How do you afford this sport?
- Thread starter Ancelmo
- Start date
True. The thing is the only way to build credit is to have a record of paying on a credit card or loan etc. If you pay it off every month it doesn't earn you credit. You're basically being punished in my opinion for being responsible about your finances. The guy with 8 credit cards and 3 loans who makes the minimum payments has more credit.
Ducky
Back in the game!
- Location
- Charlotte, NC
I had a great credit score before I ever had a credit card.....and have never had a late payment, overdraft etc.
Responsible, and great credit!
- Location
- naples fl
Or just find a sugar momma to buy your toys!
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- Location
- south dakota
I know of any available? I'd like to place a bid..
sent from inside a beer can
I was a little different. Paid for college And once I graduated and had my first good job I went to the bank borrowed no co signer and bought a motor cycle. Years later when I needed a new truck no problem. Many years later wanted to buy my house no problem. My credit is awesome. Not because I have no debt or always paid in cash. By borrowing at really low rates and paying off early. That first bike most me 64 bucks in finance over cost but allowed me years later to buy my house and 4acres no questions asked. Small price to pay imo
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waxhead
wannabe backflipper
- Location
- gold coast
I have three rental properties
MarkWalker
Site Supporter
- Location
- Buffalo NY
That worked for me!
- Location
- NYC/Long Island
Credit is a win-win. 1% cash back on everything, pay the balance in full every month, and you end up making money.
I've come across alot of people that live paycheck to paycheck due to frivolous spending, they don't have any credit, and they argue against credit. They have a pretty good argument until they have no money to get their car out of NYC impound (due to careless parking). Also let me bring up the scenario where the family pet will suffer because it costs $2000 to repair, or $500 to put the animal down. In that situation it's just plain reckless not to have credit.
So credit is for three reasons only: Maintaining a credit score, unexpected expenses, and mortgage. Never because you can't afford it. Plastic doesn't mean you can afford it.
Nice toys took me years to get and it was always regrettable to spend so much money. When I stuck in the used market ($1000-$4000) I was always able to recuperate my money, or turn around a profit. It's when I went above that price range I always lost a ton of money. It wasn't more fun either - I just climbed a ladder of what I considered to be "standard". ie: 750sx no longer fun, and then a superjet wasn't fun. It's easier to stay content with what you own when you don't look at what other people own.
I've come across alot of people that live paycheck to paycheck due to frivolous spending, they don't have any credit, and they argue against credit. They have a pretty good argument until they have no money to get their car out of NYC impound (due to careless parking). Also let me bring up the scenario where the family pet will suffer because it costs $2000 to repair, or $500 to put the animal down. In that situation it's just plain reckless not to have credit.
So credit is for three reasons only: Maintaining a credit score, unexpected expenses, and mortgage. Never because you can't afford it. Plastic doesn't mean you can afford it.
Nice toys took me years to get and it was always regrettable to spend so much money. When I stuck in the used market ($1000-$4000) I was always able to recuperate my money, or turn around a profit. It's when I went above that price range I always lost a ton of money. It wasn't more fun either - I just climbed a ladder of what I considered to be "standard". ie: 750sx no longer fun, and then a superjet wasn't fun. It's easier to stay content with what you own when you don't look at what other people own.
Fro Diesel
creative control
- Location
- Kzoo
Yes, all of them.
Why pay a premium for something you cant afford.
Do you spend more because you have the cash back card?
I am not telling anyone how to live their life, just promoting abstract ideas to stir the pot. There is no one RIGHT path to financial success. A lot of people fail miserably before they're Thirty and yet still going to be millionares. Failure is a good teachers
And i may have screwed up my credit in my teens and early 20s but a cancer diagnosis put life in a different perspective. now I have a dog and an account just for my dog!
I like that quote in the post above^^^
"You save money AND have more fun when you stop looking at everyone elses toys."
Last edited:
swapmeet
Brotastic
- Location
- Arlington TX
To the OP, IMO yes most of the people who have AM hulls are making pretty decent money for the most part. 100k/ yr or more. But its also about managing your finances.
Personally, i'm a commissioned sales person. So if I get a fat check, I convince my wife that X% is going towards something fun.
But my wife makes decent money too and she understands that my hobbies are super important.
My biggest battle (1st world problems) is I have too many hobbies. If I cut just one out, i'd have a lot of money to spend on a existing hobby... or my house, or whatever.
I.E. If I gave up skis, I could do a LS swap on my custom car. But I like Ski's too much.
If I sold the custom car, I could buy some big boy Jetski stuff, build my dream ski. But I like custom cars too much and honestly I have more friends in that arena than I do in Skis.
If I drove a normal boring car that got great gas mileage and gave up offroading.... But I like my truck a lot. Even if it gets 11mph.
The struggle is real. But the way I see it, i'm living my dream.
Personally, i'm a commissioned sales person. So if I get a fat check, I convince my wife that X% is going towards something fun.
But my wife makes decent money too and she understands that my hobbies are super important.
My biggest battle (1st world problems) is I have too many hobbies. If I cut just one out, i'd have a lot of money to spend on a existing hobby... or my house, or whatever.
I.E. If I gave up skis, I could do a LS swap on my custom car. But I like Ski's too much.
If I sold the custom car, I could buy some big boy Jetski stuff, build my dream ski. But I like custom cars too much and honestly I have more friends in that arena than I do in Skis.
If I drove a normal boring car that got great gas mileage and gave up offroading.... But I like my truck a lot. Even if it gets 11mph.
The struggle is real. But the way I see it, i'm living my dream.
- Location
- Tri-Cities, WA
Good ol fashioned hard work funded the sport for me. Striving to advance at every job for more pay, taking on side jobs, taking on overtime when available and managing money by dialing back to necessities when I wanted to splurge on ski parts. Also helps being a DINK....dual income no kids.
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- Location
- Texas
Dude you know that is a huge exaggeration and not true. Tons of cards is bad...loans that utilize all your credit are bad...blah blah.
I have always paid my bills 100% every month. My VISA credit card auto withdraws money from my wells fargo savings and I *never* review it. It just asks for total payment and then savings gives it. So I've never paid a minimum before. I only have one credit card (well maybe two? Wells fargo gave me one and i tossed it).
I hate the credit game but it's not hard to get ahead if you're responsible. I don't even use my credit card lol. I always use my debit..
Also @Fro Diesel knows watsup. My parents bought my sisters condo for cash...because they had the cash. She pays them back monthly until they die (because Alaska is expensive). The bad thing? She isn't getting the record of house loan payments to help credit. The good thing? She's saving assloads of money not having anyone make profit off of a loan.
DAG
Yes, my balls tickled from that landing
- Location
- Charlotte, NC
Wait are you telling me that just because I got approved for a $15,000 credit limit that's not the same thing as a $15,000 raise? Applying for cards is like the lottery, I use to win a lot but now i dont, in the end the casino always wins.
- Location
- NYC/Long Island
I think what is most important is not to over extend your expenditures. Here is how I view it:
Average Life Expectancy is 71 years.
Average Median Income in USA is $72,671
You decide to buy a home at $300,000 at 4.5% and foolish enough to take a 30 yr loan with no effort to pay off sooner. (You probably can't at median income)
Amortization schedule determines you will pay $247,000 in interest alone. That is 182.3% of the sticker price.
It will take 7.5 years of your life to pay that house off. Or 10.6% your life expectancy.
Go ahead and consider all of the other material goods and you will find that our lives are dedicated to consuming goods. Now I understand that alot of things are a necessity. I'm just saying that the only way of reclaiming your life is to make wise investments. Expensive toys aren't one of them. I think it's difficult to judge your financial progress when you constantly look to see what everyone else has. They are paying for that in one way or the other. The single most valuable resource on this planet is your time. No amount of money could ever get those years back that you worked for the latest and greatest.
Average Life Expectancy is 71 years.
Average Median Income in USA is $72,671
You decide to buy a home at $300,000 at 4.5% and foolish enough to take a 30 yr loan with no effort to pay off sooner. (You probably can't at median income)
Amortization schedule determines you will pay $247,000 in interest alone. That is 182.3% of the sticker price.
It will take 7.5 years of your life to pay that house off. Or 10.6% your life expectancy.
Go ahead and consider all of the other material goods and you will find that our lives are dedicated to consuming goods. Now I understand that alot of things are a necessity. I'm just saying that the only way of reclaiming your life is to make wise investments. Expensive toys aren't one of them. I think it's difficult to judge your financial progress when you constantly look to see what everyone else has. They are paying for that in one way or the other. The single most valuable resource on this planet is your time. No amount of money could ever get those years back that you worked for the latest and greatest.
- Location
- Texas
Average median income for the US is: $51,939
That number is meaningless unless every locale cost the same. You can be a "poor" millionaire.