thyme4change
Community Leader
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Post by thyme4change on Apr 13, 2011 13:04:17 GMT -5
I'm considering doing this. My HELOC rate is so much lower than any other financing I'm currently finding. I do have the money to pay cash - but I don't really want to do that.
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kindthatjingles
Familiar Member
Joined: Feb 5, 2011 19:06:06 GMT -5
Posts: 622
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Post by kindthatjingles on Apr 13, 2011 13:05:57 GMT -5
Declared Chapter 7
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resolution
Junior Associate
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Post by resolution on Apr 13, 2011 13:31:45 GMT -5
- My income is way below the YM standard but I like my job and am not doing anything to look for a new one.
- No prenup even though there was a pretty big imbalance in assets.
- I support the FS program, medicaid, and EITC.
- We are going to stay in an expensive hotel room on our vacation and we have no frequent flyer miles or credit card points to defray any costs.
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qofcc
Well-Known Member
Joined: Dec 20, 2010 13:30:58 GMT -5
Posts: 1,869
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Post by qofcc on Apr 13, 2011 13:33:26 GMT -5
I have over $40K in revolving debt accumulated from paying bills during DH’s failed business attempts and periods of unemployment without being eligible for UI insurance, financing used vehicles for us and the kids and the money pit house (most of it locked into 2.9% for life balance transfers)
I used a HELOC to refinance debt (now refinanced on to low interest balance transfers)
I have a 401K loan (at 4.25% interest and return on that part of the account is better than the 5 year average for the remaining portion of the account)
I co-signed a used car loan for my dad (with auto payments from his bank account where his social security check is deposited and I’m listed as co-owner of the car)
I didn’t take my ex to court for child support payments and I helped him with gas & food when he had the kids with him
I once took a withdrawal from a 401K to buy and fix up a house when I knew I was going to be laid off from that job in a few weeks (because I could afford the payments on unemployment and the mortgage on the $50K house was cheaper than rent on a 3bd apartment)
I married a man after only 18 months (6 mo dating, 6 mo living together, 6 mo engaged) and took on his debt so that we could lower interest rates on the debt that we were paying off as a couple and I let our total debt accumulate to the point where I can’t quite pay it all on my own
I only have a 1 month EF (but I have over $50K available credit on multiple cards and a HELOC if I needed it)
I don’t max out my retirement account (but I do put in 10% and employer puts in 6.5%)
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resolution
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Post by resolution on Apr 13, 2011 13:39:18 GMT -5
I'm considering doing this. My HELOC rate is so much lower than any other financing I'm currently finding. I do have the money to pay cash - but I don't really want to do that. I did that back in the 90's and it saved me a lot of interest. The sin I have associated with it is I financed the car first and then moved it into the home equity loan. I didn't pay attention to the fine print and ended up buying gap insurance that instantly became worthless when I paid off the car with the HELOC.
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Bob Ross
Junior Associate
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Post by Bob Ross on Apr 13, 2011 13:41:49 GMT -5
1) I've purchased things that are wants rather than needs. 2) I don't own my own super successful business. 3) My ziplock baggies go unwashed. 4) I'm worse than you.
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reader79
Well-Known Member
Joined: Dec 30, 2010 8:48:07 GMT -5
Posts: 1,053
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Post by reader79 on Apr 13, 2011 13:45:45 GMT -5
What sin haven't I committed? I never bought a boyfriend a Camaro....
I have taken out a 401K loan, still have credit card debt, live in my parents basement, i'm a vegan, etc.
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strider
Familiar Member
Joined: Mar 29, 2011 12:41:49 GMT -5
Posts: 682
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Post by strider on Apr 13, 2011 13:46:35 GMT -5
Taking notes...... I do plan on committing a sin in financing a car. Probably a Subaru Outback.
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Mrs. Dinero
Well-Known Member
100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
Posts: 1,508
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Post by Mrs. Dinero on Apr 13, 2011 13:56:00 GMT -5
Received tax refunds, did not participate in FSAs for years, did not contribute to 401k from the start. Those are the main ones.
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trytofindbalance
Familiar Member
Joined: Mar 29, 2011 14:39:17 GMT -5
Posts: 683
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Post by trytofindbalance on Apr 13, 2011 14:03:02 GMT -5
This thread is cracking me up
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Pants
Junior Associate
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Post by Pants on Apr 13, 2011 14:04:55 GMT -5
--90k in student loans (for MBA, though, so kind of YM ok) --DH had no retirement savings until a month ago --Only put 7% in my 401k and 8% in DH's --We are buying a house before paying off all cc/loans/fully funding retirement and --We will not put 20% down on the house and so will pay PMI
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Sum Dum Gai
Senior Associate
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Post by Sum Dum Gai on Apr 13, 2011 14:59:39 GMT -5
-Got married six months after I met Loop. -Had our first child a few days before my 19th birthday. (I should really switch the order on these since the pregnancy was the reason for the marriage) -Didn't start saving for retirement until I was 25. -Loop doesn't work, but did take out $20k in student loans to finish her degree after we had kids. -We financed both of our cars, which were purchased new. -We put nothing down on our house that we bought last year. -We don't save for the kids future college expenses.
I'm sure I'm forgetting some, but those should be the big ones.
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,326
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Post by swamp on Apr 13, 2011 15:07:29 GMT -5
Bought a brand new $40k minivan with leather heated seats, DVD player, and all sorts of bells and whistles. traded in a perfectly good '06 paid for minivan with 80k miles in it. Financed it for 6 years (OK, it's 0% financing)
Bought a brand new $35k pickup truck the next month, and traded in a perfectly good '03 paid for pick up truck.
I have granite counter tops and stainless steel appliances.
I rarely use coupons at the grocery store, and I don't plan my meals around sales. Hell, I'm lucky if I plan meals.
My kids went to daycare. And I put them in dance lessons as toddlers.
DS is in private school, and played hockey. I did get used equipment, though.
I pretty much buy what I want, when I want it.
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Post by cytoglycerine on Apr 13, 2011 15:09:20 GMT -5
We understand that life takes twist and turns and you don't always know what lies around every single corner. It's important to prepare for the unexpected and the future, but it's also equally important to live for today. Live, laugh, love, because you never know what can happen in life. Hoarding money isn't the end all be all in life. Security and savings are very important and a priority on my list, but certainly not the only one. Karma...This is so true...I didn't learn this until I was diagnosed with cancer.
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Deleted
Joined: May 2, 2024 18:27:52 GMT -5
Posts: 0
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Post by Deleted on Apr 13, 2011 15:15:37 GMT -5
I hope I can remember them all: took out a cash advance to make rent and a security deposit for a new(er) apartment a few years ago, and later maxed out that card when the timing belts on my car needed to be replaced I got some sort of financial support from my mother until I married DH I only started couponing a couple of years ago I have $13k worth in student loans to go to an out-of-state public university I majored in philosophy DH and I didn't pay for most of our wedding I have a land phone line and cable TV (with the HD box! ) My 401k is only a little over 2 years old and I have no other investment vehicles ... I'm sure there's more...
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Agatha
Familiar Member
Yes, I guess I'm a rather sedate dragon. Fire-breathing only at request or when absolutely necessary
Joined: Dec 20, 2010 22:21:21 GMT -5
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Post by Agatha on Apr 13, 2011 16:27:18 GMT -5
Bless me for I have sinned. . . 1. Bought a house without a down payment (PMI) 2. Borrowed against my 401K 3. Do not declare any dependents on my W4 4. Receive tax refunds with much joy and abandon.
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Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
Posts: 10,737
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Post by Cookies Galore on Apr 13, 2011 16:52:00 GMT -5
We aren't sure yet. Something huge. Something offensive to environmentalist and reasonable people alike - Suburban-ish. Gas-guzzling, ridiculous, with all the bells and whistles. We will have a nicer entertainment system in our car than in our house. And it will depreciate! Like a rock shot out of a cannon facing straight down on the top of the empire state building. Bye-bye net worth! Canyonero! Can you name the truck with four wheel drive, Smells like a steak, and seats thirty five? Canyonero! Canyonero!
Well, it goes real slow with the hammer down, It's the country-fried truck endorsed by a clown, Canyonero! Canyonero!
Hey, hey!
Twelve yards long, two lanes wide, Sixty five tons of American pride! Canyonero! Canyonero!
Top of the line in utility sports, Unexplained fires are a matter for the courts! Canyonero! Canyonero!
She blinds everybody with her super high beams, She's a squirrel-squashin', deer-smackin' drivin' machine, Canyonero! Canyonero! Canyonero!
Whoa, Canyonero! Whoooooaaaa!
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Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
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Post by Cookies Galore on Apr 13, 2011 16:55:00 GMT -5
As for my sins... I just bought a laptop without being 100% certain that my old one was dead. I went to journalism school (took out less than $20,000 and I'm using my degree, so suck on that, Trebek!) I moved in with a financial trainwreck after dating for three months, and not only was I fully aware of his situation, we're still going strong.
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
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Post by thyme4change on Apr 13, 2011 17:02:14 GMT -5
LOL meghan! I'll take the F-series, with the lipstick holder.
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Cookies Galore
Senior Associate
I don't need no instructions to know how to rock
Joined: Dec 19, 2010 18:08:13 GMT -5
Posts: 10,737
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Post by Cookies Galore on Apr 13, 2011 17:05:25 GMT -5
LOL meghan! I'll take the F-series, with the lipstick holder.
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Mardi Gras Audrey
Senior Member
So well rounded, I'm pointless...
Joined: Dec 25, 2010 18:49:31 GMT -5
Posts: 2,082
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Post by Mardi Gras Audrey on Apr 13, 2011 17:19:52 GMT -5
Donning asbestos suit...
Let's see.... took out student loans for undergrad. (Started undergrad at a private, out of state school... dropped out after accumulating loans and went to CC and local state U). Currently taking out more loans for grad school.
Traded in 3 year old car with 36k miles (bought brand new and financed) for brand new car (also financed). Have had second car for 5 years and it is now in storage because I don't need it.
Sold upside down house and paid bank the difference (No short sale, foreclosure, or rental property).
Bought brand new furniture and linens when I moved into that house. Used it very little (dining set...twice? Guest bedroom set....four times?).. now it is sitting in storage (at ~$100 a month). probably will be sitting there for the next 4 years because I have no room for it.
Eat out almost every meal
Take drives to relax even though gas is over $4 a gallon
Hate beans and rarely eat rice. Do eat meat. Never use coupons, plan meals, or shop with a list
Never buy/wear used clothes.
Bought a second computer before realizing the first one still worked
Subscribe to magazines, buy books, and have internet at home (vs. going to the library)
Have taken several vacations in the past year without frequent flier miles or hotel points
Don't balance my checkbook
Don't have a budget
Planning to spend a good chunk of $$$ on a kick ass wedding (We will be refusing any parental help and possibly paying for people to travel to the wedding who we really want to come but have no $$).
Flame away folks....
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
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Post by thyme4change on Apr 13, 2011 17:25:38 GMT -5
You never wear used clothes - so after you wear something once you toss it and get a new outfit?!?!?
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Mardi Gras Audrey
Senior Member
So well rounded, I'm pointless...
Joined: Dec 25, 2010 18:49:31 GMT -5
Posts: 2,082
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Post by Mardi Gras Audrey on Apr 13, 2011 17:28:22 GMT -5
LOL... thanks, Thyme... You know what I mean I do like to roll around naked in one dollar bills though... might want to wash your hands after getting $$ from me...
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,411
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Post by thyme4change on Apr 13, 2011 17:37:51 GMT -5
You are an ametuer - I roll around in fifties!
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Mardi Gras Audrey
Senior Member
So well rounded, I'm pointless...
Joined: Dec 25, 2010 18:49:31 GMT -5
Posts: 2,082
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Post by Mardi Gras Audrey on Apr 13, 2011 17:42:24 GMT -5
LOL... If I only I had a HELOC to support that.. I am on my way up though... I used to roll around in dimes and quarters..
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,411
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Post by thyme4change on Apr 13, 2011 17:50:14 GMT -5
LOL
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midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
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Post by midjd on Apr 13, 2011 18:36:57 GMT -5
I owe >$120K in student loans (thankfully all federal) I moved in and commingled finances with a financial trainwreck, who declared Ch. 7 just a few months into our relationship I double majored in English and Sociology from a private college no one has heard of I lent a friend money (recently) and was hurt when she didn't pay me back...
and worst of all, I work for the government and love it ;D
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Post by gsbrq on Apr 13, 2011 18:37:31 GMT -5
-bought a house with my boyfriend...no plans to get married! -purposely set my payroll w/h so as to get a tax refund! -still have a land line! -financed a new car when I could have paid cash for a used one! (Bonus: I still have student loans, too!) -don't max my 401k contributions...yet I eat out at restaurants!
Whee! I love livin' the outlaw life...
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lurkyloo
Junior Associate
“Time means nothing now,” said Toad. “It is just the thing that happens between snacks.”
Joined: Jan 8, 2011 11:26:56 GMT -5
Posts: 5,585
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Post by lurkyloo on Apr 13, 2011 22:52:32 GMT -5
--We get a refund--and LIKE it. --Bought an expensive house, 2200 sq ft on a half-acre for two of us and a dog --Only contribute 2K or so to my Roth on a yearly basis --Don't have fully commingled finances despite being married --Threw 6K at mortgage principle in Jan instead of putting it in the market (or the Roth) --We gross over 250K and are therefore Satan. --Don't (usually) tip for takeout. So tell me, what's the financial equivalent of a Hail Mary or Our Father?
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Mardi Gras Audrey
Senior Member
So well rounded, I'm pointless...
Joined: Dec 25, 2010 18:49:31 GMT -5
Posts: 2,082
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Post by Mardi Gras Audrey on Apr 14, 2011 0:05:07 GMT -5
Lurky, you've been baaaaaaddddddddddddddd...
Look forward to a retirement of cat food and no social security.....
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