How are you planning to pay ... cash, lease, loan?

FutureBoy

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I had to create a savings thermometer to track my savings so I can pay cash.
20200127_200611.gif
Hmmm.... All sorts of possible responses here. I'll keep it clean and just say that I hope you are successful in your endeavor and have all the fun that your savings can provide.





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SkiWhack

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I want to pay cash, but I don't want to withdraw money out of my retirement savings. Would I be violating site rules to post a link to my Etsy account? I've created some Tesla coasters, maple on walnut inlay (Cybertruck version in the design stage). I would need to sell 3,000 sets to raise enough cash. :D

Tesla Inspired Coasters.jpg
That seems reasonable
 

Frankenblob

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CASH.

NO debts for me, not with what is coming down the pyke ( something despicable this way comes).
 
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Cyberman

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Gonna be going through the change jar, savings account, dip into the 401K, beg from my friends, borrow from my neighbors, probably steal a little bit, sell sandwiches, aluminum cans, recycle cardboard, may even sell the dog. Whatever it takes to make it HAPPEN!!!
 

lancethibault

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I don't touch the market anymore. Go with what you know. I got out of the market Jan 11, 2010. Despite my efforts I could not understand market movement. Most critics that like to point out investment mistakes can only do so in hind sight. When you point to similar situations with counter results those same critics become silent or tell you that if you are too scared to invest then you should not and they point to long-term market history (which absolutely does have merit...but it's changing). So I stopped. I cashed out a Roth...worth about $30k at the time (that had earned 0% after a decade of investing due to the two recessions in the 2000-2010 decade) and instead decided to be disciplined enough to pay off our timeshare, rental house and primary home. I have zero regrets in this plan. Primary home gets paid off this June. Will buy another rental property this summer. I have a complete and lengthy discussion on this very subject on the morningstar.com forums page. It's titled "I did cash out my ROTH to pay off my mortgage". I update the results annually after Jan 11th to discuss where I'd be if I stayed in the market vs where I am today.

As the saying goes, there's more then one way to skin a cat.

If you follow Dave Ramsey at all...you should probably be a millionaire before you try to buy a brand new tri-motor CT. He has not specifically said this, but it's absolutely what he preaches...and you should pay cash. This would be my goal. But I will probably not buy the CT3 w/FSD that I have reserved and will probably instead put that money toward paying off another property.
 
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Crissa

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Pulling out of the market at the bottom is a tough move.

That's when we bought a house. And how we have a mortgage below the national average in the Bay Area.

-Crissa
 

FullyGrounded

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In the back of my mind are taxes, house, CyberTruck, re-fund investment, spending cash. So, cash. peace
 

lancethibault

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Pulling out of the market at the bottom is a tough move.

That's when we bought a house. And how we have a mortgage below the national average in the Bay Area.

-Crissa
LOL...(laughing at my mindset at the time, not your post) it wasn't that hard for me when I wasn't sure it was the bottom. I'll keep this short so as not to hijack the thread, but a large part of the argument at the time was that the two recessions were due to gov't overspending and still being at war. Well, we were still at war in 2010 and our National Debt was still climbing...so my question was; what was going to stop another recession from occurring? I couldn't get a good answer where the results couldn't be contradicted by the two previous recessions, so I jumped ship.

The bottom line results of my decision as of January 11th, 2020 read like this...Gained $484k in home and rental equity; while I could have gained $124k (if I continued to invest at the pace I had been) or $413k (if I invested as much into the market as I did into paying off our housing debts) in Roth value. So in terms of net worth...it's been very close. In terms of liquidity, obviously the market investor is more liquid if needed.
 
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Crissa

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I'll keep this short so as not to hijack the threat, but a large part of the argument at the time was that the two recessions were due to gov't overspending and still being at war. Well, we were still at war in 2010 and our National Debt was still climbing....
Yeah, I can see how that would be tough. Though recessions were due to government underspending, not overspending.

I feel pretty lucky to have gotten an investing course in High School and then took macroeconomics my second year of college. These things should be standard instead of microeconomics and check-balancing. It blows my mind because they're things that look really complex from the outside but when you boil them down to the essentials they're pretty intuitive.

But if you didn't get taught these things, why would you understand the business cycle at all?

Rental equity is usually a pretty safe investment, even if we did build enough housing units (which we don't). It's a higher bar to get into, tho.

-Crissa
 

egandalf

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I want to pay cash, but I don't want to withdraw money out of my retirement savings. Would I be violating site rules to post a link to my Etsy account? I've created some Tesla coasters, maple on walnut inlay (Cybertruck version in the design stage). I would need to sell 3,000 sets to raise enough cash. :D

Tesla Inspired Coasters.jpg
Purchased a set!

Very nice work. I've been considering putting my CNC to work for me instead of a mostly dormant hobby. Using it to finance a CT is a fantastic idea!

If I open up something, I'll make sure to stay away from Tesla / CT coasters, though. I hope you're cornering that market! :)
 

Rozonoe

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I got mine last week and they are great, though a felt or some kind of backing would have been nice. Maybe he’ll do that for the CT version.
Just to let you know I got my "T" Coasters today from etsy, Mr. Hartley & they are Great! Can't wait to get my "CT" Coasters! Good Job!
 

ajdelange

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If you follow Dave Ramsey at all...you should probably be a millionaire before you try to buy a brand new tri-motor CT.
Don't know who this guy is but he's probably right. Unless of course it is needed for one's work or its cost can be covered by one's job. $70K represents 7% of a millionaire's net worth.

What may not be appreciated is that 11% of households in the US have a net worth of $1M or more. That means that about 35M people in the US live in such a household. There are lots of potential sales within the 11th %-ile. Not to mention the fact that lots of people in brackets below that will buy the truck even though they probably shouldn't and then there are commercial sales and government sales to think about. Obviously we question whether the appearance of the CT will influence such sales. Probably at first but perhaps not later on as the advantages are seen.
 
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mlhartley

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Just to let you know I got my "T" Coasters today from etsy, Mr. Hartley & they are Great! Can't wait to get my "CT" Coasters! Good Job!
Great to hear you received them. It takes a long time for a package to get from Madison, Mississippi to Canada via the US and Canadian Post. The tracking information is quite interesting.
 

lancethibault

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AJ, that's interesting. I didn't realize 11% of the US had a cool $1M in net worth. They didn't get that way by spending their money on depreciating assets. I know there is a lot of talk about the short term value of the CT. I'm not talking about those that plan to use it for a business, but rather those that think they can take delivery and make a profit by reselling or by selling their reservation number. This isn't something I personally would bet on.
 

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