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Old 01-07-2022, 02:05 AM   #21
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If you are using discretionary income, then won't have a problem. I wasn't blessed with a whole bunch of discretionary income, so I had to be pretty careful how I spent my money. And the wife was careful, too. In fact, she did most of our investing -- we bought Microsoft instead of boats. Now that we are in our 70's, we have a couple million beyond our retirement nest egg, to do with as we wish. Its not a lot, but it keeps us off the streets. Unfortunately, we have been in the saving mode for so long that we feel guilty when we spend money. We are still kicking ourselves for buying the Magnitude, but we'll get over it -- as we should.

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Old 01-07-2022, 02:15 AM   #22
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I have never bought a single thing to expect monetary gain.
No stocks, no bonds, no speculations.(except flipping cars and that was a job, not an investment)

Oddly, and I know it's odd, we've always thought to make enough money that we didn't need to speculate or gamble.

Overtime at works pays 150% or 200% and is post tax at about 25% for two hours a day. You can't lose it on a whim about pets.com, or Enron or Baptist Bible Credit Union.
It's pretty hard to beat.
Those days are over for most of us.
A part time job/side-gig adds sssso much if you don't get stupud and build it into the budget.

So,
No tales here.

Lots and Lots of toys, no tales of conquests.

Tell your children.
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Old 01-07-2022, 02:57 AM   #23
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Our previous house, purchased in the early 1990s, came with a pre-paid American Home Shield warranty. It was likely lopped into the listing price, but I really beat on the seller... I got a deal one could only dream of now.

We made out like a bandit... new range, new garbage disposer, new commercial grade sump pump, sleeved gas service line. There's probably things I've forgotten.

That has ALL changed now... they wised up I guess.

Moral to the story... sometimes you come out ahead, but most of the time the insurance company wins. Otherwise they wouldn't be marketing the product.

Where do you think those millions come from to pay for sports stadium naming rights and television/internet ads? Yep... THE PEOPLE WHO BUY THOSE OVERPRICED POLICIES!
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Old 01-07-2022, 03:20 AM   #24
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Actually, Pete, I do not have life insurance. I did when I was young and had a family, but I don't now. If I was strapped for cash and buying an RV, then the best thing for me to do would be to get in the pickup and head for home.

An RV is a bad, bad, bad investment that should never be undertaken by anyone who has to make payments. Its just not a wise financial decision for the long run -- neither is a boat, hunting, fishing, airplane, or atv. Don't do it! Save your money for when for when you are older, the kids are grown, and you can afford to pay cash for your toys. If you have to live from month-to-month, paycheck-to-paycheck, then you are doing something wrong.

If you think the kids will miss all the "camping experiences", then buy a tent and let them know what real camping is.
Just examine your individual situation. I have investments that have made gains of over 11% for the last several years. Why not buy on time when the interest cost is less than 5%? Use other people's money when you can OPM

Alajeu
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Old 01-07-2022, 04:05 AM   #25
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Just examine your individual situation. I have investments that have made gains of over 11% for the last several years. Why not buy on time when the interest cost is less than 5%? Use other people's money when you can OPM

Alajeu
Good point and the same one my advisor told us.
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Old 01-07-2022, 11:35 AM   #26
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Lottery is at $610m. Buy tickets. Use power play. Maybe in a few years you’ll win!
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Old 01-07-2022, 01:14 PM   #27
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Originally Posted by alajeu View Post
Just examine your individual situation. I have investments that have made gains of over 11% for the last several years. Why not buy on time when the interest cost is less than 5%? Use other people's money when you can OPM

Alajeu
That's pretty much how I operate too. But a lot of people don't and when dad, mom and the 2.5 kids show up at an RV dealership on a warm bright sunny Saturday spring day and they all HAAAAVVVVEEE to get it. They are ripe for the fleecing at the finance dude/dudettes table. 100% financing plus TTL, ESP, tire warranty, interior and exterior sealants, and 260 "free nights camping" all rolled into the loan. Oh and full MSRP because of the "shortage" of RVs, never mind there are 30 identical ones on the lot all "presold", and off they go in there 10,000# GVWR trailer being towed by their Honda Ridgeline because the dealer said that was plenty of truck. Off in search of that pristine lakeshore with the camper parked along the shore with the kids and dogs running gleefully in the meadow like the CW ad.

They went in with one requirement, payment amount and they got it. Never mind that the RV they got has a 10 year life expectancy and they got a 20 year loan.

I won't detail what happens next because we all know what it is.
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Old 01-07-2022, 01:18 PM   #28
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Lottery is at $610m. Buy tickets. Use power play. Maybe in a few years you’ll win!
I looked in my wallet last night and found a fresh crisp $100 bill. This morning it's still there so I won $100.
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Old 01-07-2022, 01:33 PM   #29
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Originally Posted by alajeu View Post
Just examine your individual situation. I have investments that have made gains of over 11% for the last several years. Why not buy on time when the interest cost is less than 5%? Use other people's money when you can OPM

Alajeu
Exactly. Why pull out all that cash, pay (22-25%) on federal taxes, then you put yourself in a much higher tax bracket. I personally do not see a benefit of pulling out that much money if you can make more than the interest your paying on the loan. Also, for those on Medicare, pulling out that much can significantly raise your medicare premium for the next few years until your income goes back down. . Happen to my neighbor. ($165,000 but less than $500,000 will cost you $544.00 each for medicare premiums)
IMHO, (Most of the time) paying cash is more a psychological (feel good) thing than anything else.
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Old 01-07-2022, 01:36 PM   #30
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Originally Posted by Jimbo56 View Post
Lottery is at $610m. Buy tickets. Use power play. Maybe in a few years you’ll win!

According to the New York Daily News, 70 percent of lottery winners end up broke within seven years
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Old 01-07-2022, 04:55 PM   #31
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According to the New York Daily News, 70 percent of lottery winners end up broke within seven years
Kind of related to my story above.
'I am going to invest my lotto windfall in xyz.'

Why would some uninitiated goof need to invest $300,000,000?
FDIC that money(there are brokerage houses who specialize in this) across a few hundred accounts, drain them one at a time.

It slays me when I read of a truck driver investing his winnings.
Sheep are for shearing.
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Old 01-07-2022, 05:17 PM   #32
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Kind of related to my story above.
'I am going to invest my lotto windfall in xyz.'

Why would some uninitiated goof need to invest $300,000,000?
FDIC that money(there are brokerage houses who specialize in this) across a few hundred accounts, drain them one at a time.

It slays me when I read of a truck driver investing his winnings.
Sheep are for shearing.
Other options are Sealy and Serta
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