Boat Financing

[Salty]

Originally Posted by lsufish

W is an anomaly to any rule. If you can get 22% return annually, then by all means use debt to purchase your boat because more than likely it will be a 100 ft yacht.

For everyone else, this return is highly unlikely and you will end up owing money on a depreciable "asset" which is actually a liability. Always try to pay cash for your toys when you can.

I agree and it don't take an economist to figure that one out.

[scott craft]

Originally Posted by lsufish

W is an anomaly to any rule. If you can get 22% return annually, then by all means use debt to purchase your boat because more than likely it will be a 100 ft yacht.

For everyone else, this return is highly unlikely and you will end up owing money on a depreciable "asset" which is actually a liability. Always try to pay cash for your toys when you can.

I'm thinking I need to hire W to handle my 401-k. Wells Fargo isn't doing nearly as well for me as what he's doing. I used the 20% rate of return W is getting as a basis for my calculations, using a normal rate would probably skew the results in a different direction.

[2ndamendment]

Originally Posted by Swlatiger

Somebody drank the Dave Ramsey KoolAid.

(I just paid cash for my boat :-))

Know him do you young man...

Nice......You keep paying cash for things and you may find yourself well off someday.

["W"]

Originally Posted by lsufish

W is an anomaly to any rule. If you can get 22% return annually, then by all means use debt to purchase your boat because more than likely it will be a 100 ft yacht.

For everyone else, this return is highly unlikely and you will end up owing money on a depreciable "asset" which is actually a liability. Always try to pay cash for your toys when you can.

Why can't I get 15-20% annually ???? Explain that to me??? I do most of my own stock movements plus I day trade which over a year builds your annually % up

Just on LNG alone I have made over 150% returns (1-stock)
OLIT I have made 35%
ATT 35%
Bank of Am. 110%
Apa 23%

.....I make good returns for myself in one year time....

I will always use the bank @ 2%. Than my money @ 15_20%

[scott craft]

Originally Posted by 2ndamendment

Know him do you young man...

Nice......You keep paying cash for things and you may find yourself well off someday.

I have a couple of his books. Wish I would have discovered him ten or fifteen years ago, I would be a lot better off now.

Originally Posted by "W"

I will always use the bank @ 2%. Than my money @ 15_20%

Nevermind.

[2ndamendment]

Originally Posted by scott craft

I have a couple of his books. Wish I would have discovered him ten or fifteen years ago, I would be a lot better off now.



Nevermind.

Scott.....W is who he is and does what he does. You take care of yourself and reap the results.

[scott craft]

Originally Posted by 2ndamendment

Scott.....W is who he is and does what he does. You take care of yourself and reap the results.

I agree, and obviously what he does works for him. I put never mind because I typed out a response then I realized it wasn't worth the hassle trying to debate this stuff.

[simplepeddler]

nevermind is always a good comment when it comes to "W"............

["W"]

If you have 20K invested....go ahead and cash it out (pay Taxes twice) and use it .....

the banks money is just fine a cheap interest....Ask many Millionaires

[Salty]

Isn't there a forum for this crap?

[Smoke Shack BBQ]

Originally Posted by "W"

If you have 20K invested....go ahead and cash it out (pay Taxes twice) and use it .....

the banks money is just fine a cheap interest....Ask many Millionaires

Do you really think a millionaire is going to finance a 60k boat? The less debt you have the more willing the bank will be to loan you money for future ventures. "Cents" you don't own a business you wouldn't know. You may once Figure 8 Charters gets off the ground.

Sent from my PG06100 using Tapatalk 2

["W"]

Originally Posted by Smoke Shack BBQ

Do you really think a millionaire is going to finance a 60k boat? The less debt you have the more willing the bank will be to loan you money for future ventures. "Cents" you don't own a business you wouldn't know. You may once Figure 8 Charters gets off the ground.

Sent from my PG06100 using Tapatalk 2

I know several who are very wealthy (Oil money multi Millionaires) who still take loans out for rice and soybean crops at low interest

I know for a fact they will finance a 350K combine for 1-2% interest all day instead of losing out on invested money and paying a tax twice

I use the same finance guy he uses and know he just finance a 2012 Ford F250 45K against his money at 1.9% for 3 years
Reason he did this was because he was making well over 15% in his invested price (YTD)
(I WAS THERE WHEN HE DID IT)
He could of paid this cash money 100x over

I also know that when I finance something like vehicial I have enough equatity where the bank wants to give me the lowest rate

So he use 45K

45K@1.99% for 36 months will cost him 46,393.90 interest paid 1,393.92 over 3 years


45K at rate 10% invested 4500 per year
year 1-45k +4500 =49500
year 2-49500+4950=54450
year 3-54450+5445=59895

3 years @ 10% invested total 59895
3 years @ 1.99% loan 46393.90

difference of 13,501.10

Use your cash and like I said......I keep making my profit

[Smoke Shack BBQ]

You know more peoples personal financial business than all of the banks combined....or your just full of sh@t!!! I think everyone would agree on the later.

Sent from my PG06100 using Tapatalk 2

[Salty]

Isn't there a forum for this crap?

["W"]

Originally Posted by Smoke Shack BBQ

You know more peoples personal financial business than all of the banks combined....or your just full of sh@t!!! I think everyone would agree on the later.

Sent from my PG06100 using Tapatalk 2

Nope just happen to be really good friends with this one guy and sat in the same office with him last week...

Like I said...He will make 13,000 plus on 3 years invested

and only pay 1300 on interest

your cash money is only if you have zero invested and dont invest....Then you dont care about % of profit you make...

For us (the ones) who invest and watch our money grow we look at all things not just having the title to purchase from day one....

Also if you have the money to back it up why spend it at once when you can always pay if off if need be (ex lose a job or bad time)

I just made you look like a fool for wasting your cash

["W"]

Originally Posted by Salty

Isn't there a forum for this crap?

yes dont read it form.....You should look for it instead of reading this one

[Smoke Shack BBQ]

And you think some big huge millionaire is going to wait 3 years to collect $13k in interest when he could have invested it a thousand other ways and made 10x while he was sitting on the toilet taking a dump. You need to stick to playing with sheep.bhaaaaaaaaaa

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["W"]

Originally Posted by Smoke Shack BBQ

And you think some big huge millionaire is going to wait 3 years to collect $13k in interest when he could have invested it a thousand other ways and made 10x while he was sitting on the toilet taking a dump. You need to stick to playing with sheep.bhaaaaaaaaaa

Sent from my PG06100 using Tapatalk 2

Tell you what....You give me 20K for 5 years and I will make you more money in 5 years than you will pay on a 3% loan...

after 5 years you pay me the 3% for making you money....


I can get Dividend on Stocks for 4 and 5% alone

[Salty]

Originally Posted by "W"

yes dont read it form.....You should look for it instead of reading this one

How the hell did you suddenly become such an economist when you didn't even graduate from high school?

["W"]

Originally Posted by Salty

How the hell did you suddenly become such an economist when you didn't even graduate from high school?

LMAO...I guess you would love to know......Keep drinking your tea old man and when I retire at age 55......with zero debt you will wish you had listened