Menu
Forums
New posts
Search forums
Calendar
Monthly
Weekly
Agenda
Archive
What's new
New posts
New media
New media comments
New profile posts
Latest activity
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Help Support Hardline Crawlers :
Forums
Rock Crawling Forums
General Discussion
Buying buggies
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="John Galbreath Jr." data-source="post: 359513" data-attributes="member: 31"><p>That is what broke me on financing. A long time ago, you may not have been born! Shortly after we got married, we financed a Ski Teaque. $5,000. It was May 1979. My wife worked for the bank. It was on a signature loan for 13%, the highest interest rate we had seen in a long time. I had the loan as a 90 day loan, as I was going to re-up when the rate dropped. I had to find an assumable mortgage on the house we bought in March 1979, so we could close on a 9% loan. At the end of 90 days, I went to the branch manager's office and she said the rates did not go down, what did I want to do? Really! How high could they go? Give me another 90 days at 17%. Well, at the end of that 90, I re-uped again on 90 days at 21%. We are now past summer and the boat is sitting covered and not used. At the end of that 90 days, the interest rate was the same. I threw my Master Charge card on the desk and told her to cash me out. It was only 17.99%. Took us a while to pay off that boat. Jimmy Carter was the president during this high inflation period.</p><p></p><p>Well, after that, my lesson was taught to me. I have only had two personal loans since. Those were two home mortgages. Never financed a car. Never financed another toy.</p><p></p><p>Not exactly correct, in 1989, I had a mortgage on a strip shopping center, a 15 year loan. The interest was $330 per DAY. Dad told me it was time to lay it on the line.</p><p></p><p>I am now 56 yeard old, retired. Own my home, 1/2 block downtown, and 1/2 intrest in an 18,000 square foot strip mall on Highway 280. All are paid off, and am completely debt free. And live off the rents.</p><p></p><p>So, those that finance toys, what is your 20 year plan? Do you have a plan to retire at 55 like I did? The only way to do it early is to only finance things that will give you positive cash flow in the future. And that is houses, and real estate. Most everything else is a declining asset.</p><p></p><p>Fail to plan, or plan to fail.</p></blockquote><p></p>
[QUOTE="John Galbreath Jr., post: 359513, member: 31"] That is what broke me on financing. A long time ago, you may not have been born! Shortly after we got married, we financed a Ski Teaque. $5,000. It was May 1979. My wife worked for the bank. It was on a signature loan for 13%, the highest interest rate we had seen in a long time. I had the loan as a 90 day loan, as I was going to re-up when the rate dropped. I had to find an assumable mortgage on the house we bought in March 1979, so we could close on a 9% loan. At the end of 90 days, I went to the branch manager's office and she said the rates did not go down, what did I want to do? Really! How high could they go? Give me another 90 days at 17%. Well, at the end of that 90, I re-uped again on 90 days at 21%. We are now past summer and the boat is sitting covered and not used. At the end of that 90 days, the interest rate was the same. I threw my Master Charge card on the desk and told her to cash me out. It was only 17.99%. Took us a while to pay off that boat. Jimmy Carter was the president during this high inflation period. Well, after that, my lesson was taught to me. I have only had two personal loans since. Those were two home mortgages. Never financed a car. Never financed another toy. Not exactly correct, in 1989, I had a mortgage on a strip shopping center, a 15 year loan. The interest was $330 per DAY. Dad told me it was time to lay it on the line. I am now 56 yeard old, retired. Own my home, 1/2 block downtown, and 1/2 intrest in an 18,000 square foot strip mall on Highway 280. All are paid off, and am completely debt free. And live off the rents. So, those that finance toys, what is your 20 year plan? Do you have a plan to retire at 55 like I did? The only way to do it early is to only finance things that will give you positive cash flow in the future. And that is houses, and real estate. Most everything else is a declining asset. Fail to plan, or plan to fail. [/QUOTE]
Insert quotes…
Verification
Post reply
Latest posts
Pickett State Park/Blackhouse Mountian 1-23-2016
Latest: ridered3
Friday at 3:12 PM
Trail Rides & Competitions
Daves Offroad Supply
Latest: Daves Offroad Supply
Wednesday at 10:52 AM
Vendors
B
For Sale
Artec Back-bone truss for 14 bolt
Latest: Bebop
Tuesday at 7:19 PM
Off Road 4x4 Parts For Sale
P
YouTube of the day
Latest: paradisepwoffrd
Monday at 8:21 AM
General Discussion
Cash LeCroy Illness
Latest: ridered3
May 26, 2024
General Discussion
Forums
Rock Crawling Forums
General Discussion
Buying buggies
Top