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mostly, although I recognize for most people, the necessity of having a car outweighs the financial math. The smart move s to buy or lease a 2 yr old car since the bulk of depreciation in a car occurs in the first 2 years.
If you can finance a car for under 3%, which is very easy, you are nuts to pay cash for it. Depreciation is a complete non factor, it's going to happen no matter how you pay for it.
3% is the cost of money. It only makes math sense if you can earn more than 3% with the cash you have on hand. Math is math.
Sorry new here been scrolling through topics for days now ...any way I'm seeing divorce is quite common in this hobby what the heck is going onWe all know that the reef hobby can be very expensive - the sky really is the limit when setting up your new system. We've all been in scenarios where we've wanted something that's just out of our budget and we start thinking about the things we can sell, or how we promise ourselves to be more financially responsible after this purchase. Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior. You can save yourself thousands of dollars just by waiting for the next person to get divorced or get out of the hobby and buy their setups.
Also... If you're going to spend a whole ton of $$ on a purchase why not put that on a real credit card where you not only get protection and rewards like cashback, points, sky miles, etc? I spent $1600 at Lowe's on a new washer and dryer and got 0% interest for 12 months. I didn't even have great credit at the time, it was just a promotion lol.
Been scrolling through the feed back on this popped up on a topic I was searching what's up with divorce in this hobby it's mentioned alot in the ten pages of commentsWe all know that the reef hobby can be very expensive - the sky really is the limit when setting up your new system. We've all been in scenarios where we've wanted something that's just out of our budget and we start thinking about the things we can sell, or how we promise ourselves to be more financially responsible after this purchase. Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior. You can save yourself thousands of dollars just by waiting for the next person to get divorced or get out of the hobby and buy their setups.
Also... If you're going to spend a whole ton of $$ on a purchase why not put that on a real credit card where you not only get protection and rewards like cashback, points, sky miles, etc? I spent $1600 at Lowe's on a new washer and dryer and got 0% interest for 12 months. I didn't even have great credit at the time, it was just a promotion lol.
Been scrolling through the feed back on this popped up on a topic I was searching what's up with divorce in this hobby it's mentioned alot in the ten pages of comments
This is all kinds of great advice here. Chinese take out probably won’t be the game changer of home ownership, though.Just my $.02
Credit is a tool. It is neither good nor bad. It is how the individual uses it than makes that determination.
Back in the late 80s and early 90s, (late teens, early 20s) I made most of the same "poor" decisions that I see a lot of people of that age making today. Financing items for instant gratification, based on the idea that what is happening today will never change. I had a great job and was building towards my career. Got a credit card and started spending. It never occurred to me at the time what would happen if I lost my job. My mother had warned me about abusing credit "spend only what you can afford to pay back at the end of the month". But, just like most young adults, I thought I knew better. Suffice to say, I was wrong, and paid a heavy price to learn that lesson.
Today, I have an extremely good credit rating. It took MANY years of hard work and effort to rebuild that. My mothers words still ring in my head every time I consider a purchase "Spend ONLY what you can afford to repay at the end of the month".
Some things are unavoidable.. The Air Conditioner goes out. The water heater decides to pump several hundred gallons of water onto the floor... Just be careful that you don't allow yourself to succumb to the temptations of instant gratification. That Chinese food you HAD to get tonight, may cost you a house in 5 years...
My $.02
Steve
You don't think so? Let me explain.This is all kinds of great advice here. Chinese take out probably won’t be the game changer of home ownership, though.
I thought we were discussing financial responsibility, not political rhetoric. If I am mistaken, please let me know now, so I can opt out of this topic. I have zero interest in political discussion.Its called freedom, one can choose how they aquire what they want. If we should only have one option then let me know so I can change the flag that is flying out front.
I’m not sure the company MD uses even runs credit or does anything. Maybe they just look at the total and you don’t spend enough they don’t approve you.Welcome to capitalism.... Retailers don't look out for the consumer, they look out for themselves.
I personally do not see the problem or issue with affirm i have good credit still used affirm for a resent walmart purchase then a brs purchase got fair rate and payment plan.We all know that the reef hobby can be very expensive - the sky really is the limit when setting up your new system. We've all been in scenarios where we've wanted something that's just out of our budget and we start thinking about the things we can sell, or how we promise ourselves to be more financially responsible after this purchase. Let's face it - today's younger generation(s) are more financially reckless and impulsive than ever and I don't think it's right for Marine Depot to be encouraging this type of behavior. You can save yourself thousands of dollars just by waiting for the next person to get divorced or get out of the hobby and buy their setups.
Also... If you're going to spend a whole ton of $$ on a purchase why not put that on a real credit card where you not only get protection and rewards like cashback, points, sky miles, etc? I spent $1600 at Lowe's on a new washer and dryer and got 0% interest for 12 months. I didn't even have great credit at the time, it was just a promotion lol.
I agree that small purchases add up and cc companies prey on folks that dont pay up, but over a 5 year period of occasional Chinese take out, you won’t break the bank. It’s like saying that young folks could be out buying houses if it weren’t for that avocado toast and owning an iPhone. I’d say get a side of egg rolls. If you’re in the realm of buying a home, you probably know how to budget your money. It’s a major purchase. If you can’t manage small credit card purchases, you’re not going to get to the point of buying a home. It’s like financial advice from someone who thinks you need a picture ID to buy groceries.You don't think so? Let me explain.
Here was my personal experience and, IMO, BIGGEST problem.
Small purchases $20 here, $15 there, add up fast. It is SOOOO easy to convince yourself that "Oh I can pay this off no problem".. Then the bill comes and you realize that you have spent $300. Add in the couple large purchases that were a few hundred dollars each and OMG I owe $1200 to this credit card at 28% interest!!! what the heck happened????
Don't think that is realistic? I beg to differ.. CC companies prey on this exact parameter!!!
So yes, That Chinese food you order tonight, very well may be the deal breaker when it comes time to apply for a home loan.
Cheers
Steve