Taking Equity out of Home OP spoke to me - now, me too!

[IDVortex]

Why do you think that? As in the mast of people shouldn't, or there is no need/reason to spend 50k for a hunt?

Loan or not (and yes loan makes matters worse) I think the better question here is should most people be paying $50k to hunt anything in the first place. In the vast majority of circumstances, probably not.

 

[SDHNTR]

Why do you think that? As in the mast of people shouldn't, or there is no need/reason to spend 50k for a hunt?

When the average American lacks the savings required for a secure retirement by a landslide, priorities are way out of line if that kind of money gets spent on hunting. Again, I’m painting with a broad brush. To some, retirement and everything else in their life is easily secured and $50k is mere lunch money.

This isn’t hard peeps! Know how much you need to live and retire the way you want. Quantify your goals. Have a plan in place to ensure you get there. Don’t overspend on luxuries until you have met and/or are on track to meet your goals. Once you’re there, spend away, but not until then.

 

[ianpadron]

There’s good debt and bad debt. Inexpensive and tax deductible debt to put a roof over your head and to purchase an appreciating asset is good debt. Credit cards, auto loans (usually), or funding non essential discretionary purchases is bad debt.

That's basically the post to read in this thread if you're only going to read one. Agree 100%

Anyone who understands leverage, arbitrage, etc...isn't coming to Rokslide for validation on their financial decisions anyway, so the KISS method is the one I'd recommend here as well.

 

[wyodog]

My brother-in-law once told me that he had lived a good life. He had experienced many things that life had to offer (including expensive vacations) and that if he died no one should feel sorry for him because of this. 2 years later he died of a heart attack. prior to his death I wouldn't spend my money on things like trips or hunts beyond my home state. After his death I gained a new perspective and I started to travel and go on some big hunts. I can tell you that I am glad he shared his perspective with me that day.

I am going to have to work a couple extra years for those decisions (working them now). I don't have any regrets for the decisions I made. I hiked the hills and tundra in Alaska, hunted in Africa and Canada and seen places with family and friends. I'm enjoying the memories already and so are my 2 boys, my wife and my granddaughter. I believe that 2 years of extra work is a bargain for the experiences I now have. I was fortunate is as much as I didn't have borrow money from a bank to go, but I did borrow 2 years of my time.

I feel sorry for those that put money above all else. I agree that great memories can be made without spending a lot of money, I have those memories as well.

 

[schmalzy]

My brother-in-law once told me that he had lived a good life. He had experienced many things that life had to offer (including expensive vacations) and that if he died no one should feel sorry for him because of this. 2 years later he died of a heart attack. prior to his death I wouldn't spend my money on things like trips or hunts beyond my home state. After his death I gained a new perspective and I started to travel and go on some big hunts. I can tell you that I am glad he shared his perspective with me that day.

I am going to have to work a couple extra years for those decisions (working them now). I don't have any regrets for the decisions I made. I hiked the hills and tundra in Alaska, hunted in Africa and Canada and seen places with family and friends. I'm enjoying the memories already and so are my 2 boys, my wife and my granddaughter. I believe that 2 years of extra work is a bargain for the experiences I now have. I was fortunate is as much as I didn't have borrow money from a bank to go, but I did borrow 2 years of my time.

I feel sorry for those that put money above all else. I agree that great memories can be made without spending a lot of money, I have those memories as well.

Awesome post.


Sent from my iPhone using Tapatalk

 

[5MilesBack]

My favorite fact about Dave Ramsey is he has declared bankruptcy more times than I have and has zero sheep to show for it.

Some people learn the hard way, but is probably now sharing what he learned. Does having a debt sheep make you a better steward?

 

[go_deep]

Dont let facts get into the way of people presenting themselves as financial authorities. What I find most entertaining is the average financial advisor or CFP is busy working, especially the ones who have time to lurk on forums and beat a dead horse. If they were such wizards, they would be off on a yacht somewhere being fed grapes and fanned with a feather.

Maybe they're taking a break between the grapes and feathers?

 

[Cactus kid]

Some people learn the hard way, but is probably now sharing what he learned. Does having a debt sheep make you a better steward?

I’m not a steward of anything and I do not have a debt sheep so I can’t speak to it. But I do seem to learn the hard way .

 

[RdRdrFan]

The “other guy” also said that he will pay off that loan in 2-3 years, so why doesn’t he just save the money for 2-3 years and not pay interest and loan costs the reality is these guys don’t have the money to do the hunts they want to do and if taking a loan at 7+% interest is the only way to live out your dreams than your dreams are too big.


Sent from my iPhone using Tapatalk

Tell me that you didn’t really understand the prior thread OP’s premise without actually saying that you don’t understand the prior thread OP’s premise.

His premise was correct btw.




Or math isn’t your strong suit.

 

[RdRdrFan]

Same group of know it alls on this thread spouting their hardline, one size fits all rhetoric for how an individual chooses to handle their financial life.

How do I know this? They are making statements about how this is a horrible idea without knowing a lot of key info.

 

[KU_Geo]

My simple rule: save 40% of your post tax income and spend the other 60%. If you tell me you can’t afford your bills on that 60%, you either need to change your expenses or find a way to boost your income. If a sheep hunts fit in the 60%, write the check. What the OP is suggesting is outside any financially sound decision. But I’ve always been a fan of people making choices, doing what they want, and dealing with the consequences - positive or negative.