- Messages
- 24,546
- Reactions
- 37,221
- Thread Starter
- #41
r/gundeals is my major weakness along with the classifieds here
JavaScript is disabled
Our website requires JavaScript to function properly. For a better experience, please enable JavaScript in your browser settings before proceeding.
What worked for me was put it all on one line of credit or card . And then pay the payments principle as much as possible .Its easier to focas on and shows results.
The more the principal is payed down the less money your wasting on intrest ect.
The more the principal is payed down the less money your wasting on intrest ect.
Last Edited:
I went through Ramsey's FPU. The course showed me I was on the right track, and I finished up thinking it was best suited for folks with consumer debt and no legit plan. For those folks it is a solid process to financial well being.
You should focus on paying off those which have the highest interest rates first.
Whether or not you sell your guns is a decision only you can make and based on your overall situation. Selling those that cost the most may yield the most but will be the ones that will cost the most to replace. As someone pointed out currently it is more a buyers than sellers market.
Whether or not you sell your guns is a decision only you can make and based on your overall situation. Selling those that cost the most may yield the most but will be the ones that will cost the most to replace. As someone pointed out currently it is more a buyers than sellers market.
- Messages
- 3,560
- Reactions
- 9,381
Fantastic advice that I failed to mention in my previous screed. After my wife stole my truck I bought a $450 89 Mazda pickup which I drove for 5 yrs until I bought a $1000 92 F150. Last year I put a crowbar in my wallet and dropped $5G on a low-mile-but-old (2002) Ram 1500... I really want a new Mustang, or even one that's a few yrs old (2015+). A 5-sp GT please, Thank You.
Sorry, Yuma...
I've been a wage-slave before and I didn't like it. No more.
Could take up a part time gig to help supply additional funds for strictly paying off debt or do some OT at your current job.
Otherwise stick by the principle of if its not in your wallet and you cannot afford it now (cash/money in account) do not spend it and wait for a sale/deal/trade.
Not like guns/ammo are gonna suddenly fall of the face of the earth by tomorrow tbh.
Otherwise stick by the principle of if its not in your wallet and you cannot afford it now (cash/money in account) do not spend it and wait for a sale/deal/trade.
Not like guns/ammo are gonna suddenly fall of the face of the earth by tomorrow tbh.
- Messages
- 10,374
- Reactions
- 29,745
r/gundeals is my major weakness along with the classifieds here
Me too!
I finally had to look at the amount of time I spent shooting vs the amount of money I spend.
I have a small but good collection. I wouldn't sell any unless I had too, but I don't shoot any of them nearly enough. So why would I buy more when I don't shoot the ones I have enough?
And accessories? I just go look at the box of stuff I have and ask when I need more?!
Then I just stopped looking at the loads of emails I get. I have 3 email accounts. Two of them get loaded with junk mail, and I got through it a few times a day, but I don't open them anymore, just delete all of them.
- Messages
- 42,701
- Reactions
- 110,879
Back in '96 I had so much CC debt, that even with a job that paid $50K/yr, I was using one card to pay the other in order to keep ahead of the bills.
Then I lost my job.
A good portion of that was due to buying guns, ammo and other prepping supplies. I should have realized that yes, SHTF can happen, and the most likely scenario is unemployment (sometimes combined with other events) - it isn't like I had never been unemployed before (when I was a young adult, I was unemployed more often than I was employed).
With a little help from my family I was barely able to stave off going bankrupt, and I managed to get another job after a couple of months.
From that point on, I paid down my debt. It took ten years, in part because of the dot com crunch in 2000 where I was unemployed for 2 years. The employer who laid me off hired me back and then after a year laid me off again when they closed the whole office. Up and down (employed, then unemployed, several times, also helping my kids and others when they hit hard times), but in 2007 I had paid off all my debt, saved up about $70K, and was shopping to buy a house when the housing bubble burst.
I did not sell any of my guns to pay off that debt - it wouldn't have really helped that much, and I figured it wasn't worth it - I knew what I had to do; until I had all my debt paid off, and $$$ in savings (enough to last first six months, then 9 months, then a year, and so on), I did not buy anything I didn't need to survive to the next day, and I didn't buy things with credit unless I was unemployed, and only then necessities (food, etc.).
I had learned my lesson.
Now I only put charges on my CC that I can pay off month to month, and I religiously pay the balance in full each month. This month it will be $3K, next month $8K - due to my daughter's healthcare bills, and yes, I have that cash on hand (and then some) - I put it thru my CC, instead of paying with a check, because I get about 1-2% back and it helps my credit history.
I have not tried to sell any prep supplies (including guns/ammo) in about 5 years. I have only bought.
But I am a prepper. What I have now I would just have to replace (or want to), and I have enough other assets - including cash - that I don't need to sell anything even if I lost my job tomorrow.
So my situation is maybe different than others - I have been preparing for retirement for the last 10+ years, and plan to retire before the end of 2020 anyway. The only debt I have is my mortgage, and that is just a cost of living, one that I hope to eliminate eventually (sell the property - use the equity to buy land and build on it). Selling my guns wouldn't really help much with my mortgage and my income after retirement is enough to keep on paying my mortgage anyway, along with other living expenses.
So I don't have advice other than to say it (paying off debt without selling guns) - can be done - depending on your income and expenses. I do caution everybody though; it looks like there may be a bit of a 'pullback' in the coming couple of years, so if it is at all feasible, pay off as much debt as possible and set some $$$ aside for a rainy day.
Today, I put about 30% of my gross income into my 401K and other savings. I also overpay my mortgage by 10+%.
Beyond that, "stuff happens" - I learned that in '96, and ever since then I have done a lot better at handling it when "stuff" does happen because I didn't have debt and had savings to boot.
And I don't buy guns to collect (usually) - although I have gone a little overboard with SIGs.
I have mostly stopped buying guns - I only 'need ' a few more (like an LCRX in .22). I am now concentrating on ammo, mags, sights, etc. - among other things.
Good luck.
Then I lost my job.
A good portion of that was due to buying guns, ammo and other prepping supplies. I should have realized that yes, SHTF can happen, and the most likely scenario is unemployment (sometimes combined with other events) - it isn't like I had never been unemployed before (when I was a young adult, I was unemployed more often than I was employed).
With a little help from my family I was barely able to stave off going bankrupt, and I managed to get another job after a couple of months.
From that point on, I paid down my debt. It took ten years, in part because of the dot com crunch in 2000 where I was unemployed for 2 years. The employer who laid me off hired me back and then after a year laid me off again when they closed the whole office. Up and down (employed, then unemployed, several times, also helping my kids and others when they hit hard times), but in 2007 I had paid off all my debt, saved up about $70K, and was shopping to buy a house when the housing bubble burst.
I did not sell any of my guns to pay off that debt - it wouldn't have really helped that much, and I figured it wasn't worth it - I knew what I had to do; until I had all my debt paid off, and $$$ in savings (enough to last first six months, then 9 months, then a year, and so on), I did not buy anything I didn't need to survive to the next day, and I didn't buy things with credit unless I was unemployed, and only then necessities (food, etc.).
I had learned my lesson.
Now I only put charges on my CC that I can pay off month to month, and I religiously pay the balance in full each month. This month it will be $3K, next month $8K - due to my daughter's healthcare bills, and yes, I have that cash on hand (and then some) - I put it thru my CC, instead of paying with a check, because I get about 1-2% back and it helps my credit history.
I have not tried to sell any prep supplies (including guns/ammo) in about 5 years. I have only bought.
But I am a prepper. What I have now I would just have to replace (or want to), and I have enough other assets - including cash - that I don't need to sell anything even if I lost my job tomorrow.
So my situation is maybe different than others - I have been preparing for retirement for the last 10+ years, and plan to retire before the end of 2020 anyway. The only debt I have is my mortgage, and that is just a cost of living, one that I hope to eliminate eventually (sell the property - use the equity to buy land and build on it). Selling my guns wouldn't really help much with my mortgage and my income after retirement is enough to keep on paying my mortgage anyway, along with other living expenses.
So I don't have advice other than to say it (paying off debt without selling guns) - can be done - depending on your income and expenses. I do caution everybody though; it looks like there may be a bit of a 'pullback' in the coming couple of years, so if it is at all feasible, pay off as much debt as possible and set some $$$ aside for a rainy day.
Today, I put about 30% of my gross income into my 401K and other savings. I also overpay my mortgage by 10+%.
Beyond that, "stuff happens" - I learned that in '96, and ever since then I have done a lot better at handling it when "stuff" does happen because I didn't have debt and had savings to boot.
And I don't buy guns to collect (usually) - although I have gone a little overboard with SIGs.
I have mostly stopped buying guns - I only 'need ' a few more (like an LCRX in .22). I am now concentrating on ammo, mags, sights, etc. - among other things.
Good luck.
- Messages
- 42,701
- Reactions
- 110,879
Oh, and I found that when I had no debt, I could live within my means - even on a greatly reduced income (unemployment). I was able to actually save money because my income exceeded my outflow. I was able to help people who were employed but had debt/bills.
It makes a BIG difference. It feels great when you are pretty sure that even if you lose your job tomorrow, you will be ok. It is a huge weight lifted from your shoulders. So whatever you need to do, do it. It will be worth it. Never go back. As others have said, if you can't afford some purchase, don't buy it. You will find yourself setting aside money in savings once your debt is paid, and then being able to afford more stuff later - because you don't have to pay interest on the purchase.
It makes a BIG difference. It feels great when you are pretty sure that even if you lose your job tomorrow, you will be ok. It is a huge weight lifted from your shoulders. So whatever you need to do, do it. It will be worth it. Never go back. As others have said, if you can't afford some purchase, don't buy it. You will find yourself setting aside money in savings once your debt is paid, and then being able to afford more stuff later - because you don't have to pay interest on the purchase.
- Messages
- 42,701
- Reactions
- 110,879
There are other benefits:
1) When there is an economic downturn - and there will be, sooner or later, there always is - there will be people who need to sell things, often at a loss. Those with the $$$ to buy, can then purchase items at a much lower price. Some say the 'rich' take advantage of the 'poor' doing this - and in some cases that is true to a degree, but it does help those people who need the $$$ more than they need their 'toys' (and a lot of what they have are not necessities).
2) In general, less overall debt held by the populace and more savings, helps the economy be less cyclical. Less debt/more savings makes people feel more secure and less likely make drastic cutbacks - they are more likely to continue on as before (or closer to it). With an economy that is mostly driven by consumer confidence, that smooths out the ups and downs.
3) With people being able to pay their bills because they had less debt and more savings, when the economy hits a rough patch, it doesn't slow down as much and the economy doesn't enter into a 'death spiral'.
A lot of people learned a lesson in 2008 - an important lesson. I just hope they remember it.
There are people who benefit from the ups and downs because they have huge incomes, much more than they need, so when bad times hit, they can still buy (farms, real estate, etc.) and when good times come back they are even better off than before. For the most part I don't begrudge them that - in a very small way I do the same thing - we all do if we can. What I don't share with them is their tendency to encourage buying with credit. I would much rather have a smoother economy, where most people can afford to live comfortably without debt.
1) When there is an economic downturn - and there will be, sooner or later, there always is - there will be people who need to sell things, often at a loss. Those with the $$$ to buy, can then purchase items at a much lower price. Some say the 'rich' take advantage of the 'poor' doing this - and in some cases that is true to a degree, but it does help those people who need the $$$ more than they need their 'toys' (and a lot of what they have are not necessities).
2) In general, less overall debt held by the populace and more savings, helps the economy be less cyclical. Less debt/more savings makes people feel more secure and less likely make drastic cutbacks - they are more likely to continue on as before (or closer to it). With an economy that is mostly driven by consumer confidence, that smooths out the ups and downs.
3) With people being able to pay their bills because they had less debt and more savings, when the economy hits a rough patch, it doesn't slow down as much and the economy doesn't enter into a 'death spiral'.
A lot of people learned a lesson in 2008 - an important lesson. I just hope they remember it.
There are people who benefit from the ups and downs because they have huge incomes, much more than they need, so when bad times hit, they can still buy (farms, real estate, etc.) and when good times come back they are even better off than before. For the most part I don't begrudge them that - in a very small way I do the same thing - we all do if we can. What I don't share with them is their tendency to encourage buying with credit. I would much rather have a smoother economy, where most people can afford to live comfortably without debt.
- Messages
- 24,910
- Reactions
- 59,283
Liquidate everything and put it all on red.
- Messages
- 2,660
- Reactions
- 2,881
I do not know the reason for your CC debt, I am fortunate to not have this experience. If your justifications for this debt is on the verge of necessary like medical bills, home repairs, then do not feel so bad.
I never use CC for things other than necessary payments. All my toys are paid cash or by debt cards. As others say, look at how you are spending, establish a possible budget, and follow though with a plan.
Selling now is bad time for many item because of demand so you may lose significant dollars, just to pay off something you are already paying interest on.
Good info here. Check your habits, if they are bad - stop it.
I never use CC for things other than necessary payments. All my toys are paid cash or by debt cards. As others say, look at how you are spending, establish a possible budget, and follow though with a plan.
Selling now is bad time for many item because of demand so you may lose significant dollars, just to pay off something you are already paying interest on.
Good info here. Check your habits, if they are bad - stop it.
- Messages
- 824
- Reactions
- 2,104
20% of your gross income = your discretionary income?
Try this. Take the money that you would be spending on guns, ammo, accessories for the next year(+) and instead, use it to pay off your debt.
It ain't a 'good deal' if its adding to your debt/interest load.
Selling your collection(with the intention to reacquire later) would not be fiscally prudent.
People are surprised how much they can save when they change a few lifestyle habits. IE. Make one's own coffee(instead of a drive-thru), pack a lunch to work, drink beer at home instead of the bar, make dinner at home(instead of eating out/take-out) etc. etc. etc.
Self-control.
It all adds up.
That stated, I'll help you liquidate some ammo at the right price, if it's weighing you down.
- Messages
- 42,701
- Reactions
- 110,879
I used to have a coworker that would spend $10 per day on his lunch. Either at the deli, a local food stand, or a restaurant. He could afford it, and so could I, but I don't. I feel guilty if I spend more than $2 per day on a frozen dinner for lunch because I don't spend the time in the morning fixing a lunch instead - and some people at work make fun of me for doing eating a nuked frozen dinner instead of buying a $8 sandwich at the deli.
It adds up - $2500 per year for lunch, vs. $500 for frozen food. Oh, and he usually wound up throwing half of it away.
That doesn't include the latte's he bought almost every day.
- Messages
- 824
- Reactions
- 2,104
I've worked with a few like that. Funny thing is that they're often complaining about being broke and/or not making enough. Eating out for every breakfast & lunch is a luxury, not a need.
I take the same attitude towards vehicles. I know some people that buy (or lease) a new vehicle every few years. I'm fortunate to be able to afford to do the same, yet I drive the same 20 year-old Toyota truck.
Yes, it has some cosmetic issues(a few dings, and the clear-coat is going to bubblegum on the hood/roof), but it's been a reliable runner to get me and my cargo from point A to point B for the entire time that I've owned it.
Yeah, a brand new truck would be nice to show off, but I don't really need one until mine becomes less reliable. Most importantly, I don't have an extra hundreds of dollars auto payment due every month. Instead, that balance can go towards more important (to me) wants -- such a retirement savings for the long term, and leisure/travel/firearms for the near term.
- Messages
- 42,701
- Reactions
- 110,879
Well, like I said, this guy could afford, and then some (his wife made more than he did, and between the two of them they made about 3 times what I do), but still, no matter how much money one makes, they still will have a budget. It is all about priorities.
- Messages
- 7,381
- Reactions
- 19,890
Cheapest protein option I know of. Can get them for $1 a dozen
- Messages
- 14,015
- Reactions
- 57,153
I think for someone who does ok and avoids lots of debt, Dave Ramsey's methods are overboard. I'm in my mid/late 30's and am more able to do the things I enjoy, which cost money. I finance big items like vehicles and boats. I put as much down as I can, and will often buy used vehicles (especially trucks that weren't used as trucks).
But, Dave can suck it when it comes to my boats! I buy them new and I load em uo with goodies!
Upcoming Events
New Classified Ads
-
CTC Illuminated Riflescope 4-16x50mm NIB- Started by Hoosier65
- Replies: 0
-
-
-
-
-
-
-
-
-
For Sale Winchester Model 94 Chambered in 30 WCF Scarce Post World War II Era Production- Started by WestcoastWes
- Replies: 0