Money, money, money

[Pstmstr]

Even Apple is offering 4.15% on their new savings but how much is that really? you make $41.50 for a year per thousand? If any of you guys are carrying debt it’s better to pay that off and then have a 3-6 month emergency fund in readily available funds. Some of you guys are buying stuff you don’t need with money you don’t have. I’ve been guilty of that as well.

I’m now a financial coach and would be glad to talk to any of you that might be struggling financially. What keeps you up at night? If it’s worrying about money let’s talk. I’ve been there.

 

[Gunbuffer]

Even Apple is offering 4.15% on their new savings but how much is that really? you make $41.50 for a year per thousand? If any of you guys are carrying debt it’s better to pay that off and then have a 3-6 month emergency fund in readily available funds. Some of you guys are buying stuff you don’t need with money you don’t have. I’ve been guilty of that as well.

I’m now a financial coach and would be glad to talk to any of you that might be struggling financially. What keeps you up at night? If it’s worrying about money let’s talk. I’ve been there.

There are some instances where it’s better to carry debt than pay it off. Some instances of student loans, for example.
A savings account is the #1 best place to put that emergency fund am I wrong, that’s where I’m putting mine

 

[Forgalspop]

What are the numbers?
Some gets compounded monthly.
I like numbers.

Luckily I have only ever had to finance houses but I paid them off QUICK.
5 years on the first and 25 months on the second and 5 years on the third loan for a house.
My most expensive car purchase was my 1995 corolla in the year 2000 for $6000.
Cash.
I will never pay that much ever again for a vehicle.
I am odd ball out though No cell phone and do not have any desire to get one.

The old cars I build I have never had more than $4,500 in any of them and that is keeping every single receipt until it gets put on the road with insurance and current tag.

From Shakespeare's Hamlet, 1602:

LORD POLONIUS:
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

 

[Pstmstr]

There are some instances where it’s better to carry debt than pay it off. Some instances of student loans, for example.
A savings account is the #1 best place to put that emergency fund am I wrong, that’s where I’m putting mine

Why is it better to carry student loans? What other debt is better than having no debt? I understand the argument of low interest debt versus earning more with investment interest but what else? Please don’t tell me mortgage interest deduction either.
Some people think the government is going to forgive student loans. I believe people should pay the money back they agreed to when they signed the loan paperwork. I do think student loan lenders and credit card companies are predatory. I agree a high yield savings account is the best place for the emergency fund.
I’m a Dave Ramsey listener and he’s helped a whole bunch of people get out of debt, including me. A lot of people don’t factor in risk when they take on debt. They think if they can make the payments everything is fine, until they can’t. I‘ve made about every possible mistake with money a person can make and it’s taken me a long time to learn to avoid all debt. Some people think they have a plan that works to their advantage and others justify why they have debt. I’m at a point in my life now where I’m trying to help people not make some of the mistakes I made. When you think about it, I bet less than 5% of the forum users here could honestly tell you where they spent every dollar last month. Americans have more debt than ever before and it’s getting worse. How many of us could go 6 months without any income? Not many I’m guessing. I’m sure we also have several millionaires as members. Maybe one or 2 of them will chime in. I could have been one if I hadn’t spent all that money on stuff I didn’t need. Maybe I’ll live long enough to get there now that I’ve learned my lesson.

 

[swampratt]

I was 17 when I learned that I wanted people paying me money.
I frittered away a few thousand I had back then and learned a lesson.
I have lived in a box and eaten from a dumpster but not for very long.

Never begged or even asked for any handouts and decided I want everything I own to be paid for.
Worked many long hours and made it happen.

@pstmstr mentioned Dave Ramsey.
I never heard of the guy until 10 years ago or so.
My friend Paul that I have preached finances to said I do everything Dave says to do.
I said who is Dave?

Paul is on his 3rd bankruptcy he just does not listen or he listens but can't shake the want thing.
I have another friend that loves to be in debt and drinks a lot because of it but said he wants to die owing everyone money and he wants to build with others money.
His girlfriends do not stay around very long.

I just do not get it.

 

[SlugSlinger]

Before I earned a few pieces of framed paper hanging from my office wall, I grew up listening to Bruce Williams on nighttime radio, then Dave Ramsey and Clark Howard. They all have/had good ideas about money. Dave teaches how to save money and Clark, how to spend it. Bruce was the original.

From the ‘80s, I still remember Bruce saying; work for the classes, live with the masses, work for the masses, live with the classes. Ie, the more people that are paying you, the more you’re worth.

It doesn’t happen much, but a few years ago, I refinanced my house at 1.99% and a few months later was earning over 2.5% on the emergency funds in a savings account

Timing and time is everything with finances. Warren Buffet says the most powerful force in the universe is compounding interest. Be patient, educate yourself, and don’t try to compete with the Jones.

Why is it better to carry student loans? What other debt is better than having no debt? I understand the argument of low interest debt versus earning more with investment interest but what else? Please don’t tell me mortgage interest deduction either.
Some people think the government is going to forgive student loans. I believe people should pay the money back they agreed to when they signed the loan paperwork. I do think student loan lenders and credit card companies are predatory. I agree a high yield savings account is the best place for the emergency fund.
I’m a Dave Ramsey listener and he’s helped a whole bunch of people get out of debt, including me. A lot of people don’t factor in risk when they take on debt. They think if they can make the payments everything is fine, until they can’t. I‘ve made about every possible mistake with money a person can make and it’s taken me a long time to learn to avoid all debt. Some people think they have a plan that works to their advantage and others justify why they have debt. I’m at a point in my life now where I’m trying to help people not make some of the mistakes I made. When you think about it, I bet less than 5% of the forum users here could honestly tell you where they spent every dollar last month. Americans have more debt than ever before and it’s getting worse. How many of us could go 6 months without any income? Not many I’m guessing. I’m sure we also have several millionaires as members. Maybe one or 2 of them will chime in. I could have been one if I hadn’t spent all that money on stuff I didn’t need. Maybe I’ll live long enough to get there now that I’ve learned my lesson.

 

[Gunbuffer]

Why is it better to carry student loans? What other debt is better than having no debt? I understand the argument of low interest debt versus earning more with investment interest but what else? Please don’t tell me mortgage interest deduction either.
Some people think the government is going to forgive student loans. I believe people should pay the money back they agreed to when they signed the loan paperwork. I do think student loan lenders and credit card companies are predatory. I agree a high yield savings account is the best place for the emergency fund.
I’m a Dave Ramsey listener and he’s helped a whole bunch of people get out of debt, including me. A lot of people don’t factor in risk when they take on debt. They think if they can make the payments everything is fine, until they can’t. I‘ve made about every possible mistake with money a person can make and it’s taken me a long time to learn to avoid all debt. Some people think they have a plan that works to their advantage and others justify why they have debt. I’m at a point in my life now where I’m trying to help people not make some of the mistakes I made. When you think about it, I bet less than 5% of the forum users here could honestly tell you where they spent every dollar last month. Americans have more debt than ever before and it’s getting worse. How many of us could go 6 months without any income? Not many I’m guessing. I’m sure we also have several millionaires as members. Maybe one or 2 of them will chime in. I could have been one if I hadn’t spent all that money on stuff I didn’t need. Maybe I’ll live long enough to get there now that I’ve learned my lesson.

When money makes you over 5%
But rates on debt are under 2%
Why is it a good idea to pay it off?
Other than feeling good about it

 

[red dirt shootist]

Before I earned a few pieces of framed paper hanging from my office wall, I grew up listening to Bruce Williams on nighttime radio, then Dave Ramsey and Clark Howard. They all have/had good ideas about money. Dave teaches how to save money and Clark, how to spend it. Bruce was the original.

From the ‘80s, I still remember Bruce saying; work for the classes, live with the masses, work for the masses, live with the classes. Ie, the more people that are paying you, the more you’re worth.

It doesn’t happen much, but a few years ago, I refinanced my house at 1.99% and a few months later was earning over 2.5% on the emergency funds in a savings account

Timing and time is everything with finances. Warren Buffet says the most powerful force in the universe is compounding interest. Be patient, educate yourself, and don’t try to compete with the Jones.

Bruce Williams, thanks for the memories. He had a beautiful voice, and he was common sense personified, He could break down any problem, into the most simple terms, and when he was done, you were all in. After listening to his show, you just felt better. I hadn't thought about him in a long time.

 

[crrcboatz]

I have never paid interest. And when you’re old and have enough to live on in a normal life span plus 5 yrs.

CDs are safe for elderly.

Absolutely

 

[crrcboatz]

From Shakespeare's Hamlet, 1602:

OMGosh Shakespeare was not a money manager. So what in the world would a person want to listen to him in today’s world. His life was very very basic by today’s standards