1. Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.

    Your voice is missing! You will need to register to get access to all the features that our community has to offer.

    We hope to see you as a part of our community soon and God Bless!

Featured Wise or Foolish financial move?

Discussion in 'General Baptist Discussions' started by evangelist6589, May 17, 2015.

Thread Status:
Not open for further replies.
Top Posters
Page 2 of 6
  1. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    Yes indeed so. It was a impulse purchase.
     
    #21 evangelist6589, May 18, 2015
  2. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    I have been good about avoiding consumer debt besides this purchase. I stopped buying books pretty much, stopped buying tracts (have too many). Yes I did have to take on debt after I owed the IRS more than a grand, but besides that I have been paying back my debts.
     
    #22 evangelist6589, May 18, 2015
  3. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    Check eBay. Lots of machines with 16MB of RAM from the mid 1990's being sold there.
     
    #23 evangelist6589, May 18, 2015
  4. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    Bu the advantage of the Mac is that I can run Mac OS X and Windows side by side. Mac's come with Bootcamp and other more expensive options are available, but I usually use what is free.

    But yes this was a WANT purchase and not a need such as car repairs, dental costs, or the IRS.
     
    #24 evangelist6589, May 18, 2015
  5. Rolfe

    Rolfe Well-Known Member
    Site Supporter

    Joined:
    May 17, 2014
    Messages:
    6,898
    Likes Received:
    638
    Faith:
    Baptist
    My own opinion. Do not kid yourself. You financed it. "0%, same as cash" is simple marketing. You are betting your ability to pay the balance off in the allotted time, while the issuer is betting that you will not. If you already have the cash in hand and can use it to your benefit elsewhere (gaining interest, as an example) during the 0% period, it makes sense. If you do not, it is a simple gamble.
     
    #25 Rolfe, May 18, 2015
  6. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist

    I will sell my MacBook and use the money to make a payment. But yes it would have been better to have had the cash on hand.
     
    #26 evangelist6589, May 18, 2015
  7. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    Why don't you give me a link? I'd love to see one of these machines from the 1990's with 16 MB RAM. (Note: A PC with 16 MB RAM, not a hard drive with 16 MB capacity.)
     
    #27 InTheLight, May 18, 2015
    Last edited by a moderator: May 18, 2015
  8. annsni

    annsni Well-Known Member
    Site Supporter

    Joined:
    May 30, 2006
    Messages:
    20,914
    Likes Received:
    706
    You can avoid it all by saving. This is exactly what an emergency fund is for.
     
    #28 annsni, May 18, 2015
  9. JonC

    JonC Moderator
    Moderator

    Joined:
    Aug 28, 2001
    Messages:
    33,506
    Likes Received:
    3,568
    Faith:
    Baptist
    I can't even make myself do that. Been looking at a riding mower for some time - 0% for 24 months. I could pay cash....but I'm unwilling to part with the money. Financing at 0% is only good if I were willing to pay cash, which I'm not....but give me a few weeks of push mowing and I might. :smilewinkgrin:

    Basically, 0% is used to get us to buy what we cannot (or are unwilling) to afford. It is enticing, but it is still money owed and can quickly become a burden as someone else has a claim to our income or held money.
     
    #29 JonC, May 18, 2015
  10. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist

    You built a PC with 16MB Ram so you know all about eBay. I can't figure why you need to run Windows 3.11 or Windows 95 but you must have old apps.

    You want models? Mac Performa 6360. Mac Quadra, Mac LC 475,etc.. We have some 68K and PPC units here.
     
    #30 evangelist6589, May 18, 2015
    Last edited by a moderator: May 18, 2015
  11. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist

    Correct indeed. Should I use it all? I could pay off most of the bill if I were to use it. I hesitate because this was not an emergency and maybe I should leave the money there for a car repair or dental bill.
     
    #31 evangelist6589, May 18, 2015
    Last edited by a moderator: May 18, 2015
  12. annsni

    annsni Well-Known Member
    Site Supporter

    Joined:
    May 30, 2006
    Messages:
    20,914
    Likes Received:
    706
    Well, the choice should have been made before the purchase. It was a whim purchase and as such, should have been put off until you had the money set aside for it. I have taught my kids that when they really feel the need for something, get an account set up in ING/Capital One 360 and start putting money aside for it. It's interesting just how much they "need" it after a couple of months of putting money aside for it or if there is another alternative.
     
    #32 annsni, May 18, 2015
  13. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    You've got 0% financing. Take advantage of it. Make your regular loan payments on time. Build up your credit rating. Save money on the side.
     
    #33 InTheLight, May 18, 2015
  14. Rolfe

    Rolfe Well-Known Member
    Site Supporter

    Joined:
    May 17, 2014
    Messages:
    6,898
    Likes Received:
    638
    Faith:
    Baptist
    Yep. Agree with everything that you wrote.
     
    #34 Rolfe, May 18, 2015
  15. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    I'd like to pay it off ASAP without depleting my emergency fund.
     
    #35 evangelist6589, May 18, 2015
  16. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    Why? The money isn't costing you anything.
     
    #36 InTheLight, May 18, 2015
  17. JonC

    JonC Moderator
    Moderator

    Joined:
    Aug 28, 2001
    Messages:
    33,506
    Likes Received:
    3,568
    Faith:
    Baptist
    He said it would cost $1272 and he was planning on paying it off in 90 days. That's $424 a month. If he has the money and will pay it off in 90 days, then I don't think it is a big deal (I don't know his finances, perhaps his financial situation has drastically improved from previous discussions). But if he takes longer in paying then that is money that could be added to his monthly budget.

    Also, too often when we finance we overspend. If I end up gong 0% on a mower I know that I will pay it off in 6 months or less, but I also know that I will upgrade from what I would purchase if I paid cash. It's just too depressing seeing my account take a hit at one time. I've seen too many people get in trouble over 0%.
     
    #37 JonC, May 18, 2015
  18. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    What if I had a real emergency? Are you saying I should just make min payment on the CC? I don't think so as I want to pay off the laptop debt ASAP.

    My IRS debt I won't be able to pay off as easily so that debt I just make min payment, but the laptop debt is doable with my income.

    This is one reason Dave Ramsey is wrong. He says no credit cards, no credit cards!!! But without one I would not been able to handle the IRS. Its unfortunate they had to bomb me, but I am glad their debt is on a Credit Card verses owing them money directly.
     
    #38 evangelist6589, May 18, 2015
    Last edited by a moderator: May 18, 2015
  19. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    The same but I do things differently such as I BUDGET every dollar. I also am not buying books nor tracts.
     
    #39 evangelist6589, May 18, 2015
  20. evangelist6589

    evangelist6589 Well-Known Member
    Site Supporter

    Joined:
    Nov 22, 2010
    Messages:
    10,285
    Likes Received:
    163
    Faith:
    Baptist
    What of the all the people that do not get in trouble on 0%?
     
    #40 evangelist6589, May 18, 2015
Page 2 of 6
Thread Status:
Not open for further replies.
Loading...