Dave Ramsey, debt, credit cards, retirement, etc

[Matt_E]

My regular daily/weekly podcasts:

1. CARTALK!!!!!!
2. D. Ramsey
3. Major Nelson (Xbox Stuff)
4. Outside Online
5. Backpacking light
6. Guitar theory.

 

[Matt_E]

but i want an umpaa loompa now daddy...

Living at home with mommy & daddy, makes $9/hr, but wants a Corvette he needs his parents to cosign on.
Can you get any dumber?

 

[SuperJETT]

Speaking of something like that, I just overheard one of the younger hourly guys here at work say "he's living at home even, dude, if I was still at home I wouldn't be driving that Escalade, I'd be in something like a Mercedes for sure"

Holy crap.

 

[Matt_E]

Good friends of my wife just went for a 10yr loan over $30k on a Wakeboard boat. :shocked:

 

[Mile9c1]

That sounds like fun! I need some friends like that!

 

[douglee25]

Good friends of my wife just went for a 10yr loan over $30k on a Wakeboard boat. :shocked:

And the problem is?

Doug

 

[Matt_E]

If you can't pay cash for your toys, you can't afford them.

You don't see a problem with a 10year loan on a freakin toy boat?

 

[douglee25]

If you can't pay cash for your toys, you can't afford them.

You don't see a problem with a 10year loan on a freakin toy boat?

Boats typically fall into a different category than 'toys'. Yes, they are luxury items, but banks consider them second homes (not this boat - no cabin/head, etc) and hence the longer loan term. Since most people don't pay cash for homes, the likelihood that they pay cash for a boat is also not very high.

Doug

 

[Matt_E]

Oh, I hear you.
I know that boat loans are similar to mortgages.
But we're not talking about a houseboat here....this is a TOY....a wakeboard boat.
Just my opinion, of course....but if you have to finance, you can't afford it.
I will never have another loan (except mortgage) in my life.

 

[djkorn1]

10 year loan! They'll pay for that boat twice by the time it's done.

 

[SuperJETT]

Actually, they most likely won't keep it the full 10 years of the loan, and when they try to sell they'll be upsidedown and owe more than it's worth.

 

[douglee25]

I guess it all comes down to the individual and how disciplined they are.

Doug

 

[BruceSki]

And the problem is?

Doug

they didnt invite him wakeboarding.....?

buying a brand new boat is like buying a brand new car.... letting someone else eat the depreciation of the first year or two is much better.

 

[Big Kahuna]

10 year loan! They'll pay for that boat twice by the time it's done.

I knew someone once who bought an RV with a 0% interest credit card. He just kept making payements and rolling the balance over to a new card. I would imagine you could do the same thing with a boat or even a ski....... Hmmmmm,

 

[Matt_E]

I guess it all comes down to the individual and how disciplined they are.

Doug

Exactly, a disciplined individual would save cash and buy what they can afford, instead.

:jester:

 

[Matt_E]

they didnt invite him wakeboarding.....?

buying a brand new boat is like buying a brand new car.... letting someone else eat the depreciation of the first year or two is much better.

I should have added that this is a USED $30k boat.

 

[Mile9c1]

I should have added that this is a USED $30k boat.

Lol, I was going to say it was probably used. Those boats are easily $50,000+ new. I am jealous!!!

 

[Mile9c1]

You don't see a problem with a 10year loan on a freakin toy boat?

Dude, you sound like Dave Ramsey!

Did you listen today? He seemed really pissed!

 

[Matt_E]

I listen to his podcasts, but that's only 40 minutes of the show, and it's the next day.
So no, I haven't heard it.

 

[vitaly]

If you can't pay cash for your toys, you can't afford them.

So, one has to die old, rich and bored because he should not take a loan for a toy?