$3000 cost, per trip out to the lake....STUPID!

[skargo]

Re: $3000 cost, per trip out to the lake....STUPID!

You haven't got the things that count.

Not everything that counts can be counted.
And most of the stuff that can be counted doesn't count.
Its just usefull.

How can you possibly know if he has the things that count? I've seen you make these remarks, and let me tell you, many of us have everything that counts. Just because we are financially free, or on our way there, doesn't mean we don't have what truly matters in life.
psssst, your envy is showing.

 

[Jeep Man]

Re: $3000 cost, per trip out to the lake....STUPID!

Most of you guys are working stiffs like myself. Boats, homes and toys are achieved by determination, sacrifice, saving, wishing,and a bit of luck. Many of us have difficulty in understanding how others can "waste" money on things that we struggle for. The answer is simple. The money and "things" have far less meaning to them because the struggle to get it was less than ours, or their luck was better, therefore it is appreciated less. Personally,my boat was purchased after the previous owner, who purchased it new, used it a couple of times, stored it, had the storage building collapse on it, and had it written off. I saw a boat I could afford, could fix enough not to be embarrassed by it (a personal determination), and suited my needs. With less than $8K invested, I own a boat that the previous owner paid over $35K for. Would I like to have a brand new Bennington or Avalon? Absolutely. But the enjoyment of being able to take friends boating, or having our kids and grandkids swim, fish, and and play from the boat, is worth far more than having a pristine shiny new craft that we couldn't afford. At the end of the day, we have what many, many others wish they had. I feel fortunate and blessed.

 

[jkust]

Re: $3000 cost, per trip out to the lake....STUPID!

jkust - We're going on your boat this weekend your treat since you have 43k laying around. If you have that in your checking account you should probably think about investing it. (Unless you're monthly expenses are 10x what mine are then you probably need that much in there as your safety net).

I'm only 29 and I wish I could save/invest more but I just don't make enough $$ in my career to do this. I save what I can and feel good about where I'm at (if I compare myself to my friends at my age I'm above par, but a lot of them have little to no financial responsibility). I love it when they give me advice too. If I listened to everything they said I wouldn't be where I'm at today.

Nice 401k, 2 roths, 6plex rental, townhome rental and my personal home (Rentals still have notes). Then I have the liabilities, 4 cars, motorcycle and boat. I don't have any kids soo I think that might be where I get my money for the liabilities (toys).

Korgrandy I am 7 years older than you. It was those 7 years where I really started making money and when my wife started her consulting company from the ground up after our first child when she was determined not to work for anyone ever again. I am an executive officer at my company and she is the president and CEO of her's. Her income is tremendous though she started with a telephone and $5000 dollars. There was a day when 43k of unused, idle cash seemed like a lot of money. Way back in my 20's when I was in college, I could hardly have imagined but today is a different story. The difference is we save 100% of my wife's income and probably 50% of mine. However, you will notice my largest boat is only 18 feet and now 7 years old and my newest car is 5 years old and we have almost no meningful debt. Other than our large home and its contents, outwardly we continue to live as though we are poor college kids in contrast to my colleagues and neighbors.

Someone mentioned the struggle being less or luck being greater so some might value their stuff less (paraphrasing). Holy cow, I couldn't agree less. We worked hard and smart and avoided a lot of the pitfalls I see others fall into to get here.

 

[Beefer]

Re: $3000 cost, per trip out to the lake....STUPID!

A few years ago, I went to one of those motivational type speaker things with my job. One of the things that really stuck with me was about people who work for their money and how they tend to keep it, vs. people who have money dumped on them (lottery, inheritance, etc.). This doesn't really apply to anyone on here, as all that have posted seem to have earned their money themselves. Granted, some may have had some help, but for the most part, those with the huge bankrolls have worked for it, as well as those with the smaller bankrolls. But have you ever noticed how many of the huge lottery winners end up bankrupt a few years after winning? They have no appreciation for that money. They didn't have to do anything for it (except have dumb luck). All of us (and I do mean all of us) who work for the savings account with $1k, $10k, $100k or $1M knows what it took to get it there, and respect it.

If the math of financing (using other people's money) a boat (or whatever) works out to be a benefit to your bottom line, great. If it doesn't, and you decide to pay cash, great. One is not 'more right' then the other. It's the people who go into debt over and above their means that are the fools. I will not derail the thread and go into the housing crash, but that's a good example.

As long as you are happy with your purchase (new/used, cash/finance), and the money won't detract from the intended enjoyment of the purchase, you did it right.

As for myself, it's taken a very long time to get where I/we are today, and it feels great watching the money (finally) piling up in our accounts, retirements, etc., but I still have my parents 'Great Depression' philosophy, so I'm not sure how happy/comfortable I would personally feel buying a brand new boat for (let's say) $75k, when a similar 2 year old boat could be had for $45k (?). But that's me.

 

[jkust]

Re: $3000 cost, per trip out to the lake....STUPID!

I would still like to win a lottery though.

 

[skargo]

Re: $3000 cost, per trip out to the lake....STUPID!

Financing is not using other people's money, when YOU are paying a note each month. I've seen that mentioned a few times and it's slightly confusing.

I use other people's money to buy my investment properties. I borrow private money most of the time for purchasing, and rehabs. Then after the rehab, I get a tenant who more then pays my high interest, private, or occasional hard money note. Then I refi into a lower interest loan and get paid even more.

THAT is a true example of using OPM