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  1. #51
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    Click here to enlarge Originally Posted by fnne99 Click here to enlarge
    Or find a used 2008+ Tundra and slap a SC on it for $3k and you'll have low 13's truck that can tow as much as these domestic trucks and not breakdown or fall apart after 70k miles.
    My buddy did this with the TRD kit, not sure how fast it is but its certainly not slow and is a nice truck for sure
    09 6AT 335i Coupe M-Sport - SOLD
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  2. #52
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    Click here to enlarge Originally Posted by ajsalida Click here to enlarge
    I can count on one hand the people I've met over the last decade who had a good grasp of what debt was and how dangerous it could be. The moment most folks get any kind of equity in a house they are off borrowing against it to buy toys. "It's good for my credit score" they say. Again, right after the recession wiped nearly all people who did that out.
    You're right, people do get carried away and get into trouble.

    I think your premise is sound but should be changed to say rather than 'no debt' to advocate living within your means. Even if you say have a home paid off you can get into trouble borrowing against it as you suggested.

    It really all comes down to being fiscally responsible in any area. Credit cards, equity, loans, lines of credit, etc.

  3. #53
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    Click here to enlarge Originally Posted by fnne99 Click here to enlarge
    Or find a used 2008+ Tundra and slap a SC on it for $3k and you'll have low 13's truck that can tow as much as these domestic trucks and not breakdown or fall apart after 70k miles.
    Yeah you are right I forgot about their OEM supercharger kits. Those are nice, compatible with 4WD, and plenty of aftermarket mods can boost them up even higher. I have a 05 Tacoma been thinking about doing that with.

    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    You're right, people do get carried away and get into trouble.

    I think your premise is sound but should be changed to say rather than 'no debt' to advocate living within your means. Even if you say have a home paid off you can get into trouble borrowing against it as you suggested.

    It really all comes down to being fiscally responsible in any area. Credit cards, equity, loans, lines of credit, etc.
    Good point. I was going to take out a home equity loan and buy lottery tickets until you stopped me Click here to enlarge

  4. #54
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    Click here to enlarge Originally Posted by ajsalida Click here to enlarge
    I was going to take out a home equity loan and buy lottery tickets until you stopped me
    You should buy a bunch of lotto scratchers with your credit cards as well. Use Paypal bill me later too! Increase your odds, duh.

  5. #55
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    lol i don't think OP wanted to hear advice against him taking on any loans and for getting rid of his fiance
    '08 535xi - fbo

  6. #56
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    Click here to enlarge Originally Posted by rawad1017 Click here to enlarge
    lol i don't think OP wanted to hear advice against him taking on any loans and for getting rid of his fiance
    By the time this thread is done everyone is going to sell their cars, homes, and belongings to go sit on a pile gold in a tent somewhere in the woods.

  7. #57
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    Click here to enlarge Originally Posted by ajsalida Click here to enlarge
    Debt is not evil by any means, but you have to use it with your eyes open. Debt is not prosperity. If you buy a 700k house with 5% down (19 to 1 leverage), or worse nothing down (infinite leverage!), you don't own the house the house (and bank) owns you. Mostly WRT real estate now it depends on where you live and then what deal you got, extremely local as to whether it is sensible from an investment standpoint. On average going forward housing will be lucky to pace inflation. If you think you need a 700k house and need to borrow most of it, maybe you do but odds are you don't. I cleared well over 700k cash on the last house I sold, but the days of quadrupling your purchase price in real estate are over for generations IMHO. Nationally/globally people still have not come to terms with this. Most of the seriously good foreclosure deals are gone, hedge funds scooped them up by the 1000's 2009-12, and are now getting out or have converted them to rentals.

    I can count on one hand the people I've met over the last decade who had a good grasp of what debt was and how dangerous it could be. The moment most folks get any kind of equity in a house they are off borrowing against it to buy toys. "It's good for my credit score" they say. Again, right after the recession wiped nearly all people who did that out.

    Let me give you an example of how screwed up things were. I moved to Boulder CO in 2005. Was trying to buy a house. I must have wrote 15 contracts and kept getting outbid. I went to my mortgage guy and asked him what I was doing wrong. He said, dude, you are thinking about this all wrong. Nobody takes out conventional mortgages anymore (like I was trying to do, and based all my bids on), they are all doing neg-ams (negative amortization, where the loan balance never goes down, it goes up because the property will "always appreciate"). So the whole town and as I found out soon, the whole country, was being run up by buyers and brokers on crack. At that point I knew there would be a national housing collapse and got out, hunkered down, waited. Cut expenses to the bone and rented cheap. Told everyone I knew get out of RE. Nobody listened.

    Sure, manage your credit score well if you need to use credit for true necessities, but a goal could be to live a more frugal life well within your means, and save/invest spare cash instead of spending your life paying down debt for shiny trinkets the TV and the internet and your cell phone are screaming at you to buy to be "happy". All the vast advertising/banking machinery is geared to making you want to buy more stuff on "painless" credit terms, so this is not a perspective that is easy to hear through all the noise and social programming and peer pressure. Which is why I am going on at length about it, just to get it out there.
    Quoted this because it's a good post.

    I could definitely cut expenses but I love those oysters and bloody mary's and sporting events and gucci flip flops... none of which are necessary.

  8. #58
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    Click here to enlarge Originally Posted by I6+TT=FTW Click here to enlarge
    Currently have a 07 335xi with 75k miles with a dci, cobb protune, and some pretty wheels. This is my DD and my only car. Living in Colorado, I like having something that performs well in the snow, hence the XI. The soon-to-be wife is leasing a little impreza wagon (so our second car i guess).

    Having a sport truck has always been a cool idea to me (some find the lightning ugly and dumb). But having something that can actually carry some stuff or tow something if necessary, and do a 1/4 in 13 seconds sounds pretty badass to me.Click here to enlarge Then get a cheap little awd car (subaru most likely) that I can drive for work and when it snows, as I'm in sales and need to drive like 500+ miles a month.

    Or am I speaking blasphemy?

    Thoughts, opinions, etc?

    also, im not loaded by any means. 25 and about to get married.
    Sell 335xi and get an E39 M5 plus change for toys = JOY #Giggity
    2005 Porsche 996 TTS RWD - Eurodyne 60-130 in 6.50s
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    Click here to enlarge



  9. #59
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    Click here to enlarge Originally Posted by klipseracer Click here to enlarge
    Fall in love with a woman that has a good job and credit score. And big tits.
    You cannot feck the credit score mate, but 110/100 for the big boobs, -10 for the credit score = 100/100 post

    OP - seriously - I am 48 and have some means to buy whatever I want but because my boss lady is cautious so am I and we only ever pay cash for cars and way under our $$$$ means...... cars will die one day, houses never will and you cannot sleep comfortably in a car (trust me I try)

    I would advise you to say feck the cars and buy a nice house for your new wife.....

    Seriously you can get a car anytime... when I was 1st married, I was 23 and we drove crappy Holden GM Isuzus and a crappy but beloved GM HOlden Torana... cost nuttin to run or insure.... but we owned land and a villa....
    2005 Porsche 996 TTS RWD - Eurodyne 60-130 in 6.50s
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    Click here to enlarge



  10. #60
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    ya know, M cars are actually pretty good in snow. my M6 walked right through a 7" pile on my Michelin PS3 A/S tires like it was nothing.
    '08 535xi - fbo

  11. #61
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    Click here to enlarge Originally Posted by richpike Click here to enlarge
    You can almost buy a house for 0% interest. 15yr fixed rate mortgages have been in the 3.5% to 4% range over the last four years. After tax savings, that equates to roughly 2.5% to 2.8%. Inflation is running around 2% over the last four years. That's almost 0%.

    Let's take it one step further - invest that money you would have invested in the house to maintain zero debt and instead invest it in an S&P index fund and you would have returned almost 15-20% more on those same dollars during that time.

    I know where I would (and did) invest my money (while still *owning* a house).

    -Rich
    As a bond trader I REALLY object to you telling people money is free, it is !!!

    NOW STFU
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    Click here to enlarge



  12. #62
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    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    Quoted this because it's a good post.

    I could definitely cut expenses but I love those oysters and bloody mary's and sporting events and gucci flip flops... none of which are necessary.
    LOL OK I see I was not clear enough. The point is not mindless austerity just to have no debt an sit in a cave reading Zen warrior books obsessively cleaning your 30-06. The point is don't get into debt just to have things you think you want but can't afford. Because if you're smart and frugal for a while, and get some positive cash flow going, and learn to invest and build real net worth, you can have a lot of toys and houses etc, and nobody can take them away if you miss a payment because you own them all free and clear. And since you're not paying interest on anything your cost of living is actually pretty low as well, so like you can retire young and spend your life snowboarding and riding motorcycles before you're too senile and decrepit, chasing pussy etc whatever floats your boat.

    If you want to work fine, maybe if you get bored. But you don't HAVE to in order to make sure some Wall St douchebag CDO tranche bundler hit his bonus targets. Now this may require some delayed gratification, but it is worth it in the end. It is amazing how much cash piles up almost by itself like magic after a while when you get expenses under control and especially when you aren't borrowing money to buy $#@! that depreciates overnight, and paying it back.

    Capiche? Nuff said, OP good luck, sorry for the thread hijack and debt rants.

  13. #63
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    Click here to enlarge Originally Posted by ajsalida Click here to enlarge
    LOL OK I see I was not clear enough. The point is not mindless austerity just to have no debt an sit in a cave reading Zen warrior books obsessively cleaning your 30-06. The point is don't get into debt just to have things you think you want but can't afford. Because if you're smart and frugal for a while, and get some positive cash flow going, and learn to invest and build real net worth, you can have a lot of toys and houses etc, and nobody can take them away if you miss a payment because you own them all free and clear. And since you're not paying interest on anything your cost of living is actually pretty low as well, so like you can retire young and spend your life snowboarding and riding motorcycles before you're too senile and decrepit, chasing pussy etc whatever floats your boat.

    If you want to work fine, maybe if you get bored. But you don't HAVE to in order to make sure some Wall St douchebag CDO tranche bundler hit his bonus targets. Now this may require some delayed gratification, but it is worth it in the end. It is amazing how much cash piles up almost by itself like magic after a while when you get expenses under control and especially when you aren't borrowing money to buy $#@! that depreciates overnight, and paying it back.

    Capiche? Nuff said, OP good luck, sorry for the thread hijack and debt rants.
    I think this thread went well. It wasn't the usual derailed OT minefield.

  14. #64
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    Um wow, was not expecting all this, but I do really appreciate the advice. I have been trying to read/learn more and more about how to best utilize my income for my future.

    I really don't NEED a truck, I just figured I could own a pos subaru and a nice Lightning for slightly less than the BMW costs, and not have to worry as much about the potential catastrophic BMW repair bill. If my toy breaks, fixing it NOW wouldn't be a priority, as I would have another vehicle to drive. But Torgus is probably right, extra maintenance and insurance would definitely add up quickly.

    And FYI, I just co-signed, she pays the monthly payment, her credit score is pretty good, and she does possess the specific features you all have been saying is required lol.

    Aside from my car loan, I've only got a little bit of credit card debt, with the plan to have paid off by the end of the year. And I am contributing as much into my 401k that my company will match, and automatically direct depositing 10% into savings every month. I am working on keeping our expenses low, and building up our savings as fast as possible, but there is so much I don't know! I would love to learn where to put my savings to make the most out of it so I could buy a house sooner. Safe mutual funds type stuff but also willing to do something riskier to earn a bigger and quicker return.

    How does one bet against the housing market or the stock market aside from buying Gold and Silver? Because I'm pretty sure that bubble is going to burst again sometime soon.
    2007 Jet Black E90 335xi "The Mistress" / PTF-Cobb / E50 / FuelitS2 / 5" Stepped FMIC / Synapse BOV and Charge Pipe / Alpina Flash / Muffler Delete w/ 4in Black Tips / DCI / 19x8.5 Satin Black Squared Enkei Raijins / 245/35/r19 Bridgestone Potenza S04 Pole Position / 20mm Rear Spacers / 2 10" Rockford Fosgate's Added to Logic7 (15 total speakers!)
    [IMG]Click here to enlarge[/IMG]

  15. #65
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    Pics of the wifey would help this thread tremendously. I didn't say in a bikini but I think it's in everyone's best interest at this point if that is the case.

  16. #66
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    I'm just trying to get a complete financial picture.

  17. #67
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    ^ this guy
    '08 535xi - fbo

  18. #68
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    I'm dedicated to my members.

  19. #69
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    Click here to enlarge Originally Posted by I6+TT=FTW Click here to enlarge
    How does one bet against the housing market or the stock market aside from buying Gold and Silver? Because I'm pretty sure that bubble is going to burst again sometime soon.
    This reminds me of an old joke,

    Q: how do you make a small fortune in automobile racing?
    A: start with a large fortune.

    Many extremely smart Wall St guys have gone broke last 5 years trying to short housing, the market, or buying precious metals all too late or wrong timing. Heck one guy John Paulsen, who made billions shorting housing (actually shorting CDO's and subprime) before the crash turned around and bet huge on gold too late and lost billions. Then lost billions again on other bad nets. Street is littered with corpses of smart guys who tried to bet against the markets or especially, against the Fed.

    So I would avoid this if I were you. It is almost impossible to time this and there are so many government interventions designed to thwart ordinary corrective market behavior, prop up and bail out various folks it is scary. That is not to say you are wrong about a coming downturn, to make money off of it you must time it almost perfectly. You can be right and still get wiped out, ask me how I know this.

    I would concentrate on getting 100% out of debt as far as stuff like credit cards, student loans etc. Then focus on getting 1 years worth of living expenses set aside in cash savings. While you are doing that begin reading and watching investment shows on TV, CNBC etc just try to figure out what they are talking about, not looking for advice. I happen to like watching Fast Money and the Half Time show on CNBC not for stock picks but to get insight into how traders think. I also like Josh Brown's blog, one of the more intelligent traders on the show, great resource with articles and links. Huge learning curve here.

    Precious metals suck as far as investments now, and have for a long time, and will for a long time to come. Real physical gold and silver were ruined by paper gold and silver same way real housing was ruined by paper housing. Lot of dumb assess with too much leverage ran up paper prices (various idiotic financial "instruments" tied to say, spot gold prices or futures) and they crashed, now it's broken. And metals can't get a new CEO or come out with a fingerprint sensor or have surprise earnings beats. They are just commodities that no one uses for anything except jewelry and doomsday scenarios. Gold is down almost 40% from peak and going nowhere. OK maybe going down more. Will not go up again unless serious inflation gets going, like back in the early 80's. Huge and numerous levels of price resistance above present price.

    This is a weird time for equity markets, all time highs Dow and S&P, but economy is recovering at a faster rate. This is NOT a repeat of 2007 or Nasdaq 2000. Companies are making serious money, lean and mean, and basic economy is not declining at all.

    Markets have priced a lot of that in, enormous amount of money sitting in government bonds will come out the moment real inflation and interest rates tick up and it will have to go somewhere. I hate to say this but jumping into the market now with little or no knowledge is not a great idea. Sitting in cash and piling that up, wait for a 5-10% correction while learning may be a good strategy. Otherwise you really have to know a lot about individual stocks to have a chance of making any money at this point. Well I should say you could make money but you could also get smoked. IMHO of course.
    Last edited by ajsalida; 06-10-2014 at 11:33 AM.

  20. #70
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    I would concentrate on getting 100% out of debt as far as stuff like credit cards, student loans etc. Then focus on getting 1 years worth of living expenses set aside in cash savings.
    Listen to this.

    I wouldn't go into any additional debt until all your debt is done (especially non-mortgage debt). I highly recommend the booked I linked to above.

    Also, I was heavy into Subaru's for a long time. Great, fun cars, but the motors are fragile. You will certainly easily crack pistons on those cars. The N54 is much more durible and used motors are cheap. No advantage over cost of entry.

    Good luck bro!
    Change is constant

  21. #71
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    Click here to enlarge Originally Posted by Group.america Click here to enlarge
    You cannot feck the credit score mate, but 110/100 for the big boobs, -10 for the credit score = 100/100 post

    OP - seriously - I am 48 and have some means to buy whatever I want but because my boss lady is cautious so am I and we only ever pay cash for cars and way under our $$$$ means...... cars will die one day, houses never will and you cannot sleep comfortably in a car (trust me I try)

    I would advise you to say feck the cars and buy a nice house for your new wife.....

    Seriously you can get a car anytime... when I was 1st married, I was 23 and we drove crappy Holden GM Isuzus and a crappy but beloved GM HOlden Torana... cost nuttin to run or insure.... but we owned land and a villa....

    coming from the guy who bought and sold two porches in a weeks time Click here to enlarge haha

    I still need to get lunch and pick your brain one of these days! Island is too small to not get together one of these weekends
    09 6AT 335i Coupe M-Sport - SOLD
    Current - 16 Jeep Wrangler - Few Mods
    Looking for a n54 project e90/e82

  22. #72
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    bring on the lightning

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