Perpetual Debt

[Bugzilla46310]

 

[DeepCMark58A]

Pay cash for your toys or don't play.

 

[airshot]

Having been a boat owner for well over 60 years, while raising a family, always had a separate budget for the boat. That budget never took away from family expenses, often worked 2 or even three jobs to fund what the family needed along with funding my boating hobby. Going into debt for boats was never on the list, unless I borrowed from my own savings and paid it back. As a tool make with access to a full machine shop in my working years, I often made rather than buy certain things and often made money making things for others. You don't need to be rich to own a boat, but if your not wealthy, you need to be willing to put in extra work !

 

[Mc Tool]

Or buy an appreciating classic ......look after it and you will make money when you sell it .......probly not so much with boats, but cars and bikes .

 

[dingbat]

I’ll go against the grain and say I’m a firm believer in not paying cash for anything if I have an option.

Guessing it’s my business background but cash flow (liquid assets) are more far more important than my bank balance.

 

[airshot]

When I say paying cash, it is a figure if speech. Most of the time I use my CC for the purchase then pay it off within 6 months or usually less. The reason is....if I have any issues with what I buy, the CC company will go to bat if there is an issue. Either stop payment, or hold payment, or even in case of a scammer to get my money back. And the other reason is the bonus bucks for using that card. With my various hobbies, I have been subject to scammers over the years, but my CC has gotten back every nickel I have been scammed out of. Private purchases don't count of course, your on your own there. Long term financing is reserved for homes and vehicles.
Hey....to each his own, but I have found having a good CC that protects your purchases is what works for me and the bonus bucks kickback can get me more toys to add to my collection.

 

[Pmt133]

I’ll go against the grain and say I’m a firm believer in not paying cash for anything if I have an option.

Guessing it’s my business background but cash flow (liquid assets) are more far more important than my bank balance.

I have a stand alone "in case of emergency break glass" bank account that I throw a few bucks into a week. I have the Roth IRA and pension on the other.

Cash is for eating out and fun things but the primary purchases, fuel, op costs, vehicle purchases (within reason) are done on cards or loans. Having the credit line and not needing it I felt was always better than needing and not having it. My last vehicle loan was a 0% loan... it was a joke of a monthly payment but I used the money I would have dropped up front for a lot of other things that netted me a better return on investment in the long run. It's worked so far.