loan rates

[Slurpee]

10 hours ago, 67King said:

Jesus H. Christ.  Yes, those doctors who don't start working professionally until their mid 30's, when half the working population is halfway done to retirement.  Yes, 4 years of college, 4 years of med school, 3 years of residency (working 100 hour weeks for really, reqally crappy pay), and then 3-5 years of fellowship (which is the only way they'll make enough to even sniff at a 6 figure boat - and again working 100 hour weeks for crappy pay).  6 figure loans put into forbearance long enough for them to double.  Sorry you don't get it, but those loans are like another freakin' mortgage.  Oh, and once they ARE practicing, figure on a 5 year buy in to become a partner in a practice.  So they start making that good money at about 40.  By then, guys who enlisted in the miliary already have retired and potentially in a second career, and doctors are starting out.  

 

Can doctors make a lot of money?  Yes, yes they can.  But the make sacrifices they make both fiscally and personally are freakin' ridiculous.  Way more than most people would make.  And they don't start reaping the rewards until they are too freakin' old to be able to enjoy them.  My wife is a specialized physician (fortunately for us, I was a very well compensated engineer, then one of my start-ups sold, so we were able to pay off her student loans early..................yet we have a VLX, and not a G).  We have a lot of physician friends who own boats.  Only one owns one that is in the price range of a G.  He was in his 60's when he could afford it.  How many 60 year olds do you think are in the market for G's?

 

Not to mention that half the population thinks that healthcare is a "right."  Which means that those doctors who didn't think they had any sort of "right" to that education which is why they paid so dearly for it are now being told that their very livelihood is subject to the whims of the people who have a "right" to it.  And those people of course know more than the doctors because that Dr. Google guy told them so.

Preach it! Couldn't have said it better myself.  WakeMD is a family doctor and she just can't stop sacrificing her health and time to take care of other people.  She's the best type of person.  And more and more folks show up resenting her instead of thanking her.  It's a shame because I remember when she started this career path full of righteous passion to help people.

But don't worry.  She'll be there uncomplaining doing her best to take care of y'all when you need her.  

Edited September 22, 2017 by Slurpee

[Chrisjjbrown]

20 minutes ago, Slurpee said:

Preach it! Couldn't have said it better myself.  WakeMD is a family doctor and she just can't stop sacrificing her health and time to take care of other people.  She's the best type of person.  And more and more folks show up resenting her instead of thanking her.  It's a shame because I remember when she started this career path full of righteous passion to help people.

But don't worry.  She'll be there uncomplaining doing her best to take care of y'all when you need her.  

So what does this have to do with Loan rates again...

[DarkSide]

As someone who has had major spine surgery.  I am glad my surgeon makes $$$$$$$$$.  I hope the night before surgery,  his house on the golf course was quiet, i am glad he can afford to live in an area where police helicopters didn't keep him up all night.  Same thing i hope he had a nice drive into work, in the best Mercedes-Benz has to offer,  i am glad he can afford this kind of transportation, i really don't want him wrenching on an 87 yugo the night before operating on MY spine.

I agree some salaries are out of proportion, but this guy gave me MY life back.  So HIS bill no matter how rediculous it seams, was well worth it.

Just my $.02....

[Chrisjjbrown]

2 minutes ago, DarkSide said:

As someone who has had major spine surgery.  I am glad my surgeon makes $$$$$$$$$.  I hope the night before surgery,  his house on the golf course was quiet, i am glad he can afford to live in an area where police helicopters didn't keep him up all night.  Same thing i hope he had a nice drive into work, in the best Mercedes-Benz has to offer,  i am glad he can afford this kind of transportation, i really don't want him wrenching on an 87 yugo the night before operating on MY spine.

I agree some salaries are out of proportion, but this guy gave me MY life back.  So HIS bill no matter how rediculous it seams, was well worth it.

Just my $.02....

Doctors favorite line when you ask them about costs -   Can you really put a price on your health?

[DarkSide]

4 minutes ago, Chrisjjbrown said:

Doctors favorite line when you ask them about costs -   Can you really put a price on your health?

Man i couldn't even play the basketball arcade game with my kids before surgery, now i get to surf 2x a week.  500k for surgery, wroth every freaking penny!

[Chrisjjbrown]

1 minute ago, DarkSide said:

Man i couldn't even play the basketball arcade game with my kids before surgery, now i get to surf 2x a week.  500k for surgery, wroth every freaking penny!

I am glad your healthy again

[ponderosasurf]

Reading this thread during my gross anatomy class of my first year of medical school ... 

[IXFE]

10 hours ago, Cole2001 said:

I totally agree with the whole school thing practically being second mortgage. 

I’ve got some friends and he’s s dermatologist. After going to all the med schools and what not,  now not until late 40s early 50s that he gets the fancy toys like Porsche and what not. 

 

[Ronnie]

45 minutes ago, Chrisjjbrown said:

So what does this have to do with Loan rates again...

Says the guy that has posted several times off topic in this thread. If you want to keep it on topic, start with yourself.

[bamaboy]

10 minutes ago, ponderosasurf said:

Reading this thread during my gross anatomy class of my first year of medical school ... 

Quit now or your kids with be trading cheeseburgers and you-know-what for crack rocks by the time they are 13.  Ain't that right @SomeYeahoo

[Stevo]

6 minutes ago, Ronnie said:

Says the guy that has posted several times off topic in this thread. If you want to keep it on topic, start with yourself.

 

[racer808]

The IRS offers a low low rate of 4% interest on back taxes if you can't just cut a check.  My loan shark friend with the broken knee is more than double that.

[ibelonginprison]

21 hours ago, bamaboy said:

On a related note, everyone be sure to wish @ibelonginprison happy birthday.  Happy birthday buddy!

 

You don't look a day over 25.  Must be all that sweet tea!

Not a daaaaaaaaay over 25. LOL
Thanks Doc.

[Cole2001]

Is it seriously winter already?? The off topic threads have started, bring back summer!

[SomeYeahoo]

On 9/21/2017 at 4:43 AM, racer808 said:

I am saddened as well that I'll never that much cash at my disposal to blow on a boat, it has to sit in savings, my 401k, HSA, etc.  I am not a smart financial guy, I work for the man, I don't know how to make wealth, I can't even come up with an idea for second stream of income besides some rental property.  But what I do know is my dad just worked, saved, we never did these fun things and one day he just dies at 57.  There isn't many people who climb past where I am at in life & even less than climb into the big money cash club never have any debt.  I personally don't care if I lose everything tomorrow, I'll still have my house, I'll always have a job & my smile is twice as big as most peoples even with my resting b**** face.   

While there is certainly a balance that needs to be found between enjoying life and deferring gratification, these fancy schmancy wakeboats are definitely a hobby for those with some disposable income. When I couldn't afford one and wanted to go boating, I bought a $6K boat. With cash. Making decisions like that later allowed me to buy the fancy schmancy wakeboat. With cash. 

At any rate, don't sell yourself short. Even an average income combined with a little personal finance knowledge and discipline can build a lot of wealth in a hurry. And I bet you can come up with a second stream of income. And what's wrong with real estate? That's a great side income for lots of people, but make sure you go into it with your eyes wide open.

[SomeYeahoo]

On 9/21/2017 at 5:49 AM, bamaboy said:

Hear that boys?  If you take a loan out to buy a boat your kids will be stuck in a cycle of poverty.  They will be eating low protein gruel while surfing their own 23 LSVs.

 

Let me throw out my personal scenario for you.  My last boat was 80K out the door with tax, title, reg.  My wife suggested we pay cash.  I told her that was the dumbest thing she ever said.  (not really but I wanted to).

Our credit union rate is 3.24%.  We also get an annual rebate based on credit union performance which generally depends on the economy overall.  Last 4 years we got 75% back.  This effectively reduces my rate to 0.81% if it holds.  Last 10 years, credit union members have gotten more than 50% back.  So at most I will assume a 1.62% rate.  

I'm not a market whiz, but I know that I can make a lot more than 1.62% investing 80K in pretty much anything including Bitcoin.

 

I realize that not everyone can get that rate but the point is that everyone's scenario is different.  Many people choose to take loans out because it is a smarter financial decision.  You seem to presume that you know a lot more than you actually do.  

 

Time to take a step down from your high horse there new guy

 

But did you actually invest the $80K? The problem most people have (and maybe not you, who knows) is that they see the low rate, say they can beat that with their investments, and so take out the loan. But they never had the cash in the first place. Or they never invest it. 

It might appear I presume to know a lot more than I actually do, but I can assure you I do know a thing or two about personal finance. At any rate, if people want to borrow a bunch of money, hey, it's their life and no skin off my nose. Knock yourself out. Doesn't affect me a bit. (Well, maybe a little since it drives boat prices up.) But I can tell you that not buying stuff I couldn't afford was a major factor in helping me arrive at the point in my financial life where I could pay cash for a fancy boat and not have it affect my financial goals or lifestyle in any significant way.

Come on up on the high horse. You can see a long way from here, and see the long-term consequences of lots of financial mistakes. And who you calling new guy? Looks like your join date is a year after mine, no?

Kind of funny this thread went down the doctor route. The poorest people I know are doctors. I know many of them with net worths of negative $200-400K. I also tell them not to buy wakeboats until they pay off their student loans, put something away for retirement and college, and save up the cash.

Edited September 25, 2017 by SomeYeahoo

[racer808]

8 hours ago, SomeYeahoo said:

While there is certainly a balance that needs to be found between enjoying life and deferring gratification, these fancy schmancy wakeboats are definitely a hobby for those with some disposable income. When I couldn't afford one and wanted to go boating, I bought a $6K boat. With cash. Making decisions like that later allowed me to buy the fancy schmancy wakeboat. With cash. 

At any rate, don't sell yourself short. Even an average income combined with a little personal finance knowledge and discipline can build a lot of wealth in a hurry. And I bet you can come up with a second stream of income. And what's wrong with real estate? That's a great side income for lots of people, but make sure you go into it with your eyes wide open.

I missed the boat on buy low sell high in regards to real estate.  Everything around here is stupid expensive now, great if I want to sell, crappy to buy.  Plus I blew my 20% on a down on a boat  .  I have been racking my brain for a long time to find second sources, be it running click bait sites on the internet which I know nothing about to set up, helping my wife refinish old furniture which she is amazing at but hard to sell factoring what she spends on materials & time.  My skill set isn't a thinking set, it's a work with my hands set.  I do have an idea for consulting but it'd be very difficult to do as a side thing & wouldn't be able to quit my job to pursue it.    

[Pnwrider]

10 hours ago, SomeYeahoo said:

But did you actually invest the $80K? The problem most people have (and maybe not you, who knows) is that they see the low rate, say they can beat that with their investments, and so take out the loan. But they never had the cash in the first place. Or they never invest it. 

It might appear I presume to know a lot more than I actually do, but I can assure you I do know a thing or two about personal finance. At any rate, if people want to borrow a bunch of money, hey, it's their life and no skin off my nose. Knock yourself out. Doesn't affect me a bit. (Well, maybe a little since it drives boat prices up.) But I can tell you that not buying stuff I couldn't afford was a major factor in helping me arrive at the point in my financial life where I could pay cash for a fancy boat and not have it affect my financial goals or lifestyle in any significant way.

Come on up on the high horse. You can see a long way from here, and see the long-term consequences of lots of financial mistakes. And who you calling new guy? Looks like your join date is a year after mine, no?

Kind of funny this thread went down the doctor route. The poorest people I know are doctors. I know many of them with net worths of negative $200-400K. I also tell them not to buy wakeboats until they pay off their student loans, put something away for retirement and college, and save up the cash.

The guy you're debating with is not only a savvy investor in both tangible and non tangible assets, but he has figured out second and third income streams (as you pointed out). Just don't ask him what they are, you probably won't like the pics he sends. 

[Stevo]

11 hours ago, SomeYeahoo said:

And who you calling new guy? Looks like your join date is a year after mine, no?

This statement proves @bamaboy's "newb" statement in ways you will never know.

[SomeYeahoo]

12 hours ago, Pnwrider said:

The guy you're debating with is not only a savvy investor in both tangible and non tangible assets, but he has figured out second and third income streams (as you pointed out). Just don't ask him what they are, you probably won't like the pics he sends. 

Only three huh. Are we really getting into penile measurement contest here? (maybe that's one of the three.)

At any rate, I really don't care if he buys boats on credit. I don't, and that's worked out well for me. 

[AJwakedevil]

On 9/22/2017 at 3:08 AM, efjeld said:

This thread has really derailed, anyone wanna stop for over for a beer in about four weeks? Hell, if you're close I've got enough to get a few of us drunk right now.  Then we can really get a good discussion on this topic going! 

Nice! A little far south in WI for a quick visit... but you are super close to westrock cable. If youre into that type of thing We would enjoy meeting a new friend on the way down and always down to convert another cable rat!
Boat for life BTW... but you just cant itch that cable scratch behind a boat. They both have their own things going for them

[racer808]

12 hours ago, SomeYeahoo said:

 Are we really getting into penile measurement contest here? (maybe that's one of the three.)

 

Dare to compare?  I've been working out.

[bamaboy]

On 9/26/2017 at 0:00 AM, SomeYeahoo said:

Only three huh. Are we really getting into penile measurement contest here? (maybe that's one of the three.)

At any rate, I really don't care if he buys boats on credit. I don't, and that's worked out for me.

There's certainly a measurement contest going on here.  Unfortunately for all of us, you're the only one that's playing.

[vanamp]

On 9/25/2017 at 11:00 PM, SomeYeahoo said:

Only three huh. Are we really getting into penile measurement contest here? (maybe that's one of the three.)

At any rate, I really don't care if he buys boats on credit. I don't, and that's worked out well for me. 

 

Soooo in summary:

You post that people should do things the way you do things

everyone else posts that people should do what works for them

you post that you dont care what others do you are going to do what works for you

 

And that earth-shattering revelation only took about 4 pages,  Definitely an uptick in efficiency for TMC standards

[SomeYeahoo]

9 hours ago, vanamp said:

Soooo in summary:

You post that people should do things the way you do things

everyone else posts that people should do what works for them

you post that you dont care what others do you are going to do what works for you

 

And that earth-shattering revelation only took about 4 pages,  Definitely an uptick in efficiency for TMC standards

That's an unfair characterization of my initial or any subsequent statements. Let's review:

I don't know how anyone can afford to fuel, maintain, and repair a boat if they have to make a boat payment or if they need a 20 year plan on it. I think I would have sold it the second summer if I had made payments on it all Winter without being able to use it.

Nope, didn't tell anyone to do things the way I do. 

But if I was going to finance part of it, I'd probably use a HELOC- low rate and deductible.

Nope. didn't tell anyone they should do things the way I do. 

Don't have a house? You're buying a $100K toy before you get into a house? Really? Probably need to find a friend with a boat!

Maybe...maybe you can interpret that one as I told someone to do what I do. Forgive my terrible sin. 

I think it would be interesting to do a poll about how people bought their boats though. I wonder what percentage of the forum financed most of their boat. Based on some of the responses on this thread, I'm going to guess that percentage is high.