Im 23 I raced motocross from 16-20 years old stayed broke all the time.
I got hurt and had to quit.
I swore I would never borrow money on a toy again.

 

I'm with you. Earlier this year I paid off my house. Nice feeling. Just got sick and tired of writing the monthly checks.

 

You make the best decisions you can.

Kids are definitely the priority.

We cut out just about all pleasures for four years while my son was in college. Wanted to make sure he got thru it with no debt.

NOW I can play!

:-)

 

Good luck man! I've taken Dave Ramsey's course and I think it is excellent. I'm not debt free yet but I'm a lot better off now then I was before his course.

 

I think you're doing the right thing. Heck by the time you get back HD's will come standard with 150ci engines.

 

It's everything in moderation my friends, words to live by in every aspect of your life. I for one have a rule that toys are paid for with cash, but that isn't for everyone and I know people who can 100% finance a toy and be ok with it and be ok financially, key is to take the loan over no more than 3 years, these 5, or 10 or 15 year amortization is a good way to dig yourself into a hole.

 

Good for you Underdog! You're going to love not having any credit card debt, or any car/bike loans.

When you look back to this time in a couple of years, you're going to wonder why in the hell you chose to live that way (paycheck to paycheck). It's going to feel good having that wad of cash in the bank for emergency purposes. It's going to even feel better when you buy a bike again…this time for cash!

Good luck to you.

 

Currently sitting with a house payment thanks to the Total Money Makeover. Did we follow it to a "t"? No but we did hit it hard and found money we did not know he had (we were pissing a LOT of it away). Packing lunches and dinners at home add up FAST!

I did the same, amazing how it can truly snowball. We did things we didn't think we could do and in less than 2 years we were rid of 3 vehicle payments, a $9500 credit card debt and a HELOC. Liberating to say the least.

I would bet the "joy" given up will be replaced ten fold by quality time with the family and the knowledge he is on the right track.

Debit card will do the same thing.


I failed to quote it but do it the way Dave says to, smallest debt first not largest interest rate. It really does energize you when the first one is gone and you roll that payment to the next. If your highest interest rate was on a large purchase you may never really get the program off the ground because it will seem like you are still just treading water.

 

Amen: 3 stents,a-fib,heart failure,OK now. While I don't have kids & am not in debt, I would keep the bike. Never know when you're gonna cash it in. I would lose EVERYTHING before I sold my sled;including my house. But that's me. Your kids will eat either way. They just may not have the latest smart phones or $80 sneakers. I have had friends who have sold their bikes to pay bills, they're still in debt, AND they have no bike. If, like most on this forum, your bike is your one inner peace, then I would keep it & just pay off the debt slowly. "Cause if you're in debt now, I guarantee it ain't gonna get better anytime soon. And forget about a bike in the future. It never happens. Get a second job,sell something else, do whatever it takes, but keep that sled. You can ALWAYS sell it. Ain't gonna go down much more in value, and if next year is the year of water cooled, it's gonna go way UP in value.

 

Shame on you man. The OP is willing to postpone his "immediate satisfaction" for the good if his future in the long run, and is willling to prove with his actions...his wife and kids come first, right now. You on the otherhand have nobody depending on you, so taking your own bad advise, effects only you. Don't get me wrong, I know what you do is your own business.....if keeping your bike means dumpster diving for supper...more power to you. Kids need better vitamins.

A man refusing to give up a toy or insisting on indulging in a bad habit when sacrificing the welfare of his childern is a most un-manly scroundrel. The Op is doing what ever it takes. The right way. He will ride again. When the time is right. He deserves two thumbs up for taking this mature stand.