Only way they would be able to build their wealth or business

 

I did finance my bike for 5 years but I am not angry. You have no idea the reasons why I financed my bike. It could be because I don't have cash or I just want to take advantage of a low rate. Or I just want to stress myself every month on how to come up with the payments. Yes I do want it now and I don't really care what anyone or anybody say. If you want to save up to purchase something, then that's your choice and that's power for you and don't let anyone tell you anything different.

I financed my house, my car, my bike, my education, my vacation, my coffee, my lunch, my dinner, whatever else you can think i buy or own I financed it. Do I knock on anyone's door for payment? NO!!!

 

You can't default on a loan if you pay cash. With title in hand the repo man will never show up at your door. It ain’t really yours until you own it outright.

Of course not everyone defaults on their loans. But more people than ever do. If you don't believe that debt is one of the major problems with the financial issues that still face this nation then you are naïve or have been living in a cave the past decade.

Financing a hobby is never sound financial advice. I could go into the formulas as to income/debt ratios. I could type here all the data. But it'll only fall on deaf ears to those that will finance their lives away. I know there are members of this forum that do it. When someone defaults on a debt, everyone pays for it.

Also, when you put money away to save up for buying a luxury item outright, you can put that money to work for you. Very few people are BETTER off financing than properly investing it.

I am not singling out the OP. This post is just a general statement about financing luxury items to those who can't really afford it.

 

They become millionaires and billionaires by financing things that will make them money. Financing an item that depreciates in value is not a sound financial strategy.

You can build your credit by using your credit card and paying off the balance in full at the end of the month.

 

What do you think will happen on this Nations of ours if everyone pay cash for everything they buy? Seriously. I am talking about everything.

 

Are you for real? You have never heard of a rich man that file for bankruptcy.

 

Perhaps this is why people financed their ****. Build their credit. Your funny.

 

He is obviously one of those people that thinks financing is just plain evil so I wouldn't waste time arguing with him. Plenty of people in this thread of brought up the concept of using their bike as primary transportation, not waiting to "wait for it" for their own reasons, etc, and yet he still refers to it as a luxury item and talks down on people that finance.

It just isn't worth it.

 

If you get a good rate say up to 4% it's almost like saving up and paying cash. Pretty cheap if you ask me.

Mark

 

Couldn't have said it better!! Financed a boat and my 3 cars, paid for now. So what the hell's the difference in financing a Harley?? I guess some people just don't have a clue......