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Old 08-29-2007, 03:57 PM   #61
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that's great but I'll take the highs and lows over mediocre **** for everyone
Well then you wouldn't make a very good socialist.

**** the poor I say, as long as I ain't one of them.
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Old 08-29-2007, 04:11 PM   #62
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I'm not talking about the real estate fly by night prospectors who went major in debt getting interest only loans assuming the housing bubble would never burst or even level out. I'm talking about carrying a standard 30 year mortgage. My money is building a lot better in an SP index fund that and other index funds it would be paying down a measly sub %5 mortgage. Hell, I get more interest from an online savings account than I do paying down that mortgage.

For you homeowners or potential homeowners out there. A good read:

http://www.ricedelman.com/planning/home/BLTmortgage.asp

Frank
hooray for index funds! index funds are the reason I have money invested and not paying off my credit cards. the net rate of return is slightly higher for me personally. if you have a 35% APR on your credit card, well maybe that's not so good!

Unfortunately the S&P took a dump lately but so what, long term is the only term for that kind of investment. Plus it's in my IRA so I can't cash out anyway.
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Old 08-29-2007, 04:57 PM   #63
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Frank, Jay, Ben agreed. I keep my money liqiud. I don't make much anyway. Most goes in the car or to paying bills where i live or helping my dad or lil sis if they need or want anything.
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Old 08-29-2007, 07:22 PM   #64
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~$90K mortgage
~$55K education
~$3.5K credit card

Needless to say the credit card is the least of my worries I don't plan to pay back my student loans for a while... the month my grace period expires I'm going to start grad school so I can push them off a bit longer. Horrible way of handling it, but eventually my income will be significantly higher than it is now.... then I'll deal with it.

Personally, I don't do "personal debt". It's just bad karma to borrow money from a friend, or agree to purchase something and take possession before ponying up the dough.

I'll never shaft another member or a friend like that without a damn good reason (like they **** my wife/sister/mother/brother/etc).
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Old 08-29-2007, 09:43 PM   #65
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I have my mortgage(15-yr, only 7 to go!!)and a payment on 1 of our cars. Haven't paid CC interest in 15 years - if we don't have the cash, we just don't buy it. Marrying the right woman helped out a lot on this one - she's more reluctant to spend than I am.

Unless I'm reading wrong, it seems to me that the regulars here as a group have a pretty rational attitude towards money - I mean, how many have a fully tricked-out factory FM II(or BEGI, or Jackson acing.....) set-up? Or any number of big-dollar fast cars, for that matter.And I'm sure it's not just the technical challenge of building a low-buck FI package. They own their toys, their toys don't own them.

I live in Fairfield County - Poseur Central. I know so many people who are over their heads it's scary. A woman we know was squeaking about going to credit counseling because they have like $70,000(!) in CC debt and no savings. Between them, she and her husband make well over $150K, and their condo cost maybe 200K. But, she drives an A6 4.2, he has an E55, both on 3-year leases; they eat out 5 or 6 nights a week,.....
I can't see too many of you guys going there.

That's all, I've kissed your collective *** enough for now.
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Old 08-29-2007, 10:07 PM   #66
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Originally Posted by Arkmage View Post
~$90K mortgage
~$55K education
~$3.5K credit card

Needless to say the credit card is the least of my worries I don't plan to pay back my student loans for a while... the month my grace period expires I'm going to start grad school so I can push them off a bit longer. Horrible way of handling it, but eventually my income will be significantly higher than it is now.... then I'll deal with it.

Personally, I don't do "personal debt". It's just bad karma to borrow money from a friend, or agree to purchase something and take possession before ponying up the dough.

I'll never shaft another member or a friend like that without a damn good reason (like they **** my wife/sister/mother/brother/etc).
******* student loans
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Old 08-29-2007, 10:33 PM   #67
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***-ton of car parts cc debt. **** I had to have, plus a bit of school debt.

Working two jobs seven days a week until it's gone because I hate Fing cc payments they can die
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Old 08-29-2007, 10:38 PM   #68
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******* student loans
Too true. I did Hustler's bit to get out from under them - 2 Years living in either a company double-wide in Satsop, WA or some low-rent motel nearby. Talk about teh suck - 3000 miles from GF and home. But I made enough to pay them off, and came back with enough to buy a used car and buy an engagement ring.
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Old 08-29-2007, 10:52 PM   #69
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Originally Posted by xturner View Post
Too true. I did Hustler's bit to get out from under them - 2 Years living in either a company double-wide in Satsop, WA or some low-rent motel nearby. Talk about teh suck - 3000 miles from GF and home. But I made enough to pay them off, and came back with enough to buy a used car and buy an engagement ring.
I pay them off slowly, I have more than he does though.
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Old 08-29-2007, 11:00 PM   #70
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Well, I rent right now. My father is ill and can't work much now, and he owns this property. I figure for the time being, if I'm going to be paying money to someone for a place to stay right now anyway, it may as well be him.

Of course, I will buy when the market calms down and i get a little better established at my company.

I have a car note, and a credit card bill of a couple thou, mostly from car parts for the miata. I should have that paid off in a month or two. I've been with this credit card company for years now, and my credit score is excellent, so my rate reflects that. If you carry debt, it is very important to pay your bill promptly and develop a good relationship with the lender.

I have been building a savings account for a while now, too. I intend to invest when i have a little saved up for a rainy day.
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Old 08-29-2007, 11:21 PM   #71
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4k on a credit car. about 15k in Student loans and counting.

**** me.
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Old 08-29-2007, 11:40 PM   #72
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truck payment, not for much longer though.

and soon(hopefully) a mortgage for more than the house is worth, gotta love this economy.

other than that no debt ever really. Cars and parts cash, not having or wanting a cc helps though.
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Old 08-29-2007, 11:42 PM   #73
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a mortgage for more than the house is worth
WTF? That is NOT a good thing. Ususally you want your mortgage to be much lower than market value of the house. Tell me you wrote that wrong.
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Old 08-29-2007, 11:52 PM   #74
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first I hate all of you that have less the 50K in student loans...

i am sitting at 80 to 90k as of right now, but I only have one more loan left till I am out and it should only be for 4Kish.


I am really shocked to see how much everyone here saves and uses their money.
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Old 08-30-2007, 12:16 AM   #75
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whatever, shocked about our money habits. it took me 14 years to get to "mediocre" amounts of debt! I went to a prestigious state school so I got a real bargain on my education. Sure I can't say I went to MIT but I also can't say my tuition for one quarter was 15,000 either. I think that was my total annual expenses including food!
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Old 08-30-2007, 12:18 AM   #76
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^ exactly. and I'm getting ready to pay a massive credit card payment...so trying to keep debt to a minimum...
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Old 08-30-2007, 01:15 AM   #77
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Originally Posted by y8s View Post
whatever, shocked about our money habits. it took me 14 years to get to "mediocre" amounts of debt! I went to a prestigious state school so I got a real bargain on my education. Sure I can't say I went to MIT but I also can't say my tuition for one quarter was 15,000 either. I think that was my total annual expenses including food!
Yea, well my career choice kinda cause me to go to a private college for Art. Stupid Animation. My Classes are about 1500 a class on a quarter system. The scary part is that SCAD cost even more then my school.

Atleast I am learning a **** ton, and its all hands on, that and I will enjoy work.

All i care about is getting out of school and getting my debts paid off. I don't care about been rich, I just want to get to a point where I have a good housing, zero CC debt, school debt or car payments. I won't mind a mortgage cause atleast I would be paying into something that won't be decreasing in cost per month/yr.
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Old 08-30-2007, 09:53 AM   #78
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not my problem
I never said it was i just thought it was funny.
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Old 08-30-2007, 10:23 AM   #79
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Some bitch sued me back when i was 18, because my insurance company didn't pay her enough for her 2000 S500. And I rear ended her in my beater GTI that I was carrying the lowest possible "just liability" on. (My tires were not so good in the rain.) So Instead of paying off my debt to her, I agreed with the court that I was going to make monthly payments. (I could have paid it in full, but I didn't want to because I know she had the means to pay for it herself.) So I have been paying 25.00 a month (Minimum payment.) for the past 7 years, just to be a dick about it. I wanted to make sure that she never enjoyed a single cent of the amount owed. (I only owed 2400, and now I will owe 225.)

I think with my final payment, I will attach a note letting her lawyer know that I could have paid it in full anytime i wanted to, and I just did montly payments to be an ***.
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Old 09-02-2007, 12:59 AM   #80
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Ran up $125,000 in credit card debt when I had my ISP business. I paid it all off (when I sold the company). The only thing I owe is $28K on my $250K house. I'll never borrow money again for the rest of my life. Currently, I don't put any money at all in investments (except 3% to get company matched 401K money). NO, it isn't the smartest thing in the world (paying off your house at 5.25% INT instead of investing in the market) but it is a decision that I am happy I made. 3 years from now when I am 100% debt free and maxing out my 401K/Roth I'll be one happy bitch!
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