Got an extra $600-700...what to buy???
06-15-09, 12:00 PM
#26
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My student loan has under a 4% interest rate now and my car loan is over 7%. Everything extra goes into the car for now.
06-15-09, 12:28 PM
#28
Maglia Ciclamino
I'll add that you should pay off the debt. Truth is, you really don't have an extra $600. Pay the loan that has the highest interest rate, likely the car loan.
Trust me it's worth it. Feels damn good to own your car outright, have no student loan debt or credit card debt, and have some not-so-insignificant money in a savings account (even if it's earning mud right now). Make your money work for you and not the other way around.
Trust me it's worth it. Feels damn good to own your car outright, have no student loan debt or credit card debt, and have some not-so-insignificant money in a savings account (even if it's earning mud right now). Make your money work for you and not the other way around.
06-15-09, 12:42 PM
#29
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I'll add that you should pay off the debt. Truth is, you really don't have an extra $600. Pay the loan that has the highest interest rate, likely the car loan.
Trust me it's worth it. Feels damn good to own your car outright, have no student loan debt or credit card debt, and have some not-so-insignificant money in a savings account (even if it's earning mud right now). Make your money work for you and not the other way around.
Trust me it's worth it. Feels damn good to own your car outright, have no student loan debt or credit card debt, and have some not-so-insignificant money in a savings account (even if it's earning mud right now). Make your money work for you and not the other way around.
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06-15-09, 12:57 PM
#30
pan y agua
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06-15-09, 01:00 PM
#31
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06-15-09, 01:42 PM
#33
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06-15-09, 01:56 PM
#35
Farmer tan
So all of you personal finance gurus saying to pay down debt before getting anything fun have your own homes and cars fully paid off? Yeah, sure: "do as I say..."
06-15-09, 03:23 PM
#36
Fax Transport Specialist
so a bike is like a house? He can live in it and get tax breaks for mortgage interest? or he's hardcore enough that his bike will suffice as his only means of transportation? He already has a bike, how much more fun will a $700 bike be? or maybe $1000 if he sells the Fuji first. Then he's taking a hit on the depreciation in price of the Fuji after... one year of ownership.
06-15-09, 03:25 PM
#37
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so a bike is like a house? He can live in it and get tax breaks for mortgage interest? or he's hardcore enough that his bike will suffice as his only means of transportation? He already has a bike, how much more fun will a $700 bike be? or maybe $1000 if he sells the Fuji first. Then he's taking a hit on the depreciation in price of the Fuji after... one year of ownership.
2. You don't need to be 100% out of debt to have a hobby or to fund it.
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06-15-09, 04:00 PM
#38
Fax Transport Specialist
I didnt expect him to be 100% out of debt, my comment was because I didn't understand the comparison of a bike upgrade to a car/home loan.
If he needs to upgrade, wheels or something that can carry over to the next bike might be a good idea. Otherwise cut the losses on the Fuji and see what you can find used for $1k?
If he needs to upgrade, wheels or something that can carry over to the next bike might be a good idea. Otherwise cut the losses on the Fuji and see what you can find used for $1k?
06-15-09, 05:14 PM
#39
Live to ride ride to live
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Paying down debt would be the responsible and boring thing to do. However, hookers and blow would be much more fun. But, if you are looking for something that is healthier, consider a new set of wheels. Wheels are the best upgrade you can make for a bike. Again, hookers and blow would be more fun and it may take you all summer to get the smile off of your face.
06-15-09, 09:56 PM
#44
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buy a new pair of cycling socks and spend the rest on paying off your loans. I'm happy when I get a new pair of cycling socks to replace my old ones with holes in them.
06-15-09, 09:57 PM
#45
Farmer tan
I didnt expect him to be 100% out of debt, my comment was because I didn't understand the comparison of a bike upgrade to a car/home loan.
If he needs to upgrade, wheels or something that can carry over to the next bike might be a good idea. Otherwise cut the losses on the Fuji and see what you can find used for $1k?
If he needs to upgrade, wheels or something that can carry over to the next bike might be a good idea. Otherwise cut the losses on the Fuji and see what you can find used for $1k?
Last edited by f4rrest; 06-15-09 at 10:04 PM.
06-15-09, 10:06 PM
#46
Farmer tan
06-16-09, 02:15 AM
#47
death from your left
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buy a shoulder to cry on for the return trip from vegas.
06-16-09, 04:31 AM
#48
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July 4. Las Vegas. Go to the tables. Put it all on 32. Take winnings and put it back on 32. Take winnings pay student loan and buy your very own bike shop.
06-16-09, 07:03 AM
#49
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I'm not against spending some money on bikes or bike gear, but the original poster basically said, "I'm going to have some money. How should I spend it?" Laying aside the folly of counting $$$ from a Craigslist sale before you have cash in hand, the original poster failed to suggest any objectives for spending money on his bike. No mention of shortcomings of his current setup, or future aspirations. Personally, if I was trying to burn $600, I'd be getting a power meter. But I have no idea if that fits with what the OP is trying to do. What IS he trying to do? (always a rational question to ask yourself before you start spending money)