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loan rates


Ifinallygota21v

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the difference being with a simple interest loan you pay just as much interest in year 15 as year 1. Only compounding loans front load the interest expense.

That example assumes no principal payments though. If principal is being paid down, the simple interest paid each year will decrease accordingly.

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We have an alright house, paid off vehicles, some money in the bank. You'd be an idiot to take the money from savings when borrowing is so cheap. I don't need to justify my purchases to you, if you think people are dumb for buying what they want, then shut your pie hole & smile smugly to yourself about it.

Do whatever you want. It's your future, not mine.

I still want a newer one & am getting one. I will use the s*** out of it for 5 years & sell it. Even if I have to bring a few grand to the table to get rid of it it will be money spent for recreation.

The American dream.

Your vacations are not an asset & you probably spend anywhere from 5k to 10k to go on a week long trip? Yeah that's smart spending there buddy, you get a whole week of memories for a years worth of pyts on a toy. Keep patting yourself on the back & do what you do, you've been fortunate & I can only hope to someday wake up as enlightened as you so I can tell everyone how spending money their way is stupid but spending money my way is okay :Doh:

We have never spent 5k+ on a vacation, even on our honeymoon (we got it for a steal, otherwise it would have been easily over that). Our week long Norris Lakehouse vacation last year, even with truck/boat gas, food, going out doing stuff, renting 3 bedroom lakehouse, etc. we were under 2k all in. Our 2 to 2.5 week Newfoundland vacation we take every Xmas is usually 3-4k with flights, Xmas gifts, and doing stuff for that long (less with the great exchange rate). Summer one there is under 3k all in. Our yearly NC trip is a few hundred bucks. If we take a 5th vacation in a year, it again is never close to 5k. Not sure where I'm spending 5-10k/week on a vacation. Please explain.

What if your wife decides to leave & take half your s*** leaving you with nothing but things you wished you would've bought? Happens all the time. When my dad died at 58 after doing nothing but saving it changed my mind on a lot of things. Seeing friends with excellent financial planning getting divorced & wrecking everything they built is eye opening as well.

My wife is an earner (and a good one at that), not a house wife. Not that it matters, with this thing called a prenuptial agreement. Sounds like you and your friends should look into that. Not that we've ever had signs of needing it but its there.

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You do what you do then. We have an alright house, paid off vehicles, some money in the bank. You'd be an idiot to take the money from savings when borrowing is so cheap. I don't need to justify my purchases to you, if you think people are dumb for buying what they want, then shut your pie hole & smile smugly to yourself about it. We don't do vacations, our vacations are lake time & camping. I get thousands of compliments on my boat as well, I still want a newer one & am getting one. But that also means ditching Malibu & going Supreme where all of it comes together for me for what we want & the price tag & pyt. I don't know anyone who intends to pay off a 20 year note on these things. I will use the s*** out of it for 5 years & sell it. Even if I have to bring a few grand to the table to get rid of it it will be money spent for recreation. Your vacations are not an asset & you probably spend anywhere from 5k to 10k to go on a week long trip? Yeah that's smart spending there buddy, you get a whole week of memories for a years worth of pyts on a toy. Keep patting yourself on the back & do what you do, you've been fortunate & I can only hope to someday wake up as enlightened as you so I can tell everyone how spending money their way is stupid but spending money my way is okay :Doh: What if your wife decides to leave & take half your s*** leaving you with nothing but things you wished you would've bought? Happens all the time. When my dad died at 58 after doing nothing but saving it changed my mind on a lot of things. Seeing friends with excellent financial planning getting divorced & wrecking everything they built is eye opening as well. Even the best planning with money can take a sudden turn & leave a guy totally f*****d. And if something happens to me, they'll be fine from the insurance. In the mean time, I will be enjoying my new toy this summer not giving two s***s what Nitrousturd thinks.

This.....with cheap money, it makes sense. We all have our own opinions on how to pay for our boats and we all have our reasons. Yes, money is cheap right now, so if your position is in no way affected by your purchase decisions, then go for it. It's your life, your money, your decision.

......and......selfishly, I'm super excited for you so we can see pics of yet another new boat!

Truth be told, if my wife understood financing a bit better than she does, I would have bought a new boat, or a promo boat. But I didn't and I'm ok with it. You have to do what makes you happy in life. It's far too short, and far to precious to not live it the way you wish as evidenced by your dad passing at 58.

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Do whatever you want. It's your future, not mine.

The American dream.

We have never spent 5k+ on a vacation, even on our honeymoon (we got it for a steal, otherwise it would have been easily over that). Our week long Norris Lakehouse vacation last year, even with truck/boat gas, food, going out doing stuff, renting 3 bedroom lakehouse, etc. we were under 2k all in. Our 2 to 2.5 week Newfoundland vacation we take every Xmas is usually 3-4k with flights, Xmas gifts, and doing stuff for that long (less with the great exchange rate). Summer one there is under 3k all in. Our yearly NC trip is a few hundred bucks. If we take a 5th vacation in a year, it again is never close to 5k. Not sure where I'm spending 5-10k/week on a vacation. Please explain.

My wife is an earner (and a good one at that), not a house wife. Not that it matters, with this thing called a prenuptial agreement. Sounds like you and your friends should look into that. Not that we've ever had signs of needing it but its there.

NB...

Hopefully you don't take offence to this, and if you do, I don't really care......

Give a dude a break! Don't ride his can for making a decision that he and his family are cool with. Man.....if you're this jacked up over a decision that in no way, shape, or form effects your life, then I feel sorry for you.......give it a rest....

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NB...

Hopefully you don't take offence to this, and if you do, I don't really care......

Give a dude a break! Don't ride his can for making a decision that he and his family are cool with. Man.....if you're this jacked up over a decision that in no way, shape, or form effects your life, then I feel sorry for you.......give it a rest....

Though... one might be able to think of a series of events in the not-so-distant-past where reckless overborrowing had some adverse impacts on all of us, even if we did not partake.

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Do whatever you want. It's your future, not mine.

The American dream.

We have never spent 5k+ on a vacation, even on our honeymoon (we got it for a steal, otherwise it would have been easily over that). Our week long Norris Lakehouse vacation last year, even with truck/boat gas, food, going out doing stuff, renting 3 bedroom lakehouse, etc. we were under 2k all in. Our 2 to 2.5 week Newfoundland vacation we take every Xmas is usually 3-4k with flights, Xmas gifts, and doing stuff for that long (less with the great exchange rate). Summer one there is under 3k all in. Our yearly NC trip is a few hundred bucks. If we take a 5th vacation in a year, it again is never close to 5k. Not sure where I'm spending 5-10k/week on a vacation. Please explain.

My wife is an earner (and a good one at that), not a house wife. Not that it matters, with this thing called a prenuptial agreement. Sounds like you and your friends should look into that. Not that we've ever had signs of needing it but its there.

That's a cool story, bro. Can you get to the part where you finally STFU?

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Though... one might be able to think of a series of events in the not-so-distant-past where reckless overborrowing had some adverse impacts on all of us, even if we did not partake.

I don't disagree....as Racer said, it's about a responsible decision, which I think is what NB is talking about. The series of events of which you speak may start a discussion that's not welcome here....but rest assured, I get it. Trust me, I'm not suggesting that one borrow irresponsibly. JMHO,

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NB...

Hopefully you don't take offence to this, and if you do, I don't really care......

Give a dude a break! Don't ride his can for making a decision that he and his family are cool with. Man.....if you're this jacked up over a decision that in no way, shape, or form effects your life, then I feel sorry for you.......give it a rest....

It's a race in the Special Olympics. Even if he wins he's still retarded.

The difference in the housing bubble was they gave everyone a loan even if they could clearly not afford it. It is not as easy to get a boat or recreation loan if you don't have excellent credit, the right income, etc.

Edited by racer808
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Racer, you're correct on the housing bubble. Let's not forget about the appraisal side of that equation either. Plenty of drive by appraisals were being done just to secure loans that should have never been approved thereby falsely inflating home values.

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NB is starting to sound like one of those old timers that anytime us "kids" start to complain about jobs and pay they turn their nose up and say you just need to work harder your generation is lazy.

But they also fail to mention their 4 year degree cost $1500 a year and included room and board!

These same old timers also use this funny word "pension". Anyone know what a pension is? I've asked all my friends and we have never heard of it.

Edited by vanamp
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I had a boat loan once, it was in my early 20's and me and a buddy bought a brand new tow boat together and financed the whole thing over 20 years, it was like 200 a month each. My dad thought I was crazy, I told him this is my hobby and I love it. He still thought I was nuts until I asked him how much a month he spent on golf, his hobby. Well 25k just to join and that was 20 years before I bought my boat plus 300 a month dues and 200 minimum spent in the club house weather you went or not. He quickly shut up. We sold that boat after about 7 years and I think we each had to throw in a grand to pay off the difference. 200 a month best money I ever spent.

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Man! I wish my vacations were less than $5k for a week. Unless we do a stay-cation or something very simple I can't remember the last time we went on a family vacation for less than that. Week long houseboat trip...$5k before you blink an eye. 7 Day Cruise....$5k by the time my wife goes shopping and we drink our fill. A week at Disney World....definitely $5k...have you seen ticket prices?! Am I the only one getting suckered into these prices...or is NB off his rocker?

Guess I'm on NB's approved list since I didn't finance my boat though. LOL @ this thread.

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Man! I wish my vacations were less than $5k for a week. Unless we do a stay-cation or something very simple I can't remember the last time we went on a family vacation for less than that. Week long houseboat trip...$5k before you blink an eye. 7 Day Cruise....$5k by the time my wife goes shopping and we drink our fill. A week at Disney World....definitely $5k...have you seen ticket prices?! Am I the only one getting suckered into these prices...or is NB off his rocker?

Guess I'm on NB's approved list since I didn't finance my boat though. LOL @ this thread.

My annual extended weekend "guys trip" is more than 2k. Week long family vacation for under 5k? Forgeddaboutit! My trips fall more in line with the prices you quoted, even when splitting the houseboat or house between multiple families. I mean booze alone should account for around 2k...

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Though... one might be able to think of a series of events in the not-so-distant-past where reckless overborrowing had some adverse impacts on all of us, even if we did not partake.

Exactly. Everyone can point fingers are the gov't or banks, but the REAL issue is who signed on that dotted line. There were people getting loans that, even if they eliminated ALL other living expenses, couldn't make the payment. My wife remembers in 2002 she was offered a loan amount when getting her condo that had monthly payments that were the same as what she took home each month. She could use a calculator and borrowed less than 1/4 that amount but how many idiots just signed the line and figured out they were screwed later?

That's a cool story, bro. Can you get to the part where you finally STFU?

Did I hit a nerve. :)

These same old timers also use this funny word "pension". Anyone know what a pension is? I've asked all my friends and we have never heard of it.

Pensions are still around - just a lot less of them being offered now, which is unfortunate.

Man! I wish my vacations were less than $5k for a week. Unless we do a stay-cation or something very simple I can't remember the last time we went on a family vacation for less than that. Week long houseboat trip...$5k before you blink an eye. 7 Day Cruise....$5k by the time my wife goes shopping and we drink our fill. A week at Disney World....definitely $5k...have you seen ticket prices?! Am I the only one getting suckered into these prices...or is NB off his rocker?

You are getting suckered. We did Disney World last year, but the difference:

- Drove down. 15 hours each way, but drove through the night which helps. Was easily a $1000 savings and by the time you calculate flight, airport time, time getting a rental car, etc. it really only cost us about 8 extra hours each way, but gave us the ability to leave exactly when we wanted.

- Only did Disney World for a day. Wife and I weren't impressed to be honest; long lines, 45 minutes to see characters, rides weren't all that impressive. Daughter was 4 and she liked it somewhat but we were most impressed by the fireworks show. In the end, we'd rather spend less than 1/2 as much at Cedar Point, which IMO is far better than Disney World.

- Got a very nice Orlando resort (not on Disney property = rip off), for a really cheap deal.

- Did other stuff the other days that didn't cost Disney prices

All of it helps that there is only 3 of us, adding an additional couple of people would obviously increase costs.

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You are getting suckered. We did Disney World last year, but the difference:

- Drove down. 15 hours each way, but drove through the night which helps. Was easily a $1000 savings and by the time you calculate flight, airport time, time getting a rental car, etc. it really only cost us about 8 extra hours each way, but gave us the ability to leave exactly when we wanted.

- Only did Disney World for a day. Wife and I weren't impressed to be honest; long lines, 45 minutes to see characters, rides weren't all that impressive. Daughter was 4 and she liked it somewhat but we were most impressed by the fireworks show. In the end, we'd rather spend less than 1/2 as much at Cedar Point, which IMO is far better than Disney World.

- Got a very nice Orlando resort (not on Disney property = rip off), for a really cheap deal.

- Did other stuff the other days that didn't cost Disney prices

All of it helps that there is only 3 of us, adding an additional couple of people would obviously increase costs.

You didn't do Disney....you did Kissimmee.

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Now Ive gotten lost on where I sit. NB sounds very frugal with his money and can save like the best of them(Ive never gotten out of a vacation for under $5k, even when it was just me for a weekend in vegas... :whistle: ), hell probably retire 15 years earlier than me and probably is way smarter than I WANT to be. On the other hand, I could never justify spending 2x on a boat financing it. $80k is a lot on a boat and if you said "If you take out a loan, youll actually pay $140k" Id probably s*** myself. Even with making double payments, I can go to Europe and back 5 times with my wife with what I save(Not on the cheap either).

That being said, I wouldnt want to give up my boat for anything. Yes, its a total money pit but I love being out on the lake. I bought my boat used knowing that there were other things I wanted to spend my cash on, vacations, lake house someday, etc but Im sure there are many others that their only wish is to have a brand new M235, thats just not ever going to be me. There seems to be a number of different types of people and how they deal with their finances individually is interesting. Cheers.

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To each his own on the whole spending money thing. Some like taking expensive vacations and having a used boat others like the new boat and cheaper vacations. I don't see what there is to argue about. We need someone to buy the new boats so they can hit the used market in a few years for people like me to buy. I would hope nobody on this site has ever missed a meal over any of this stuff. Nobody wants to be the richest guy in the cemetery so spend it while you're young and can enjoy it.

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