6 year loans "average" now

[BuckWildOffRoad]

Jesus H, man... I’m 26 and I don’t even know how to spell half of what you just said. I have a pad, pen and a can do attitude just eager to hear you help me figure out how to pay cash for this machine we are speaking of.

What do you do for a living? I tried to be very strategic with my career and what I could do with it. I am a nurse, was a FF/emt. I chose to be in the ER because of job security and its not boring. Did 1.5 years at a local hospital and now I travel nurse. Be smart and selective with assignments. Nobody needs to know my income, but in 5 years I will only be working 3 months a year as a nurse. Only to keep my skills and buy more rentals. In the end, invest the maximum you can, don't even count it on your paycheck, consider it a tax for your future self. Pay off every debt in a snowball fashion. Live debt free and aquire real-estate (while still maximizing your investments under your own LLC's). Leave this world a better place and also your kids will be set for life because you will teach them the same. -BOR

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[DrewBronc21]

if you can get a low interest loan @ 3% or less, take the loan for as many years as you want, don’t put anything down and keep your cash invested. You will make money on the cash you didn’t spend on the car. Your not upside down because you have the cash. The car will depreciate the same whether you took a loan or paid cash. The money you didn’t put down on the car will likely grow to be significantly more than the interest paid on the loan and you have your cash for safety. You buy a car all cash and your money is tied up in the car.

 

[93_SVT_3503]

What do you do for a living? I tried to be very strategic with my career and what I could do with it. I am a nurse, was a FF/emt. I chose to be in the ER because of job security and its not boring. Did 1.5 years at a local hospital and now I travel nurse. Be smart and selective with assignments. Nobody needs to know my income, but in 5 years I will only be working 3 months a year as a nurse. Only to keep my skills and buy more rentals. In the end, invest the maximum you can, don't even count it on your paycheck, consider it a tax for your future self. Pay off every debt in a snowball fashion. Live debt free and aquire real-estate (while still maximizing your investments under your own LLC's). Leave this world a better place and also your kids will be set for life because you will teach them the same. -BOR

Who are you working for? My brother runs a pretty big firm that does medical staffing.

 

[Clint Callahan]

What do you do for a living? I tried to be very strategic with my career and what I could do with it. I am a nurse, was a FF/emt. I chose to be in the ER because of job security and its not boring. Did 1.5 years at a local hospital and now I travel nurse. Be smart and selective with assignments. Nobody needs to know my income, but in 5 years I will only be working 3 months a year as a nurse. Only to keep my skills and buy more rentals. In the end, invest the maximum you can, don't even count it on your paycheck, consider it a tax for your future self. Pay off every debt in a snowball fashion. Live debt free and aquire real-estate (while still maximizing your investments under your own LLC's). Leave this world a better place and also your kids will be set for life because you will teach them the same. -BOR

That’s great insight. Especially at 26. Bravo. I work for a ministry in my town, so the reality of being able to actually buy one of these bad boys out the gate is so far from reality. Just here because I am such a bronco enthusiast and come from a long line of bronco lovers. I really appreciate your insight man!

 

[BuckWildOffRoad]

Who are you working for? My brother runs a pretty big firm that does medical staffing.

Westways and TNAA, but I am signed up with many.

 

[eBronco]

Paid cash for my Mariner in 2005. Still have it at 270K
0% on the CMAX (plus the feds gave me 5K and the state gave me 1K). Paid off in about 2 years.

New cars and truck are expensive, but so are used cars. Especially used trucks. I don't get it. Used vehicle prices seem to be propped up.

 

[JimmyDean]

Paid cash for my Mariner in 2005. Still have it at 270K
0% on the CMAX (plus the feds gave me 5K and the state gave me 1K). Paid off in about 2 years.

New cars and truck are expensive, but so are used cars. Especially used trucks. I don't get it. Used vehicle prices seem to be propped up.

im looking for a used truck, and yeah, its ridiculous. 30 year old trucks for 10k or more. that 20 years ago, when they were 10 years old, cost 1500-2k.

some of it was cash for clunkers, some of it I think is the ridiculous price on new trucks, so many of us are just going back to old school fix it yourself vehicles, and that raises demand. After you get burned with repairs in the thousands to tens of thousands every year, as soon as you are out of warranty, you get tired of the tech.

 

[eBronco]

im looking for a used truck, and yeah, its ridiculous. 30 year old trucks for 10k or more. that 20 years ago, when they were 10 years old, cost 1500-2k.

some of it was cash for clunkers, some of it I think is the ridiculous price on new trucks, so many of us are just going back to old school fix it yourself vehicles, and that raises demand. After you get burned with repairs in the thousands to tens of thousands every year, as soon as you are out of warranty, you get tired of the tech.

Yep. I can repair anything on the Mariner. CMAX, who knows at this point. We have about 20K on it.

 

[93_SVT_3503]

Westways and TNAA, but I am signed up with many.

He runs LRS Healthcare out of Omaha.

 

[BONESTOCK]

Jesus H, man... I’m 26 and I don’t even know how to spell half of what you just said. I have a pad, pen and a can do attitude just eager to hear you help me figure out how to pay cash for this machine we are speaking of.

Listen to Dave Ramsey. He's changed my way of living and sounds very much like Bucked! Man good for you, Bucked, for realizing at 26 years old! I'm 39 now and only realized about 9 years ago! It's the best way to live! No pressure on my chest when I lay down at night!

 

[Nickp]

Listen to Dave Ramsey. He's changed my way of living and sounds very much like Bucked! Man good for you, Bucked, for realizing at 26 years old! I'm 39 now and only realized about 9 years ago! It's the best way to live! No pressure on my chest when I lay down at night!

Dave’s advice on getting out of debt is incredible, possibly the best in the industry. Bar none.

His advice for everything past baby step 3 is terrible, there are way better resources.

 

[eBronco]

Dave’s advice on getting out of debt is incredible, possibly the best in the industry. Bar none.

His advice for everything past baby step 3 is terrible, there are way better resources.

They are not terrible. Pretty standard advice after BS3. Because of the change in tax law, paying off your house is a good idea. The standard deduction is very high and you only get a tax benefit past the standard deduction. Paying off my house early was huge. With no debt, it gives you plenty of opportunities to invest / do other things.

 

[Nickp]

They are not terrible. Pretty standard advice after BS3. Because of the change in tax law, paying off your house is a good idea. The standard deduction is very high and you only get a tax benefit past the standard deduction. Paying off my house early was huge. With no debt, it gives you plenty of opportunities to invest / do other things.

Paying off house early is fine. Saying the only mortgage you should get is a 15 year is insanity. My mortgage is extremely reasonable for me ($1k a month) for someone who makes $55k. If I was going to do a 15 year I would need an insane down payment to be comfortable which would’ve meant less money for renovations and therefore less equity. I totally agree with paying off early, I have no intention of taking even 10 years to pay off my place.

His investment advice is terrible too though. He recommends high fee mutual funds when lower fee index funds are so much better. His numbers for saving towards retirement is good but there are better investment options.

Lastly, his advice on not having credit cards or that credit score doesn’t matter is dead wrong. Credit cards are great for day to day transactions because your money isn’t at risk due to fraud, the bank’s is. And the bank is going to fight way harder to get their money back than they will fight to get your money back. In addition, used correctly, credit cards can earn you some awesome rewards as long as you treat them like cash.

 

[eBronco]

Paying off house early is fine. Saying the only mortgage you should get is a 15 year is insanity. My mortgage is extremely reasonable for me ($1k a month) for someone who makes $55k. If I was going to do a 15 year I would need an insane down payment to be comfortable which would’ve meant less money for renovations and therefore less equity. I totally agree with paying off early, I have no intention of taking even 10 years to pay off my place.

His investment advice is terrible too though. He recommends high fee mutual funds when lower fee index funds are so much better. His numbers for saving towards retirement is good but there are better investment options.

Lastly, his advice on not having credit cards or that credit score doesn’t matter is dead wrong. Credit cards are great for day to day transactions because your money isn’t at risk due to fraud, the bank’s is. And the bank is going to fight way harder to get their money back than they will fight to get your money back. In addition, used correctly, credit cards can earn you some awesome rewards as long as you treat them like cash.

I was just talking about the generic BS 4-7. You can get a 30 year and pay it down like a 15 year. I understand his logic; this is for people who need to stick to a plan.

I don't think he pushes high fee mutual funds? I thought he liked Vangard?

You don't need a credit card for a credit score. The reason he talks about paying cash is that many of the people who are deep in debt can stay away from the candy called a credit card. Take what you need from Dave. If you don't need that advice, don't use it. However, it isn't terrible, especially for profligate spenders.

 

[tyrobronco]

im looking for a used truck, and yeah, its ridiculous. 30 year old trucks for 10k or more. that 20 years ago, when they were 10 years old, cost 1500-2k.

some of it was cash for clunkers, some of it I think is the ridiculous price on new trucks, so many of us are just going back to old school fix it yourself vehicles, and that raises demand. After you get burned with repairs in the thousands to tens of thousands every year, as soon as you are out of warranty, you get tired of the tech.

This is true. 2011, I was looking at getting an F-150. Priced out a couple of 2009ish used trucks and they were like 2-5 thousand less than new. I decided to just buy new.

For those of us with no credit card debt and stable jobs (family life), 0% interest loans regardless of length is especially good given a dollar in 2020 will buy more than a dollar in 2025.

What we do is make a car payment every month, regardless. When we paid off the 2011 F-150 a few years ago, we kept making the "payment" into an 'savings' account since we already budgeted out that amount. As the money piled up, my wife bought a used Fusion Energi with payments lower than the F-150. Since the budget is 500 per month, over paying the Fusion's loan got it paid off in February (a little over 2 years since we bought it).

I want to see the reveal of the Bronco, but the fact it might not be available until March 2021 only means our 'car account' will continue to grow.

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