[quote]Growing_Boy wrote:
They are sitting in a Taco Bell cup full of water inside the freezer. I’m just busting my ass off to pay that shit off so I can get the fuck out of dodge once and for all. [/quote]
Where you heading?
I did the opposite. I charged every expense I could on my credit card, business and personal. It was a rewards card for Bass Pro Shop. Even with only 1% back in credit I got a few thousand dollars in store credit which I used for many good things.
I had a lot of discipline and paid it off each month without fail and have a lot of expenses for work so the balances were big each month and made it worth it.
Had one in the past, as a university student. Haven`t had one in 8 years.
[quote]Brett295 wrote:
good choice with the credit cards. My wife and I only have one and we never use it.
other advice: never get yourself in a situation where you need both incomes. YOUR income is for house, food, insurence, etc… HER income is for boats, cars, dinner out, movies, etc… That way if she ever gets pregnant again, loses her job or anything else you still have your house and you can still eat and go to the doctor.
[/quote]
Wise words.
[quote]force of one wrote:
To me, living within your means is simple.
If you can afford it, do it. If you can’t, then don’t. [/quote]
And we have a WINNER!
[quote]dk44 wrote:
Growing_Boy wrote:
They are sitting in a Taco Bell cup full of water inside the freezer. I’m just busting my ass off to pay that shit off so I can get the fuck out of dodge once and for all.
Where you heading? [/quote]
Stalker
[quote]MaddyD wrote:
dk44 wrote:
Growing_Boy wrote:
They are sitting in a Taco Bell cup full of water inside the freezer. I’m just busting my ass off to pay that shit off so I can get the fuck out of dodge once and for all.
Where you heading?
Stalker
[/quote]
Ha, well he left us hanging in the PWI thread about leaving the US. and I love him.
[quote]dk44 wrote:
MaddyD wrote:
dk44 wrote:
Growing_Boy wrote:
They are sitting in a Taco Bell cup full of water inside the freezer. I’m just busting my ass off to pay that shit off so I can get the fuck out of dodge once and for all.
Where you heading?
Stalker
Ha, well he left us hanging in the PWI thread about leaving the US. and I love him. [/quote]
No, I’ll keep posting. Shoot, I was posting from my command center a while back. You know in those old westerns when the cowboys say, “If we can make it to the border, we can make it” well the world is my Mexico.
I think a good rule of thumb is to not get large number of credit cards, and to try to pay off the balance. Otherwise try to pay with cash, which is so easy now with debit cards. If you think about it, the debit card is really the credit card killer, because before the debit card came around, you almost HAD to use the credit card.
Credit cards are very helpful if one has the discipline to use them. Live within your means and put everything on your CC then pay it in full every month. I get miles, cash back and, being a Platinum, all the other perks: 1 extra year of warranty on all purchases, car insurance for rentals, luggage insurance and so forth. You actually win money if you use it wisely. Not to mention the credit you build while doing so.
My ex took me to the cleaners when I was about 22, racked up a 10 credit card amongst other debts. I’m almost 26 now and everything is paid off but I havnt had a credit card since then.
[quote]jaybvee wrote:
The wife & I are paying down our debts with a bank loan…
[/quote]
I am not an accountant but how can one pay down a debt by incurring another debt?
Do you mean you consolidated your debts? If this is the case then I would pay it off as quickly as possible; use savings or any other liquid or cash assets to help. It is far better to pay off debts as fast as possible in the short run so that you can maximize your potential for future investments which will actually add to your income in the long run. Paying interest on top of having those investments devalued by inflation will just eat away any savings you might be able to accrue by paying off loans slowly over time (i.e., paying the minimum every month). Reinvestment works best over the long haul.
Other than that just try cutting back on other livelihood expenses. The missus and I both cut back on our booze and lunch outings, quit ordering out for dinners and no longer purchase produce from Whole Foods (organic food is a total scam, anyway!), and canceled the cable and have saved about $1000/month (though we save a lot of money we now have less time for personal leisure). We did this last October when my wife got laid off from her job.
We are aiming to be completely debt free by this next October. We will probably be there by August even after our Summer vacation in July. After that, hopefully, I will still be able to find work and we will have it made.
[quote]Brett295 wrote:
other advice: never get yourself in a situation where you need both incomes. YOUR income is for house, food, insurence, etc… HER income is for boats, cars, dinner out, movies, etc… That way if she ever gets pregnant again, loses her job or anything else you still have your house and you can still eat and go to the doctor.
[/quote]
This is very good advice, I think. In the OP’s situation though (not suggesting you’re saying otherwise, Brett) the second income should be for establishing an emergency fund then paying down all debt.
[quote]King_Me wrote:
Got The cash ? = Buy it
Dont have the Cash = Dont even think about it.[/quote]
Now if only more people did that…
One other thing… some may disagree: cut the fuckers up and pay them off, but do not close them if you’re hoping to buy a house. It can negatively affect your credit score.
[quote]Tyler23 wrote:
One other thing… some may disagree: cut the fuckers up and pay them off, but do not close them if you’re hoping to buy a house. It can negatively affect your credit score. [/quote]
or in the case of growing_boy put them in a taco bell cup to freeze in your fridge:P
[quote]Tyler23 wrote:
One other thing… some may disagree: cut the fuckers up and pay them off, but do not close them if you’re hoping to buy a house. It can negatively affect your credit score. [/quote]
Be careful with this! Our credit card company is closing cards if they aren’t being used! And it is only going to get worse with the credit crunch!
[quote]catone wrote:
Credit cards are very helpful if one has the discipline to use them. Live within your means and put everything on your CC then pay it in full every month. I get miles, cash back and, being a Platinum, all the other perks: 1 extra year of warranty on all purchases, car insurance for rentals, luggage insurance and so forth. You actually win money if you use it wisely. Not to mention the credit you build while doing so.[/quote]
Finally. I was starting to wonder if I was the only one who had hit upon the right way to use a credit card.
I’m not going to have any credit cards when I get older. I’m 18 now and don’t have one. I figure, my Grandpa did it, so I can too. And I don’t understand the concept, if you don’t have the money for it then you don’t need it/ you can’t afford it. Period, end of story.
[quote]swirly wrote:
I’m not going to have any credit cards when I get older. I’m 18 now and don’t have one. I figure, my Grandpa did it, so I can too. And I don’t understand the concept, if you don’t have the money for it then you don’t need it/ you can’t afford it. Period, end of story.[/quote]
Not to change your mind, but your grandpa lived in a different time. I will give you this, yes it is possible to live without credit, but credit is a very valuable tool, look in the PWI thread, there is a grown man that can’t get a checking acct. because he doesn’t have credit. Just sayin! and there are lots of other ways to build your credit without cards, but it is kinda the first step if you are starting out since you won’t be jumping into a mortgage or high car loan. good luck to you!