people I know lost half of their nut.

50k, 200k, 600k.... unreal...

I was a daytrader during the crash, so I stayed about even (down 2-3% I think).

Best advice I ever got on investing. Buy low sell high not buy lowest sell highest, you'll get screwed.

 

[TreeSaw]

I cashed out in 2000 about a month before things went to poop.

Lucky! I lost quite a bit, agressive invester of my 403B funds, but I try not to think about it because I won't be retiring anytime soon!

 

[Crashby]

Best advice I ever got on investing. Buy low sell high not buy lowest sell highest, you'll get screwed.

I liquidated my trading account last April, and have only done one trade since...

I'm all about real estate now... starting a side business to "flip" houses. Should be fun. Much more creative then submitting a stop loss order.

 

[Snacks]

Congrats Jr_B! I'm totally jealous

I don't have a car payment, but I can't seem to stop buying bikes on my cc! I pay it off, then next month buy another frame....I think I need a 12 step program.

What ever happened to you buy a house/condo?