^lmao^

red, the problems of today will be forgotten about this time next year. roll with the punches and eventually youll get back on top. 2 years ago i bought a brand new house, and was laid off before i could even make my first note. luckily i was in the position to lay low for a few months and not give anything up.

 

Im just too big of a pansy, I hate having debt. I got it all paid off about a year ago and Im keeping it that way. Both of our vehicles are paid for and we've got some savings in the bank, personally that makes me feel much better than having a fast truck. I laid out of playing with my vehicles for quite a while to get in a better financial position and now that I have a little expendable income Im adding things here and there. Everyone has their way of doing things but me personally I just dont feel comofortable spending a lot of money on something that isnt mine regardless of how much money I make.

 

commom sense isnt as commmon as it used to be

 

thats exactly how i feel. i cant say that im debt free, but there arent many guys my age with a new house that are debt free haha. the toys are mine though

 

Check out an amoratized mortgage table, if you want some motivationt o quit spending money on the truck that will do it for you. Its absolutely rediculous how much you pay in interest on a mortgage. 50 bucks extra month on a 30yr mortgage can knock off 5 years. Double the payment and youre only in it for 8 years compared to 30. Obviously those are "loose" numbers since interest rate and actual note amount change it a little but theyre pretty close.

Im looking to buy some land here in Austin soon so the toys will come to an end once again. I keep telling myself it will be worth it in the end

 

Isn't that the truth.. best post in the thread..

 

You got the right idea.

I own everything, my truck, dirtbikes, toys etc and pay more on my mortgage every month to get my 30 year paid down faster. The interest paid on a mortgage is ridiculous. It's the only way to stay debt free. People don't realize how much money they can save if they just pay in cash.

 

Plus buying things in cash you usually have to wait a little bit to scrap some up for big purchases. So you don't make so many impulse buys that you might regret.

 

While I agree with the safety that comes with buying in cash, there is more to be gained in the long run if you finance something. Of course, that is assuming you KNOW you will be afford it for the duration of the loan. Buying things like vehicles or houses on a loan is an excellent way to build credit. I admit I'm still paying on my truck, but I have a guaranteed income from the military for several more years at least, so I can afford to modify my truck while paying it off. In the meantime, I'm just raking in the credit that comes with it. I had absolutely no credit before I bought my truck, but now I'm doin great. Its no 800, but its enough that I'll be able to go buy whatever the hell I want if I were to walk into a dealership and buy another new vehicle in the future (which probably won't happen again anytime soon...). I could have easily paid off my truck loan with as much as I've spent on it, but what I would have gained with the extra money I'd have now I'd have lost as a contributing part of my credit score.

As was said before though, everyone has their own way of doing it. I just prefer to help pave my future a little bit with good payment history now. Credit is kinda weird, you have to spend more money now so you can....spend even more later. I have faith that most people on this site have the intelligence to know whether or not they can handle the financial burden that comes with modifying vehicles, regardless if they are paying on it or not. Least I hope so

 

People need to understand that this is a hobby/sport, and you will lose money when it is sold..... it is no diferent from having a boat,travel trailer, 4wheeler etc, it will depreciate big time!!! im different, i rather let my truck rot in the garage than selling it dirt cheap but im .also not in a bind, but i can see the other point of view.

And about mortgages, i think 30yr loans are ripoffs!! 15 or 20 year loans are the way to go.... and a house is about the best investment anyone can do... i have a 15yr loan and it will be paid off in 8yrs, just got to put yourself on a budget and it will be rewarding in the future