Prompted by a response in the "What is your other ride?" post.
I work at BestBuy lol
i work at best buy and that got my my
1993 Eagle Talon TSI
1997 Honda Civic 4dr LX
1990 GS500E
and hopefully soon a 2006 SV650S red
- Jordan
Bank robberies got me my:
1993 Chevy Blazer
1995 Chevy Blazer
2000 Chrysler Cirrus
2004 GS500f (BLUE ROCKS!)
Don't tell anybody, but I'm gonna be hitting up another bank so I can buy my precious R6 (BLUE ROCKS!)
I buy crap for dirt cheap ... and then I fix it to run, and ride crap for dirt cheap. then crap breaks on the road and I call the wife for a ride ... Then Repeat.
Cool.
Srinath.
I pay cash. If I can't pay cash for it, I don't get it until I do have enough cash.
I work in a warehouse for an electronics manufacturer.
I'm like scratch. I pay cash and won't buy it until I have enough. I worked at a grocery store through high school to earn enough money for my bikes. I can't buy new (too much money) and won't finance. Used + cash = the way to go.
Yep, my father always said if you have to finance a toy you can't afford it. My tax return paid for my bike, god bless the earned income credit.
-M
HMMM... but what if you can afford a monthly payment?
- Jordan
I'm a cheap bastard... I get a great deal 80% of the time and I get ripped off 20% of the time.
I afford my GS 'cause I paid almost nothing for it... In Cash. I have no moto insurance and try to fix stuff myself (then break it and pay too much at a shop).
I afford my F.O.R.D. Exploder 'cause I've owned it for 5 years and have paid off the WAY TOO MUCH cost of the vehicle over time.
I afford my various other non-vehicle toys 'cause 1/4 of my paycheck is my "Mad Money." Plus, my wife makes more than me. :thumb:
Buy in fall....fix it - or in some cases just clean it up...sell in spring....repeat.
Always buy used (NEVER new) with the mindset of "Can I ride this bike for 6 months or a year and get MORE than what I paid for it." You should clear $500.00 MINIMUM on a sale.
Soon you aquire a nice little stash known as "The Motorcyle Fund" which is immune to all other expenses or spousel demands.
At one point my fund was reaching $6000.00 which was great fun because you can buy some really cool bikes - like a 1991 VFR750 for instance :) - it takes a while to get to that point but it does get there. Soon you'll have people telling you about bikes - "Hey, I got a brother who has a little Honda 450 he hasn't ridden in years - it just sits in his garage." OR "Yeah, I was at a rummage sale and there was a little Suzuki the guy was selling for $550.00 dollars." ...your ears perk up... "Oh really, where is that rummage?" you casually ask.
One note - > 'The Motorcycle Fund' can borrow money from your regular bank account to get a better, more expensive bike if "The Motorcycle Fund" pays the regular account back within two months. This rule is extremely useful if you are married.
GSMETAL - u hit the nail on the head!!!!!
basic rich people think.
and Ladies, read his lips. NEVER BUY RETAIL!!!!!
and "I am never gonna sell it is no excuse" its like "beauty is skin deep" just something ugly people say.
funny thing money and smart decisions. gets you all giddy inside.
I save and pay cash for all my toys also, but a large government settlement bought my last toy... wouldn't want to go thru that shaZam! again for the settlement however.
x
I used to buy everything with cash, but.... then I discovered the magic of credit :o
Bought my Kia a year and half ago, financed it by myself, now I have pretty good credit, good enough that I could buy my 05 and all my gear on my Suzuki credit card :icon_mrgreen:
My school has a manditory co-op program so I'm working full time as a computer engineering student (aka dumb ass grunt programmer) half of the year, and the other half of the year I lifeguard at this shitty pool in the hotel I live in (yeah I live in a hotel owned by my school) All I gotta do is make my monthly payments and I'm all set :thumb:
im 20 years old i am a college student i work part time and make around 14,000 a year.
suzuki approved me for 5,000 credit, which is good considering i have very good but extremely limited credit.
i would like to sell my bike and put that towards the difference of the credit they gave me and the price of a bike.
it would be nice to build credit while having something i absolutely love.
but everyone says dont finance.
any advice?
- Jordan
Pimpin'
you know ive tried that.. but i always wanted to keep all my girls for myself and not share.. so it wasn't very lucrative
- Jordan
haven't you heard?
THe new trick is to find a girl willing to get with a guy and give you all his money. The guy falls in love and gives the girl access to his account. he buys you new shoes. (I saw this on that show Cheaters)
A few of these and you'll be set (and dead ) but set none the less.
But i don't think that falls under pimpin. its more of a hustle.
Quote from: JoChan23 on April 05, 2006, 12:39:42 PM
im 20 years old i am a college student i work part time and make around 14,000 a year.
suzuki approved me for 5,000 credit, which is good considering i have very good but extremely limited credit.
i would like to sell my bike and put that towards the difference of the credit they gave me and the price of a bike.
it would be nice to build credit while having something i absolutely love.
but everyone says dont finance.
any advice?
As long as you know you can make your payments and be responsible, I'd say finance (well put it on your Suzuki credit card, you'll own the bike out right and you only have to pay 100 bucks a month). I look at it like this: when I get out of college, I'm gonna make a lot more money and not have a family to take care of so I'm gonna be a whore and buy expensive shaZam!, and how the hell am I gonna do that with no credit? Plus, your credit score impacts your insurance premiums. It's really up to you, finacing is easier but costs a more in the long run and can get you in trouble
I used to work at Fred Meyer a few years ago....and let me tell ya, it SUCKED. So after 2 years of that I quit and started working for my dad. We sell new and used industrial electrical equipment.
I would tell u who I work for.. but I'd have to kill all of you. then who would I talk too? :cheers:
Buy used. Always. Do the legwork, and find some guy selling because his wife is making him do it. Or find a reasonable deal on a 500F from someone who bought it as a first bike, then wants to sell it after 6 months in order to move up to a GSX-R. :)
Save some cash by using your old T shirts as polishing rags; then wash 'em and wear them some more.
Quote from: LimaXray on April 05, 2006, 01:00:02 PM
Quote from: JoChan23 on April 05, 2006, 12:39:42 PM
im 20 years old i am a college student i work part time and make around 14,000 a year.
suzuki approved me for 5,000 credit, which is good considering i have very good but extremely limited credit.
i would like to sell my bike and put that towards the difference of the credit they gave me and the price of a bike.
it would be nice to build credit while having something i absolutely love.
but everyone says dont finance.
any advice?
As long as you know you can make your payments and be responsible, I'd say finance (well put it on your Suzuki credit card, you'll own the bike out right and you only have to pay 100 bucks a month). I look at it like this: when I get out of college, I'm gonna make a lot more money and not have a family to take care of so I'm gonna be a whore and buy expensive shaZam!, and how the hell am I gonna do that with no credit? Plus, your credit score impacts your insurance premiums. It's really up to you, finacing is easier but costs a more in the long run and can get you in trouble
You sure about that? I'm paying my monthly payment to Suzuki (the actual financer is HSBC Bank) and I'm not the holder of the title. Not until I pay off the loan, then HSBC will send it to me. I'm not sure if you can be making payments and yet still have the title.
Oh, and paying $100 a month isn't a good idea. If you got the 9.99% loan like I did, paying the minimum $100 a month isn't gonna get you anywhere. The interest can eat almost half of that payment up when you first get the bike. So you're paying like 50 a month towards the balance, so 600 a year...dude, you're gonna owe a lot when the 5-year term is up.
I'm a graphic designer by day and sometimes by night if I have some freelance jobs to work on. I can't complain about the side business, but working on a computer all day, and then working on a computer all night can be a bit of a pain.
I paid cash for my bike also. I love buying used stuff! I don't like financing things but many times you can get 0% interest and anytime you can make that work to your advantage go for it! However you must must must have whatever you buy paid off before the rate changes to something like 174% on the original price. :o
My wife and I consolodated a pretty hefty loan onto a 0% credit card that, once we have paid off, will have saved us about $500. Hmmmmm, motorcycle fund? Probably not!
:nono:
Quote from: JoChan23 on April 05, 2006, 12:39:42 PM
im 20 years old i am a college student i work part time and make around 14,000 a year.
suzuki approved me for 5,000 credit, which is good considering i have very good but extremely limited credit.
i would like to sell my bike and put that towards the difference of the credit they gave me and the price of a bike.
it would be nice to build credit while having something i absolutely love.
but everyone says dont finance.
any advice?
- Jordan
As long as you make all your payments on time, you can build your credit score. The higher your credit score the lower your interest rate. That will help when you buy high dollar items like cars or houses. But until your score reaches 700 + you will pay more in finance charges and higher interest.
credit sucks big donkey C**K!!!
if your 20 and just starting out. buy NOTHING on credit. EVER. eat Ramen and sleep in the closest thing to a cardboard box you can.
your student loans are going to be hard enough to pay off. DONT add to it. I know its hard but it can be done. START AT TWeNTY not 40 like most people do.
Don't listen to the guy $80k in debt. listen to the guy who is 26yrs old Debt free and living a great life with KIDS!!. having everything you want is not about being RICH. it is about making the right decisions at the right point in your life.
Some guys are scare to get married and have a family because they don't understand money. they think the only way to live is to not have dependants.
I say FOOOEY!! Most rich people were born Poor. and most of the one who were born Rich have stories of a family member born destitute and made it big.
Money makes money. if you are in debt SOMEONE ELSE IS USING YOUR MONEY TO MAKE MONEY!!!!!!!!!
That should piss you off.
CREDIT IS 100% WRONG. period. It didn't work for your parents, Did it?
I'm a lawyer. Other than my mortgage and my student loans, I don't owe anybody anything.
I am getting ready to buy a new bike, however. And I'll likely get it financed. I'll probably put $3,000 or $4,000 down on one (tax returns rock when you own real estate!).
You know why? Because if I can't afford a bike, then who the f*ck am I?
I work at Corning INC. as a Production tech. I bought the GS cash cause i had paying people money every month. Just bought my wife a 1998 CRV with a trade in of her car, paid cash. And the onlt reason we had to get that because we are having Twin girls in August. That equals "NO CASH"....lol :thumb:
I was able to buy my GS 'cause my mustang got stolen from a shop that was fixing it; then totaled. I got almost 4 grand from the shops insurance (I didn't have insurance on it, was just gonna fix it and sell it). I only paid 800 for the car in the first place :laugh:
Right now I'm asst dept. manager at a Vons (safeway for you nor-cal/every-other-place-but-so-cal people) and I'm hating it.
For those of you with jobs where you sit at a desk and don't have to deal with people...be happy about that. Customer service SUCKS! :2guns: :laugh:
self employed architect.
paid cash for each bike.
I've made $0.64 with google ads since I started using them a month ago... I guess I need a different strategy to reach the amount needed every month for the bike :icon_mrgreen:
Quote from: pantablo on April 05, 2006, 03:57:23 PM
self employed architect.
paid cash for each bike.
And on that note, I really like the windows on the Smith house. That's such a cool design.
I also like the curved glass section wall in the Flyer Entertainment building.
I'm inked in as an internet whatchamacallit doing shenanigan doohicky's for low lifes ... I'm there because it pays well.
The GS was the ONLY thing I have ever financed NEW and plan to pay off the rest of the loan this summer... W00t. O0
Pablo, nice work man! You should try Sketchup , cool program.
usually, i like being able to pay cash. in fact, my car and eclipse convertible i saved up then just paid all at once at a used car dealership.
i did want to find a used bike (gs500f) but used ones were only a few hundred dollars less.
i wanted to do the same with the motorcycle i bought, but the payments were so reasonable i couldn't say no.
$169 a month this includes the payment for the bike itself, insurance, 6 priority maintenace visits, and 1 year of free tires.
i was really happy with my purchase.
Quote from: 3imo on April 05, 2006, 02:42:39 PM
credit sucks big donkey C**K!!!
if your 20 and just starting out. buy NOTHING on credit. EVER. eat Ramen and sleep in the closest thing to a cardboard box you can.
your student loans are going to be hard enough to pay off. DONT add to it. I know its hard but it can be done. START AT TWeNTY not 40 like most people do.
Don't listen to the guy $80k in debt. listen to the guy who is 26yrs old Debt free and living a great life with KIDS!!. having everything you want is not about being RICH. it is about making the right decisions at the right point in your life.
I'm 26 and well over 80K in debt (100% mortgage). I bought my house a few years ago when the real estate interest was really low and now I'm locked on it for 20 years. I'll have my house paid off when I'm in my mid 40's. That's a good thing. :thumb:
Debt isn't neccessarily a bad tihng, just have to be smart about your investements. If you go in deep debt over a few months worth of stupid car/bike loans and credit card purchases, that is bad debt. That's going to be a PITY to pay off and your return on the investment isn't very good. Debt is ok, you just have to commit to the right things.
I just got my first bike a few days ago and paid cash. I pretend to be an accountant. I hope to have a beer pub and be the brewmeister someday. :cheers:
I'm a mechanical engineer at a turbo testing laboratory. 75% of our business is testing large turbochargers (weighing up to 8,000 lbs) for the natural gas industry. We also are doing engine development for the U.S. Department of Engergy, Ford Motor Company and a bunch of other companies.
-Turd.
Quote from: Turd Ferguson on April 05, 2006, 06:15:45 PM
I'm a mechanical engineer at a turbo testing laboratory. 75% of our business is testing large turbochargers (weighing up to 8,000 lbs) for the natural gas industry. We also are doing engine development for the U.S. Department of Engergy, Ford Motor Company and a bunch of other companies.
-Turd.
Mmmm. That is so cool. We're just now starting to learn about 2nd Law thermo stuff with turbines in class. So awesome.
I got a kawasaki good times credit card approved for 5k when I finished MSF and was lookin for my 1st bike. I almost got a new 250 ninja but came to my senses and decided to save up for a 1/2 a year to buy my GS. It was nice to pay it off w/ cash in hand, it took a while to find a good deal tho. I've thought about selling my GS a couple times and financing a newer bike, but i just cant bring myself to do it.
-ash
Quote from: AlphaFire X5 on April 05, 2006, 06:37:21 PM
Mmmm. That is so cool. We're just now starting to learn about 2nd Law thermo stuff with turbines in class. So awesome.
Yes, we used to use a gas turbine to run the turbochargers but it pretty much grenaded itself so now we use a large gas burner. Not as exciting...but much quieter. The gas turbine could be heard some 3 miles away at the Sonic Drive through until we made an intake silencer for it.
-Turd.
Quote from: Turd Ferguson on April 05, 2006, 08:37:06 PM
Quote from: AlphaFire X5 on April 05, 2006, 06:37:21 PM
Mmmm. That is so cool. We're just now starting to learn about 2nd Law thermo stuff with turbines in class. So awesome.
Yes, we used to use a gas turbine to run the turbochargers but it pretty much grenaded itself so now we use a large gas burner. Not as exciting...but much quieter. The gas turbine could be heard some 3 miles away at the Sonic Drive through until we made an intake silencer for it.
-Turd.
How would a turbine tank itself? Blades have too much rotating mass?
Quote from: AlphaFire X5 on April 05, 2006, 08:42:15 PM
How would a turbine tank itself? Blades have too much rotating mass?
PM sent. Didn't wanna hijack.
-Turd.
I don't meant to Rag on those who are in Debt. My parents lived their whole lives in debt. its the American (middle class) way.
My point is this.
say your mortgage payment is $850/month. with a 100% loan you are most likely paying interest only and will for a good long time.
In two years your principle will have gone down ZILCH. NADA. ZERO. You have been paying RENT!!!
(you might get luky and make a buttload of equity, but most don't)
now rewind and instead of buying a house at $850/month. decide to Rent at $550/month. You would be able to put away $300/month.
After two years you have $3600 saved up.
Not alot but more than the sucker who paid the bank to house him.
O'course it is different for everyone and if your in an area where values jump very fast then, its a different story.
MOST areas in america don't go up in value very much.
Trying to buy a house at 100% financing to make a profit of equity, is like jumping off a bridge. You might survive but why risk it.
Assuming, of course, that you actually invest the extra $300 a month. Some people would just see it as disposable income and spend it, leaving them no better off.
Just sayin...
YUP YUP!!
the best bet is to put that extra money and the pennies you save other ways, directly against any debts you have.
KILL your debt. ASAP. even if it take 7 yrs of eating RAMEN noodles and drtinking water instead of coke.
IT is worth it.
This stuff would make a good infomercial...
it does actually.
the product is called "DEBT to WEALTH" check it out.
If you follow the program it will be the best money you NEVER spent.
I guarantee.
Quote from: 3imo on April 06, 2006, 07:30:07 AM
My point is this.
say your mortgage payment is $850/month. with a 100% loan you are most likely paying interest only and will for a good long time.
In two years your principle will have gone down ZILCH. NADA. ZERO. You have been paying RENT!!!
(you might get luky and make a buttload of equity, but most don't)
now rewind and instead of buying a house at $850/month. decide to Rent at $550/month. You would be able to put away $300/month.
After two years you have $3600 saved up.
Not alot but more than the sucker who paid the bank to house him.
O'course it is different for everyone and if your in an area where values jump very fast then, its a different story.
MOST areas in america don't go up in value very much.
Trying to buy a house at 100% financing to make a profit of equity, is like jumping off a bridge. You might survive but why risk it.
I'm with you on reducing debt, but I think you're off on mortgages. If you look at an amortization table you aren't paying much towards principle in the first few years, but it's never nothing. What you aren't factoring in is that all the interest you're paying is tax deductible. Even if you don't live in southern California your property values are going to go up. We live in a little town with a population of about 1500 people. We purchased a house 3 years ago for $109k. We recently had it appraised for $150k and could probably sell it for about $140k. There's nothing wrong with renting, but I don't think you'd save enough over buying to make it a default decision. Just go with whichever one you prefer.
ah my dear watson.
It's much more than that.
I was rushing. but heres the deal. If you buy a home at $100K at 100% financing and STAY in that house for 40yrs. then No harm done.
not to shabby. most people move around a bit.
in that case that same house you financed at $100K paying interest only after two years you still owe $100K. But it went up in value and is now worth $110K (interest only loans are INTEREST ONLY!!!!!) 100% financing is almost always interest only for FIVE years!!
Wow GREAT you made $10K and you have to move. cool. money in your pocket, right?
ERRRRRRRRR.... WRONG. a realtor takes 3%.....each realtor. the sellers and the buyer.. so thats. 6% of the current vallue $110K
you will pay the realtor $6600 to sell your house. and who will pay the closing cost of about 4%? 8 times outta ten. The seller. $4400
if your lucky you will break even. even in todays great house market. Most of AMERICAs property values trikle up. barely above inflation.
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My default decision is based on 100% financing. you will always do better renting unless you keep the house for more than ten years.
ALWAYS.
If you need 100% financing to buy a house, then you cannot afford to buy a house. (unless you will keep the house for a very long time)
Quote from: 3imo on April 06, 2006, 07:30:07 AM
say your mortgage payment is $850/month. with a 100% loan you are most likely paying interest only and will for a good long time.
In two years your principle will have gone down ZILCH. NADA. ZERO. You have been paying RENT!!!
(you might get luky and make a buttload of equity, but most don't)
now rewind and instead of buying a house at $850/month. decide to Rent at $550/month. You would be able to put away $300/month.
After two years you have $3600 saved up.
How do you get that you don't pay any principle down on a mortgage rate? After 2 years, your loan amount most certainly goes down. You may have been confused by my wording that I'm in debt 100 % mortgage. I meant, I'm in debt only because of my mortgage. No car payments, credit card payments, school payments, bike payments. Just mortgage. My debt is 100% mortgage debt.
Interest rates are rarely 100%. If someone had a 100% interest, I agree with you, it's better to rent. If you didn't pay your principle down, you're doing no better than someone who is renting. Everytime you make a mortgage payment, a piece of it goes towards principle which lowers your loan amount. It's like you're paying a percentage to yourself every month because you are going to see it come back when it's time to sell. When you rent, you are paying 100% to someone else. You don't ever see a dime back from them.
EDIT - I just saw your post above. I pretty much agree with that.
100% financing is for those who cannot afford a down payment.
It is actually two mortgages (and they can be sold to different companies)
one is 80% - what the bank will approve you for
the other is 20% - -the bank is loaning you the money to make the REQUIRED 20% down payment.
basically since you are too broke to come up with the 20% down payment, the banks puts it arm around you shoulder and say "hey we can help"
then they proceed to put one hand on each shoulder and pound away. you hardly feel it though cause they grease you up reallly well.
It might take a year or two before you realize you got f%&ked!!
I agree the if you're 20 you should probably stay away from credit unless you are responsible and don't feel the need to always go swippy swipe swipe. I know several people who have totally screwed themselves.
While I'm a full time student, I work all the time, right now I'm at work, on a co-op as a programmer / system administrator, I make a lot more money in a year then most 21 yr old college students. I make sure I make more then I spend. I owe on a car, but I need a car, I got screwed in a deal with a used car, so I just said f' it I'm getting a new one. Got the cheapest one I could find that I fit in (I'm 6'6") and just make payments every month. For the GS, I wanted one before I took the MSF course, and didn't have the cash right then. I don't plan on keeping that debt for very long.
As for the Suzuki credit card, you do own it out right, there is no lean on the bike, it's the same as using your Visa or Amex or whatever to pay for it.
I do think building some credit is a good idea. When I graduate, I need good credit because I am going to buy a house, I will never rent. Real estate is one of the best investments you can make. My parent's house DOUBLED in value in the past 5 years. What other investment gives you that kinda return? Also, around here rent is at least as expensive as morgage payments, and often more. But maybe thats because of where I live...
Quote from: 3imo on April 06, 2006, 10:01:32 AM
100% financing is for those who cannot afford a down payment.
It is actually two mortgages (and they can be sold to different companies)
one is 80% - what the bank will approve you for
the other is 20% - -the bank is loaning you the money to make the REQUIRED 20% down payment.
basically since you are too broke to come up with the 20% down payment, the banks puts it arm around you shoulder and say "hey we can help"
then they proceed to put one hand on each shoulder and pound away. you hardly feel it though cause they grease you up reallly well.
It might take a year or two before you realize you got f%$kED!!
Now we are on the same page. :thumb:
Glad I did my research and put more than 20% down. :)
HSBC has my title, that's for sure. I called them when I was about to pay it off and they have it. I have no idea if our states have different laws. But I'd sure like to get it out of their grubby little grips.
the suzuki credit card might just be a new promotional thing dunno :dunno_white:
I work as a IT Manager and pay cash for my toys, (always new)
Mercedes Benze ML350,
Jeep Wrangler,
GS500F,
Yamaha RD350,
Kawasaki KB100,
Yamaha RX100
and a Vespa PL170.
I almost got dupped on that motorcycle financing scam.
You come in they say "yeah we'll finance you". and you end up with a credit card @ 24%APR
ah... Never fails. I should start a loan company.
No they give you a nice low introductory 10.95% APR for 60 months, then it goes to 17.9% after that. If you stop paying your bills it will go up to 21.9%. I don't think I could have financed it for much less, and any differance is worth the owning it out right IMHO.
Looking back, I should have just applied for one of those 0% APR for a year credit cards deals I see every where and used that and just paid it off within a year. Oh well...
thats still an option.
you can use a 0% card to pay off the other, but there are some dangerous pitfall to this. and you must read all the fine print.
credit cards suck.
paying one credit card with another is a 'balance transfer' :bs: and they rape you in the ass for doing that... no biggy, it will just motivate me to pay it off that much quicker
and no, credit cards are not your friend, and I've learned there is usually a catch that you have to search the fine print to find
Quote from: LimaXray on April 06, 2006, 11:56:16 AM
paying one credit card with another is a 'balance transfer' :bs: and they rape you in the ass for doing that... no biggy, it will just motivate me to pay it off that much quicker
and no, credit cards are not your friend, and I've learned there is usually a catch that you have to search the fine print to find
some do and some don't if you can do it just once to 0%APR that raises to less than the original APR it might turn out ok.
But danger lurks . u must read everything. they suck. I have a corporate card. I have no qualms using it though. I don't get the bill. hahahaha
for example, I got an offer that said "0% APR ON BALANCE TRANFERS FOR A WHOLE YEAR!!!" but when you read the little booklet thing they give you it tells you how you have to pay a 10% fee. That's just not worth it...
I use a credit card like cash...............But it gets paid in full every month. I have paid for my toys by budgeting but I had to finance my F150 and of course student loans, which I'm still paying for.
Quote from: Cannon Fodder on April 06, 2006, 12:18:15 PM
I use a credit card like cash...............But it gets paid in full every month.
+1... kind of a convenience thing
I pimp myself!!!! LOL :laugh:
I work my ass off making windows (stop laughing, seriously i put the two pieces of glass together and PRESTO!)
I have:
2002 Sunfire
2005 GS500F
i work at NTB (Tire Kingdom) full time as well as go to college full time... and i have credit card debt!
i don't work, and gf buys me the toys :icon_mrgreen:
but the bike was bought with suzuki credit. they gave me like 7000 credit aftre i told them I was unemployed :dunno_white:
how does that work!? does she have a sister? its always been the other way for me, and damn women can be freaking expensive
Bought a new 2005 GS500F, personal check OTD. Like others, I searched for a used one, but they're few and far between (even in so. cal) and usually only a few hundred $ less than new. This way, I thought I could break the engine in right, drive it sensibly, and not crash.
Right. So I crashed it at 575 miles. :oops: Fortunately I insured it. Unfortunately, my insurance premium's gonna go way up next year. Hope I can afford to keep riding it.
I also bought a new VW golf in 2002. I echo the debt thing: don't go into debt unless it's a mortgage (that's "good" debt) or it's something you really have to have (like a car). I use a credit card just to get the airline miles--I make sure to pay it off each month.
I don't make much money at the job, but I am lucky:
1. Was in computers during the .com boom of the '90s;
2. Am frugal by nature;
3. Bought a condo in San Francisco before prices were outrageous; doubled its value in 7 years, then sold and moved to cheaper so. cal
I no way am I trying to start something just my stupid opinion.**** I mean no offense
there is no such thing as "good debt" unless you plan on living your life that way. It's OK. Most people do.
but think about it this way, if you plan on being well off sometime in the future.
how much "good debt" is Bill gates in? Bill cosby? Oprah? any one of the millionaires of this country?
"Good debt" is like "healthy fat" , "beauty is skin deep", "not bad looking", "pretty in an ugly way"
A mortgage IS a GREAT investment. probably the best a middle class person could ever hope for "IF and ONLY IF" it is treated as an investment.
Like the condo you bought. double its value.. awesome. but most people treat their property as another credit card and would have refinanced to put the equity in their pocket. :nono: :nono: :nono:
I would agree with you 100% had you replaced "good debt" with "investment"
but thats just semantics. I don't mean to offend, I just really hate credit cards and debt.
America's middle class will not survive if it continues as our parents did. It's the new AMERICAN WAY.
I think it's funny and Ironic. America's middle class lives better but owns nothing and owes 100's of 1000's in debt.
the poor own nothing but owe nothing either.
??? who is better off ??? those in debt or those with nothing? mmhh tough one.
Get me a job where I make half as much as cosby, gates, or oprah and I swear to you I will never buy another thing on credit so long as I live.
I promise! But for now, I plan on racking up piles of debt while having a good time at the pub.
eh... to these people saying never finance anything: :flipoff:
I'm 21, work as an information systems specialist. I make great money for my age, sh!tty money for my job. I work full time, of course, and am going to school full time (~13-16 hours depending on my mood at the beginning of the semester)
I bought my first house about 4 months ago (got a great loan... 4.5%, 30 year fixed, 1.5% down w/ NO pmi...)
I have 3 vehicles.. a 98 ranger (paid cash...) 03 sv650 (paid cash....) 05 zx6r (financed @ 4.9%)
Here's my mentality... I'd rather eat what im paying in interest have fun... you can't spend your entire life stock piling your money until "your comfortable paying for everything in cash...".. Have some fun, live a little. You won't be young forever.
Quote from: 3imo on April 06, 2006, 10:01:32 AM
100% financing is for those who cannot afford a down payment.
It is actually two mortgages (and they can be sold to different companies)
one is 80% - what the bank will approve you for
the other is 20% - -the bank is loaning you the money to make the REQUIRED 20% down payment.
basically since you are too broke to come up with the 20% down payment, the banks puts it arm around you shoulder and say "hey we can help"
then they proceed to put one hand on each shoulder and pound away. you hardly feel it though cause they grease you up reallly well.
It might take a year or two before you realize you got f%$kED!!
Not entirely true. Some banks (especially around the DC area) do handle 90-130% Jumbo Loans. That's a single Loan for the entire purchase price (or more). The 20% down is not really a requirement, but it makes banks feel better about their investment. Something to keep in mind, if you're LTV (loan to value) is more than 80%, you also get to pay PMI (Private Mortgage Insurance) which is not cheap.
To clarify something in case it confused anyone else. When you're talking about an Interest Only Loan, that's a (for example) 30 year loan that is structured as 5 years of Interest payments and then 25 years of Principle and Interest. It allows many banks to offer an "affordable" rate to someone who generally cannot afford to live in the house anyway. Some Interest Only's are a 3 (or 5 or 7) balloon loan - essentially a lease where you pay interest for a few years and then owe the balance if you don't refinance. The worst I've seen was an acquaintance who had a 110% Jumbo Loan that was Interest Only. A 400k house that he owed 440k on. How much does that suck.
Luckily, the market around NoVA/DC is still rising for entry to mid level places. I bought my condo for 101k just under 4 years ago and I listed it for $245 today. Unfortunately, the townhouses that my fiancee and I were looking at a year ago have gone from 420k to over 500k. Sucks. But that's life around here. Oh - and market rent for a place big enough for 2 ppl, some pets. and a kid in a few years .... is around 2500-3000/month. Plus condo fees :)
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