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  #51  
Old 02-22-2010
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And I've got some Inspiration for what to do when its paid off

..looks so sick.

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... or I could be smart and trade it in on that Diesel I've been wanting.
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  #52  
Old 02-22-2010
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I paid mine off last summer and finally picked up the title from the bank on Saturday. I hate payments so I am probablly going to drive it until it falls apart.
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  #53  
Old 02-22-2010
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I paid for both of them up front.
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  #54  
Old 02-22-2010
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only 7400 left on mine and right around 2 years. I honestly cant wait to have it payed off.
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  #55  
Old 02-22-2010
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4 years here
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  #56  
Old 02-22-2010
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I paid mine off at the end of 2007, with my reenlistment bonus!!!
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  #57  
Old 02-22-2010
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il have my 5 year loan paid off next month...got it done in under 2 yrs! helps to live at home lol
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  #58  
Old 02-22-2010
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I haven’t had a car payment in 4 years. Never will again either. I have been saving and investing what was my old car payment. I will be paying cash for all my cars for the rest of my life. The weird part is though, When I didn’t have money, I spent like crazy and had loans and toys coming out of my ears. Now I have money and I hate spending it. I want a new TV and can’t bring my self to pay $1200 for the TV I want even though it won't hurt me at all. Its weird. I seem to value the Dollar more now.

~HJ

Last edited by HAZZARDJOHN; 02-22-2010 at 10:31 AM.
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  #59  
Old 02-22-2010
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I'm thinking of movin back home in April when my lease ends, that will be about 500$ more in my pocket. Hopefully put it all on the truck and get it over with
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  #60  
Old 02-22-2010
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little less then two years left, cant wait for that day to come. will be paid off in january of 2012
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  #61  
Old 02-22-2010
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I made my last car payment in 1988. I continued making the $300 per month payments though. To myself. Five years later I had the $18k PLUS the interest, dividends and growth the mutual fund had made. A total of more than $25K. I traded in my then 10 y.o. car and paid cash for my next car. Still had over $10K left in the fund. I stopped making "payments" to the fund in 2000. I paid cash for my current truck from that fund and will do so again in a few years for the next car/truck. I'll pay for it with the money the fund PAYS ME. Can you say FREE TRUCK?
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  #62  
Old 02-22-2010
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When it's paid off, you'll spend those saved payments on other things......trust me. You'll just have more fun spending the money on mods and stuff.
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  #63  
Old 02-22-2010
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Thats a bad *** plan Senior.
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  #64  
Old 02-22-2010
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Originally Posted by Rolldogg View Post
When it's paid off, you'll spend those saved payments on other things......trust me. You'll just have more fun spending the money on mods and stuff.
That's what everybody told me too, But it is the opposite for me. Maybe its growing up, maybe it's the fact I missed a lay off last year by the skin of my teeth. But my goal is to never let myself get into debt again where I could not survive without a Job again. Now that I have money and all my Bills paid off, I am less frivolous with money than when I had loans. I think when you are in debt you just look at your monthly payments not how much you are losing. I would decide I wanted a snowmobile and I have good credit, and I wanted it now. Well If I am already spending $1500 dollars in mortgage payments and car payments why not just add another $100 payment on it. Thatís only $25 bucks a week, I would rationalize. Now I have the cash, I know how hard I worked to have it, so when I want a new toy, I look at it, decide am I willing to part with $xxxx amount of dollars to buy it? The answer is almost always No. When I was in debt I just looked at the Dollar amount extra a month and nothing else. Now I look at what this will do to my financial security. Basically this is what my Parents tried to beat into me my whole life, but I had to learn the hard way. I have lots of friends who always had the nicest houses and cars, well now a lot of them donít have jobs and are relying on the government to keep them from losing it all. I donít want to be in that position.

~HJ
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  #65  
Old 02-22-2010
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ill have mine paid off in august i cant wait
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  #66  
Old 02-22-2010
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Originally Posted by Lord Of War View Post
Thats a bad *** plan Senior.
It's been working for me for the last 10 years Jake. I just wish I had figured it out earlier. If you start now, you could be getting a FREE new truck every 5 years or so FOR THE REST OF YOUR LIFE by the time you're 35 or so. Think about it. All it takes is some patients and self control. I had planned on getting a new truck last year, but the market is down. So I'll wait another year or so. It'll come back sooner or later, just have to wait it out.
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  #67  
Old 02-22-2010
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Originally Posted by MemphisSenior View Post
It's been working for me for the last 10 years Jake. I just wish I had figured it out earlier. If you start now, you could be getting a FREE new truck every 5 years or so FOR THE REST OF YOUR LIFE by the time you're 35 or so. Think about it. All it takes is some patients and self control. I had planned on getting a new truck last year, but the market is down. So I'll wait another year or so. It'll come back sooner or later, just have to wait it out.
I'm doing my best to follow Dave Ramsey's plan for retiring financially fit. If all goes according to plans and the market averages 12% over the next 40 years (we'll see haha) then I'll retire with just over $9 Million. You're making 12% a year from interest on average and you take 4% for inflation, then you can spend 8% every year and you're money will never deplete, assuming the average interest rate is 12%. 8% of 9 million is a lot of yearly income, and you could pay cash upfront for nearly anything you wanted. When you actually crunch these numbers its staggering how much you can have if you invest instead of blow it on car payments and what not.
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  #68  
Old 02-22-2010
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if i got more back on my taxes i would of paid off this month, but it will probably be next month or so. i'm excited so i can finally get a bl and tires without having to put on the credit card. ha
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  #69  
Old 02-22-2010
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dad bought mine....he didn't fit
so i bought it off him

paid it off in 7 months

got it in may and it was mine by christmas
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  #70  
Old 02-23-2010
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Quote:
Originally Posted by RazorsEDGE View Post
I'm doing my best to follow Dave Ramsey's plan for retiring financially fit. If all goes according to plans and the market averages 12% over the next 40 years (we'll see haha) then I'll retire with just over $9 Million. You're making 12% a year from interest on average and you take 4% for inflation, then you can spend 8% every year and you're money will never deplete, assuming the average interest rate is 12%. 8% of 9 million is a lot of yearly income, and you could pay cash upfront for nearly anything you wanted. When you actually crunch these numbers its staggering how much you can have if you invest instead of blow it on car payments and what not.

I actually figured it out a few years before I heard Dave on the radio for the first time. For the same reasons though. I went bankrupt in 1983. Was making about $45K a year at the time (Probably $100K in todays dollars) and living paycheck to paycheck. Dave is a little over the top on some subjects IMO, 12% return is a bit optimistic in my opinion/experience with the market over the last 23-24 years. I would say 9-10% is more realistic, but that's just my opinion. Ramsey still makes a lot of sense though. My feeling is, except for a house, if I can't write a check for whatever it is, or pay the FULL balance on my credit card at the end of the month, I don't need (or can't afford ) whatever it is.

Look at it this way. If you borrow $25K for 5 years @ 4.5%, you'll pay back about $28K. If you do 6 years add another $600 or so. Buy a $25K car every 5 or 6 years from age 20 to 65. You bought 10 cars and paid $30K or more in interest.
Another thing to consider is as soon as you drive that car/truck off the lot, you're upside down on the loan. That is, you owe more than the thing is worth.
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  #71  
Old 02-23-2010
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Originally Posted by MemphisSenior View Post
I actually figured it out a few years before I heard Dave on the radio for the first time. For the same reasons though. I went bankrupt in 1983. Was making about $45K a year at the time (Probably $100K in todays dollars) and living paycheck to paycheck. Dave is a little over the top on some subjects IMO, 12% return is a bit optimistic in my opinion/experience with the market over the last 23-24 years. I would say 9-10% is more realistic, but that's just my opinion. Ramsey still makes a lot of sense though. My feeling is, except for a house, if I can't write a check for whatever it is, or pay the FULL balance on my credit card at the end of the month, I don't need (or can't afford ) whatever it is.

Look at it this way. If you borrow $25K for 5 years @ 4.5%, you'll pay back about $28K. If you do 6 years add another $600 or so. Buy a $25K car every 5 or 6 years from age 20 to 65. You bought 10 cars and paid $30K or more in interest.
Another thing to consider is as soon as you drive that car/truck off the lot, you're upside down on the loan. That is, you owe more than the thing is worth.
You're probably right about 9% being more realistic, but even when you crunch the numbers at 9% its around $6 million. Thats still a lot more than I'd retire on if I hadn't Followed Ramsey's plan. At the very least I can thank Dave for convincing me to get a 15 year mortgage instead of 30, and also convincing me to get the trucks paid off and get some savings built up.

I don't even have a credit card, no debt whatsoever except the mortgage, and enough in savings to last 6 months if both the wife and I lost our jobs. I'd say thats a pretty good start for a 24 year old. I've got a long time to go with the investments though lol.
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  #72  
Old 02-23-2010
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I didnt have payments, I paid for it the day I got it!
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  #73  
Old 02-23-2010
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I've been lucky and only had the one payment for my rides (never financed a vehicle), but I can imagine the joy of having to stop those monthly payouts.
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  #74  
Old 02-23-2010
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mine's paid off...just owe my parents 3 grand :(
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  #75  
Old 02-24-2010
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26 more payments of $ 219.60. I'm counting them down !!
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