I am with the Dave Ramsey supporters. I don't follow everything as well as I should but we are in much better shape now than we were 4 years ago. The biggest thing about the course was that it made my wife and I actually discuss our finances. Before all we did was argue about them.
The best way we found to save money was by having a budget and getting the cashwe needed for the week (groceries, gas, lunches) and NOT using the debit card. We declared a debit card free month and we were both amazed at how much more money we had. The debit card made money vanish. It is harder to buy a coffee or a magazine or whatever if you have to pay cash.
To the OP - keep true to your decision. I wish I had done that when I was in my 30s instead of my 50s.

 

Do what has to be done. I went without a bike for many years while raising our two kids. Both turned out great, and I now I have two bikes (both paid for) and my son rides with me. You have your priorities straight. Bikes come and go, but, you need to take care of your family.

 

Good luck to you, I'm 25 years old and the only debt I have right now it my home. Not the best option, but cruising around on a older KZ650 or Virago for a few years isn't a bad idea. My Yamaha was about $70 a year to insure, cost $800 when I bought it, saved me God knows how much in gas over 4 years, and was sold for $1500 when I was done with it.

 

I agree 100%!! you never know when your times up! I have a wife and kids also but i also will try to live my life as well. Cant give up all your toys trust me that can be bad too! I do respect your decision on getting rid of your stuff and it is smart but i agree with the above post as well. Trust me if you sell every single thing and you have nothing to enjoy whats the point! I know you still have your kids to enjoy and i do too.. but thats different! You still need somthing for yourself or you can lose your mind and that will afect your family too! All im saying is your doing the right thing but at least keep one thing! Worst thing to do is work your whole life and save for retirement or the future and never get to enjoy it! Ive seen so many people just in the last 2 years alone die right before they retire or soon after! Heck im just happy every day im still here!! Enjoy life will you can and dont worry about money! I know thats crazy advise but its true!

 

Yes debt sucks big time and i try to stay out of it. I have a car payment on my New car, but it's not a huge one, the Truck is paid for cash as well as the bike. I will only pay cash for toys. Do what you have to do, but that is one sweet bike you have there.

 

My goal is to die with as much debt as possible that I don't have to pay off.

Seriously though the only debt I actually have is my house and my wife's student loans. I paid cash for my bike and would never finance a bike and only a car if I had no other choice. I am carrying a touch more credit card debt than I want but instead of siding the house I'll dump my entire tax return to the credit cards and be debt free.

Why not sell the expensive bike and buy a cheap sportster? You can still ride, they can be had for a few grand and an old EVO will run solid for you and are simple to fix.

 

Not a bad move. I want to be
debt free as well. I don't owe much on the bike so I'm keeping it.

 

Wow, how profound! First thing I have to say is he is making a choice to sell it not being made to sell it so there will likely not be any resentment. Regarding "unhappy financially fit drones" what a stupid statement. I am financially fit because I did just what he is bout to do and am by no means unhappy. We pay cash for vacations, and most anything else we want to do. I was a lot more unhappy living paycheck to paycheck feeling trapped at my job and by life in general. I was able to leave a great paying job I hated for one I enjoy at less pay because I made the very same choice, life is better now!

So when the big man says it's your time, will you really go begrudgingly because you didn't have a bike while preparing for your families future???

Pay off your debt now, don't worry about money and enjoy life, that's the correct order in my opinion!

 

You don't need a ton of money to ride a motorcycle, is it about riding or is it about appearances? If it's about appearances I agree sell the expensive toy and go on with your life. But if riding is something you really love it can be done on the cheap, with a Harley. Hell there are EVO's and shovels for sale for a few grand.

 

Family comes first. See you back on the road when you're debt free.