New, New Chat Thread

[Ron61]

Fred,

Finally I did something before you. The last car payments I ever made were on a 1965 Galaxie 500XL that I bought new. I got it on a 3 year plan and paid it off in 1 year. Back then you got a bunch back if you paid a car off early. My next car was the 69 Cobra and I paid cash for that and all since then. I had enough saving bonds to pay for the house. But the two days that I spend signing them was a pain. And some of them were so old that I got more than double face value for them. The Govt. had some money back then. Now if I want something, I just look at the price and put back as much as I can until I can pay for it.

Ron

[wtm442]

Joe
Seems like you are on the correct path to economic freedom. Like Ron and Fred, I paid cash for all of my cars except for my first one I bought in 1970 - my 70 Olds 442, which I still have. Always pay my credit card bills 100% on time and the full amount like Ron and Kristen. Your credit rating is really affected by "late payments". Do NOT be late on any credit cards. Like Fred said, its best to get rid of all credit cards and pay cash for everything.

Studies have shown that people who pay cash for everything spend about 15 to 20% less than people who charge everything. I tried that about 15 years ago, but I like the convenience of the credit card. But I use ONE card for all things that I do charge ... and they are automatically paid out of my checking account. I also pay all bills via an e-bill set-up thru my bank. No stamps, no envelopes, and set up automatic payments whenever possible. Then just download everything from the bank to Quicken. It makes things very easy. And I can see where I spend my $$ ... mostly food and health insurance takes up about 50% of my pension.

Like Fred, I paid off my house a long time ago and retired at 54.5 years. But I did not have the benefit of extra income from the Humpin' Ho Sisters. I had targeted 55 as my retirement age way back in the late 60's and I made it. But I saved approximately 18 to 25% of my salary each and every year while maxing out my company 401K and my IRA. With a LOT of help from the stock market, I retired early. If I had not "PAID MYSELF FIRST", I can guarantee that I would be working well into my 70's.

Keep up the good work.

[wtm442]

Originally Posted by Ron61

I had enough saving bonds to pay for the house. But the two days that I spend signing them was a pain. And some of them were so old that I got more than double face value for them. Ron

I heard that you got a lot of money back on the old bonds written on stone tablets. I think Fred Flinstone told me that fact.

[wtm442]

Another great evening ride last night. Fantastic weather, especially for August which is usually hot and humid. Temps were in the mid 70's, just like today.

[4RE KLR]

Some good ideas here, the problem is being astute in the process though. After 14 years of banking I have seen many plans to get out of debt.

Paying of credit cards is ALWAYS the key.

[HI Cobra]

My first car was cash ($100 so you know it was good!) but the second was
by way of a loan, back in '63, paid off in 2 years. Everything since then, cash.
If I didn't have the $ I didn't buy until I did. The only loans I have are for
houses but the interest is low (4.875% for HI house and 5.67% for TX house).
I will pay the TX house off first, then HI house to follow. Not much owed on
either. I did manage to make some investments in natural gas which are
doing well now and are paying off the houses. I use credit cards for travel
and large purchases (building points for travel to Texas home) but pay them
off each month - no interest charges. For the travel the cards help when and
if someone tries to rip you off. Not frequent but I am batting 1,000 on claims.
The key is saving a significant portion, as others have said, starting as early
as possible, but better late than never. I haven't "retired" yet, I own the
business, but have set it up so I can take more time off as time goes on.
I enjoy my work, but with grandchildren arriving I find my priorities starting
to shift - how can that be?

Yep Joe - you are on the right track, just don't get derailed - but I think the
Cobra will keep you on course!

[hey,littlecobra]

something to keep in mind, Warren, is that Joe is married with two(?) kids. That really impacts saving and spending. Yes... we chose to have the kids, so i know an easy answer is 'don't get married and don't have kids' but most folks do and that is where the hidden expenses come from and where your bank account gets sucked dry.
What we need here and what most people need help with is the typical situation of two incomes, two kids, two cars, and paying regular bills. Most famiies can handle that; it's living BEYOND their means where most people get into trouble. If the $15k car will do, but the $20k car looks cooler, and is basically 'nicer' then they get caught up in buyer frenzy and over extend. it happens mostly with cars and homes i think.
It's also buying tons of unnecessary $hit for kids. my boys have phones; they drive.... but they don't have iphones that have huge bills. i think if people really looked at what they waste money on each month they would be shocked! a wake up call for many many many.....
i can 'afford' the lexus.... i bought the toyota.......
ya'll have a great day!
just got back from John S.'s engine install. went great!!!

[wtm442]

Originally Posted by hey,littlecobra

something to keep in mind, Warren, is that Joe is married with two(?) kids. That really impacts saving and spending. Yes... we chose to have the kids, so i know an easy answer is 'don't get married and don't have kids' but most folks do and that is where the hidden expenses come from and where your bank account gets sucked dry.

I agree with just about everything that has been said about MONEY on the last couple of pages. I hope you don't think I'm against marriage and kids ... and I would never tell anyone to avoid having kids. I agree 100% on what you said about people living within their means. But having kids does not mean that you cannot save money. Some families cannot live on $100K a year, where other families live on a lot less. All I was trying to say is to PAY YOURSELF first to obtain the goals you set. But when an emergency pops its ugly head, then you may need to suspend (or even use up) your savings.

Hey Kristen - I still haven't heard anything about your new car! What kind and did you trim your existing stable?

Ooops - I feel an emergency coming on ... guess I'l have to go for a ride in this 74°F degree weather.

[392cobra]

Had three choices this weekend for a ride.

1. Leave this morning heading to The Tail of The Dragon for 2 days.Then onto Milwauke for the 105th Anniversary of Harley-Davidson. Group 1

2. Leave this morning for Milwauke using a direct route. Group 2

3. Leave early tomorrow morning for lunch in East Texas.After lunch keep going northeast to The O' Possum Capital of Texas,Rhonesboro.
Then return to Dallas.

I have picked #3 in hopes of getting some Possum Fritters for an afternoon snack.

[4RE KLR]

Well we got a little rain this aternoon but it is still hot and muggy.

[Joe Wicked]

Kristen, I am married but no kids here. I had my nephew for a short while this winter and spring, but Trina's 2 kids are grown. Both live in South Carolina. I got in way over my head 15 years ago and stayed status quo. It took a few years to dig my way out and then to fix my credit. Now I am paying off the last of the items and setting my targets out of reach. Only 1 way to get there and I know what I have to do to get what I want.

[Ron61]

Fred,

choice # 3 sounds good. Be sure to send Warren a package of Possum Fritters. They go well with turtle soup. If he doesn't believe it just tell him to watch the Beverly Hillbillies.

Ron

[Ron61]

Summer Classes for Men at
THE ADULT LEARNING CENTER

REGISTRATION MUST BE COMPLETED by Friday, August 21 th 2008

NOTE: DUE TO THE COMPLEXITY AND DIFFICULTY LEVEL
OF THEIR CONTENTS, CLASS SIZES WILL BE LIMITED TO 8 PARTICIPANTS MAXIMUM

Class 1
How To Fill Up The Ice Cube Trays--Step by Step, with Slide Presentation.
Meets 4 weeks, Monday and Wednesday for 2 hours beginning at 7:00 PM .

Class 2
The Toilet Paper Roll--Does It Change Itself?
Round Table Discussion.
Meets 2 weeks, Saturday 12:00 for 2 hours.

Class 3
Is It Possible To Urinate Using The Technique Of Lifting The Seat and
Avoiding The Floor, Walls and Nearby Bathtub?--Group Practice.
Meets 4 weeks, Saturday 10:00 PM for 2 hours.

Class 4
Fundamental Differences Between The Laundry Hamper and The Floor--Pictures and Explanatory Graphics. Meets Saturdays at 2:00 PM for 3 weeks.

Class 5
Dinner Dishes--Can They Levitate and Fly Into The Kitchen Sink?
Examples on Video. Meets 4 weeks, Tuesday and Thursday for 2 hours beginning at 7:00 PM

Class 6
Loss Of Identity--Losing The Remote To Your Significant Other.
Help Line Support and Support Groups. Meets 4 Weeks, Friday and Sunday 7:00 PM

Class 7
Learning How To Find Things--Starting With Looking In The Right Places And Not Turning The House Upside Down While Screaming. Open Forum
Monday at 8:00 PM , 2 hours.

Class 8
Health Watch--Bringing Her Flowers Is Not Harmful To Your Health.
Graphics and Audio Tapes. Three nights; Monday, Wednesday, Friday at 7:00 PM for 2 hours.

Class 9
Real Men Ask For Directions When Lost--Real Life Testimonials.
Tuesdays at 6:00 PM Location to be determined

Class 10
Is It Genetically Impossible To Sit Quietly While She Parallel Parks?
Driving Simulations. 4 weeks, Saturday's noon, 2 hours.

Class 11
Learning to Live--Basic Differences Between Mother and Wife.
Online Classes and role-playing Tuesdays at 7:00 PM , location to be determined

Class 12
How to be the Ideal Shopping Companion Relaxation Exercises, Meditation and Breathing Techniques. Meets 4 weeks, Tuesday and Thursday for 2 hours beginning at 7:00 PM .

Class 13
How to Fight Cerebral Atrophy--Remembering Birthdays, Anniversaries and Other Important Dates and Calling When You're Going To Be Late.
Cerebral Shock Therapy Sessions and Full Lobotomies Offered.
Three nights; Monday, Wednesday, Friday at 7:00 PM for 2 hours.

Class 14
The Stove/Oven--What It Is and How It Is Used. Live Demonstration.
Tuesdays at 6:00 PM , location to be determined. Upon completion of any of the above courses, diplomas will be issued to the
survivors.

Ron

[wtm442]

Have fun Fred
Possum Fritters = Road Kill
GMA
Nice ride last evening

[wtm442]

Just finished cleaning part of the garage. What a mess. Of course, I found what I was looking for a couple of days ago. Thought I had lost it, and bought another one yesterday. Oh well, now I have two, and thankfully it was only $20.

OK, sun is out, its 73°F so guess what I'm going to do now?

Bye Bye and Ta Ta

[trularin]

What a weekend...Woow.

I am going camping next weekend. Dropping off the eldest at school.

So, has everyone that has children in school dropped off their kids??

[wtm442]

Yawn. GMA.

Another nice ride last night. Passed an Exxon gas station and it was empty with reg gas at $3.75. Two blocks down the street was an independant "Prime" gas station with reg gas at $3.55 and a line of about 10 cars getting gas.

Ohhhhh nooooo. Forecast is for scattered showers today. Guess the string of great driving days may take a vacation. But at least the high temp is supposed to be only 80°F.

Tru - the last time I went camping, the tent had a big sign on the side .... and it said Ramada Inn.

Time for breakfast.

[Joe Wicked]

By Warrens definition I am going camping tonight at the Hampton Inn in Broken Arrow OK. Driving up this morning. Having to go slap a service center around a little.

[4RE KLR]

I want to take the kids camping as well. We went a year or so ago and we really enjoyed it. With gas being $4.50 a gal (diesel) it seems everyone is finding things to do closer to home.


Well our children are home schooled. They were supposed to start today but the curriculum has not arrived yet so it will be next week. The kids are happy about that.

[Ron61]

Hey Steve,

Since the Texas School Teachers carry guns thread, are you going to start carrying one at home during school hours?

Our school started last week and they still have that big bus come by here and pick up 3 kids. Why they won't use one of the small vans for this run I don't know. The bus makes a four block swing and picks up a total of 7 kids and then takes them to the school. On other longer routes for just a few kids they use a small bus or van.

Ron