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6 year loans "average" now

Nickp

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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.
And that’s true, his 4-7 stuff is fine for people who don’t know better or just can’t control their inpulses or trust themselves with a card. To me, I personally think most people would be better off with more advanced advice after getting out of debt. But his stuff is geared for the lowest common denominator and like I said, it works amazing for debt.
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tyrobronco

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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.
DR's advice is for the average person.

People who are in a good financial place have the flexibility to take what they need. It was nice to have a plan / strategy written out.

Honestly, in my case, it helped get my wife more onto my way of thinking rather than the idea of "I want to enjoy life, now".

Of course I am blessed. 2 teacher-salaries, with 2 kids. One going into college this year and one 2 years away and I can still plan to buy a Bronco in 2021 while tithing and paying parental support for the inlaws.
 

North7

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Here is another investment community with very sound advice. They advocate investing while keeping a watchful eye on fees among many other things.

Bogleheads is named after John Bogle, founder of the Vanguard Group and creator of the world's first retail index mutual fund (Vanguard is now one of the world's largest investment companies).

https://www.bogleheads.org/forum/index.php
 

BONESTOCK

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Good stuff guys!
 

MaverickMan

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You rich folks are a wild bunch i got to say. but hey if it affords you buy a bunch of toys and have fun so be it. Ive never had any debt myself. This Bronco will be the one new car I purchase in my life. I did finance a a 77 CJ5 lifted with a 360 for 3000. cost me 200 in interest but wasnt really a big deal since I got to have a serious mudder for 125 a month. Was half of my electric bill at the time. I have always held the notion that i am smart enough that i will always find someone to pay me to do something. Till covid i chopped coconuts at Twin Falls Maui making about 44k a year plus tips. As long as the tourist economy comes back should be just the same next year. If not I plan on working in commercial hauling, fab work, or equipment operator. Im lucky enough living off grid that if I take away entertainment like like tv and internet my wife and I's bills will go down to about 1500 a month really just insurance and land payment on our 3 jungle acres. Im not into having kids and I think that must be what people use for all that drive to wealth. Im perfectly happy living a nice but hard working life. Its great that a 26 you got all that money going for ya but man in my 20s I was wonderfully happy living in vans all across the country and hanging out in bamboo huts by waterfalls, sleeping under the stars next to a dinner campfire almost everynight. Up to about 30 I just spent all my money at jegs, summitracing, and quadratec. Building cars and jeeps, burning tires and slinging mud everyweekend.

Now i just want to take care of my wife and our land. We like to camp on the beach and explore the mountains of our island. I plan on financing this Bronco out as long as the law allows. The value and that stuff about being underwater on it doesnt matter. I will keep it till they outlaw internal combustion(then i'll just hide it and brew ethanol). I have looked at every car Ive ever had and sold like a rental. The longer i kept it the better. Never sold on for a quarter of what i paid. Hell I have a freind that when she decides she wants a different car she finds somebody to sell it to for $1(i cant wait to buy her 2000 TJ lol) Keeping happiness levels up throughout our life is the most important thing. Worrying about hustling and making wealth and money is a dangerous slope. I just hope yall are taking the time to balance that out with a simple life.

I dont really know what my point is here but I thought I'd share my life story with yall so you know that there is always a hundred right ways to be happy.

Aloha!
 

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teejayhoward

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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.
Put a new car payment into an index fund every month starting now. In five years, buy the new car with cash. You'll still have a few grand in the index fund to start on your next new car purchase. You'll also have a good safety net in case you lose your job, or be in a good position if a great chunk of land shows up for a low price, or you wanna buy a ring for "the one", or decide that your Bronco needs a garage to call home. I call it the "opportunity fund". As in, when an opportunity knocks, I wanna have the cash ready to go.

Right now I'm making double payments on a 60 month note. I did the 60 month loan because the interest rate was the same as the 24 month loan, but I'd have better cash flow in the event of a job loss. I'm really glad I did it, too. Even at double payments, the first year of depreciation was NASTY and my career hasn't exactly been stable. I've only got about a grand in equity in my daily driver, but at least I'm not upside down. I was considering dumping the rest of my monthly check into the car just to get it paid off sooner, but then the market tanked... And I'm a sucker for cheap stocks.
 

BuckWildOffRoad

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You rich folks are a wild bunch i got to say. but hey if it affords you buy a bunch of toys and have fun so be it. Ive never had any debt myself. This Bronco will be the one new car I purchase in my life. I did finance a a 77 CJ5 lifted with a 360 for 3000. cost me 200 in interest but wasnt really a big deal since I got to have a serious mudder for 125 a month. Was half of my electric bill at the time. I have always held the notion that i am smart enough that i will always find someone to pay me to do something. Till covid i chopped coconuts at Twin Falls Maui making about 44k a year plus tips. As long as the tourist economy comes back should be just the same next year. If not I plan on working in commercial hauling, fab work, or equipment operator. Im lucky enough living off grid that if I take away entertainment like like tv and internet my wife and I's bills will go down to about 1500 a month really just insurance and land payment on our 3 jungle acres. Im not into having kids and I think that must be what people use for all that drive to wealth. Im perfectly happy living a nice but hard working life. Its great that a 26 you got all that money going for ya but man in my 20s I was wonderfully happy living in vans all across the country and hanging out in bamboo huts by waterfalls, sleeping under the stars next to a dinner campfire almost everynight. Up to about 30 I just spent all my money at jegs, summitracing, and quadratec. Building cars and jeeps, burning tires and slinging mud everyweekend.

Now i just want to take care of my wife and our land. We like to camp on the beach and explore the mountains of our island. I plan on financing this Bronco out as long as the law allows. The value and that stuff about being underwater on it doesnt matter. I will keep it till they outlaw internal combustion(then i'll just hide it and brew ethanol). I have looked at every car Ive ever had and sold like a rental. The longer i kept it the better. Never sold on for a quarter of what i paid. Hell I have a freind that when she decides she wants a different car she finds somebody to sell it to for $1(i cant wait to buy her 2000 TJ lol) Keeping happiness levels up throughout our life is the most important thing. Worrying about hustling and making wealth and money is a dangerous slope. I just hope yall are taking the time to balance that out with a simple life.

I dont really know what my point is here but I thought I'd share my life story with yall so you know that there is always a hundred right ways to be happy.

Aloha!
Nothing wrong with this. Quite frankly it sounds amazing. If we're being honest I would love to do what you're doing, except not have to go to any kind of formal job. My life isn't about being fancy or showing off, it's all about security for my family and making sure I am involved in every way of my kids life. I fear working my life away. That's why I am semi retiring in 5 more years. My business "Bucked Off-Road", is a fun detour that I can enjoy.
 

MaverickMan

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Nothing wrong with this. Quite frankly it sounds amazing. If we're being honest I would love to do what you're doing, except not have to go to any kind of formal job. My life isn't about being fancy or showing off, it's all about security for my family and making sure I am involved in every way of my kids life. I fear working my life away. That's why I am semi retiring in 5 more years. My business "Bucked Off-Road", is a fun detour that I can enjoy.
Well the best of luck to ya. All my family grew up making careers, families, and responsibilities so I just had to be the wild one. If tourism ever happens again and the kids get old enough to jump off a waterfall, come to maui, rent a bronco (fingers crossed JLs dominate the rentals here) stop by Twin Falls on the Hana Hwy and I will set ya up with coconuts, smoothies, and popsicles for the kids.
 

Bronc-O

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I plan on putting down about half up front and then going 4-5 years.
I'm putting down just enough to keep the payment in my range and finance as long as possible. At my age, it doesn't make sense to tie up a lot of money in a vehicle that may outlast me. I'll use the cash I have to enjoy driving.
 

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FatThunder84

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Do we know if Ford is going to offer 0% on the Bronco? Are they going to limit the 0% to certain models/trim levels??

I usually try to limit myself to 5 years, but make extra payments when I can. If its 0%, I might push to 6 yrs and just pay off early if I come into some extra money.

Fingers crossed for no adm, and 0% on the FE... fingers and toes crossed haha.
 
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Billm0066

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You rich folks are a wild bunch i got to say. but hey if it affords you buy a bunch of toys and have fun so be it. Ive never had any debt myself. This Bronco will be the one new car I purchase in my life. I did finance a a 77 CJ5 lifted with a 360 for 3000. cost me 200 in interest but wasnt really a big deal since I got to have a serious mudder for 125 a month. Was half of my electric bill at the time. I have always held the notion that i am smart enough that i will always find someone to pay me to do something. Till covid i chopped coconuts at Twin Falls Maui making about 44k a year plus tips. As long as the tourist economy comes back should be just the same next year. If not I plan on working in commercial hauling, fab work, or equipment operator. Im lucky enough living off grid that if I take away entertainment like like tv and internet my wife and I's bills will go down to about 1500 a month really just insurance and land payment on our 3 jungle acres. Im not into having kids and I think that must be what people use for all that drive to wealth. Im perfectly happy living a nice but hard working life. Its great that a 26 you got all that money going for ya but man in my 20s I was wonderfully happy living in vans all across the country and hanging out in bamboo huts by waterfalls, sleeping under the stars next to a dinner campfire almost everynight. Up to about 30 I just spent all my money at jegs, summitracing, and quadratec. Building cars and jeeps, burning tires and slinging mud everyweekend.

Now i just want to take care of my wife and our land. We like to camp on the beach and explore the mountains of our island. I plan on financing this Bronco out as long as the law allows. The value and that stuff about being underwater on it doesnt matter. I will keep it till they outlaw internal combustion(then i'll just hide it and brew ethanol). I have looked at every car Ive ever had and sold like a rental. The longer i kept it the better. Never sold on for a quarter of what i paid. Hell I have a freind that when she decides she wants a different car she finds somebody to sell it to for $1(i cant wait to buy her 2000 TJ lol) Keeping happiness levels up throughout our life is the most important thing. Worrying about hustling and making wealth and money is a dangerous slope. I just hope yall are taking the time to balance that out with a simple life.

I dont really know what my point is here but I thought I'd share my life story with yall so you know that there is always a hundred right ways to be happy.

Aloha!
had My 1st kid last year at 37 and 2nd kid in a month or two. Before I was all about myself and now those two boys are my world. I still do a lot for me but my entire mindset has shifted to give them the best life possible while I’m here and after I’m gone. I couldn’t imagine a world after having a kid. This is coming from someone who said for 34 yearsI would never have one.

there Is nothing wrong hustling to earn money for the benefit of others. It keeps me motivated. I can’t wait for these boys to be old enough to enjoy this bronco. Fishing, off roading, camping.

I have no car debt right now. If I can’t pay off a car in 12 months I won’t buy it.
 

chtucker

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Scary but very accurate I am sure... I can't write a check very easily for $70k, but I can stomach a $5k repair or a negative equity situation. I also have paid off cars and kept them... 2006 FJ Cruiser and 2011 Toyota Prius..Both on 4-5 year loans. Prius was 1.9% FJ was a lot more as we were recovering from failed entrepreneurial experiment (We sucked it up, refinanced it 3 times o lower the rate and still have it)...

I plan on 60-72 months at as low an interest rate I can find... with a $10k deposit...We only drive 8-10,000 miles a year combined on both vehicles. My wife walks to work and I have a company paid for vehicle. I don't get the trade in at 75k miles. Vehicles today should EASILY go 150k miles with no major troubles.. Especially if you purchase a reliable model. Rolling negative equity should be difficult, not as easy as they make it.
 

Djc921

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Do we know if Ford is going to offer 0% on the Bronco? Are they going to limit the 0% to certain models/trim levels??

I usually try to limit myself to 5 years, but make extra payments when I can. If its 0%, I might push to 6 yrs and just pay off early if I come into some extra money.

Fingers crossed for no adm, and 0% on the FE... fingers and toes crossed haha.
Was thinking the same thing. Hopefully they do offer 0 percent or something close to that like 1.9
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