To finance or pay cash?
10-13-2015 | 10:36 AM
#31
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Joined: Jun 2011
Posts: 2,169
Likes: 82
From: Henderson, KY
i listen to Dave every day on my 2 hour commute. It's good motivation to keep my $$ in focus.
Don't Ever borrow. This is not a Need item. This is a want. We waited a number of years. But when the boat showed up we saved the cash and wrote a check. No worries. do the math and see what that new toy is really going to cost and don't buy in to the notion that interest is deductible and will help on taxes
There is this fincincial guru Dave Ramsey. We were students of pay cash long before he showed up. But if you get a chance pick up his book. .With the exception of his hate of credit cards his program/philosophy really makes sense.
3 point star
There is this fincincial guru Dave Ramsey. We were students of pay cash long before he showed up. But if you get a chance pick up his book. .With the exception of his hate of credit cards his program/philosophy really makes sense.
3 point star
10-13-2015 | 11:02 AM
#32
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Joined: Aug 2004
Posts: 4,788
Likes: 1,376
From: naples,florida
Regardless of how you pay cash or credit. Buy the boat you can afford,.and afford to run and afford to maintain.
It kills me how many people I see with big expensive boats *****ing that they won't go anywhere with them because the fuel cost too much or that a haulout and bottom job is 5 Grand.
Meanwhile they will let the thing Rot at the dock at 1000 bucks a month with another Grand in insurance.and a guy to keep it halfway clean .
But they look Rich.
It kills me how many people I see with big expensive boats *****ing that they won't go anywhere with them because the fuel cost too much or that a haulout and bottom job is 5 Grand.
Meanwhile they will let the thing Rot at the dock at 1000 bucks a month with another Grand in insurance.and a guy to keep it halfway clean .
But they look Rich.
10-13-2015 | 12:18 PM
#34
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Joined: Dec 2003
Posts: 579
Likes: 15
Would you rather have $50k in the bank & owe $50K.... or have nothing in the Bank and owe nothing? If you have the $50k in the bank you can use it to make the payments & continue your life style while you find a new source of income... but if you lose your source of income & have nothing in the bank...uh oh.... now you're selling the boat cheap just to eat?
Personally I wouldn't buy a boat or any toy if i couldn;t pay cash... doesn;t mean I wouldn't take advantage of historically low interest rates though....
Personally I wouldn't buy a boat or any toy if i couldn;t pay cash... doesn;t mean I wouldn't take advantage of historically low interest rates though....
10-13-2015 | 12:29 PM
#35
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Joined: Sep 2013
Posts: 1,879
Likes: 8
From: Southeast Michigan
