Learning about investing money...?
09-16-2008, 07:01 AM
#21
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Originally Posted by f20milo,Sep 16 2008, 12:35 AM
Whats with the insults?? First off, Im no idiot. Maybe your friend is but im NOT.
I might have gotten in debt for the wrong reasons but hey, you live and learn..
Plus, I wouldnt have bought the car knowing I couldnt have paid for it.
I am not going to risk screwing up my credit for any car. Here in USA your nothing without credit.
And im certainly not going to screw that up for a stupid car.
If I knew there'd be a chance that I couldnt pay for it, I wouldnt have bought it.
I might have gotten in debt for the wrong reasons but hey, you live and learn..
Plus, I wouldnt have bought the car knowing I couldnt have paid for it.
I am not going to risk screwing up my credit for any car. Here in USA your nothing without credit.
And im certainly not going to screw that up for a stupid car.
If I knew there'd be a chance that I couldnt pay for it, I wouldnt have bought it.
09-16-2008, 07:15 AM
#23
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The reason I said troll was the story doesn't add up well. You're 23, you've been unemployed for over a year, ergo no income. Yet 7 months ago you lied to a bank and got financing for an S2K. Despite being unemployed for over a year and having no income, you've never been late with a car payment or with a payment on your $11k credit card debt. You want to borrow $35k to pay off your debt and have $10k left over to invest. I assume since you have cc debt of $11k that the $25k portion of the loan allocated to paying debt includes $14k for your S2K.
Off work for over a year at 23 -- how are you paying your bills and living expenses? What was your job/income level before your accident? Or are you getting some sort of settlement from the bike accident and that's supporting you? If that's it, why do you need to lie to a bank (which is a federal offense by the way) to borrow money?
Sorry, none of this adds up to me. Looks like a troll, sounds like a troll, I'm thinking it's a troll.
Off work for over a year at 23 -- how are you paying your bills and living expenses? What was your job/income level before your accident? Or are you getting some sort of settlement from the bike accident and that's supporting you? If that's it, why do you need to lie to a bank (which is a federal offense by the way) to borrow money?
Sorry, none of this adds up to me. Looks like a troll, sounds like a troll, I'm thinking it's a troll.
09-16-2008, 07:48 AM
#24
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Originally Posted by martha,Sep 16 2008, 07:15 AM
The reason I said troll was the story doesn't add up well. You're 23, you've been unemployed for over a year, ergo no income. Yet 7 months ago you lied to a bank and got financing for an S2K. Despite being unemployed for over a year and having no income, you've never been late with a car payment or with a payment on your $11k credit card debt. You want to borrow $35k to pay off your debt and have $10k left over to invest. I assume since you have cc debt of $11k that the $25k portion of the loan allocated to paying debt includes $14k for your S2K.
Off work for over a year at 23 -- how are you paying your bills and living expenses? What was your job/income level before your accident? Or are you getting some sort of settlement from the bike accident and that's supporting you? If that's it, why do you need to lie to a bank (which is a federal offense by the way) to borrow money?
Sorry, none of this adds up to me. Looks like a troll, sounds like a troll, I'm thinking it's a troll.
Off work for over a year at 23 -- how are you paying your bills and living expenses? What was your job/income level before your accident? Or are you getting some sort of settlement from the bike accident and that's supporting you? If that's it, why do you need to lie to a bank (which is a federal offense by the way) to borrow money?
Sorry, none of this adds up to me. Looks like a troll, sounds like a troll, I'm thinking it's a troll.
09-16-2008, 08:05 AM
#25
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I think what you should take away from the discussion is that you should take a loan if it helps you to lower your payments but only take the loan to pay off your credit card debts not to invest.
Investing in stockmarket with borrowed money(with payments attched) is one of the worst ideas that you can think of. Always remember there are no free lunches in the real world.
And lastly as far as people scoffing at you is concerned think of it like this, if you go to an anesthesiologist and tell him I can do the same job as you by hitting people on the head with a stick and then ask his pinion on whether you should become an anesthesiologist or not what do you think his reply will be ?
People here always give good sound advice so do listen to them.
Investing in stockmarket with borrowed money(with payments attched) is one of the worst ideas that you can think of. Always remember there are no free lunches in the real world.
And lastly as far as people scoffing at you is concerned think of it like this, if you go to an anesthesiologist and tell him I can do the same job as you by hitting people on the head with a stick and then ask his pinion on whether you should become an anesthesiologist or not what do you think his reply will be ?
People here always give good sound advice so do listen to them.
09-16-2008, 08:07 AM
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Originally Posted by [gTr
,Sep 16 2008, 08:05 AM] I think what you should take away from the discussion is that you should take a loan if it helps you to lower your payments but only take the loan to pay off your credit card debts not to invest.
Investing in stockmarket with borrowed money(with payments attched) is one of the worst ideas that you can think of. Always remember there are no free lunches in the real world.
And lastly as far as people scoffing at you is concerned think of it like this, if you go to an anesthesiologist and tell him I can do the same job as you by hitting people on the head with a stick and then ask his pinion on whether you should become an anesthesiologist or not what do you think his reply will be ?
People here always give good sound advice so do listen to them.
Investing in stockmarket with borrowed money(with payments attched) is one of the worst ideas that you can think of. Always remember there are no free lunches in the real world.
And lastly as far as people scoffing at you is concerned think of it like this, if you go to an anesthesiologist and tell him I can do the same job as you by hitting people on the head with a stick and then ask his pinion on whether you should become an anesthesiologist or not what do you think his reply will be ?
People here always give good sound advice so do listen to them.
09-16-2008, 04:40 PM
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Not only that...Don't have any debt.
you shouldn't invest if you have debt....besides maybe a mortgage.
most everyone here is pretty frugal.....and most wealthy people are the same way.
you limit consumption today for enhanced future consumption.
you shouldn't invest if you have debt....besides maybe a mortgage.
most everyone here is pretty frugal.....and most wealthy people are the same way.
you limit consumption today for enhanced future consumption.
09-16-2008, 04:43 PM
#28
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Originally Posted by lOOkatme,Sep 16 2008, 04:40 PM
Not only that...Don't have any debt.
you shouldn't invest if you have debt....besides maybe a mortgage.
most everyone here is pretty frugal.....and most wealthy people are the same way.
you limit consumption today for enhanced future consumption.
you shouldn't invest if you have debt....besides maybe a mortgage.
most everyone here is pretty frugal.....and most wealthy people are the same way.
you limit consumption today for enhanced future consumption.
09-16-2008, 04:50 PM
#29
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Originally Posted by lOOkatme,Sep 16 2008, 06:40 PM
you limit consumption today for enhanced future consumption.
The hard part is deciding: "When has the future arrived? When can I start increasing my consumption?" Honestly, I don't save & invest for increased future consumption. I simply do it because I want some semblance of financial security and the ability to retire before I'm too old to enjoy life.
Still... most of the above holds true. You don't want to have credit card debt. You need to know the difference between good debt & bad debt. Revolving debt is generally bad debt. However, debt on a house or rental property can be "good debt" because it may provide tax benefits, the opportunity to increase equity, and/or a form of income (from rent).
As others have said, it's probably a bad idea to take out a loan to consolidate your existing debt. It could be positive, because it could allow you to lower your interest rates, but if you're not careful, it could be negative because it gives you the opportunity to start adding a negative balance back onto your credit card. Additionally, there are generally up-front finance charges (loan origination fees, etc) for getting a loan, and it's pretty challenging to get an unsecured loan of the size that you're looking at. Not to mention the fact, that I'd have to question whether the rate on an unsecured loan would be significantly better than your credit card or car loan rates.
Anyway, good luck.
09-16-2008, 04:58 PM
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Originally Posted by mxt_77,Sep 16 2008, 04:50 PM
Which can be extremely frustrating and a boring way to live, when you see people around you (with similar salaries, etc) buying nice things and blowing money on non-necessities.
The hard part is deciding: "When has the future arrived? When can I start increasing my consumption?" Honestly, I don't save & invest for increased future consumption. I simply do it because I want some semblance of financial security and the ability to retire before I'm too old to enjoy life.
Still... most of the above holds true. You don't want to have credit card debt. You need to know the difference between good debt & bad debt. Revolving debt is generally bad debt. However, debt on a house or rental property can be "good debt" because it may provide tax benefits, the opportunity to increase equity, and/or a form of income (from rent).
As others have said, it's probably a bad idea to take out a loan to consolidate your existing debt. It could be positive, because it could allow you to lower your interest rates, but if you're not careful, it could be negative because it gives you the opportunity to start adding a negative balance back onto your credit card. Additionally, there are generally up-front finance charges (loan origination fees, etc) for getting a loan, and it's pretty challenging to get an unsecured loan of the size that you're looking at. Not to mention the fact, that I'd have to question whether the rate on an unsecured loan would be significantly better than your credit card or car loan rates.
Anyway, good luck.
The hard part is deciding: "When has the future arrived? When can I start increasing my consumption?" Honestly, I don't save & invest for increased future consumption. I simply do it because I want some semblance of financial security and the ability to retire before I'm too old to enjoy life.
Still... most of the above holds true. You don't want to have credit card debt. You need to know the difference between good debt & bad debt. Revolving debt is generally bad debt. However, debt on a house or rental property can be "good debt" because it may provide tax benefits, the opportunity to increase equity, and/or a form of income (from rent).
As others have said, it's probably a bad idea to take out a loan to consolidate your existing debt. It could be positive, because it could allow you to lower your interest rates, but if you're not careful, it could be negative because it gives you the opportunity to start adding a negative balance back onto your credit card. Additionally, there are generally up-front finance charges (loan origination fees, etc) for getting a loan, and it's pretty challenging to get an unsecured loan of the size that you're looking at. Not to mention the fact, that I'd have to question whether the rate on an unsecured loan would be significantly better than your credit card or car loan rates.
Anyway, good luck.
Now I am debating not getting that loan. 