Coronavirus

[IkemanTx]

I bet a lot of them have $800 phones, cars and houses they can’t afford, cable and phone bills for $200/month, maxed out credit cards, student debt from useless majors, and too many kids to begin with. I work with a couple of these, all they do is complain about not having money and then tell you everything they buy. One has a 100k in student loans and a theater degree, a one year old and another on the way and might make 30k. Says all her friends are in the same boat. At some point you are held accountable for the choices you make. Of coarse she doesn’t think it’s fair she has to pay her student loans back.
Edit: she also shows up everyday with $10 dunking donut order and goes out for lunch.

2 guys were making fun of me today because we are looking to buy a used Chevy Traverse. I have $19k set aside and thats what I am willing to spend. They were just telling me how it makes more since to spend $35k on a new one with 0% interest. I know for a fact one of them is broke because when he bought his house I had to go through his finances to help him find $2k dollars to put down on a $375k house that sits on 40 acres. We got on the dave ramsey kick a few years ago.

Currently looking to refinance my house to 2.875%.

78% of Americans live paycheck to paycheck
https://www.forbes.com/sites/zackfr...to-paycheck-government-shutdown/#7558e5c54f10

We are debating refinancing at a 15yr instead of our current 30.
Our interest was already low at 3.875, so I don’t know if we will bite the bullet and do it. At this point we can just continue making double payments if the interest rate doesn’t make closing costs worth it.

We just sat down and did the math, and we should be good for basic necessities for 6 mo this if my company shuts down. It’s an airline, so I expect it to at some point on the next couple months.


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[bowhunternw]

Social distancing update:

Only anglers on the ice.

Walleye bite is on fire at the moment.
Even got to experience the mythical 3 tip up flags going off at the same time.

Ended up two short, got enough for a good fish fry.

I like your thinking. Waubay area?

 

[bowhunternw]

We are debating refinancing at a 15yr instead of our current 30.
Our interest was already low at 3.875, so I don’t know if we will bite the bullet and do it. At this point we can just continue making double payments if the interest rate doesn’t make closing costs worth it.

We just sat down and did the math, and we should be good for basic necessities for 6 mo this if my company shuts down. It’s an airline, so I expect it to at some point on the next couple months.


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We thought about refinancing too but the closing costs would wipe out any savings. It is better to just pay ahead for us.

 

[chummer]

My guy says lowest rate will be in July. So many applications in the pipeline right now it is holding the rates up

 

[ksgobbler]

We are debating refinancing at a 15yr instead of our current 30.
Our interest was already low at 3.875, so I don’t know if we will bite the bullet and do it. At this point we can just continue making double payments if the interest rate doesn’t make closing costs worth it.

We just sat down and did the math, and we should be good for basic necessities for 6 mo this if my company shuts down. It’s an airline, so I expect it to at some point on the next couple months.


Sent from my iPhone using Tapatalk

We are 3.75%. We pay $400 extra on principle each month. We were going to bump it to $700 extra each month which would nearly double our prinicipal payment.

Refi costs for me would be $2500. We could drop to 2.875% on a 15 yr right now. Based on the amount we are currently paying it would save us $15k in interest by my calculation. We would break even on refi costs in year 2.

 

[Buckly]

Being debt free is really power. Gives you options and freedom. However where I’m at in NY my taxes are way more than my mortgage used to be. So I’m still out the same money. The Governor was on today about the economics of all this and said now is not a good time to talk about raising taxes, we’ll do that later. LOl. Can’t wait.

 

[chummer]

Being debt free is really power. Gives you options and freedom. However where I’m at in NY my taxes are way more than my mortgage used to be. So I’m still out the same money. The Governor was on today about the economics of all this and said now is not a good time to talk about raising taxes, we’ll do that later. LOl. Can’t wait.

Can he wait 8 more years until I can get out of here.

 

[Mortenson]

Last mini-van purchase I made I thought the finance guy was going to cry when I finally got it through his thick skull that I was putting at least 10K down. He really wanted me to max out my loan. I swear the next guy who asks me what I want my payment to be will get choke-slammed into his desk.

We've had 3.5 on our 30 yr for 7 yrs now. I think my wife throws an extra hundred at it each month. I'm going to check into switching to a 15 yr.

 

[chummer]

Last mini-van purchase I made I thought the finance guy was going to cry when I finally got it through his thick skull that I was putting at least 10K down. He really wanted me to max out my loan. I swear the next guy who asks me what I want my payment to be will get choke-slammed into his desk.

We've had 3.5 on our 30 yr for 7 yrs now. I think my wife throws an extra hundred at it each month. I'm going to check into switching to a 15 yr.

It is a state of mind but I never put anything down. At the rates we have had the last 12 years you are better of keeping your cash and investing it. Not the best advice in the middle of a market crash. I sell big construction equipment and I always tell my customers to keep their cash. Some do some don’t. We will probably have true 0% deals on cars this year but make sure you ask if it is true 0 or a subsidy. That is a dirty trick banks do in good times. They charge you more for the 0% than the interest would have cost.

 

[roymunson]

78% of Americans live paycheck to paycheck
https://www.forbes.com/sites/zackfr...to-paycheck-government-shutdown/#7558e5c54f10

Call me cold hearted, but with some exceptions, that is absolutely their own fault.

Heck there are families all over the world surviving on $30k a year feeding kids and all. We have people making over 100k a year who are 2 paychecks away. I have very little sympathy for that nonsense.
You either manage your money, or it manages you.

 

[Mortenson]

I get that, but this was one of those deals where you get thousands in cash rebates or 0%. So my loan wasn't free money. Between land and machinery loans, gotta make the best choices. Sometimes cash is king. Sometimes financing gets you the best deal. I've had machinery dealers dangle good deals either way at different times.

 

[ksgobbler]

The only reason I will ever go into more debt is to buy land touching mine. I don't care if its 0%. The wolf is never at my door.

 

[roymunson]

The only reason I will ever go into more debt is to buy land touching mine. I don't care if its 0%. The wolf is never at my door.

feels pretty good right now, doesn't it? All that uncertainty and you're in a good place. Kudos to you

 

[bwoods11]

Being debt free is really power. Gives you options and freedom. However where I’m at in NY my taxes are way more than my mortgage used to be. So I’m still out the same money. The Governor was on today about the economics of all this and said now is not a good time to talk about raising taxes, we’ll do that later. LOl. Can’t wait.

That is why NY are moving to Florida a record pace. I just don't get it. Minnesota has the same issue. Minnesota lost 3,000+ high earners due to insane state taxes in the past 6 years. Most have moved to Florida, AZ, and SD. That has cost our state a lot of money. It will only get worse now.

 

[jsasker007]

No income tax= another 33% in your wallet. That's a pretty decent incentive.

 

[Northbound]

"Live beneath your means"-I was told that by my boss when I was 17. Lucky this was 2001 and a 18 year old could get a home loan easy with a few grand down payment. Those words he said really stuck, bought a house at 18 years old and haven't had a mortgage since I was 25. I can't imagine the stress levels that people must endure while living paycheck to paycheck to have the newest everything. Same boss who gave me the advise made a crap ton by purchasing stock the day after 9/11. Worked his balls off, invested smart and then died 2 days after he retired. Him dieing before 'living' also convinced me to switch profession to a trade where I can take off a few months over winter each year to 'live a little". Never know when your times up. I miss that guy dearly

 

[Bowsnbucks]

Chummer, post #836 - I don't want a ruined economy or high virus case numbers. You're making assumptions. And I only repeated the false rumors about Obama - they were from others originally. Sarcasm. I'm not throwing up blood either. Just watching the events play out.

If anyone has cash on hand when the market seems to be bottoming out, it'll be a great time to pile in. We did that after previous crashes to very good results, Oct. '87 being a banner play. Good money to be made down the road.

 

[chummer]

Chummer, post #836 - I don't want a ruined economy or high virus case numbers. You're making assumptions. And I only repeated the false rumors about Obama - they were from others originally. Sarcasm. I'm not throwing up blood either. Just watching the events play out.

If anyone has cash on hand when the market seems to be bottoming out, it'll be a great time to pile in. We did that after previous crashes to very good results, Oct. '87 being a banner play. Good money to be made down the road.

That was my sarcasm. You cite these things that less than 1% of the population thinks as general consensus among Republicans. I am not making assumptions. CNN is doing cartwheels over the economy and virus. Russia failed so this is it. Watch it for ten minutes and you will see it unless you agree with them.

 

[bowhunternw]

No worries, govt is gonna hand out $1000 checks to every adult. Im not against it just think the timing is all wrong. Wait till the sky clears then put the jumper cables on.

 

[bowhunternw]

Like it or not there is going to be people out of work for a while after this. Once the virus scare passes employers are gonna be slow to bring things back to normal. They need to let people adjust to their means. Throwing money out now, no one is going to adjust and just grow to expect free money.