Selling my Harley, and happy about it! (well, trying to be...)
#101
09-22-2011, 10:26 PM
Extreme HDF Member
Good for you. You will be surprised how quickly you can get out of debt by selling what is not necessary and applying to debt. At the same time put some away into a savings account. A credit union would be better than a bank.
Be disciplined and keep saving. It will become a habit. Do not touch the savings until it is enough to live two years. Remember many have been off work that long in this recession. After that when things need replacement only use what is in excess of the two year fund.
When you achieved that level of savings you will be surprised at how much better you feel about yourself. The wife and family will notice.
It is a hard journey but each month that you stay the course you will see your financial position growing.
I did it and with only average income I was able to retire and pay cash for everything. Motorcycles, cars and house. Own nothing to no one.
Be disciplined and keep saving. It will become a habit. Do not touch the savings until it is enough to live two years. Remember many have been off work that long in this recession. After that when things need replacement only use what is in excess of the two year fund.
When you achieved that level of savings you will be surprised at how much better you feel about yourself. The wife and family will notice.
It is a hard journey but each month that you stay the course you will see your financial position growing.
I did it and with only average income I was able to retire and pay cash for everything. Motorcycles, cars and house. Own nothing to no one.
#102
09-22-2011, 10:38 PM
Seasoned HDF Member
Join Date: Jun 2007
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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...
, but apparently you're one. Best wishes.
#103
09-22-2011, 11:05 PM
To those of you that suggest that rather than paying off a mortgage to make a higher interest rate by investing the money: If your house was paid for, would you actually borrow against it to invest the money?
It all sounds good on paper, but you fail to calculate the risk involved. I'm not going to collateral my home to invest money I don't have, therefore I can't afford to lose.
The only thing that scares me about our economy is the number of people who think it is noble to look prosperous with other people's money.
It all sounds good on paper, but you fail to calculate the risk involved. I'm not going to collateral my home to invest money I don't have, therefore I can't afford to lose.
The only thing that scares me about our economy is the number of people who think it is noble to look prosperous with other people's money.
#104
09-22-2011, 11:17 PM
My house has been paid off since 1995 and no I didn't borrow on it to invest elsewhere.
I lived like a monk 10 years later to save and pay my ex half the value.
No cable TV or cell phone monthly bills. You'd be surprised how fast you can save a lot of money if you want to.
I lived like a monk 10 years later to save and pay my ex half the value.
No cable TV or cell phone monthly bills. You'd be surprised how fast you can save a lot of money if you want to.
#105
09-22-2011, 11:37 PM
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To the op,
You are doing the right thing. I did the same thing many years ago when my kids were very young. I almost got killed on the bike and figured a dead dad is no good to young kids. I also took that opportunity to get my finances in order. Many years later now and the kids are grown and on their own. I have 2 bikes paid in full, a house almost paid off and debt free. I do not regret any of my decisions or sacrifices. If you choose to have a family they have to come first.
You should be proud of your decision! There should be more people in the world that think this way. Good for you!
You are doing the right thing. I did the same thing many years ago when my kids were very young. I almost got killed on the bike and figured a dead dad is no good to young kids. I also took that opportunity to get my finances in order. Many years later now and the kids are grown and on their own. I have 2 bikes paid in full, a house almost paid off and debt free. I do not regret any of my decisions or sacrifices. If you choose to have a family they have to come first.
You should be proud of your decision! There should be more people in the world that think this way. Good for you!
Last edited by tonygret; 09-22-2011 at 11:39 PM.
#106
09-23-2011, 02:17 AM
Wow, I guess I was expecting so much more from such a highly educated financial professional. Why don't you go ahead and thrill us all with some of that high dollar professional advice for the OP…that is if you can get any time off from Goldman-Sachs?
#107
09-23-2011, 02:46 AM
Road Master
These are the exact comments that you'll continue to get. Ask someone that's debt free if they're unhappy? If it's that bad they would just go out and take out a line of credit. They they can be happy again. WRONG. There is nothing on the face of this planet that I could finance that would make me feel any better than I do debt free. A peace of mind is priceless.
A person will only make a finite amount of money during their working years. Don't throw it away on interest! My 18th month sacrifice has put me ahead of the game and I'm now staying ahead. After I was debt free and had to build up the 6 month emergency fund, it only took 6 months to scratch together $20K making $80. That's while living in Europe with $2K for rent. It's not hard to get by on $1800 when you don't have bills to pay. Once you realize how fast you can pay off debt, you then learn how quickly you can save for anything you want.
A person will only make a finite amount of money during their working years. Don't throw it away on interest! My 18th month sacrifice has put me ahead of the game and I'm now staying ahead. After I was debt free and had to build up the 6 month emergency fund, it only took 6 months to scratch together $20K making $80. That's while living in Europe with $2K for rent. It's not hard to get by on $1800 when you don't have bills to pay. Once you realize how fast you can pay off debt, you then learn how quickly you can save for anything you want.
Ever hear "money does not buy happiness"?
Being debt free will relieve stress but happiness.... that comes from inside.
Me, I am fortunate enough to be debt free. I own nothing except normal monthly living expenses but I am no more happy now than I was when I was in debt.... just less stress.
Last edited by kanelakos; 09-23-2011 at 04:58 AM.
#108
09-23-2011, 04:08 AM
Outstanding HDF Member
Good Luck, dude! Been chipping away at debt for a while now - I'll get there in the end.
Of course, now that Harley-Davidson Financial Services pretty much own my first-born male child...
Of course, now that Harley-Davidson Financial Services pretty much own my first-born male child...
#109
09-23-2011, 05:30 AM
Ever hear "money does not buy happiness"?
Being debt free will relieve stress but happiness.... that comes from inside.
Me, I am fortunate enough to be debt free. I own nothing except normal monthly living expenses but I am no more happy now than I was when I was in debt.... just less stress.
Being debt free will relieve stress but happiness.... that comes from inside.
Me, I am fortunate enough to be debt free. I own nothing except normal monthly living expenses but I am no more happy now than I was when I was in debt.... just less stress.
BTW, money doens't buy happiness, but it's pretty high up there on the "gotta have it" scale with oxygen. Although you can't buy oxygen a lot of know how to steal it.
Last edited by garand; 09-23-2011 at 05:35 AM.
#110
09-23-2011, 07:26 AM
Paying off the house is just smart, it gives you peace of mind knowing in the event of a disaster you have a home, it leaves a lot of left over money where you could open a business, invest a little more aggressively etc...
Last edited by babalu; 09-23-2011 at 07:31 AM.