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Old 04-08-2009, 09:32 AM
 
Location: The place where the road & the sky collide
20,515 posts, read 25,730,207 times
Reputation: 8161

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Quote:
Originally Posted by Whytewulf View Post
Delaware is not the Banking secret, it's a corporation "secret". Many US companies incorporate there, there are many benefits to do so. Governing law may be in their home state, but they will ne incorporated out of Delaware.
This thread is about banking & credit cards so I did not stray into the rest. The reality is that Delaware is like the wild west.

Competition kept the rates sort of in line but in the current economic conditions the banks are taking advantage of the lack of regulation in Delaware to get money without making loans to businesses & for mortgages.
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Old 04-08-2009, 09:36 AM
 
Location: Somewhere in America
12,305 posts, read 10,065,116 times
Reputation: 20460
Well, it's all fine and dandy for you if you have the ability to save up the money for a car. Sorry, but I don't want any more used cars. They cost me more every month than my payment. This is the FIRST brand new car I have EVER bought. It's almost paid for. And I plan on keeping it. I keep cars on average 6-7 years. Mind you they were ALL over 10 years old. This car I plan on keeping until I die. It's not just a car. It's far from a standard Monte Carlo! They only made 1,020 of the version I have. I had to order it through my dealership! Sue my because I have one luxury in life!

I don't go to Europe for vacation. I don't fly to San Francisco for dinner. I don't ski in the Alps. I have never been on Safari. So if my one little perk in my life is an expensive car that caused me to have some debt oh well! I don't mind making my payment to GMAC every month. At last, I bought an American car made by Americans......god only knows where the pieces were all made though.

And where I live, I know of no one who buys a house for cash. Even the crack houses can cost you $150K. I've seen some on the market recently and was appalled at their prices. Not every one lives in the South where you can get a McMansion for $300K. That same house will probably be over a million bucks here.
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Old 04-08-2009, 09:37 AM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,593,628 times
Reputation: 1038
ss20ts...

The principles are based on you not having any debt to have to send your money out to every month. Instead, you take your full paycheck and invest it, play with it, buy toys with it. To answer how long would it take to save for your toys, I don't know...what sort of investment could you make with your money? Sure, if you sit it in a 1% savings account, you're gonna be there for a while...but that's not what Ramsey says to do.

To grasp the full context of what I'm saying, look at your next pay stub (if you're still getting one) and think of what you could do if every single penny of that was yours to play with. I do it every time, and it keeps my candle lit to keep on this path of no debt. Of course you're going to have a few bills here and there...but a bill is different than debt. You can control bills for the most part.
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Old 04-08-2009, 09:41 AM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274
Brilliant post, WULF!!! People do need to think about the difference b/n secured and unsecured debt. As for mortgages, when banks started making mortgage loans w/o requiring at least 10% down, they not only left themselves in a bad position, they created situations for borrowers who were left w/ declining value in their homes - and upside down on their mortgages. This was a bad policy and I still think it is a terrible idea. People should be required to put down 20% on mortgages and debt ratios should be STRICTER.

You are also right about car loans. With the great deals out there on interest, why not set up payments? Why deplete your savings? It only makes sense to make your money work for YOU.

I really liked your last comments. Things have changed. We do need to adjust our thinking. I know I surely have been re-thinking how I use/save money in the coming months. My goal is to pay off my house as well as put more money into CDs. I know people are advising that now is the time to really pump $$$ into 401Ks, b/c the market will eventually go up. I am still putting SOME money into 401Ks, but to me . . . after seeing my accounts take those hits . . . I would rather know I at least had my principle even if the growth on the accounts is not remarkable.
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Old 04-08-2009, 09:43 AM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274
Quote:
Originally Posted by Metallisteve View Post
ss20ts...

The principles are based on you not having any debt to have to send your money out to every month. Instead, you take your full paycheck and invest it, play with it, buy toys with it. To answer how long would it take to save for your toys, I don't know...what sort of investment could you make with your money? Sure, if you sit it in a 1% savings account, you're gonna be there for a while...but that's not what Ramsey says to do.

To grasp the full context of what I'm saying, look at your next pay stub (if you're still getting one) and think of what you could do if every single penny of that was yours to play with. I do it every time, and it keeps my candle lit to keep on this path of no debt. Of course you're going to have a few bills here and there...but a bill is different than debt. You can control bills for the most part.
When I look at hubby's pay stub, what I think is . . . how much I could have done w/ the TAXES that were withheld.
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Old 04-08-2009, 09:45 AM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,593,628 times
Reputation: 1038
Quote:
Originally Posted by ss20ts View Post
Well, it's all fine and dandy for you if you have the ability to save up the money for a car. Sorry, but I don't want any more used cars. They cost me more every month than my payment. This is the FIRST brand new car I have EVER bought. It's almost paid for. And I plan on keeping it. I keep cars on average 6-7 years. Mind you they were ALL over 10 years old. This car I plan on keeping until I die. It's not just a car. It's far from a standard Monte Carlo! They only made 1,020 of the version I have. I had to order it through my dealership! Sue my because I have one luxury in life!

I don't go to Europe for vacation. I don't fly to San Francisco for dinner. I don't ski in the Alps. I have never been on Safari. So if my one little perk in my life is an expensive car that caused me to have some debt oh well! I don't mind making my payment to GMAC every month. At last, I bought an American car made by Americans......god only knows where the pieces were all made though.

And where I live, I know of no one who buys a house for cash. Even the crack houses can cost you $150K. I've seen some on the market recently and was appalled at their prices. Not every one lives in the South where you can get a McMansion for $300K. That same house will probably be over a million bucks here.
You're taking it far too literally and trying to throw every road block at it that you can. I'd love to sit you through just one of Ramsey's courses...you'd see the light. It's foolish to think the typical person can walk right up to a house and whip out the check book and buy it on the spot. That's not his direction. As others have mentioned, there are a few debts you have to take on in order to get in the game of life...your house being one of them. But taking it on doesn't mean you get it permanently stitched to your life. You are still managing your other debts, knocking them out....snowballing them is what Ramsey says. Pay one off, use that debts payment plus your extra to hit the next...then repeat. Eventually, you've got all debts knocked out and you take your snowball boulder and throw it at your house payment...double, triple, quadruple the payment and knock it out in 5 or 10 years.
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Old 04-08-2009, 09:48 AM
 
Location: Somewhere in America
12,305 posts, read 10,065,116 times
Reputation: 20460
Quote:
Originally Posted by Metallisteve View Post
ss20ts...

The principles are based on you not having any debt to have to send your money out to every month. Instead, you take your full paycheck and invest it, play with it, buy toys with it. To answer how long would it take to save for your toys, I don't know...what sort of investment could you make with your money? Sure, if you sit it in a 1% savings account, you're gonna be there for a while...but that's not what Ramsey says to do.

To grasp the full context of what I'm saying, look at your next pay stub (if you're still getting one) and think of what you could do if every single penny of that was yours to play with. I do it every time, and it keeps my candle lit to keep on this path of no debt. Of course you're going to have a few bills here and there...but a bill is different than debt. You can control bills for the most part.
I am not interested in investing in much right now. Our 401K is just about gone. 15 years worth of deposits by us is almost gone. The employers stopped matching what we contributed a few years ago. That to me was an indication that something was up, but who knew then the world was going to collapse financially? Sure, if I had a crystal ball then and could have predicted this mess, we would have paid to move the funds. As it turns out, even the funds that were supposedly safe and extremely low risk have lost a ton.

And don't even get me started on the joke called a savings account. For a whooping 1% return on my money, I'm better off getting a Discover card. Use it to pay for everything in life and then pay it off every month. The rewards payback are higher than 1% if you spend enough. You might as well put your 2 nickels together in a sock and store them under your pillow at night. The tooth fairy pays more than the savings accounts do.

And it's great for you that you helped Ramsey become even richer. I'm sure he thanks you for it. If you want to buy into all of his principles, good for YOU! What works for YOU doesn't necessarily work for everybody else. You don't know what's going on in my life or my financial status. We live comfortably and are happy. That's what we care about. We don't live beyond our means.

Yes, I'm going to Cape Cod for 5 days this month. How am I paying for everything? CASH! I'm going now because it costs 1.3 of what it costs to go in the summer.

And yes, I am going on vacation in June for 2 1/2 weeks. I'm paying for all of that with CASH as well. Sure it may sound like will cost a lot, but it doesn't. We don't pay for hotels since we stay with family for most of our trip. We don't eat out every day either.

And after this we won't be going anywhere until next year. I gave up my NASCAR race this year to have a longer vacation. Hopefully, the France family will still be in business and not devastated by me not going a race this year. I'll go to two next year to make up for it.
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Old 04-08-2009, 09:50 AM
 
Location: Somewhere in America
12,305 posts, read 10,065,116 times
Reputation: 20460
Quote:
When I look at hubby's pay stub, what I think is . . . how much I could have done w/ the TAXES that were withheld.
You and me both! I hate looking at pay stubs because of those taxes. I might have been able to buy a small country with we what we paid this year!
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Old 04-08-2009, 09:54 AM
 
Location: Somewhere in America
12,305 posts, read 10,065,116 times
Reputation: 20460
Quote:
Originally Posted by Metallisteve View Post
You're taking it far too literally and trying to throw every road block at it that you can. I'd love to sit you through just one of Ramsey's courses...you'd see the light. It's foolish to think the typical person can walk right up to a house and whip out the check book and buy it on the spot. That's not his direction. As others have mentioned, there are a few debts you have to take on in order to get in the game of life...your house being one of them. But taking it on doesn't mean you get it permanently stitched to your life. You are still managing your other debts, knocking them out....snowballing them is what Ramsey says. Pay one off, use that debts payment plus your extra to hit the next...then repeat. Eventually, you've got all debts knocked out and you take your snowball boulder and throw it at your house payment...double, triple, quadruple the payment and knock it out in 5 or 10 years.
First off, Ramsey is not my thing. You can keep him! I've read a lot about him and I don't care the man or his philosophies. If they work for YOU, then great for YOU. But STOP shoving his crap down every one's throat.

And if you took a basic economics course you would have learned that if you pay off one debt and take those funds to pay off to next that much faster. That's not rocket science. It's common sense.

And FYI, I DO pay more than my mortgage every month! If we did stay in this house it would be paid off in 20 years instead of the 30 year mortgage we have.

And you don't know what other debt I have and it's none of your business. So why don't you just let it go and find some other thread to cling onto?
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Old 04-08-2009, 10:10 AM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274
Quote:
Originally Posted by ss20ts View Post
You and me both! I hate looking at pay stubs because of those taxes. I might have been able to buy a small country with we what we paid this year!
We could have bought a nice little island, that's for sure!!!

Most people don't realize it takes from Jan to May to make enuff $$ to just pay for their withholding in any year! When one realizes this . . . it tends to make a person very wary about how government uses our dollars.

The latest figures I saw on the bailout were that it is costing each American - across the board, regardless of age - about $28,000. That is on top of what is taken out of our paychecks annually.

This, we have done for banks. They thank us by adding fees and changing terms on lines of credit and credit cards.
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