Almost f*cked my future. Had to humble myself

[Truefan31]

It all comes down to this. Most people think their jobs are secure but anything can happen. In the event it does a "small" car loan can turn into a financially crippling bill. Financially it's preferable to keep yourself as lean and flexible as possible meaning avoid unnecessary debt cause if something does happen that's one less major bill to deal with. If I got a $10,000 emergency fund it's gonna go further if I don't have to make car payments while finding another job.

To me a small car loan is something you can pay off in 6 months to a year and you actually have enough money in the bank to wipe out on the spot if shyt hits the fan.

Driving a beater any paying yourself isn't the most pleasant thing but it beats the hell out of suffering a financial catastrophe and being stuck with a car note. When you drive the beater and pay yourself the money is there for whatever you can take a portion of it and buy a car or take it all and buy one or in the event of an emergency convert it to an emergency fund. When you have a car note and a financial catastrophe hits either you're making those payments or taking a repo and having the lien holder come after you.

People always underestimate the value of an emergency fund. At least 3 months, 6 months if you got a family. I actually keep about 9 months at any given time (i know a lil too much) but that peace of mind

no debt

I hope people educate themselves, in this age you can find info everywhere on the Internet. Dave Ramsey does a free podcast every weekday, streams his show on YT free, does a free budgeting app, no excuse not to learn to be better off financially. Chris Hogan does a free podcast now too on how to retire properly.

Clark Howard is another one, free podcast every weekday, offers tons of good info and tips on saving money, being smart while still enjoying life. I've liked Clark Howard since his msnbc shows.

 

[winb83]

Yeah the TMM is a good foundation for financial freedom. Ramsey's principles are pretty sound, personally he's a lil too evangelical but moneywise he's good.

I think people need to realize that there's people who actually buy cars outright, there's people who literally buy houses outright, brehs conditioned to think leveraging future earnings by taking on debt is somehow just "the way it is.'' Gotta get out of that train of thought.

Buying a car outright is the only good way to do it. Buying a house outright is a bit impractical for the common person unless you're taking on a bad neighborhood or have some type of rent free living situation. O good house will take a while to save for.

I listen to some of what Dave Ramsey says but I think he's lost it on credit cards. I'm not messing with a debt card when I can use credit and earn cash back and it's somebody else's money tied up for a bit if the account gets compromised. Do people spend more on credit? Possibly but that's a personal choice. If you go on a hard budget then you don't have to.

The problem is most people don't have any real emergency fund so when financial disaster strikes they're putting everything on credit cards from the first month.

 

[Truefan31]

Buying a car outright is the only good way to do it. Buying a house outright is a bit impractical for the common person unless you're taking on a bad neighborhood or have some type of rent free living situation. O good house will take a while to save for.

I listen to some of what Dave Ramsey says but I think he's lost it on credit cards. I'm not messing with a debt card when I can use credit and earn cash back and it's somebody else's money tied up for a bit if the account gets compromised. Do people spend more on credit? Possibly but that's a personal choice. If you go on a hard budget then you don't have to.

The problem is most people don't have any real emergency fund so when financial disaster strikes they're putting everything on credit cards from the first month.

That's the problem with CC. It becomes a defacto emergency fund, which can be a disaster obviously.

I have CC but I only use them for travel because of the better fraud protection than debit cards/cash. I never keep a balance, pay off completely each month. I could care less about points/cash back. There's a reason why CC companies wanna offer you that shyt, it ain't free breh. I'm sure it isn't as much as what I'm earning from my investments.

And it is scientifically proven that people spend more when using CC vs cash. about 10-15% more. It's because of the psychological effect, you feel cash leaving your hand, it affects you more than just swiping a card.

I agree buying a house outright as your primary residence doesn't happen all the time, but people do it. Buy a starter house, improve its value, sell, use funds to upgrade to a better house, rinse & repeat. Unfortunately I didn't do that, I did go 15 year fixed, put down 30%, then paid off the rest in about 6 1/2 years. Funny cuz I was all excited to finally get the deed, all it is was a piece of paper lol

 

[soulfuljah]

Buying a car outright is the only good way to do it. Buying a house outright is a bit impractical for the common person unless you're taking on a bad neighborhood or have some type of rent free living situation. O good house will take a while to save for.

I listen to some of what Dave Ramsey says but I think he's lost it on credit cards. I'm not messing with a debt card when I can use credit and earn cash back and it's somebody else's money tied up for a bit if the account gets compromised. Do people spend more on credit? Possibly but that's a personal choice. If you go on a hard budget then you don't have to.

The problem is most people don't have any real emergency fund so when financial disaster strikes they're putting everything on credit cards from the first month.

The only 2 things that I disagreed with DR on was the credit card vs debit card (though practical if you have no self control) and investing. I'm putting my money on precious metals..lol

People always underestimate the value of an emergency fund. At least 3 months, 6 months if you got a family. I actually keep about 9 months at any given time (i know a lil too much) but that peace of mind

no debt

.

I'm working on a year as we speak. As being someone who was laid off and having that emergency fund exhausted, I'm never going to put myself in that position again.
x2 on that peace of mind...

 

[Truefan31]

The only 2 things that I disagreed with DR on was the credit card vs debit card (though practical if you have no self control) and investing. I'm putting my money on precious metals..lol


I'm working on a year as we speak. As being someone who was laid off and having that emergency fund exhausted, I'm never going to put myself in that position again.
x2 on that peace of mind...

yeah i personally still have cc, but honestly i never use them unless i travel.

I'm not really into precious metals as investments but i understand. I like the mutual funds, no loads etc, I like emerging market funds too. S&P averages about 8-10% annually, most experts can't beat that. DR 12% claim is a lil high imo.

Getting 8-10% on average (people need to understand that's not concrete, some years you'll do better, some years you'll do worst), plus contributions and that magic called compounding interest I'm gucci.

It is funny when I go to my credit union where my emergency funds are the managers/tellers are forever offering me credit card offers and/or loan offers. Like if i needed something like that i'd just go buy it, don't u see my balance muthafukka

 

[BrokePhiBroke]

Brass Knuckle Finanicing.

Someone on this site put me on to him and it was appreciated.

He's black, financially savvy, and can get you on the rode to financial freedom better than Ramsey possibly can. Also he can help you make money. Look him up.

 

[TRFG]

Anything, that's buy here, pay here should be an automatic red flag. When I used to work at Hyundai, plenty of people got pulled into that trap..smh


He used to kill people's credit but those commercials use to have me dying...lol

El Banko

Is the dude in the video trolling

 

[Golden.Frame]

Good info here.

 

[soulfuljah]

Is the dude in the video trolling

Nah man; that's Chip and that's how he roll...lol

 

[PrnzHakeem]

@ProfessionallyTrill

Bruh, how many car wrecks have you had in the last 3 years?

 

[ProfessionallyTrill]

@ProfessionallyTrill

Bruh, how many car wrecks have you had in the last 3 years?

My ex totaled my white Camry in March 2015

Bought a faulty Acura that died after 2 weeks mid 2015

Got a Sable that died after a few months in 2016

Replaced with gray Camry where I slid off the road Dec 2016 but only needed a hitch to drag it out of the gutter to get back rolling which I then crashed (my 1st real fault accident) last Friday.

I think full coverage insurance is the way to go

 

[outordinary]

Brass Knuckle Finanicing.

Someone on this site put me on to him and it was appreciated.

He's black, financially savvy, and can get you on the rode to financial freedom better than Ramsey possibly can. Also he can help you make money. Look him up.

Will cosign for this guy, he has a facebook page also with plenty of info.

 

[newworldafro]

I will never try to get a loan from a dealership again, most of those people don't know what they're doing. I think they also get extra money when you gotta finance. It's better to go there already approved through your bank/credit union & you'll probably have a lower interest rate than they could ever get you.

I can't wait till I get me a new car & the stealership asks if I need them to find me a loan
"No, I already have my own"

Yeah. I remember the way the salesman was grinning when I said sure I'll let you all finance it.....it was like a real life smiling Chelshire cat filling out paperwork .....I was like ....I went ahead with it though. If I had known I could have got a better deal through a bank/credit union though, I would have done it.

 

[winb83]

Will cosign for this guy, he has a facebook page also with plenty of info.

For the most part financial advice is universal. Get out of debt and avoid it if possible, live well under your means and budget, save for emergencies, retirement, and purchases. Once you get your finances under control look to invest in index / mutual funds.

Is he saying anything better than that stuff?

 

[Black Panther]

Some of you may know I totaled my car in these Atlanta streets this Friday. It still drove and the headlights worked so I drove it to work Monday. On the way home I pulled off I-75 because it started overheating and had AAA tow me home.

Used a work comp day and went to Drive Time and these nikkas were bout to get me in a 2015 Altima after every one turned me down for a small loan. Test drove, push to start, everything right. Finally a nikka got out of a jam without the help of my family

All of a sudden I saw the paperwork and that shyt said a payment of $532/month
Then the cheapest full coverage insurance would be $339/month plus an initial payment of $400

I actually was bout to go through with it since I need a whip so bad but I had one of those moments. Felt like Michael in The Godfather before he killed the folks in the restaurant.

Had to humble myself and ask my folks to cosign on a small loan. Now I'll be good to cop a cheap reliable whip and pay it off quick instead being in debt for the rest of my life. My adrenaline is still goin cause I almost fukked up. Learn.

If only I had this thought process when I was younger