What is your net worth?

[shadrap 226]

1 hour ago, Fnord said:

I am completely convinced that the poster above reported me at FBG. Wimp, indeed. Snowflake puzzy who has me on ignore because of his sensitivity to being questioned. Radicalized coward.

you exited FBG over a year ago I think.  your posts were fair but left of center for sure.  not a complaint, just an observation.

Happy Trails.

[BirdGang 385]

16 minutes ago, shadrap said:

you exited FBG over a year ago I think.  your posts were fair but left of center for sure.  not a complaint, just an observation.

Happy Trails.

Which fake Independent is this? 

[Strike 5,366]

27 minutes ago, Horseman said:

That's a good one, unless you live on the water or something where it would get a lot of use.

Similar with vehicles.  Never get a car loan.  It's better to drive a used economical vehicle you can afford to pay for outright.  Work you way up until you are wealthy enough to buy the overpriced brand new depreciating investment with cash if that's what you really want.

Just because you get a car loan doesn't mean you can't pay for the car with cash.  If I can get a 1.9% loan the loan may make better financial sense.

[Gladiators 1,973]

1 minute ago, Strike said:

Just because you get a car loan doesn't mean you can't pay for the car with cash.  If I can get a 1.9% loan the loan may make better financial sense.

100%

[shadrap 226]

11 minutes ago, BirdGang said:

Which fake Independent is this? 

thinking Henry Ford.  attorney.

[Horseman 2,438]

4 minutes ago, Strike said:

Just because you get a car loan doesn't mean you can't pay for the car with cash.  If I can get a 1.9% loan the loan may make better financial sense.

 

3 minutes ago, Gladiators said:

100%

Ok fine.  I'm mostly talking when you're trying to get out of debt and build a nest egg. 

But I won't.  For me personally I'm not a fan of leveraging because it's not guaranteed.  I prefer zero debt on the books.  I don't even have a mortgage.

 

[Horseman 2,438]

6 minutes ago, shadrap said:

thinking Henry Ford.  attorney.

I don't think so.  Henry's MO was to act smarter than everyone else and talk down to them.  This guy is just a regular whining liberal, could be any of dozens over there that don't stick out.

[BuckSwope 654]

3 hours ago, jonmx said:

And Maurile also exposed what safe-space sissy boys the leftist FBG posters were, out reporting conservatives by more than 8 to 1.  What a bunch of low-IQ wimps you and your buddies were.  

Oh man, I'd love the inside scoop from Maurile as to who exactly was doing all the reporting.  

[Horseman 2,438]

1 minute ago, BuckSwope said:

Oh man, I'd love the inside scoop from Maurile as to who exactly was doing all the reporting.  

The top guy is easy.   Squiz by a mile.  That guy reported thread titles and emoji use.

[Gladiators 1,973]

1 minute ago, Horseman said:

 

Ok fine.  I'm mostly talking when you're trying to get out of debt and build a nest egg. 

But I won't.  For me personally I'm not a fan of leveraging because it's not guaranteed.  I prefer zero debt on the books.  I don't even have a mortgage.

That’s fair. First and foremost, people should never carry a balance on their CC’s, unless it’s 0% interest and they can pay off the balance when the rate increases. 

[Horseman 2,438]

19 minutes ago, Gladiators said:

That’s fair. First and foremost, people should never carry a balance on their CC’s, unless it’s 0% interest and they can pay off the balance when the rate increases. 

I was just about to edit my car post to say I do take advantage of 12 to 24 months zero interest loans and user their money for a year or two.

And that's where people like Dave Ramsey miss out who say never use CC.  Never carry a balance, but pay for everything using a CC to get points.  5.25% on gas and restaurants, 5.0% on Amazon, 3.5% on groceries and 2.6% on everything else.  Points alone just about pays for a vacation every year.  I never did get into CC churning though, too much work.

[MLCKAA 564]

17 minutes ago, Horseman said:

 

Ok fine.  I'm mostly talking when you're trying to get out of debt and build a nest egg. 

But I won't.  For me personally I'm not a fan of leveraging because it's not guaranteed.  I prefer zero debt on the books.  I don't even have a mortgage.

 

Me 100%

Never know what life is gonna bring your way.  10 years ago I saw an EOB from my health insurance company that totaled $1.3M. that accrued in only 3 months.  Insurance took care of all but my OOPM, but it was eye opening.  Debt is just a time bomb.

[Horseman 2,438]

I paid just $214 dollars for 10 days on the island this year because of credit card points.  Flights and villa.

[BirdGang 385]

38 minutes ago, shadrap said:

thinking Henry Ford.  attorney.

Oh yeah, he reveled in the Lib safe space echo chamber. 

[Shooter McGavin 618]

33 minutes ago, Horseman said:

 

Ok fine.  I'm mostly talking when you're trying to get out of debt and build a nest egg. 

But I won't.  For me personally I'm not a fan of leveraging because it's not guaranteed.  I prefer zero debt on the books.  I don't even have a mortgage.

 

Not everyone makes $300k per year, nor should people pay cash for their home.

[BirdGang 385]

27 minutes ago, Horseman said:

The top guy is easy.   Squiz by a mile.  That guy reported thread titles and emoji use.

They would perma ban any non Lib at the first chance to try to go full Lib echo chamber then clowns like Ravens would get about 50 chances. He would blow up mods begging to ban me and other non Libs then would get himself canned with his emo meltdowns. 

 

It was fun to watch their Lib behavior, sadly it destroyed Joes business catering to Maurice and the far Leftys. Can’t imagine how anyone would think that’s good for business. Most of the Libs he catered too weren’t even paying customers. 

[BirdGang 385]

40 minutes ago, Horseman said:

 

Ok fine.  I'm mostly talking when you're trying to get out of debt and build a nest egg. 

But I won't.  For me personally I'm not a fan of leveraging because it's not guaranteed.  I prefer zero debt on the books.  I don't even have a mortgage.

 

I’m with you, I won’t buy a vehicle unless I pay cash, pay off CC monthly, pay off homes as quick as possible. Last recession in 2008 I was at the mercy of the banks in business, never again.  

[BirdGang 385]

6 minutes ago, Shooter McGavin said:

Not everyone makes $300k per year, nor should people pay cash for their home.

With mortgage rates currently pushing 7% I definitely am considering paying cash if we upsize. 

[Horseman 2,438]

4 minutes ago, Shooter McGavin said:

Not everyone makes $300k per year, nor should people pay cash for their home.

The rules we are talking about are more important the poorer you are.  They are what makes you wealthy.

If you care to read I've said I don't normally count mortgage as debt. 

But I'm anxious to hear, what's the downside of paying 800K in cash for a home?

[Horseman 2,438]

31 minutes ago, BirdGang said:

With mortgage rates currently pushing 7% I definitely am considering paying cash if we upsize. 

No kidding!   If I could get a guaranteed 7% return right now I’d jump on it.  I gobbled up some 6 m CDs at 4.6%.  Why would I want to take the risk to leverage against 7%?  Hard pass.  

  

[Fnord 2,157]

1 hour ago, Horseman said:

I was just about to edit my car post to say I do take advantage of 12 to 24 months zero interest loans and user their money for a year or two.

And that's where people like Dave Ramsey miss out who say never use CC.  Never carry a balance, but pay for everything using a CC to get points.  5.25% on gas and restaurants, 5.0% on Amazon, 3.5% on groceries and 2.6% on everything else.  Points alone just about pays for a vacation every year.  I never did get into CC churning though, too much work.

We've taken big advantage of this. Airline miles are great but we currently have a card that earns cash that goes directly toward the principle on our mortgage. Put EVERYTHING on it but never carry a balance. Already taken a couple years off, before paying ahead.

I'm not Henry Ford. He is way smarter than me. And much more subtle in his ability to make people look stupid. 

[Shooter McGavin 618]

37 minutes ago, Horseman said:

The rules we are talking about are more important the poorer you are.  They are what makes you wealthy.

If you care to read I've said I don't normally count mortgage as debt. 

But I'm anxious to hear, what's the downside of paying 800K in cash for a home?

Well for one, it could take a long time for the average person to save $800k.  Second, you could probably invest and get a greater return than the low interest rates we've had.  Plus tax deductions

[BirdGang 385]

4 minutes ago, Shooter McGavin said:

Well for one, it could take a long time for the average person to save $800k.  Second, you could probably invest and get a greater return than the low interest rates we've had.  Plus tax deductions

Or you could get this year where the Nasdaq is down 32%? Guaranteed 6-7% return sounds pretty good. 

[jerryskids 6,691]

1 hour ago, Strike said:

Just because you get a car loan doesn't mean you can't pay for the car with cash.  If I can get a 1.9% loan the loan may make better financial sense.

Yep.  We've carried car loans at low rates often.  That being said, we tend to buy cars (often new, but we get employee discounts at one of the big three) but keep them 10+ years.

50 minutes ago, Horseman said:

The rules we are talking about are more important the poorer you are.  They are what makes you wealthy.

If you care to read I've said I don't normally count mortgage as debt. 

But I'm anxious to hear, what's the downside of paying 800K in cash for a home?

A few reasons:

1. Lack of liquidity.  A flexible dollar is worth more than a fixed dollar.

2. Lack of tax deduction.

3. Despite the down year in the market, you should expect a higher return over time than the interest loss from your mortgage (and gain from tax deduction).

I don't begrudge people from paying cash for their house, it is an emotional choice.  But financially it's hard to make that argument.

[Horseman 2,438]

17 minutes ago, Shooter McGavin said:

Well for one, it could take a long time for the average person to save $800k.  Second, you could probably invest and get a greater return than the low interest rates we've had.  Plus tax deductions

You woudnt pay in cash if you didnt have cash.  No kidding?  

Investing hoping to get a better return is what we've been talking about.  Leveraging.  At 7% No foking way.  If I could get 7% guaranteed return right now I'd throw every single penny I had at it.  Half that at 2020 rates, 3.5% some people would take that risk. Not me. There is zero reason for me to take that risk for this scenario 3.5 % gain?  Not worth the gamble. 

Taxes, a) doubling the standard deduction took care of a bunch of that. b) paying someone interest so you can lower your AGI is a net negative. No thanks.  

[Horseman 2,438]

25 minutes ago, jerryskids said:

Yep.  We've carried car loans at low rates often.  That being said, we tend to buy cars (often new, but we get employee discounts at one of the big three) but keep them 10+ years.

A few reasons:

1. Lack of liquidity.  A flexible dollar is worth more than a fixed dollar.

2. Lack of tax deduction.

3. Despite the down year in the market, you should expect a higher return over time than the interest loss from your mortgage (and gain from tax deduction).

I don't begrudge people from paying cash for their house, it is an emotional choice.  But financially it's hard to make that argument.

1 - Why, how?  I have plenty of liquidity and could get the exact same loan anytime I wanted. 

2 - Paying someone interest to lower your AGI is a net negative. Why do people think that is some sort of positive?

3 - Key word "expect".  There is risk you are willing to take. At 7% I think its extremely stupid to take that risk. At 3.5% go right ahead, but, not for me. I want and need to reduce as much risk as possible going into retirement.  

 

[MLCKAA 564]

34 minutes ago, jerryskids said:

Yep.  We've carried car loans at low rates often.  That being said, we tend to buy cars (often new, but we get employee discounts at one of the big three) but keep them 10+ years.

A few reasons:

1. Lack of liquidity.  A flexible dollar is worth more than a fixed dollar.

2. Lack of tax deduction.

3. Despite the down year in the market, you should expect a higher return over time than the interest loss from your mortgage (and gain from tax deduction).

I don't begrudge people from paying cash for their house, it is an emotional choice.  But financially it's hard to make that argument.

I’m not a finance genius.  Can’t refute any of these points.  I’m just a work hard, live within your means guy.  But there’s an intangible value to the freedom of being beholden to no creditor.

[Horseman 2,438]

Let me rephrase. 

Nobody goes out and buys the biggest house that they can possibly afford so they can have huge mortgage payments so they can bank on leverage and pay less on taxes.  Hey let's get a second mortgage, more leverage!  If you wouldnt do that on purpose why do it at all. 

[Shooter McGavin 618]

Alright, so we're all talking average person, horsesh1t talks only about himself.

[Horseman 2,438]

8 minutes ago, Shooter McGavin said:

Alright, so we're all talking average person, horsesh1t talks only about himself.

Let's talk about you, you're pretty average.  How much equity do you have in your house?  Why dont you borrow against that to invest?  

[Shooter McGavin 618]

42 minutes ago, Horseman said:

Let's talk about you, you're pretty average.  How much equity do you have in your house?  Why dont you borrow against that to invest?  

Aren't you a professional gambler?

[TimHauck 2,709]

3 hours ago, Horseman said:

I paid just $214 dollars for 10 days on the island this year because of credit card points.  Flights and villa.

Did that include an extra room for your neighbor?

[TimHauck 2,709]

4 hours ago, BirdGang said:

You sound like another whiny hypocrite Libby. 

Lol at conformed rats calling other people whiny.  The GC is funny

[Pimpadeaux 2,405]

I recently upgraded, so my new net is worth a lot more.

https://www.basspro.com/shop/en/ranger-nets-octagon-handle-big-game-landing-net?hvarAID=shopping_googleproductextensions&ds_e=GOOGLE&ds_c=BPS|Shopping|Smart|Fishing|General|NAud|TopPerf|NMT&gclid=Cj0KCQiAtbqdBhDvARIsAGYnXBP9E_3LkJGiSoBOZkHENj9WfVktl4ebpdU0YeBYzgmfsZKs3KXiCrsaAolaEALw_wcB&gclsrc=aw.ds

[Bert 1,128]

1 hour ago, Horseman said:

1 - Why, how?  I have plenty of liquidity and could get the exact same loan anytime I wanted. 

2 - Paying someone interest to lower your AGI is a net negative. Why do people think that is some sort of positive?

3 - Key word "expect".  There is risk you are willing to take. At 7% I think its extremely stupid to take that risk. At 3.5% go right ahead, but, not for me. I want and need to reduce as much risk as possible going into retirement.  

 

I agree with a lot of what you have said but the mortgage issue is dependent on each individual's situation.  For example, I only have $95,000 left on my mortgage and I could pay it off.  My rate is 2.8 percent.  Why would I pay it off?  I added the cash to my emergency/cash fund and just purchased a 6 month CD at 4 percent and I get to deduct the mortgage interest. 

[Horseman 2,438]

15 minutes ago, Bert said:

I agree with a lot of what you have said but the mortgage issue is dependent on each individual's situation.  For example, I only have $95,000 left on my mortgage and I could pay it off.  My rate is 2.8 percent.  Why would I pay it off?  I added the cash to my emergency/cash fund and just purchased a 6 month CD at 4 percent and I get to deduct the mortgage interest. 

Very smart.  Guaranteed. 

You wouldn't have been able to do that 6 months ago. If the feds didnt raise rates would you have invested in the market or paid off the house?

[Horseman 2,438]

34 minutes ago, Shooter McGavin said:

Aren't you a professional gambler?

No. 

Have any answers to my questions?  

[BirdGang 385]

28 minutes ago, TimHauck said:

Lol at conformed rats calling other people whiny.  The GC is funny

You can’t offer any more than Raven clown, that speaks volumes about you.

[TimHauck 2,709]

1 minute ago, BirdGang said:

You can’t offer any more than Raven clown, that speaks volumes about you.

No he just calls you a rat constantly, I do it when you say something hypocritical like I quoted

[Bert 1,128]

1 minute ago, Horseman said:

Very smart.  Guaranteed. 

You wouldn't have been able to do that 6 months ago. If the feds didnt raise rates would you have invested in the market or paid off the house?

6 months ago I still had it in a CD at a little over 2 percent.   To your point, prior to that I had it in a mutual fund invested in high dividend stocks.