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Stupid financial decisions

slag

slag

Lifer
Getting into Dave Ramsey a bit and sat down to figure things out. Realized I'm stupidly spending around $1200 a month on vehicle loans/storage/insurance/etc on "luxury" items I don't need and that end up costing a lot of time in maintenance, etc.

Might not be much to you guys, but that adds up and can quickly pay off old bills and can be put into savings that we can use for more important things.

It's so easy to fall into the "its only X dollars a month" trap and then when you add it all up, mind blown....

Time to start making better financial decisions and simplifying life a bit more.
 
In before Dave Ramsey hate... We all make stupid financial decisions. I'm glad you found areas you could save.

I've been overpaying on my home and auto insurance for years due to my laziness and finally switched yesterday. Saved ~$1,500 a year by switching and I'm getting better coverage. Think how much money I wasted over the years by not switching earlier.
 
Yeah, my point was not to jump to a new cheaper solution until you think about the drawbacks.
 
Of course. We took the boat out last year about 8 or 9 times. We enjoy it, but not for what it costs. We'll get another in a couple years or maybe less if we find a good deal, but it sickens me to think of everything added together how much we spend on things we don't need and really wont miss much.
 
I don't have much room for saving money. I pretty much only buy what I need anymore. I figure I could live on $200/week net. That covers *all* expenses through the year. It would be pretty lean, but I'd be fairly comfortable. Just not much room for extras.
 
I'm on the dave ramsey plan too. Payed off a motorcycle and car so far. Trying to sell my truck to just be done with the payment. Going to buy a cash car once the truck sells. I've spent all of my adult life buying computer junk, motorcycles, and new cars every couple years. None of it made me happy. In fact selling off my junk and paying off debts has given me much satisfaction. Congrats on getting started.
 
Simplification is nice, but you also only live once.

Then again, that's easy for me to say - I have virtually no debt and no kids, spouse, mortgage, etc. So I haven't fallen into the cesspit that Ramsey's trying to get people out of. Best of luck to you.
 
slag said:
Of course. We took the boat out last year about 8 or 9 times. We enjoy it, but not for what it costs. We'll get another in a couple years or maybe less if we find a good deal, but it sickens me to think of everything added together how much we spend on things we don't need and really wont miss much.
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yeah boats are probably the #1 useless expense for most owners.

dave_the_nerd said:
Simplification is nice, but you also only live once.

Then again, that's easy for me to say - I have virtually no debt and no kids, spouse, mortgage, etc. So I haven't fallen into the cesspit that Ramsey's trying to get people out of. Best of luck to you.
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well if you think about expenses it allows you to prioritize stuff that makes you happier, not necessarily not spend any money.
 
slag said:
Of course. We took the boat out last year about 8 or 9 times. We enjoy it, but not for what it costs. We'll get another in a couple years or maybe less if we find a good deal, but it sickens me to think of everything added together how much we spend on things we don't need and really wont miss much.
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Heh, I like how in the same breath you talk about cutting out luxuries and expensive things you don't need, admitting that the boat is probably not worth it...but that you will get another one in a few years, anyway. 😀

Tough nut to crack, isn't it? 😉
 
zinfamous said:
Heh, I like how in the same breath you talk about cutting out luxuries and expensive things you don't need, admitting that the boat is probably not worth it...but that you will get another one in a few years, anyway. 😀

Tough nut to crack, isn't it? 😉
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I want to get other items in order first and then after those are taken care of, we can revisit some luxuries. But yes, i do derive enjoyment from it, but also right now, it just doesn't seem like a smart idea to keep it.
 
I don't think I've ever heard of someone not realizing going in that getting a boat was a stupid financial decision.

I mean, unless you are a fisherman, that's why you get a boat, because you have some extra money to simply piss away.
 
Congrats OP. Dave Ramsey does give sound financial advice and he has helped me and my wife in seeing the errors in our ways.


if i had a cottage somewhere on the puget sound i would have a small boat. I live in Colorado, boating lakes are very few. summertime there is normally a line at the ramp to drop your boat and the park service is there to close the ramp when there are too many in the water. PLUS we only have about 3.5 months for boating. I drive by RV storage lots and they are filled with boats. People spend a lot of money for the privilege on owning a boat here.
 
I just can't get behind someone that tells me to use a debit card over a credit card (paid off in full every month).
 
My English teacher told me he'd buy my Super Nintendo games for $7 each that I was done playing with. Sold him a mint Mega Man X2 and X3. They now retail for like $200 each just for the cart. 🙁

Inversely, I wisely held onto Ninja Gaiden Trilogy box and all but held onto it too long. It used to go for $300 complete. Now all the "Reproduction" carts have slashed the value of even the vintage copy by a ton. I guess it's because the only way to play the game at all on actual hardware for the longest time was to have a legit copy, where as now a reproduction works for all but the most hardcore of collectors. *sigh*
 
Humpy said:
I don't think I've ever heard of someone not realizing going in that getting a boat was a stupid financial decision.

I mean, unless you are a fisherman, that's why you get a boat, because you have some extra money to simply piss away.
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I bought an 11k boat for 6500 and cleaned it up and maintained it. Boats, like many hobbies, don't make money but as long as you maintain them, you can have many good times on them. My boat runs like a top, has a 5.7 liter VP engine and outdrive, and looks great. It's just gotten to the point that 2 of my sons would rather stay home, so that leaves the wife, myself, and my 9 year old to go out on the boat. I'll get another eventually, perhaps a pontoon or something, but kids are growing up and don't enjoy the lake as much as we do.
 
slag said:
I bought an 11k boat for 6500 and cleaned it up and maintained it. Boats, like many hobbies, don't make money but as long as you maintain them, you can have many good times on them. My boat runs like a top, has a 5.7 liter VP engine and outdrive, and looks great. It's just gotten to the point that 2 of my sons would rather stay home, so that leaves the wife, myself, and my 9 year old to go out on the boat. I'll get another eventually, perhaps a pontoon or something, but kids are growing up and don't enjoy the lake as much as we do.
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As boats go, that's not too bad at all!
 
Wuzup101 said:
I just can't get behind someone that tells me to use a debit card over a credit card (paid off in full every month).
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lots of people with money issues, if they can spend money they don't have, they will. That's where the advice comes from, the knowledge that his target audience can't control themselves.

If it sounds stupid to you, it's because you're already at a better level.
 
Murloc said:
lots of people with money issues, if they can spend money they don't have, they will. That's where the advice comes from, the knowledge that his target audience can't control themselves.

If it sounds stupid to you, it's because you're already at a better level.
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Don't jump off a skyscraper without a parachute or similar protective equipment. That is dangerous and stupid. Here, look, there is a 4 story building instead.

Dave's advice is basically the same. Yes, he improves the situation of the truly desperate, but it is never the best advice.
 
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