HDGMC

Oops, must have been that Cummins fever, The point I was trying to make was, buy what you can afford,but using a credit card and paying off the balance monthly, does have its financial rewards. Conversely, not paying the entire balance means you're not planning, or are living beyond your means. Carrying a balance on a credit card is like throwing money away every month.

kipper79

I didn't say "Now all I have to do is figure out how to pay for it...wait, maybe BO will help me out some?????" The poster did.

I was simply expressing the factthat some people (not this guy) make impulse buys that really end up costing them more money for something than it is worth.

If you have any knowledge of the financial mess the folks on Wallstreet are in you would know that one of the problems were banks and lending institutions were allowed to leverage up to 40 times what they had. That equivilates to them being allowed to loan 40 dollars for every one dollar they had.

Sorry to rant but these compaines have been printing money for the past ten years and no one has said anything. Now the economy seems to be crashing because no one can borrow money. Here's a thought, What would your Grandmother say about borrowing money to buy a toy? The reason I say your grandmother is because they can remember what it was really like when the economy did crash !!!

Oh and to answer the question, I dont think BO or GWB or JM would bail you out.

Old Hat

Yea and were so upside down now..

Busboy

Impulse buying right or wrong it doesn't matter as most things in "moderation" are good for you. Like they say "If you save all your money for a rainy day.......... You NEVER get to dance in the sun. Life can be Sooooo very short, Lest we forget.

Old Hat

thats right and I am having FUN now!

BNH4221

For me, its not all about the $$$$.

My truck is my hobby, so to speak. What will it be worth when I sell or trade it? Not much. But what did the money I invested in it buy me? Pleasure and enjoyment.
I made sure I could afford it, paid it off early and spend my time tinkering with it. So, the question of what will it be worth to me when I get rid of it is moot. I have it, I like it, I paid for it.

Kipper79, I figure the cost/value ratio of an object into the purchase price such as what it will really cost me with credit, what the residual value will be and how much I will use it. Sometimes the ratio isn't good for me which is why I have a tent instead of a camper.
Sometimes the ratio works which is why I drive a Cummins instead of a 10 year old Camry.
For Hamilton, it seems the cost/value ratio worked out. Good for him.

It ain't only about the money.

Off soapbox.

Steve

kipper79

You are absolutley correct it is not about the money as it is about the life. Ask your self this simple question. What can someone with no payments do? Anything they want.. Ie:not stuck in a job they dont like, live in a place they dont like etc..ect..

The thought of controlling the money rather than the money controlling you.

The borrower is slave to the lender.

boostjunkie1

I agree with what you have stated. I'm working my way out of Debt so that in 3 years I can go anywhere, and do what I really want to do in life. I have a great job, but that does not mean I'm happy with it. I have a great friend that in High School kept telling me to save the money and guess what. He Did and I did not. He now has extreme comfort with what he has in savings, and he pays cash for everything he purchases. I have been running on Credit since I was 14 years old. I have Great Credit, but that just means that I have a good Debt to Cash Ratio..... Which means that I'm in Debt !

** The toys for the children is one reason that I see fit to be in Debt. I Love to Fish and my daughter loves going out on the boat with me. These are great times that I will never forget. Watching her catch her first fish, and then diving back into the worm box to get another night crawler was great. Many pictures of great times! Now when she is 13 and does not want to spend any time with Daddy the Boat will be paid for and Daddy will take mommy and his friends. My Truck is here because I need it for the boat. Yes I could have bought a lesser truck, but I bought new because I go back and fourth to the beach allot and need the peace of mind. I bought the LifeTime EVERYTHING Warranty so that my Daughter willl have a no worries ride in the future........ Credit Cards are pay as I go, and I only owe 1/4 of what my house is worth so I'm not far from freedom !!!!!!

BNH4221

Reminds me of what my father used to say:

"There is good debt and there is bad debt".

Guess each of us has to weigh the good versus bad and make our decision there.

Personally, I don't want to die with a full bank account. Nor do I want to die up to my eyeballs in debt. Somewhere in the middle will work.

Steve