Thread: Drive Free Cars - Spend Wisely, Retire Rich, Good Financial Advice...srsly

I don't think I will ever buy a brand new car in my life. For some reason people are wary of used cars but you can buy used vehicles on the cheap. My truck is a 2002 Ford F-150. I bought it in 2004 with 25,000 miles on it for half of what it cost brand new. And the truck was pretty much brand new. I plan on keeping it until I at least have 200k miles on it. I'm at 125k right now and I have had no major problems with it.

Originally Posted by flame

I've got 8 years on a $2,000 truck, with repairs a $6,000 truck. It makes a big difference. Now if only I would make a car payment to my savings....

Thats how I feel...if i had the money to save i would...

Originally Posted by Nuckle

Moderation is the key as it is with so many things. I am not suggesting that debting yourself to the point you can't afford it is smart. I just think Dave is way to extreme. If you can easily afford a new car and want one then get one. If you have $500 per month extra and its payment is going to be $480 then do not do it. Pay enough down or keep enough cash on hand to pay the depreciation. I owe less on everything I own than it is worth but still have things financed. I have no plan to have my house paid for until I am 65 and if given the cash to pay it off today I would not. I would probably buy a lake house. I plan to pay my boat off in the next 3 years and the Z car in the next 12 months. I would much rather had enjoyed them during this time than to have waited until I could have paid cash for them. Life is way too short and could end tomorrow. I am well insured to protect my wife from financial hardship should my ticket get punched. My expenses are set up on 60% of my average earnings. I keep 6 months worth of cash on hand to weather a storm and invest some money for the future. All that said, I still have debt.

Originally Posted by ATEXANnHISGUN

living for the now always bites you in the ass always unless mommy and daddy are rich.

Always is a strong word. I also think you may have took my post the wrong way. I am not suggesting maxing yourself out is the way to go. I am just saying paying cash for everything is not for me. Trust me, I have no bail out plan. Daddys is MIA and Mommy is not rich. I do have an unfucking believable will to survive and desire be successful. I am sorry shit went down hill for you but that does not mean that it will for me.

Like I said, to each his own.

I'm not a complete Ramsey-ite but his principles are sound and you can't argue with the wisdom of not indebting yourself to anybody. The fewer people with their hands out looking at me for my paycheck every month, the better. That's where I get security in the temporal sense. I owe the bank a mortgage payment...and that's it.

It puts me in a position to have about 70% of my monthly income working for me to ensure an early retirement and a hefty emergency fund. Nothing wrong with that at all!

If it's working for you, that's great. More power to you, and all that jazz.

I think my post was originally clearly pointed toward the younger folks here - fresh out of school or still in school who are about to make some life-direction-setting decisions about finances.

I won't always have a carpayment. I refuse to pay the bank like that. To each his own though. My cars are transportation, not life affirming experiential vehicles, lol.

Also paying cash can help you get a better deal outright.

Originally Posted by Nuckle

Moderation is the key as it is with so many things. I am not suggesting that debting yourself to the point you can't afford it is smart. I just think Dave is way to extreme. If you can easily afford a new car and want one then get one. If you have $500 per month extra and its payment is going to be $480 then do not do it. Pay enough down or keep enough cash on hand to pay the depreciation. I owe less on everything I own than it is worth but still have things financed. I have no plan to have my house paid for until I am 65 and if given the cash to pay it off today I would not. I would probably buy a lake house. I plan to pay my boat off in the next 3 years and the Z car in the next 12 months. I would much rather had enjoyed them during this time than to have waited until I could have paid cash for them. Life is way too short and could end tomorrow. I am well insured to protect my wife from financial hardship should my ticket get punched. My expenses are set up on 60% of my average earnings. I keep 6 months worth of cash on hand to weather a storm and invest some money for the future. All that said, I still have debt.

Originally Posted by ATEXANnHISGUN

living for the now always bites you in the ass always unless mommy and daddy are rich.

Always is a strong word. I also think you may have took my post the wrong way. I am not suggesting maxing yourself out is the way to go. I am just saying paying cash for everything is not for me. Trust me, I have no bail out plan. Daddys is MIA and Mommy is not rich. I do have an unfucking believable will to survive and desire be successful. I am sorry shit went down hill for you but that does not mean that it will for me.

I was careful too, maybe it wont happen to you <shrug> I thought it wouldn't to me ; I watched it happen to every one else but never me, then one day it was my turn , a calamity of errors that were large enough to put me under because i was working with out a safety net.

and i guess that was my real point , live for the day! I agree but also build a safety net for your self, so if shit does hit the fan one day your covered. but hey I'm just making a suggestion from my own personal experiences and those of people around me.