Mainecat Posted August 24, 2019 Share Posted August 24, 2019 (edited) 27 minutes ago, ArcticCrusher said: Really? Explain to the class then. Edited August 24, 2019 by Mainecat Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 24, 2019 Share Posted August 24, 2019 5 minutes ago, f7ben said: Yah.....but if you can leverage your home for 2% and put that money to work making 6% then that is the thing to do Or better still 8%. Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 24, 2019 Share Posted August 24, 2019 3 minutes ago, ArcticCrusher said: Or better still 8%. I didnt want to scare him lol Quote Link to comment Share on other sites More sharing options...
washedupmxer Posted August 24, 2019 Share Posted August 24, 2019 Oh noooooooo! Any more bad news you can muster up? Quote Link to comment Share on other sites More sharing options...
awful knawful Posted August 24, 2019 Share Posted August 24, 2019 (edited) 13 minutes ago, f7ben said: Yah.....but if you can leverage your home for 2% and put that money to work making 6% then that is the thing to do All the money I would be paying on my mortgage is being put away for retirement. So I saved the 2% and earned the 6%. That is better, no? Edited August 24, 2019 by awful knawful Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 24, 2019 Share Posted August 24, 2019 13 minutes ago, Mainecat said: Really? Explain to the class then. Look at the long term averages. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted August 24, 2019 Share Posted August 24, 2019 5 minutes ago, awful knawful said: All the money I would be paying on my mortgage is being put away for retirement. So I saved the 2% and earned the 6%. That is better, no? On 100k you would have cash flow of 8k per year before taxes, your mortgage p&i@ 3% would still leave you with net positive cash flow so savings can still continue to to up investment. No need to rush to pay off debt. Now bump that higher. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted August 24, 2019 Share Posted August 24, 2019 Back in the 80’s rates were 17.5% BUT home prices were in the dumper. For example we purchased a home for 75k that was listed months before for 100k. In less than 5 years the home value had doubled and interest rates were less than half. The most important thing was to have a job....lol Quote Link to comment Share on other sites More sharing options...
Snake Posted August 24, 2019 Share Posted August 24, 2019 1 hour ago, steve from amherst said: my first was 8-1/4, it sucked. I was under a year full time at work. Took the rate, 30 years, and stuck with it till I made top rate. Refi'd 3 times. Paid it off in 15. 1 hour ago, Edmo said: Mine was 13 or 14%, and my first car loan was similar. Luckily stuff was cheaper back then. The first car I ever bought in my life was a brand new 1984 Cutlass Supreme. $299 a month for $10k. Ouch. Quote Link to comment Share on other sites More sharing options...
f7ben Posted August 24, 2019 Share Posted August 24, 2019 52 minutes ago, awful knawful said: All the money I would be paying on my mortgage is being put away for retirement. So I saved the 2% and earned the 6%. That is better, no? Ahh....no that's now how leverage works Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted August 24, 2019 Share Posted August 24, 2019 23 minutes ago, Snake said: I was under a year full time at work. Took the rate, 30 years, and stuck with it till I made top rate. Refi'd 3 times. Paid it off in 15. The first car I ever bought in my life was a brand new 1984 Cutlass Supreme. $299 a month for $10k. Ouch. I had a 79 Monte bought new. Pretty sure it was a very similar platform as the Cutlass. Back in the Jordache jeans, Members Only jacket era. Wtf were we thinking? Quote Link to comment Share on other sites More sharing options...
Snake Posted August 24, 2019 Share Posted August 24, 2019 4 minutes ago, f7ben said: Ahh....no that's now how leverage works Myself and Scottie Sidewinder just went in on 30 acres in (more) Northern Maine. Full cabin, everything runs on solar/propane, and the back boundry is the ITS trail. $46k, $23k a piece, at a 0% owner finance. Quote Link to comment Share on other sites More sharing options...
Snake Posted August 24, 2019 Share Posted August 24, 2019 1 minute ago, DriftBusta said: I had a 79 Monte bought new. Pretty sure it was a very similar platform as the Cutlass. Back in the Jordache jeans, Members Only jacket era. Wtf were we thinking? Throw a beige "Landau" roof ( ) on this and it is mine. 1 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted August 24, 2019 Share Posted August 24, 2019 1 minute ago, Snake said: Throw a beige "Landau" roof ( ) on this and it is mine. Oh baby! 3.8 V6 ftw! Hubcap covers made of plastic, rode nice though. Quote Link to comment Share on other sites More sharing options...
Snake Posted August 24, 2019 Share Posted August 24, 2019 1 minute ago, DriftBusta said: Oh baby! 3.8 V6 ftw! Hubcap covers made of plastic, rode nice though. I literally gave the car away when I was done with it. He drove it for 3 more years.... 1 Quote Link to comment Share on other sites More sharing options...
awful knawful Posted August 24, 2019 Share Posted August 24, 2019 18 minutes ago, f7ben said: Ahh....no that's now how leverage works That's how common sense works. Quote Link to comment Share on other sites More sharing options...
Anler Posted August 24, 2019 Share Posted August 24, 2019 I thought I read somewhere that Oldsmobile sold more Cutlass than dodge sold cars? I had a 75, what a pos that was. I loved the late 70's - 80's models tho. I never had a car note until 1997 when I bought my first new car, 1997 gmc jimmy slt. Can't remember what the rate was but I think it was 5 or 6%. Quote Link to comment Share on other sites More sharing options...
awful knawful Posted August 24, 2019 Share Posted August 24, 2019 1 hour ago, ArcticCrusher said: On 100k you would have cash flow of 8k per year before taxes, your mortgage p&i@ 3% would still leave you with net positive cash flow so savings can still continue to to up investment. No need to rush to pay off debt. Now bump that higher. Ok First year with mortgage. I paid $6000 $2500 went on principal. $3500 to interest, insurance, etc. Ya, having a mortgage is great! Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 24, 2019 Author Share Posted August 24, 2019 Negative rates are good for everyone. More more. Quote Link to comment Share on other sites More sharing options...
Anler Posted August 24, 2019 Share Posted August 24, 2019 2 minutes ago, spin_dry said: Negative rates are good for everyone. More more. I wonder who thinks negative rates are good. They will work for me because my business line is prime +. But the fundamentals driving them lower are surely not good. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted August 24, 2019 Share Posted August 24, 2019 (edited) 5 minutes ago, Anler said: I wonder who thinks negative rates are good. They will work for me because my business line is prime +. But the fundamentals driving them lower are surely not good. You mean like foreign money chasing yields coming into the US? Thats what the BOA chairman stated recently, and why he thinks its not supportive of a recession coming. Consumer spending is up 6% year to year. Not evidence of a recession. Edited August 24, 2019 by DriftBusta Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 24, 2019 Author Share Posted August 24, 2019 4 minutes ago, Anler said: I wonder who thinks negative rates are good. They will work for me because my business line is prime +. But the fundamentals driving them lower are surely not good. It’s to spur investment. Got that. But it’s not going to work. Mfg in America is in a total nose dive. When consumer demand waivers it’s fucking over. Consumer demand the only force currently driving the economy. Quote Link to comment Share on other sites More sharing options...
Anler Posted August 24, 2019 Share Posted August 24, 2019 5 minutes ago, DriftBusta said: You mean like foreign money chasing yields coming into the US? Thats what the BOA chairman stated recently, and why he thinks its not supportive of a recession coming. Consumer spending is up 6% year to year. Not evidence of a recession. So lower rates aren't designed to promote spending? 2 minutes ago, spin_dry said: It’s to spur investment. Got that. But it’s not going to work. Mfg in America is in a total nose dive. When consumer demand waivers it’s fucking over. Consumer demand the only force currently driving the economy. Debt drives the economy and they need as much as possible to keep it going. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted August 24, 2019 Author Share Posted August 24, 2019 Just now, Anler said: Debt drives the economy and they need as much as possible to keep it going. That was tried in the early to mid “00’s. People had a blast with new shit bought with home equity. Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted August 24, 2019 Share Posted August 24, 2019 1 minute ago, Anler said: So lower rates aren't designed to promote spending? I didnt say that. Quote Link to comment Share on other sites More sharing options...
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