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      02-25-2013, 01:57 PM   #67
davesaddiction
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Originally Posted by ScreaM View Post
Don't believe in debt..I'm liquid.
to everyone who's preaching saving and paying in cash.

I did finance my (used) M3, but looking forward to the day - hope to have all but the mortgage paid off in the next couple years.

Re: Dave Ramsey - take him or leave him, but to anyone encouraging people to live debt free and calling bad financial decisions as they see them. His advice has turned around the lives of many people, and probably saved many more from putting themselves in a prison of debt.
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      02-25-2013, 02:45 PM   #68
amanda hor$t
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i haven't had a car payment in almost 10 yrs and don't miss it one bit. it's just a car. a good house at a good deal is really the only thing worth financing (that and a college/masters degree if your career requires it).

though i've been in a similar situation, leased/financed a car that i really wanted but (for a luxury item) probably shouldn't have done it. you could say i got it out of my system, compared to others who perpetually finance and trade in every few years. good times.

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      02-25-2013, 08:13 PM   #69
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BUMP there is some valuable information in here . I just started making 3 times(but not enough to hire and adviser) what i was making in 2011. So saving money is all new to me.
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      02-26-2013, 01:26 PM   #70
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Originally Posted by ericfox11 View Post
You love the comments stating the truth that financial advisors take some off the top and that each individual needs to weigh whether or not they need a financial advisor and know the fees before they get started? And I even clearly stated that for most people a financial advisor makes sense.

If you really knew what all your financial advisor does, you probably wouldn't agree that it is worth the potential 100s of thousands of dollars you pay him.
Pretty sure his comments were more about how you inferred advisors are sneaky and slimey... leading me to believe you had a bad experience with one person, or are just completely misinformed on the subject. Saying "I'm an advisor" is about as descriptive as "I drive a car." There are some out there that operate as you describe, but there are also a whole lot that don't. Again, speaking about an "advisor" really means very little and gives no one any special credibility... though that Diablo guy seems to be quite happy coming in here and telling everyone his 'title'.
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      02-26-2013, 05:58 PM   #71
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Bob Seger said it best:

"...i guess i lost my way.......and rolled so many roads...
i was living to run and running to live...
never worried about paying or even about how much i owed...
movin 8 miles a minutes for months at a time...
breaking all of the rules that would bend...
i began to find myself searchin...
searchin for shelter again and again...against the wind..."
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      03-14-2013, 05:47 AM   #72
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Well, one of the main ways that businesses can get money to fund expansions, equipment purchases and leases, inventory purchases and the payment of unexpected debts is by getting a business loan. However, just as lenders make judgments on the financial stability of individual borrowers before making loans, they look at the financial stability of companies as well. One important factor that they look at is a business's debt to income ratio.

Debt is typically negative, as it is a liability, and cash is good, because it is money and thus an asset. However, a recent Bankrate survey found nearly half the nation has more credit card debt than emergency savings, a worrisome sign.
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      03-14-2013, 05:56 AM   #73
amanda hor$t
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^ you know, i watch a lot of cnbc and have never seen a statistic about credit card defaults... probably too ugly for tv

has anyone seen the man with the golden gun? 1974 someone already called the attempted pincer with chandler bing and the little mexican
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      03-14-2013, 07:13 AM   #74
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i've heard somewhere that you should have up to 6 months of emergency money saved up. So once you have that saved up, are you ok with spending it on stuff you want?
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      03-14-2013, 10:23 PM   #75
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Defaults are so bad that the forgiven debit is largely responsible for driving down the total amount of credit card debit in the country. I used to be flabbergasted that people were so bad at math, but I have come to accept it as fact.
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      03-15-2013, 11:13 AM   #76
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I'm going to be a contrarian and say that a decent debt to income ratio is about 1 to 1.

Caveat - For a home mortgage.

Interest rates are at an all time low. 15 year rates are less than 3%. Take into account that mortgage interest is tax deductable and its an absolute no brainer.

It makes sense to carry a mortgage loan and use the extra cash flow to invest in the market (at least for the last several years- during this bull run)

Credit card rates are fool's money. If you have the ability, roll them up and take out a home equity loan to pay them off. Pay off the HELOC and reap the benefits of a tax deduction.
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      03-15-2013, 01:54 PM   #77
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Unity debit-to-income for a home mortgage is far too low.
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      03-17-2013, 03:02 PM   #78
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Total DTI for me (mortgage, car loan, insurance, cell phone, general grocery purchases, etc [basically all monthly expenses on average]) is 16%.

It was 27% last year for the same factors, but I got a sizable promotion earlier this year, which came with a nice raise.
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      03-17-2013, 03:10 PM   #79
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Fuck saving up. Pay everything in CASH
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      03-17-2013, 04:25 PM   #80
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Originally Posted by jokergerm View Post
My wifes not thrilled on the new m5 purchase beacuse its alot of money and we dont need a new car. I just really really want a new car

So how much of your total monthly income do you think is ok to have going outward. Including everything, house pmt, cars, food, insurance, misc fun items.

I made a budget and we have to spend about 35% of our gross income to pay for all bills and general living costs, if i get the m5 it would be about 38% And some how i manange to spend another 50% on stupid crap and misc stuff

Just looking for advice.
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