nice cars everywhere
02-22-2006, 07:27 PM
#11
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Originally Posted by fshwcrs,Feb 22 2006, 08:26 PM
they refi, get cash out and buy a car. the equity they cash out is spread out over a long period of time so the payments are small. think of it as a 30yr car loan 
02-22-2006, 07:37 PM
#14
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Originally Posted by dyhppy,Feb 22 2006, 08:35 PM
dang, i didn't think the bank would let you spend the money on a car. isn't the interest kinda high on that type of loan?
02-22-2006, 07:37 PM
#15
Community Organizer
Many cases:
#1 Young looking guy, S2000 Fixed up.
Ans: #1 Rich Parents
#2 Paycheck to paycheck
#3 Sign up for a JC college, claim to be poor, get CAl Grant A B C and buy a car. (Free money) Then drop out. You can do this for 2 semesters before they catch on.
#4 Kid is smart w/ a great job.
#2 Middle Age, low income. S2000.
Ans: Lease. #1 2000 down, 299.00 month on Dec. Honda Clearance.
#3 Middle Age, Business owners. (Escalade, Lexus SUV)
Ans: Lease. >6000 lbs, FULL 80%+WRITE OFF. It's a FREE CAR.
<6000 Lbs car, Lease or Buy. 40-50% write off.
#4 Old age.
Ans: Retirement funds.
In summary. Don't judge a person from their looks (looks, possessions, etc). We wear clothes, put on makeup, buy products to create an image of ourselves. Anyone can buy anything. You think a college student w/ a LV purse, Parada Shoes is RICH? Hell no. It's called, financial aid, Parents, or CREDITCARD.
AN average american is 7,500.00 in debt with a Credit Card.
Majority of the rich folks, won't show it. They hide it. Esp. From the IRS.
BC
#1 Young looking guy, S2000 Fixed up.
Ans: #1 Rich Parents
#2 Paycheck to paycheck
#3 Sign up for a JC college, claim to be poor, get CAl Grant A B C and buy a car. (Free money) Then drop out. You can do this for 2 semesters before they catch on.
#4 Kid is smart w/ a great job.
#2 Middle Age, low income. S2000.
Ans: Lease. #1 2000 down, 299.00 month on Dec. Honda Clearance.
#3 Middle Age, Business owners. (Escalade, Lexus SUV)
Ans: Lease. >6000 lbs, FULL 80%+WRITE OFF. It's a FREE CAR.
<6000 Lbs car, Lease or Buy. 40-50% write off.
#4 Old age.
Ans: Retirement funds.
In summary. Don't judge a person from their looks (looks, possessions, etc). We wear clothes, put on makeup, buy products to create an image of ourselves. Anyone can buy anything. You think a college student w/ a LV purse, Parada Shoes is RICH? Hell no. It's called, financial aid, Parents, or CREDITCARD.
AN average american is 7,500.00 in debt with a Credit Card.
Majority of the rich folks, won't show it. They hide it. Esp. From the IRS.
BC
02-22-2006, 07:39 PM
#16
Community Organizer
Many people use HELOCS to:
1. Pay off cars, Interest on Helocs is deductable.
2. Pay off student loans. >50K you get 0 on student loans
3. Home improvements. You can deduct.
1. Pay off cars, Interest on Helocs is deductable.
2. Pay off student loans. >50K you get 0 on student loans
3. Home improvements. You can deduct.
02-22-2006, 07:51 PM
#17
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Originally Posted by Back-cracker,Feb 22 2006, 08:37 PM
In summary. Don't judge a person from their looks (looks, possessions, etc). We wear clothes, put on makeup, buy products to create an image of ourselves.
Majority of the rich folks, won't show it. They hide it. Esp. From the IRS.
Majority of the rich folks, won't show it. They hide it. Esp. From the IRS.
02-22-2006, 07:53 PM
#19
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dyhppy, the thing that will frustrate you the MOST, is that those who are living irresponsibly are getting all the attention (they got yours, right?) and fame and looks, while our possession driven society has become so twisted that there is now zero reward or incentive for living responsibly within your means.
I remember a while ago someone here was selling a white M3 that he was upside down on (owed more than it was worth.) The 2nd thought I couldn't get out of my head was how I would NEVER want to put myself in such a financial hole. The 1st thought was how I wish I could afford an M3. Ironically, any of us could go about it the same way and "afford" an M3 the way he did. If you wanted to.
While the average American carries a ton of debt, don't forget that So. Cal is also home to some incredibly wealthy people, plain and simple- some of the richest people in the world make their homes in Southern California. Don't let your desire for fast cars and blonde women fool you into thinking you have more in common with these people than your geographic region. Trying to "keep up with the Joneses" in So. Cal is a recipe for financial disaster.
I remember a while ago someone here was selling a white M3 that he was upside down on (owed more than it was worth.) The 2nd thought I couldn't get out of my head was how I would NEVER want to put myself in such a financial hole. The 1st thought was how I wish I could afford an M3. Ironically, any of us could go about it the same way and "afford" an M3 the way he did. If you wanted to.
While the average American carries a ton of debt, don't forget that So. Cal is also home to some incredibly wealthy people, plain and simple- some of the richest people in the world make their homes in Southern California. Don't let your desire for fast cars and blonde women fool you into thinking you have more in common with these people than your geographic region. Trying to "keep up with the Joneses" in So. Cal is a recipe for financial disaster.
02-22-2006, 07:59 PM
#20
Registered User
Originally Posted by i_heart_my_DB8,Feb 22 2006, 08:53 PM
Trying to "keep up with the Joneses" in So. Cal is a recipe for financial disaster.