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I think it's funny that people are talking about getting less than 2% interest and crowing about paying the same interest rate, and so they are 'making money'
Unless the IRS is looking for you... you have to pay taxes on it!
-I'll admit, I AM interested in this 5% off of gas.
I think it's funny that people are talking about getting less than 2% interest and crowing about paying the same interest rate, and so they are 'making money'
Unless the IRS is looking for you... you have to pay taxes on it!
-I'll admit, I AM interested in this 5% off of gas.
Specifics?
well, i've said above, i'm looking to earn more interest than i pay. in some cases, i may accept same interest, or slightly lower, if i have reason to want more cash on hand at that time. but i admit that would be silly.
for 5%....there's a few credit cards out there by chase, amex, etc. the american express one works out for you if you spend a lot annually. it has "tiered" rewards, but no cap. so the first $6,500 in spending, you get 0.5% cashback on "everyday" purchases, and 1.5% on gas, grocery, and pharmacy purchases. then, after $6,500, you get 1.25% on "everyday", and 5% on gas, groceries, and pharmacy. there are other cars that give you the 5% right off the bat, but they usually cap the amount you can earn annually. (un)fortunately, i spend enough past $6,500 for it to be worth not having the cap. though admittedly, i haven't looked at other offers out there in a while.
amex also gives me 90 day protection on anything i buy. so if i buy an ipod, and drop it in the toilet within 90 days....i'll get the money credited off my amex.
amex also extends anything with a warranty by 1 year.
i've used the 90 day protection on a $40 extension cord. so right there, amex has given me $40, simply because i used their credit card.
I don't follow. You still don't explain how debt is a bad thing.
You're only a slave if you have debt you cannot afford. If your creditor does something that you dislike, just pay the debt off. It's as simple as that.
That's what a lot of people thought.... Until they lost their jobs!!!
It's not that they had debt, it's that they had more debt than they had a means to pay off. They were relying on their paycheck. Which is stupid.
If I lost my income, I'd be able to pay off my debt immediately, or in monthly payments. Most of my debt is value-added debt, in that I have the money making money for me somewhere.
It's people that rack up $20k in debt buying clothes that have a problem. And that has nothing to do with debt itself, but the people are just not wise.
Also, you have to consider business, ventures, where taking on debt is required. I took on a massive amount of debt a few years ago to purchase the house next door. I put time and money into it, and sold it for profit last sumer and then paid off the loan. Yes, there is risk involved, but now I've got quite a bit of surplus cash from taking on that debt and using it wisely.
So if you have the money to buy something, it isn't wasteful spending? I don't follow....
Everyone has things they choose to spend their disposable income on that others probably think is "wasteful", be it luxury cars, season tickets to a sports team or collecting old cereal boxes. What it is doesn't matter (nor does any one else's opinion) - if one buys something that they can afford, and feel that they have gotten something of value for the money paid, then it is not "wasteful".
Quote:
Originally Posted by user_id
In terms of the Hyundai, no, I don't think everyone should be driving one. On the other hand I think $60k cars are clearly wasteful, these cars aren't going to provide any real tangible benefits beyond a car in the $20~$30k price range. They are status symbols, nothing more nothing less.
Well that is your opinion and you are entitled to it. Personally, I am not a luxury car guy either - for me a car is a way to get from point A to point B, so I am fine with my lower-priced Hinda Civic. I won't begrudge someone else for dropping $50k+ on a luxury car though - its their money. On the other hand, I have no issues dropping $200-$300 on a good meal for 2 (granted it does the same as two value meals at McDonald's - we would no longer be hungry), and I'm sure others would find that "wasteful". But so what, we all choose to spend our money on different things we find value in.
credit is nothing more than money you haven't earned yet. In fact, you have no guarantee that you WILL make that money.
This comment makes no sense. I use a CC for everything. When I get the bill every month, I pay it off in full from money I already have in my bank account - I did not have to earn that money between the time I charged those drinks at the bar and the time I paid off the bill - I had already "earned it" - I just used a particular tool (in this case, a CC) as a method of spending that money I had already earned.
Quote:
Originally Posted by NJBest
Yea, student loans, mortgages, promo car loans, and col. small business loans usually have such low rates that you'd be insane to pay them off early.
If you have debt of any kind and can pay it off early, it is silly not to do so.
Quote:
Originally Posted by user_id
You should have bought a car for $28k that you could afford.
You should be less of a busybody and not worry about how others spend their own money.
If you have debt of any kind and can pay it off early, it is silly not to do so.
Why would you say an uneducated thing like that?
If you have a mortgage of say $1mm, and are paying 4.25% interest on it, which is tax deductable, and have had a market like we have in the past 2 years... why would you want to pay it off? Give up 70% to 90% profits from the market run up?
Or if you had the similar mortgage, and rather use cash on hand to buy into a business to attain residual income, why would you pay off your mortage? Paying off debt isn't always the best decision.
If you have debt of any kind and can pay it off early, it is silly not to do so.
not if your cash is working harder for you than your debt is costing you.
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