BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board
 
EXXEL Distributions
Post Reply
 
Thread Tools Search this Thread
      02-25-2013, 12:57 PM   #67
davesaddiction
is fast cars
davesaddiction's Avatar
United_States
391
Rep
2,137
Posts

Drives: '08 E90 M3 6MT SSII BPM Stg II
Join Date: May 2012
Location: Oklahoma

iTrader: (0)

Quote:
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.
__________________
Daddy's Rocket Sled!
Clarkson: "It is... pretty much perfect... Why don't I have one of these cars?"
Harris: "The saloon is definitely the M3 of choice."
Appreciate 0
      02-25-2013, 01:45 PM   #68
amanda hor$t
Banned
84
Rep
208
Posts

Drives: a380
Join Date: Sep 2012
Location: ny ny

iTrader: (0)

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.

Last edited by amanda hor$t; 02-25-2013 at 01:51 PM..
Appreciate 0
      02-25-2013, 07:13 PM   #69
kevinbahnz
Captain
kevinbahnz's Avatar
152
Rep
709
Posts

Drives: 2008 335xi sedan
Join Date: Aug 2008
Location: Ma-NC

iTrader: (1)

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.
__________________
<img src=http://i189.photobucket.com/albums/z164/kevinbahnz/08-23-2008030.jpg border=0 alt= />
Appreciate 0
      02-26-2013, 12:26 PM   #70
goalieman24
New Member
2
Rep
9
Posts

Drives: S4, 335i shopping
Join Date: Oct 2012
Location: 410

iTrader: (0)

Quote:
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'.
Appreciate 0
      02-26-2013, 04:58 PM   #71
Litos
Banned
United_States
220
Rep
2,991
Posts

Drives: 2012 Challenger RT Junk
Join Date: Dec 2010
Location: Houston/Pearland

iTrader: (1)

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..."
Appreciate 0
      03-14-2013, 05:47 AM   #72
sheine douglas
Guest
0
Rep
n/a
Posts

Drives:


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.
Appreciate 0
      03-14-2013, 05:56 AM   #73
amanda hor$t
Banned
84
Rep
208
Posts

Drives: a380
Join Date: Sep 2012
Location: ny ny

iTrader: (0)

^ 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
Appreciate 0
      03-14-2013, 07:13 AM   #74
fireline43
Lieutenant
42
Rep
497
Posts

Drives: 2013 Mercedes C250
Join Date: May 2012
Location: South Florida

iTrader: (0)

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?
Appreciate 0
      03-14-2013, 10:23 PM   #75
MikeBlaszczak
Private
United_States
4
Rep
67
Posts

Drives: 2010 BMW M3 Coupe
Join Date: Mar 2013
Location: Mercer Island, Washington

iTrader: (0)

Garage List
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.
Appreciate 0
      03-15-2013, 11:13 AM   #76
MCS
e90 newbie
35
Rep
448
Posts

Drives: 2012 M3 E93
Join Date: Jul 2005
Location: Northern NJ

iTrader: (2)

Garage List
2006 330i  [0.00]
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.
__________________
E93 IL Blue M3 ZPP, ZCW

Last edited by MCS; 03-15-2013 at 11:19 AM.. Reason: spell check
Appreciate 0
      03-15-2013, 01:54 PM   #77
MikeBlaszczak
Private
United_States
4
Rep
67
Posts

Drives: 2010 BMW M3 Coupe
Join Date: Mar 2013
Location: Mercer Island, Washington

iTrader: (0)

Garage List
Unity debit-to-income for a home mortgage is far too low.
Appreciate 0
      03-17-2013, 03:02 PM   #78
JMX328
Insert Something Witty.
United_States
18
Rep
32
Posts

Drives: 2009 328i
Join Date: Jul 2012
Location: California

iTrader: (0)

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.
Appreciate 0
      03-17-2013, 03:10 PM   #79
Dkhan23
Banned
70
Rep
359
Posts

Drives: BMW
Join Date: Jan 2013
Location: Canada/USA

iTrader: (0)

Fuck saving up. Pay everything in CASH
Appreciate 0
      03-17-2013, 04:25 PM   #80
achien
AC
Canada
95
Rep
2,387
Posts

Drives: E90 Post Members Crazy
Join Date: May 2007
Location: Toronto, Canada

iTrader: (0)

$0, 0%...

Quote:
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.
__________________
Your Supreme Leader
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 02:59 AM.




m3post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST