Just placed my order and I'm kinda freaking out

[flyil]

Thanks, but no quite the opposite. I grew up cheering against them.

Oh well. Snazzberry's still a sweet color. You will love the character of it in different lights. Being a Minnesota alum it's an added bonus.

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[sdtkeld]

I’ve always found that getting worked up on how others spend their money is a pointless exercise. I already have enough of my own headaches. Heck, even I don’t need a Mojave but I have one.

Also, I financed a large chunk, not because I had to, but because I could invest the money on the down payment at rates much higher than my loan, thus having a hedge against depreciation and inflation. As long as I am right side up in the loan, I can always sell if I need to.

 

[eaglerugby04]

To me, if the words “car payment” results in you “freaking out”? You should NOT get that car payment. Either that or you need some kind of anti anxiety drug or therapy. Sheesh people, get a grip!

Once you get out of debt the thought of jumping back in is kind of scary. Its freeing to not be stuck with a payment

 

[869 KPH]

Once you get out of debt the thought of jumping back in is kind of scary. Its freeing to not be stuck with a payment

@eaglerugby04 gets it. I've been setting aside my planned monthly payment for a while now trying to get used to not having that income. I haven't noticed it missing, so I know it'll be fine. Just ... weird.

 

[eaglerugby04]

@eaglerugby04 gets it. I've been setting aside my planned monthly payment for a while now trying to get used to not having that income. I haven't noticed it missing, so I know it'll be fine. Just ... weird.

yep. In the year I bought the JT I paid off two cars an student loans, the JT payment was nothing compared to that, but still just had that strange feeling to it. Rushed and got it paid off over 3 years early and it felt so good to get the title in the mail over the weekend. JT is worth it though

 

[dcmdon]

I’ve always found that getting worked up on how others spend their money is a pointless exercise. I already have enough of my own headaches. Heck, even I don’t need a Mojave but I have one.

Also, I financed a large chunk, not because I had to, but because I could invest the money on the down payment at rates much higher than my loan, thus having a hedge against depreciation and inflation. As long as I am right side up in the loan, I can always sell if I need to.

Life is too short to get worked up about almost anything.

But it doesn't mean that some of us older guys shouldn't share some wisdom. Some people will ignore it. Others it might help.

regarding financing. You raise some excellent points. I bought my first new car, an 04 Subaru STI from a friend who was sales manager at a Subaru dealership. We were expecting to pay cash for the car.

But when we started running the numbers he told me about a credit union that was doing a 4 year car loan at 1.89%. Our investments were/are earning substantially more than that.

So we went from planning to pay cash for the car to putting ZERO down on the car and financing the entire thing. Yes, the payment was big. But I had an extra $30k earning money for me.

Back when I was a finance manager at a Saab/Subaru dealership Subaru would occasionally run 0%. financing deals. Our Subaru owner base was a lot of old "Swamp Yankees". Thrifty practical people who often were worth a lot of money but chose not to show it.

Twice I had to explain to a customer that he was giving up $3000 to $5000 in potential investment gains by paying cash. These people didn't want to owe anyone anything. But when you are paying nothing for money, you are a fool not to take the deal.

 

[eaglerugby04]

Life is too short to get worked up about almost anything.

But it doesn't mean that some of us older guys shouldn't share some wisdom. Some people will ignore it. Others it might help.

regarding financing. You raise some excellent points. I bought my first new car, an 04 Subaru STI from a friend who was sales manager at a Subaru dealership. We were expecting to pay cash for the car.

But when we started running the numbers he told me about a credit union that was doing a 4 year car loan at 1.89%. Our investments were/are earning substantially more than that.

So we went from planning to pay cash for the car to putting ZERO down on the car and financing the entire thing. Yes, the payment was big. But I had an extra $30k earning money for me.

Back when I was a finance manager at a Saab/Subaru dealership Subaru would occasionally run 0%. financing deals. Our Subaru owner base was a lot of old "Swamp Yankees". Thrifty practical people who often were worth a lot of money but chose not to show it.

Twice I had to explain to a customer that he was giving up $3000 to $5000 in potential investment gains by paying cash. These people didn't want to owe anyone anything. But when you are paying nothing for money, you are a fool not to take the deal.

I never understood the aversion to 0% or the people I know paying of 0% items before they pay off their interest erring loans. Like you have 6 years 0% on the furniture, why they hell are you making triple payments on it and not paying off your 5% car loan. Like its free money you are penalizing yourself not taking it or paying it off early. even a savings account could earn you something two years ago

Dave Ramsey is one of those that rubs me the wrong way. Dude tells people to pay off 0% loans early, but yet is heavy into investing and paying down bad debt. He even tells people to sell those cars for a loss and buy a POS. That dude has some good principals, but I would be in a pretty bad state if I had followed everything he teaches.

 

[869 KPH]

Yeah @eaglerugby04, Ramsey is just 100% entertainment most of the time. His whole enterprise is fascinating to me, almost cult-like. I drove by the compound once and was surprised at how excited I was to have seen it, lol. I think he's exactly what some kind of people need to hear, it's just not for me.

 

[eaglerugby04]

Yeah @eaglerugby04, Ramsey is just 100% entertainment most of the time. His whole enterprise is fascinating to me, almost cult-like. I drove by the compound once and was surprised at how excited I was to have seen it, lol. I think he's exactly what some kind of people need to hear, it's just not for me.

It really is cult like. Like is is handing down his commandments or something. The serious follower's on youtube crack me up to no end reading their comments. His plan works great for some people that just have no clue, but with a little sense he has come across as a straight up asshole to some of the smarter people that called his show.

 

[Jefe1018]

This thread is making me rethink things and maybe putting me at ease? Anyone with some experience let me know your thoughts, please.

Me and my wife make a six figure income at the moment (last year adjusted gross was $115,000) and when my wife returns to work I think we’ll be in the 150 ballpark.

We have no debt outside of a $300 monthly obligation on her car ($12,000 payoff). I’m planning to sell my Xterra, pay off her car and carry a note of roughly $750/month on a JTR.

We have a roughly 6 month emergency fund at the moment much like Mr. Ramsey recommends - I fully agree on trying to pay cash for everything - when possible and not paying interest on luxury items like vacations and electronics we want “now”! I am also actively contributing to my retirement, roughly 12% of my take home pay.

Our expenses are extremely low. We live in a small studio apartment attached to a family member’s home. They have no desire for us to leave unless we want to. Our total expenses for rent and utilities including cell phones and internet are $785.00. This circumstance isn’t ideal for most, but we love our family and live pretty simply.

COVID has us at home, saving roughly 60% of my paychecks.

However, we are also looking to buy a house, as we enter our 30’s next year. I’m getting very sick of living in this small studio and want my own areas to relax and enjoy. Maybe have a family? Who knows….

I believe that carrying this note is well within our means. But admittedly, I was a big believer in the Ramsey system until I of course, go out of credit card and student loan debt. I think that and the not having a “fully funded emergency fund plus down payment and closing” for our house until Q2 of next calendar year has me a little frustrated. The housing market is also insane, it will slow down and I feel prices will correct as interest rates do… meaning I can get cheap money for the Gladiator now and pay the right price for the house.

At the same time, I feel I work very hard for my money. You don’t trick anyone into paying you 6 figures - you earn it in my opinion and along with earning that comes a six figure income level of work related stress.

My 10 year old Xterra we bought second hand has needed $2,000 in repairs and maintenance (mostly parts as I’m pretty handy) in the last month. It won’t keep bleeding my like this forever, it is simply a a machine and needs maintenance. It’s been a great vehicle. But….Adding break downs to the stress of my job and other obligations has me just wanting to get something newer, cooler…. I’m getting the “I make too much for this problem” feeling.

Dave makes me think I’m entitled, lazy and stupid. I think I’m just a millennial whose finances got in order right as the pandemic started. A lot unravel I know, but thoughts?

TLDR; make a ton of money, low expenses, no other debt, need to buy a house but yolo and maybe Ramsey is slightly wrong on this?

 

[869 KPH]

lol @Jefe1018 he's in your head! Buying yourself something nice (that you can afford) doesn't make you entitled. I think he strikes a nerve just because that's the dig thrown at everyone of a certain age right now. My Ram makes me feel the way you do about the Xterra a lot too, lol. I still love it but am looking forward to not having to rely on it.

 

[eaglerugby04]

@Jefe1018

Ramsey says sell the xtera and buy something in even worse condition! lol

In all seriousness you have your stuff in order than most people I know your age. People need reliable cars especially making what you are. As long as you have enough saved to avoid PMI when you buy the house you are good. That shit is costly as hell, and so hard to get rid of.

 

[Jefe1018]

@Jefe1018

Ramsey says sell the xtera and buy something in even worse condition! lol

In all seriousness you have your stuff in order than most people I know your age. People need reliable cars especially making what you are. As long as you have enough saved to avoid PMI when you buy the house you are good. That shit is costly as hell, and so hard to get rid of.

Thanks, I’m out here trying and hustling.

Lol, the X is in decent shape I think, just hit that 10 year / 100,000 threshold where you either maintain or move on. I posted for $15,000 yesterday and have four people lined up to see it. Bumpers are expensive as heck for any platform other than Jeep, I have front and rear, a customly fabbed roof rack by yours truly and so much other cash in it on cool things like lift, wheels, tires, etc. Even with IFS, on wheeling and hunting trips I’ve always run out of ball sack before vehicle ability.

I’ve just always wanted a Jeep!

As far as mortgage goes my credit union does 5% conventional and no PMI. Sounds fantastic to me.

 

[sdtkeld]

Thanks, I’m out here trying and hustling.

Lol, the X is in decent shape I think, just hit that 10 year / 100,000 threshold where you either maintain or move on. I posted for $15,000 yesterday and have four people lined up to see it. Bumpers are expensive as heck for any platform other than Jeep, I have front and rear, a customly fabbed roof rack by yours truly and so much other cash in it on cool things like lift, wheels, tires, etc. Even with IFS, on wheeling and hunting trips I’ve always run out of ball sack before vehicle ability.

I’ve just always wanted a Jeep!

As far as mortgage goes my credit union does 5% conventional and no PMI. Sounds fantastic to me.

 

[sdtkeld]

Sorry about that. As long as your house is order, it’s okay to carry some debt. Looks like you are in good shape. Saving plenty, controlling your spending and having a backup plan. If your credit is in good shape, your car note and mortgage should be at 3% or less. Ramsey is fine if your finances are a train wreck…ie. up to your eyeballs in debt.

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