Originally Posted by
pgjackson
How many of you guys would be able to replace a totaled $5000 bike out of pocket? Just wondering.
If you can't, or you're not willing to do without, or with a cheaper bike, then you spent too much on your bike.
Absolutely no one needs a $5,000 bike. If $5,000 is such a large percentage of your net worth, that it's loss would truly affect your financial well being, you don't need to be spending $5,000 on a bike.
You'd be so far ahead of the game buying a $1,000 bike, either a reasonably nice new one, or a very nice few year old used one, and the use the $4,000 to start savings and investment.
Time Value of Money, and Compound Interest are powerful things. Working in your favor, you get to the point you can pay cash without worrying about it for a new bike.
Working against you, and its a *****.