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Samstag:

--- Quote from: pinballjim on March 23, 2011, 01:14:50 pm ---Your information is completely wrong.  

--- End quote ---

Really?  You didn't contradict anything I said.  All you did was add detail, some of which is wrong (specifically getting charged overage fees on a credit card that were caused by fraud).


--- Quote from: ChadTower on March 23, 2011, 01:45:47 pm ---Last year someone stole my wife's Mastercard number (same account).  I found 3 charges that were not ours.  Our bank had them reversed within 24 hours of my phone call.  They handled the rest of the process without my involvement.  It was just as painless as a credit card chargeback.  

--- End quote ---

Would it have been as painless if your mortgage check bounced before you noticed the charges?

ChadTower:

--- Quote from: Samstag on March 23, 2011, 02:40:37 pm ---Would it have been as painless if your mortgage check bounced before you noticed the charges?

--- End quote ---


It's a fair point.  That's part of why I am often tempted to set up a low limit credit card.

javeryh:

--- Quote from: Fordman on March 23, 2011, 02:35:09 pm ---Im 41 years old, I have a $60,000 (US) a year job. My cars (2004 F150, 2005 Escape and 1994 Escort) paid for, my home is 5 months from being paid for (built in 2002), no credit cards, I have a true 30 and out pension plan that I can retire at age 54, a 401 k with NO company match (because we have a pension plan) that now I put 20% of my pay into. I also contribute to United Way and March of Dimes.

Wife, 5 kids, 6 fish and 1 dog.  No health problems (a little over weight), works little to no overtime.

Its all about watching what we spend and what we need vs. what we want. I have found out that if we save our pennies a few weeks, we buy what we want. We dont watch movies in theaters, have very basic cable, we use store brands, shop at yard sales and Im not afraid to ask for a discount.

Now for the hypocritical part of my life, I work for a manufacturer that requires 99% of their sales to John Q. Public be financed.

When my home is paid for, I am going to help my mom get her home paid for. She has been paying on the same home for 49 years now because of all the refinancing over the years. Everytime she re-fi's, it starts her over again. She likes the lower payment, but now she's been paying on the same home for 49 years! 19 years longer than the original pay-off date!

Fordman

--- End quote ---

This is insane.  How are you doing this on $60,000 a year???    If you don't mind me asking, how much did your house cost?  I guess that is a huge factor in all of this but even still, 5 kids aren't cheap.  Do you have any savings?  Kids' college funds?  I am super strict about spending but it is still hard to get ahead of things and we do pretty good with our combined jobs...

Donkbaca:
depressing.  I drive a 2008 bmw, my wife has 2006 bmw, we live in a gated community on a golf course in a house way too big for us.  I have enough money and credit stashed away for a rainy day, we have equity in our home, I have a 401k, a 529 for my daughter, and we barely make over 100k a year.  How can we have all of this?  Through the smart use of leverage.  For example, the cars are financed for as long as they will let me finance them out, why?  because I am paying 1.9% interest.  Why would I plunk down cash for our cars, that are depreciating every day, when I could instead put that money towards my daughters 529 that has returned around 9%?  You don't pay cash for assets that depreciate in value, especially when you can finance them at a rate that is lower than inflation, its throwing away money.

javeryh:

--- Quote from: Donkbaca on March 23, 2011, 05:27:13 pm ---depressing.  I drive a 2008 bmw, my wife has 2006 bmw, we live in a gated community on a golf course in a house way too big for us.  I have enough money and credit stashed away for a rainy day, we have equity in our home, I have a 401k, a 529 for my daughter, and we barely make over 100k a year.  How can we have all of this?  Through the smart use of leverage.  For example, the cars are financed for as long as they will let me finance them out, why?  because I am paying 1.9% interest.  Why would I plunk down cash for our cars, that are depreciating every day, when I could instead put that money towards my daughters 529 that has returned around 9%?  You don't pay cash for assets that depreciate in value, especially when you can finance them at a rate that is lower than inflation, its throwing away money.

--- End quote ---

Where do you live?  To me this makes all the difference in the world.  I live in a 1,250 sqft. house with the wife and 2 kids (it's way too small) and we could easily sell it tomorrow for $600k-$650k.  A good chunk of our money goes towards the mortgage - it's all relative to where you live, I think. 

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