64 months and 112000 miles later...
#11
The whole idea of paying a car off..... is so you have no more car payments, never mind keeping on making payments to yourself. If someone is going to keep on "making payments" to themselves so they never have to finance a car, they should just lease their vehicles instead. When you keep on paying yourself a payment with interest, you really aren't doing yourself any favors. I have bought myself 3 new cars since 2001 and not one time did I have to pay any interest on any of my loans.
I am all for the idea of putting some of the money away in savings, but now is when the OP should be able to treat himself to some other things that he couldn't afford to do, when he still had a payment
I am all for the idea of putting some of the money away in savings, but now is when the OP should be able to treat himself to some other things that he couldn't afford to do, when he still had a payment
#12
The whole idea of paying a car off..... is so you have no more car payments, never mind keeping on making payments to yourself. If someone is going to keep on "making payments" to themselves so they never have to finance a car, they should just lease their vehicles instead. When you keep on paying yourself a payment with interest, you really aren't doing yourself any favors. I have bought myself 3 new cars since 2001 and not one time did I have to pay any interest on any of my loans.
I am all for the idea of putting some of the money away in savings, but now is when the OP should be able to treat himself to some other things that he couldn't afford to do, when he still had a payment
I am all for the idea of putting some of the money away in savings, but now is when the OP should be able to treat himself to some other things that he couldn't afford to do, when he still had a payment
"Making payments" to oneself is no more than a savings plan. Using a separate account allows that person to see and use that money for a specific purpose at their OWN will and time. If they want to skip a payment or two..no problem. Having all your stuff always owned by banks in this age of economics is not a good idea.
*DO you realize after 25-30 years of doing that he will have far far more than he will ever need to buy a car? We did the same on our house. 15 year loan paid of 10 years ago and still made the payments.
Disciplined savings. That's all. I was not even 40 when our house was paid off.
IF he uses that money on other stuff he will always be bank owned. Increasing INCOME should be used for those other things. Like in business. The best way to grow is increase income not cut expenses.
My income could stop tomorrow and I would lose nothing. Maybe cancel cable and eat beans until I found another part time job to get out of the house.
Now if he was going to buy a home or invest that is the same thing as saving. But if he was going to spend that money on more toys......Well he will be owned by the MAN for the rest of his life. Anyone who has lost a job and owes money on stuff knows the repoman. Banks are not your friends. They WANT to OWN you and your stuff.
#14
The difference between your idea and mine is if or when the income stops for any reason you do not get your home or vehicles or anything NOT bank owned taken from you,
"Making payments" to oneself is no more than a savings plan. Using a separate account allows that person to see and use that money for a specific purpose at their OWN will and time.
"Making payments" to oneself is no more than a savings plan. Using a separate account allows that person to see and use that money for a specific purpose at their OWN will and time.
I do have 4 savings accounts (plus 3 checking and multiple retirement accts) that I use regularly, with 2 of them into five digits and a couple of others in the high 4 digit ranges. I do "use them" for different reasons, so maybe we think more alike than originally thought.
#15
I see your point here. I guess sometimes it's just a little hard to convey our complete thoughts online, with just a few sentences.
I do have 4 savings accounts (plus 3 checking and multiple retirement accts) that I use regularly, with 2 of them into five digits and a couple of others in the high 4 digit ranges. I do "use them" for different reasons, so maybe we think more alike than originally thought.
I do have 4 savings accounts (plus 3 checking and multiple retirement accts) that I use regularly, with 2 of them into five digits and a couple of others in the high 4 digit ranges. I do "use them" for different reasons, so maybe we think more alike than originally thought.
Little different than the HHR....and the NAV is nice. Using my old Gamin on the bike now.
My wife convinced me to buy something more than what I had, I had an HHR at one time and sold it rather than buy another and bank $12000. She thought I would tired of it again if I bought another. I could get something nice with the Tacoma money and add a grand. SO I bought this loaded 2010 Infiniti EX35 Journey "rocket" with 27K on it with my Taco money. "Payment" went up $10 a month because I had to add a grand.
It takes time but if one becomes their own bank there are a lot of options. Especially if one loses a job, wants to find another job or eventually work part time in their late 40's. The sky doesn't fall in.
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