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 Replies: 68 / Views: 6,270 |
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Pillar of the Community
United States
1554 Posts |
I think you are taking what I stated above out of context. I was definitely not expressing what you have stated in your above post. When individuals do not follow there own plans and pay too much attention to others advice it usually ends poorly and they end up wishing they had done what they originally had wanted to. Don't fall for the idea that others know better than you. Been there, done that.....
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Pillar of the Community
Japan
666 Posts |
Quote:
am 28 years old, been in U.S. Army 10 years and sit at about $199,000.00 in debt. I have a 2 year old brand new home that I rent out, then I also have to pay rent where I live now, due to me being in Military. I also have about 10K in credit Card debt and about 34K in auto loans. HOW? How you guys manage to get so much into debt? My family's debt is just credit card - $600 monthly which I pay off every month. No mortgage (I rent a house), no car loans ... and I'm slightly older than you. How I managed to do this? Simple - when my family's income rose after certain level I didn't increase my spendings and instead started to save more. Stopped spending every half a year on iphones, ipads, laptops etc. (I like new electronics) and feel no worse. So some more money redirected to savings. Yeah, my family income way less than $100k/year |
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Pillar of the Community
United States
1200 Posts |
1893---Don't backpedal and try to attach new and different meanings to what you said. Your original "Do what you like" statement was open-ended,
unconditional, unqualified and absolute. My response to you was correct, accurate and appropriate and it took nothing out of context.
If you intended to be more specific than your original statement was, then you should have been more articulate and more specific in the first place.
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Pillar of the Community
United States
1554 Posts |
I HAVE NOT BACKPEDALED. We are talking about Silver vs cash, period. "Do what you like" my statements intent only had to do with the OP's question. Not lifestyle decisions. Your ramblings about the 60's etc. have nothing to do with the OP's question. I stand by what I say in regards to the OP's question.. DO WHAT YOU LIKE!....I retired at 50 years of age doing "WHAT I LIKE", and am quite happy! How about you? I'm very happy I listened to my own advice..... Individualism.
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Valued Member
United States
140 Posts |
HOW? How you guys manage to get so much into debt?
My family's debt is just credit card - $600 monthly which I pay off every month. No mortgage (I rent a house), no car loans ... and I'm slightly older than you.
Simple.. I have never been given anything a day in my life. I joined the Army at 17 in July 2003 right after high school. Everything I have had, and done I have done on my on. Every car, every computer, my wedding, my honey moon, and not to mention I have 2 year Old son, and I am blessed to have my wife stay home so she doesn't have to work and spend time with our son. I go out to eat a lot, and enjoy life. I spent 39 months of my life in Iraq. I am currently a Drill Sergeant and am not home as much as I would like to be.
The point is I am enjoying life. My credit score is almost perfect, and the way I see it, I am living the American Dream. When I do retire at 37 I plan to have no auto loan or credit card debt, and move on to another career. I am glad to know your so interested in my personal life. Sorry we all don't play cards under a candle every night and call it entertainment.
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Pillar of the Community
Japan
666 Posts |
JM,
you enjoy your present on expense of your future ...
I'm enjoying life as well ... of course I could go to Hawaii twice a year and once a year visit some European country ... but I'd be in your shoes in couple of years with that much debt. BTW I have a 3 year old daughter and I'm thinking of giving her the best I can but debt.
I admire people serving the country in military, but I always thought that these people are more disciplined in spending (my cousin is in Navy, got enlisted when he was $27, so I have someone close to compare with)
I'm not interested in anybody's personality, including you ... I'm just trying to understand how come people getting that much debt, and you are a good example. There's nothing personal, I didn't want to insult you and I don't know what I've done if I were exactly in your shoes.
P.S. my wife is working because for three generations women in our families worked ...
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Pillar of the Community
United States
1554 Posts |
Thank you for your service jm20thenger. Everything ALWAYS ends up the way it should! Good luck!
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Pillar of the Community
Australia
7096 Posts |
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Basically I am at the point where I have more now in PMs than I do in fiat. I'm not a survivalist or preper or anything like that, I simply like coins, esp silver & gold and I like preserving some type of value.
I personally see nothing wrong with that, as long as you haven't gone into debt to accumulate you collection and you get enjoyment out of it, Then why not? At the end of the day there WILL be some value in your collection. If however you are collecting simply as another form of investment then that is another matter entirely. The stock market IMHO is a fantastic way for the novice to throw money down a big dark hole and never see it again. Money in the Bank IS a good thing to have as long as you discipline yourself and leave it alone. Buying things on Credit is by FAR the worst option, Cash IS still KING and you don't have pay a banking institution to use it. To surmise; 1. Get a few quid in the bank and leave it there for when you HAVE to spend it and not when you WANT to spend it. 2. if you enjoy collecting coins and PM's and it isn't affecting your lifestyle, Then "Go for it". 3. Stay as far away from using Credit as you possibly can and simply "Live within your means". |
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Valued Member
United States
140 Posts |
bekiz.. agree to disagree. We all live our lives in the way we choose. You do things your way, and I will do them mine. Just so you know.. its perfectly normal to have debt. You have not yet purchased a home. Let me know how that works out for you... And I am not leaving my kid with all my debt.. there are these things out there called Life Insurance Policies. The Military as the SGLI...$450,000.00. Not to mention my other investments.. so my debt compared to my insurance policy is fine. Seeing as how I don't lose any sleep at night. Enjoy your time with your family in Japan. I would tell you to take your family and travel. Let them see the world. So what you don't have no debt.. you need to get out there and enjoy life instead of being so tight on a dollar. Everyone has debt. Just my opinion.
Thanks 1893S. I really appreciate it. God Bless and enjoy the weekend.
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Pillar of the Community
Australia
7096 Posts |
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you need to get out there and enjoy life instead of being so tight on a dollar. Everyone has debt IMHO this attitude is precisely why the US is up to its eyeballs in debt. If everyone thinks that living way beyond their means is acceptable and the "Norm", then it is a recipe for disaster  |
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Pillar of the Community
United States
1200 Posts |
Trout, you hit the nail on the head. Not everybody has debt and making intelligent use of your assets isn't by definition being "tight on a dollar" or the opposite of enjoying life.
Tolerating debt as universal, unavoidable and acceptable feeds you into the situation, fiat culture and mindset that $B$$ and those other money-grubbing, pseudo-philosophical,
anti-establishment round-peddlers rail so venomously against.
I agree with you that crawling into bed with debt as a lifestyle is a formula for disaster--on individual, organizational and societal levels.
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Pillar of the Community
Japan
666 Posts |
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We all live our lives in the way we choose. JM, I have no problem with it. But there are "goods" and "bads" that should be avoided. There's nothing wrong with debt itself ... But overwhelming debt is where the problem exists. I hope you understand, that even massive US public debt is the inheritance the children of this generation will get and time will come when people of future will have to pay for the joying life of their parents. Actually we are paying the bill already. Anyway, back to the topic It is good to have a PM in portfolio ... not good decision to have more PM than fiat as of now, but within 2-3 years it would be better to move substantial amount to PMs. In choice between PMs or paying of debt - paying of debt is a number 1 thing to do. IMHO |
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Pillar of the Community
United States
3670 Posts |
Wow that is some tough to dig out of debt....
Easier said then done, but a good rule of thumb as one wisely mentioned 5 to 1 via assets verses debt is a safe level.....
If one has 100k in pmz stashed away what is 20k in debt but a manageable bill. But when you got that much more going out then coming in, it is a tough situation to overcome and a downward spiral is inevitable....
I learned one thing after 40 years, you can bend over backwards for CORP AMERICA and slave for them 75 a week, but in the end we are all just pawns cast aside when something equal and cheaper comes along....
So only way to beat system and stay afloat is come up with a concept all your own, via investment, start a business, whatever and be ones own boss....
Edited by Silverhawk74
08/03/2013 02:15 am
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Pillar of the Community
United States
2335 Posts |
It's interesting to me that people assume that anyone that isn't in debt was either given something or lived a life of poverty while doing without. That's just not true.
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Valued Member
United States
477 Posts |
You could do a lot worse things with your money than buy PMs, like me when I was 24. At least you're not out in the bars on Friday and Saturday nights spending next week's gas money.
All the advice on saving money is great and the way to go but few people have that kind of discipline at your age, or my age for that matter. The fact that you are saving/investing in anything but a good time makes you way ahead of most your age.
So if you can put together a big nest egg in the bank that's a good place to start. But if that seems too daunting right now at least save up some metal. After all, it is money too, just not as liquid as Crown Royal or Budweiser.
Rick
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Replies: 68 / Views: 6,270 |
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Posted 08/02/2013 7:04 pm
