Selling my Harley, and happy about it! (well, trying to be...)
#91
09-22-2011, 06:03 PM
Road Master
I can agree with that. But guess what, probably less than 2% of people with debt are in that situation. Everyone else has "toys" but allows their house to go into forclosure. The OP is noticing that he has a "toy" and has put money into it and is actually depriving his family of whatever it is they could have without the bike. I completely understand where he is coming from.
Also...and this is unrelated to the above so I'm just piggybacking a comment...if the OP is underwater on his bike then taking a bath on selling it just to prove to yourself and your family that you're commited is still a bad financial decision. I have no idea if that's the case, so just saying...
#92
09-22-2011, 06:36 PM
Yeah…maybe if I listened to the advice of a financial planner with your business acumen, that might be the case.
Maybe you should read what I wrote one more time. I never said there was anything wrong with buying a house and having a mortgage…as long as you can afford it. Living within your means…that's what I'm talking about.
The folks that were living large a few years back, using their home as an ATM didn't fare too well, did they? What happened to all those people that were making $75K a year, and buying $800K homes on no interest, adjustable rate mortgages? Were these smart moves? Would you as a financial planner, recommend those moves as sound financial planning advice?
You're an arrogant ***. Maybe a lot of what he writes is elementary and common sense to those with a financial education, but to the masses that don't have any training in financial planning, his book has helped thousands get their financial house in order. Maybe you should give the OP a little credit for taking the initiative to improve his quality of life.
Originally Posted by philo111
Most people enjoy home ownership (usually requires debt...) Bought my house for 150k in 1990. It's worth 450k today.
The folks that were living large a few years back, using their home as an ATM didn't fare too well, did they? What happened to all those people that were making $75K a year, and buying $800K homes on no interest, adjustable rate mortgages? Were these smart moves? Would you as a financial planner, recommend those moves as sound financial planning advice?
Originally Posted by philo111
Read Ramsy's book in 2003. It's perfect reading for High School students.
#93
09-22-2011, 06:56 PM
You're missing my point. I'm just asking why people include their mortgage in getting debt free? I understand getting rid of credit cards and vehicle loans, but if you have a good fixed mortgage that you can afford (ie, less than 25-33% of your gross) why not just call it a day and start investing the money you would use to pay off your "good debt"?
Also...and this is unrelated to the above so I'm just piggybacking a comment...if the OP is underwater on his bike then taking a bath on selling it just to prove to yourself and your family that you're commited is still a bad financial decision. I have no idea if that's the case, so just saying...
Also...and this is unrelated to the above so I'm just piggybacking a comment...if the OP is underwater on his bike then taking a bath on selling it just to prove to yourself and your family that you're commited is still a bad financial decision. I have no idea if that's the case, so just saying...
Why not pay off your home, own it outright and not have to worry if financial hardship comes. Property taxes and utilities on my home are dirt cheap. Much easier to afford even if I were to have to get a minimum wage job.
It's easy to look at the present and say, "Oh I have a great job, my family is healthy, I'm on top of the world." But what about you riding on your bike one day and heaven forbid something happens and you are out of work for a year. Not paying off the home and investing in that unsuccessful stock seemed like a bad financial decision now, eh? Anyone can say that its not worth paying off the home, but in the end, I own my home... The bank does not. If I get into an accident and get paralyzed and can no longer work, at least I know I can't lose the roof over my head and one day (when the housing market recovers - because it will.) I can sell and make a profit on one of the best investments one can make.
#94
09-22-2011, 07:28 PM
Underdog2003......A very selfless move on behalf of your family and responsibility. If the Harley is strictly on the toy list, I would say success is on it's way and you will be able to write the check for the next one. Good luck 
#95
09-22-2011, 08:01 PM
Yeah…maybe if I listened to the advice of a financial planner with your business acumen, that might be the case.
Maybe you should read what I wrote one more time. I never said there was anything wrong with buying a house and having a mortgage…as long as you can afford it. Living within your means…that's what I'm talking about.
The folks that were living large a few years back, using their home as an ATM didn't fare too well, did they? What happened to all those people that were making $75K a year, and buying $800K homes on no interest, adjustable rate mortgages? Were these smart moves? Would you as a financial planner, recommend those moves as sound financial planning advice?
You're an arrogant ***. Maybe a lot of what he writes is elementary and common sense to those with a financial education, but to the masses that don't have any training in financial planning, his book has helped thousands get their financial house in order. Maybe you should give the OP a little credit for taking the initiative to improve his quality of life.
Maybe you should read what I wrote one more time. I never said there was anything wrong with buying a house and having a mortgage…as long as you can afford it. Living within your means…that's what I'm talking about.
The folks that were living large a few years back, using their home as an ATM didn't fare too well, did they? What happened to all those people that were making $75K a year, and buying $800K homes on no interest, adjustable rate mortgages? Were these smart moves? Would you as a financial planner, recommend those moves as sound financial planning advice?
You're an arrogant ***. Maybe a lot of what he writes is elementary and common sense to those with a financial education, but to the masses that don't have any training in financial planning, his book has helped thousands get their financial house in order. Maybe you should give the OP a little credit for taking the initiative to improve his quality of life.
Now, I'm sure you are an idiot.
#96
09-22-2011, 08:34 PM
I don't think your ever ''debt free'', there's always electric bills, insurance, water, sewer, taxes, food, lot's of things to keep you from being totally debt free. But, paying off your house, is great, having a car paid off, great, not trying to buy all the ''toys'', but, taking your time doing it, and you'll eventually own, or have another bike. It might take a while, but, patience is a virtue, and, putting your family first is the way to go. You might be surprised how soon you'll get a replacement bike, just hang in there.
#97
09-22-2011, 08:40 PM
Elite HDF Member
Long story short (hopefully), I am selling my 2009 FXDB, and any other toy that I don't need, so I can start hammering out my debt. I have always carried debt since college and am now sick of living paycheck to paycheck and not having anything in savings.
I now have two little girls and a wife to support and it's not fair to them to be in this situation while daddy rides around on his harley he doesn't need, and he buys things that neither he nor the family needs. It's time for me to man up and take care of business so my babies can grow up and have two loving parents who aren't worried about how they are going to pay for their kids needs.
I woke up after reading Dave Ramsey's Total Money Makeover book and decided enough is enough. I refuse to be in debt. I am going to follow that plan to a T to pay off all debt, including my house one day.
I love my Street Bob and it is bringing a tear to my eye knowing I am going to sell it, but I will buy another Harley one day, and it will be with cash. No financing, no borrowing...nothing. I will pay for that bike and ride away with biggest smile on my face.
Wish me luck fellas...
I now have two little girls and a wife to support and it's not fair to them to be in this situation while daddy rides around on his harley he doesn't need, and he buys things that neither he nor the family needs. It's time for me to man up and take care of business so my babies can grow up and have two loving parents who aren't worried about how they are going to pay for their kids needs.
I woke up after reading Dave Ramsey's Total Money Makeover book and decided enough is enough. I refuse to be in debt. I am going to follow that plan to a T to pay off all debt, including my house one day.
I love my Street Bob and it is bringing a tear to my eye knowing I am going to sell it, but I will buy another Harley one day, and it will be with cash. No financing, no borrowing...nothing. I will pay for that bike and ride away with biggest smile on my face.
Wish me luck fellas...
I can see what you're saying;idealistically it sounds all warm & cozy, but consider this. I don't think he was talking abut selling his bike so the kids could EAT. I think he is selling his bike so the kids could have the latest 4G smart phones w/unlimited texting & video games to play with. That is total bullshit. Tell you why:
People today,as parents,indulge kids WAAAY too much nowadays. Everything revolves around the kids "happiness" Oh BooHoo my poor kids has to wear last months trendy sneakers 'cause daddy has a little bit 'o' happiness with his bike & we can't have THAT! And forget getting a babysitter so mommy & daddy can have a little alone time at the restaurant no we gotta take little Brandon & Brianna so they can scream through the entire meal & ruin everybody's dinner! Parents today give up all their freedom & $$ just so little Dylan or Madison or Taylor can have karate lessons, or a new X-box, or whatever. That is what is wrong with today's kids. They have become little bullies to their parents 'cause they know their parents will give up everything just so they can indulge them & treat them to more useless bullshit that winds up broken in the garage. I say crapola. Never used to be that way. As afar as I'm concerned,parents need to take care of food,medical,clothing,shelter,and education. If you sell your bike to give them these;I'm all for it. Kids want unlimited texting? let 'em rake leaves on the weekends for it. I have a friend who is supporting his teenage son,Daughter,daughter's kid & boyfriend. He is out busting his hump working in his yard, and the kids don't lift a finger to help him. I was appalled when I visited him in NY this past summer. They're not bad kids;just typical for the times. That **** would never wash with me. "You want X-box? Work for it,there Cody!"
The OP didn't sound like he was starving. And as long as his kids have those 5 things I mentioned, I don't think he is giving up his bike for the right reasons.
There are many reasons why I never wanted kids, but here is my biggest one: KIDS TAKE WAY MORE THAN THEY EVER GIVE BACK!! I seriously doubt the kids would sell THEIR toys to help daddy if he falls on hard times in the future. Used to be, the kids would take care of their parents when they got old. Now, they stick 'em in a nursing home, and visit them reluctantly on Christmas & Easter, all the while looking at their watches. Kids today are just plain selfish. It ain't their fault, it's the fault of my generation, who are the worst parents in history. Rant over. Maybe.
I'm sure I'll take a verbal shellackin' for this before the day's up--but sometimes the truth hurts!
People today,as parents,indulge kids WAAAY too much nowadays. Everything revolves around the kids "happiness" Oh BooHoo my poor kids has to wear last months trendy sneakers 'cause daddy has a little bit 'o' happiness with his bike & we can't have THAT! And forget getting a babysitter so mommy & daddy can have a little alone time at the restaurant no we gotta take little Brandon & Brianna so they can scream through the entire meal & ruin everybody's dinner! Parents today give up all their freedom & $$ just so little Dylan or Madison or Taylor can have karate lessons, or a new X-box, or whatever. That is what is wrong with today's kids. They have become little bullies to their parents 'cause they know their parents will give up everything just so they can indulge them & treat them to more useless bullshit that winds up broken in the garage. I say crapola. Never used to be that way. As afar as I'm concerned,parents need to take care of food,medical,clothing,shelter,and education. If you sell your bike to give them these;I'm all for it. Kids want unlimited texting? let 'em rake leaves on the weekends for it. I have a friend who is supporting his teenage son,Daughter,daughter's kid & boyfriend. He is out busting his hump working in his yard, and the kids don't lift a finger to help him. I was appalled when I visited him in NY this past summer. They're not bad kids;just typical for the times. That **** would never wash with me. "You want X-box? Work for it,there Cody!"
The OP didn't sound like he was starving. And as long as his kids have those 5 things I mentioned, I don't think he is giving up his bike for the right reasons.
There are many reasons why I never wanted kids, but here is my biggest one: KIDS TAKE WAY MORE THAN THEY EVER GIVE BACK!! I seriously doubt the kids would sell THEIR toys to help daddy if he falls on hard times in the future. Used to be, the kids would take care of their parents when they got old. Now, they stick 'em in a nursing home, and visit them reluctantly on Christmas & Easter, all the while looking at their watches. Kids today are just plain selfish. It ain't their fault, it's the fault of my generation, who are the worst parents in history. Rant over. Maybe.
I'm sure I'll take a verbal shellackin' for this before the day's up--but sometimes the truth hurts!
The number 1 killer of men is Stress, in it's many forms. Heart disease, cancer and stroke were called natural causes back in the day. Stress relief is key to a long life. Riding my bike keeps me happy, healthy and stress free. You only live once and every time I hear a Harley I look. Having one at home, I am less stressed.
I hear you. Still...paying off your 4% mortage is like putting your money in a 4% bond. If you can put that money in a 6% bond why wouldn't you? It's still a safe investment and I would think having the money to pay your house off--only more--if you had to--which I don't know why you would--would still put your mind at ease.
#98
09-22-2011, 08:56 PM
Elite HDF Member
You are absolutely right! What better way to get them started off on the right foot.
#99
09-22-2011, 10:06 PM
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#100
09-22-2011, 10:06 PM
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A little more about my situation....
I bought my bike used last year. I let the guy I bought it from eat up the costs of the mods he put on that I happened to like. I do owe about $9100 on it now.
Wife and I used to ride all of the time together on road trips, around town, etc...but that was before she got pregnant with our first. She decided to not ride anymore but never stepped in my way of riding solo.
I read somewhere that someone mentioned they thought it was a bad idea for me to do this in order to spoil my kids. My kids are babies...two years old and newborn. They don't know what spoiled is yet. My two year old can play with a plastic coat hanger and a plastic ball for hours.
But, I want to be in a position to where if I do want to 'spoil' them in return for good grades, good behavior, etc. I won't have to worry about where the money will come from. And I won't have to take away my fun or even have to think about making that decision.
Believe me, I am going to instill in my kids what I wish was instilled in me, which is being smart with money and know the real definition of being able to afford something, not just the payments.
As far as my bike being kept for transportation, I am fortunate enough to have a job that gives me a take home car. I work five 11 hour days (travel time included) and one 5 hour day on Saturdays. Needless to say, with a take home car and two babies at home, I don't ride my bike nearly as much as I would like.
I am only 36, but I can technically retire at age 43. The way I am living now, I won't be able to retire then on that pension, but, if I get debt free (especially with no mortgage) than I can actually live very comfortably and be retired at 43! I mean, who in the heck wouldn't just love that??
That is 7 years from now, and I can actually get there if I stick to this plan. Sure I can get hit by a bus, or die in a traffic accident on the way to work, but I choose not to use that as an excuse to continue the way I live, especially with three who depend on me.
I can technically "afford" to live the way I live now with all of the nice things we have, but that also makes me month to month. I stopped buying things with credit cards years ago, but, with all of my monthly payment obligations, I am screwed if an emergency pops up.
I am accumilating debt now because I am having to borrow everytime something breaks at the house, and boy has stuff started breaking recently. I have no emergency fund and I am seeing my finances go to crap over things I can't control and I don't like it.
On top of that, my wife is having complications with this latest delivery that is causing her to go to the hospital almost every other day. She is in there as I type this. I wonder how much that hospital bill is going to be? I should ask, I wonder how many thousands of dollars that bill is going to be...
I have health insurance and a decent job, but even the best of health insurance sucks these days. I am also in a position to be able to work overtime for more money, which is what I have to do every year in order to take a vacation, or pay for money i borrowed for an emergency event.
It sucks and I am sick of it. Why should I work that way for years and years and miss that time with my kids when I can work that way for a few and be set free of debt for the rest of my life? That is the thought that just blew into my thick head recently.
So, I told my wife that I am going to work my tail off for the next few years so that I can be around plenty more for the rest of our lives. My wife came into our marriage with no debt and has always been smart with her money. She saw how I managed my money but never really said anything because she didn't want to go down that financial road with me because of how thick headed I was at that time. I stuck to that creed of living for today not tomorrow. When I came to my senses, I could tell that she was relieved that I had my epiphony and she is ready to rock and roll with this plan.
It's like Dave's slogan, which I love, "If you will live like no one else, later you can live like no one else"
I bought my bike used last year. I let the guy I bought it from eat up the costs of the mods he put on that I happened to like. I do owe about $9100 on it now.
Wife and I used to ride all of the time together on road trips, around town, etc...but that was before she got pregnant with our first. She decided to not ride anymore but never stepped in my way of riding solo.
I read somewhere that someone mentioned they thought it was a bad idea for me to do this in order to spoil my kids. My kids are babies...two years old and newborn. They don't know what spoiled is yet. My two year old can play with a plastic coat hanger and a plastic ball for hours.
But, I want to be in a position to where if I do want to 'spoil' them in return for good grades, good behavior, etc. I won't have to worry about where the money will come from. And I won't have to take away my fun or even have to think about making that decision.
Believe me, I am going to instill in my kids what I wish was instilled in me, which is being smart with money and know the real definition of being able to afford something, not just the payments.
As far as my bike being kept for transportation, I am fortunate enough to have a job that gives me a take home car. I work five 11 hour days (travel time included) and one 5 hour day on Saturdays. Needless to say, with a take home car and two babies at home, I don't ride my bike nearly as much as I would like.
I am only 36, but I can technically retire at age 43. The way I am living now, I won't be able to retire then on that pension, but, if I get debt free (especially with no mortgage) than I can actually live very comfortably and be retired at 43! I mean, who in the heck wouldn't just love that??
That is 7 years from now, and I can actually get there if I stick to this plan. Sure I can get hit by a bus, or die in a traffic accident on the way to work, but I choose not to use that as an excuse to continue the way I live, especially with three who depend on me.
I can technically "afford" to live the way I live now with all of the nice things we have, but that also makes me month to month. I stopped buying things with credit cards years ago, but, with all of my monthly payment obligations, I am screwed if an emergency pops up.
I am accumilating debt now because I am having to borrow everytime something breaks at the house, and boy has stuff started breaking recently. I have no emergency fund and I am seeing my finances go to crap over things I can't control and I don't like it.
On top of that, my wife is having complications with this latest delivery that is causing her to go to the hospital almost every other day. She is in there as I type this. I wonder how much that hospital bill is going to be? I should ask, I wonder how many thousands of dollars that bill is going to be...
I have health insurance and a decent job, but even the best of health insurance sucks these days. I am also in a position to be able to work overtime for more money, which is what I have to do every year in order to take a vacation, or pay for money i borrowed for an emergency event.
It sucks and I am sick of it. Why should I work that way for years and years and miss that time with my kids when I can work that way for a few and be set free of debt for the rest of my life? That is the thought that just blew into my thick head recently.
So, I told my wife that I am going to work my tail off for the next few years so that I can be around plenty more for the rest of our lives. My wife came into our marriage with no debt and has always been smart with her money. She saw how I managed my money but never really said anything because she didn't want to go down that financial road with me because of how thick headed I was at that time. I stuck to that creed of living for today not tomorrow. When I came to my senses, I could tell that she was relieved that I had my epiphony and she is ready to rock and roll with this plan.
It's like Dave's slogan, which I love, "If you will live like no one else, later you can live like no one else"