Tough time to decide to live debt free

[F8L SN8K]

Well I made the decision to work on becoming debt free. No more car payments, no credit cards, no loans of any type besides a house payment but make plans to pay it off early. The cobra is almost paid off and the wifes 500 will be paid off early. I have put on us a strict budget to make these items happen. That was fine and dandy until ford comes at us full force with al sorts of things I want.

The 2010 SHO-Throw a tune on it and makes a heck of a DD

The 2011 6.7 Powerstroke would make one heck of a truck to haul the race car with.Given the what can be done with the 6.4 ps this one should be even better(I think the turbo may be the limiting factor but its a common rail system) The truck that surrounds it is great. First Look: Ford's All-New 6.7-Liter V-8 Power Stroke Diesel Engine - PickupTrucks.com News

The 2011 Mustang GT with the engine I have been hoping for since 00-and though would be in a speacial edition mustang in 05 and call it a boss 302 to take off were the Mach 1 left off.

The 2011 GT500 with an all. block.

Heck even the base model 2011 car is SUPER impressive with all the upgrades it is getting. There is going to be a lot of 05-10 GT owners that will have be careful around one of these. (I'm v8 all the way but this car is impressive)[ame=http://forums.themustangsource.com/showthread.php?t=478793]New 305-HP Engine, 6-Speed Transmission Expected to Deliver 30MPG Highway - The Mustang Source[/ame]

But I'm not going to follow the same path as the government. I'm staying course to stay debt free and I will save the money to pay cash for any future purchases.


Its truely a GREAT time to be a ford person. Ford is offering the best line up of cars/trucks I have ever seen. Offering a couple clean sheet of paper engine designs and some redesigned/re-engineered variations of old ones.
From a fuel effient sports car-to a econo box focus-to a sporty mid-size for the young starter family-a muscular work truck-to a baja ready race truck-from a turn key road race car(even different levels) to a turn key Drag car(now even different levels)

 

[slocum1946]

corrected---and to think...if you have any Ford stock, you are a part owner

 

[Wishing4Cobra]

Yup great times for Ford indeed.

 

[kent1]

Debt free is the way to go! No doubt about it. In a few years, Ford may be the only American car company left in America! Who knows?

 

[mustangc]

and to think...you are a part owner

A part owner of what? I don't remember F8L saying he owned any Ford stock?

As a taxpayer, he is a part owner of GovernmentMotors and Chrysler, but not Ford.

 

[mustangc]

Good Luck with becoming debt free. D.R. says that if you live like no one else, later on you can live like no one else. We need to set up a rotation where we go the the local Ford dealers and test drive the new models once every couple of months just to get our 'fix'.

I've put together a roadmap for my family's debt, and I will have everything paid off on July, 2011 (19 more months!!!). :banana: At that point I'll have one year to save up as much money as possible before my daughter starts college.:read:

 

[mobeydick]

I've got 5 payments ($608.74) left on one of my Superduites and 9 ($853.42) on the GT500. All MY Vehicles will be paid off. Then I have to work on my Chicks.

 

[ON D BIT]

No time is a good time to become debt free. That is because we are all immature and want things we cant afford!

Dont be tempted though. No matter how bad you want something something will always be better down the road. When you hit that road do you want to be 200k in debt or have 100k in cash in the bank with a fully funded emergency and retirement funds?:??:

1k a month in some good mutual funds will equal 1 million in 20 years or so. Do you want to earn 750k just in interest over the next 20 years?

 

[Posi]

This is the exact reason I didn't get a GT500 a while back. My 04 is paid for and so is my wife's car. I hate car payments!

10 years ago and buying one would've been a no-brainer lol.

 

[rdsnk46]

You could die tomorrow, I live for today! I make enough money so that even with some debt I can do all I want. I'll always want more but whats better for me is a middle ground.......

 

[smrtasp]

Go debt free. My Shelby will be paid off in March and aside from my 2 houses, 1 of which is rented, I have no other debt. The thing about debt is the interest your paying to someone else instead of keeping it for yourself and aside from your mortgage, no other debt is really tax deductible (except maybe education unless you make to much money). Be warned though, the government and banks do not help people like us. I’ve been trying to refinance my rental and while there are tons of programs available now for loan mods, unless your debt to income ratio is 45% or above or your willing to stop making payments to make it look like your in trouble, there is no help. The government is only willing to bail out the rest of America in debt to their eyeballs living in homes they can’t afford to begin with and with credit so bad they couldn’t finance a meal at McDonalds. The worst part is the fact that the rest of us are paying for this with no say in the matter.

 

[Hissssss]

I’ve been trying to refinance my rental and while there are tons of programs available now for loan mods, unless your debt to income ratio is 45% , there is no help. The government is only willing to bail out the rest of America in debt to their eyeballs living in homes they can’t afford to begin with and with credit so bad they couldn’t finance a meal at McDonalds. The worst part is the fact that the rest of us are paying for this with no say in the matter.

+1...:bored: totally pathetic hu? Where have we gone in the last 15 years?

 

[meaty mac]

That was fine and dandy until ford comes at us full force with al sorts of things I want.

They're not making it easy for us are they lol?

 

[steele501]

Dave Ramsey?

 

[Yellow Horse]

Go debt free. My Shelby will be paid off in March and aside from my 2 houses, 1 of which is rented, I have no other debt. The thing about debt is the interest your paying to someone else instead of keeping it for yourself and aside from your mortgage, no other debt is really tax deductible (except maybe education unless you make to much money). Be warned though, the government and banks do not help people like us. I’ve been trying to refinance my rental and while there are tons of programs available now for loan mods, unless your debt to income ratio is 45% or above or your willing to stop making payments to make it look like your in trouble, there is no help. The government is only willing to bail out the rest of America in debt to their eyeballs living in homes they can’t afford to begin with and with credit so bad they couldn’t finance a meal at McDonalds. The worst part is the fact that the rest of us are paying for this with no say in the matter.

I've been debt free since I sold my 03 years ago. Instead of buying a car with a small downpayment every 2-3 years in the past, I can now buy one cash. I am waiting to see how bad Obamarella destroys the economy next year before I spend $40k. I have a solid job. The company I work for builds a product that is used in every aspect of our lives in many areas. Since October, our projections over the next 12 months is down by 50%. I know as long as our business is down the economy is still bad. I'll wait and when I buy I will buy a low mileage 07. I hate the rear on the 2010. An aluminum blocks saves what, 80 pounds? Nothing 1-2 pounds of boost won't make up.

And you are right about bailing out people in debt. I have a buddy who graduated from Michigan with an electical engineering degree. Electrically, he his is a smart SOB, mechanically dumb as a hammer. I have to help him on the mechanical side of his projects all the time and he helps me on the electrical side on my projects. We make a damned good team. His dad is a left wing, flaming librool nut job who believes in the 9/11 conspiracy. He is an atheist. I know he is how he is because of his dad. He's a good fella though. You can talk to him without him flying all to hell. He hates GW. He blames GW for the economy. The one thing I don't like about him is how he blames GW yet he just filed for bankruptcy having $147k in credit card debt plus a new car. It was all settled for $40k including what he owed on the car. As a working man all I want is for the US goverment to get off my back. I've already written several Senators emailing them that they will not raise my taxes and that if they steal from me I will steal from them. I know I am on a list somewhere. I'm sure they are well aware of the firepower I am amassing. I've made quite an investment this year. It's cut into my 07 fund but a wise investment.

 

[smrtasp]

I’m sure I'll get blasted for saying this but - I think regular people are more to blame for the economy than our presidents. The mortgage mess is one of the biggest reasons we are struggling as a nation but not a single person I know affected by a bad loan went into the loan not knowing what they were signing up for. It was greed. Greed on the part of the people who bought homes with terrible loans expecting to turn them out for a profit in 1-2 years so they didn’t care what the house cost or how bad the loan was and greed on the part of the lenders for allowing people into bad loans to begin with. The government didn’t force any of this, we as individuals made bad decisions and those of us financially stable will bear the brunt of paying for it. Those of us who knowingly got in way over our heads will cry "unfair" and get bailed out without ever having to admit it was their fault. Sure their credit will be affected but that wont stop them from getting new credit in the future and it will happen all over again. We're a debtor nation, controlled by it because the banks know its human nature to want more. It can all end tomorrow if we all choose to stop trying to live above our own means by borrowing over our heads to get there.

 

[SNCBOOM]

You could die tomorrow, I live for today! I make enough money so that even with some debt I can do all I want. I'll always want more but whats better for me is a middle ground.......

You certainly can't take it with you.

 

[mrose75]

I’m sure I'll get blasted for saying this but - I think regular people are more to blame for the economy than our presidents. The mortgage mess is one of the biggest reasons we are struggling as a nation but not a single person I know affected by a bad loan went into the loan not knowing what they were signing up for. It was greed. Greed on the part of the people who bought homes with terrible loans expecting to turn them out for a profit in 1-2 years so they didn’t care what the house cost or how bad the loan was and greed on the part of the lenders for allowing people into bad loans to begin with. The government didn’t force any of this, we as individuals made bad decisions and those of us financially stable will bear the brunt of paying for it. Those of us who knowingly got in way over our heads will cry "unfair" and get bailed out without ever having to admit it was their fault. Sure their credit will be affected but that wont stop them from getting new credit in the future and it will happen all over again. We're a debtor nation, controlled by it because the banks know its human nature to want more. It can all end tomorrow if we all choose to stop trying to live above our own means by borrowing over our heads to get there.

Amen! It all about personal responsibility and the fact that most Americans have none. Society (American society at least, can't speak for places I don't
live) feels like everything is owed to them. Nobody wants to earn anything.

And on the original topic. I paid of my 03 last year and now I want a 2010 so bad I can almost hear the exhaust note outside my window.... But I'm trying to be wise and 'stay the course' too. I'll buy used in 3-4 years. Still love the 03 anyway!!!

 

[me32]

no matter what you gotta make the choice. so good luck im sure youll be happy anyway you go

 

[Yellow Horse]

I’m sure I'll get blasted for saying this but - I think regular people are more to blame for the economy than our presidents. The mortgage mess is one of the biggest reasons we are struggling as a nation but not a single person I know affected by a bad loan went into the loan not knowing what they were signing up for. It was greed. Greed on the part of the people who bought homes with terrible loans expecting to turn them out for a profit in 1-2 years so they didn’t care what the house cost or how bad the loan was and greed on the part of the lenders for allowing people into bad loans to begin with. The government didn’t force any of this, we as individuals made bad decisions and those of us financially stable will bear the brunt of paying for it. Those of us who knowingly got in way over our heads will cry "unfair" and get bailed out without ever having to admit it was their fault. Sure their credit will be affected but that wont stop them from getting new credit in the future and it will happen all over again. We're a debtor nation, controlled by it because the banks know its human nature to want more. It can all end tomorrow if we all choose to stop trying to live above our own means by borrowing over our heads to get there.

This is the worng forum for this discussion but Congress has most of the blame. GW tried to get reform several years ago and was attacked by the Black Caucus. You had Al Shaprton, Jesse Jackson and ACORN pressuring banks to give out loans.

It aint over yet. Now Obamarella is pressuring the banks all over again. We aint seen nuthin yet.