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Old 02-25-2018, 09:46 PM   #43
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Originally Posted by BRex45 View Post
A high level of bravado in the debt free postings



I have re-read every post to the original question, and while they may have moved somewhat off the original topic and question, I did not get a sense of any "bravado" as has been stated above.
Yes, various comments detailing each poster's personal opinions and stories, some good suggestions, some positive stories, but no "bravado".
Personally, I have enjoyed reading the stories on iRV2, and look forward to the continued input from people sharing their real life experiences.
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Old 02-25-2018, 10:16 PM   #44
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Originally Posted by BRex45 View Post
A high level of bravado in the debt free postings
...

I would not expect much bravado in the debt carrying postings . Being debt free is a result of planning and determination. It's never too late to live debt free, anyone can do it and it begins by living below your means. There is a old saying (it's not how much $$ you make, it's what you do with it).
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Old 02-26-2018, 04:26 AM   #45
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I would say many have 'toys' etc that depreciate a ton when driven off the lot and ya are upside down if you want to sell. Nothing new on this at all.

Hubby just semi-retired yesterday from his job. Age 52.
We are debt free EXCEPT for our RV loan We always knew that our passion for our rv'ing life and enjoyment of trading and getting different rvs were gonna cost us LOL but we accepted that fact. The Rvs for us is our play toy, our passion type fun, our kinda throw some money at this thing and don't freak out while doing it, type fun. (and if you are not like this, then so be it, but the beauty of life is you spend your money and we spend our money and live as we want ) We have money, we are debt free in every aspect of our life but keep the RV on payments cause we just don't care to pay it off, our money works better for us in investments than paying off the rv so.....and when we want another rv we just go and trade this one, bite any money bullet that will happen, and if we decide how we want to spend the cash in our life, so be it, we do the deal or not do that deal.

Everyone knows their own personal finances. Everyone knows what they can get away with and what they are willing to spend and if they have the means to do so and when/how to spend their money or get credit when they want it.

but 'stuff', rare any goes up, most things you buy go down big time when ya get them Like another poster said, jewelry
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Old 02-26-2018, 05:38 AM   #46
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I worked long and hard to get debt free and retire at age 55. Many of my coworkers with the fancy cars, bass boats and Harley Davidson motorcycles are still punching that clock and making those payments. I put both of my kids through college. It took me a long time to get everything paid off and I'm pretty proud of it. I would be very reluctant to go into debt again. It's a good feeling to only pay utility bills.
I can relate, It took me to age 58 to get debt free and semi retire. DW and I had our toys, expensive vacations and kids educations to pay for along the way but fortunately we didn't bury ourselves in a hole we couldn't get out of. Debt free for 3 years now!
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Old 02-26-2018, 05:56 AM   #47
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I bought used under market value, I would assume that any new diesel pusher is under water immediately after driving off the lot.

I know some good friends that bought an Alpha new, they love it but still owe a hundred grand on it after the company went belly up and the siding went defective. It appraised at $38,000, they spent $50,000 cash on new siding, paint and roof, $4,000 on tires and love it but it is a money pit and Alphas have the worst resale.

I recommend buying used or be ready for the worst.

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Old 02-26-2018, 06:01 AM   #48
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If anyone knows Dave Ramsey he is a financial adviser I have listened to for years. His advice on getting out and staying out of debt is the total value of your cars and toys can not be more than one half of your yearly income. That pretty much limits what toys you should own. I teach my kids if you are still not out of debt by 50 years old you will be late for the party as it takes substantial amount of money to live in retirement. Enouth with my rant.
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Old 02-26-2018, 06:29 AM   #49
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I think the OP would be surprised how many people are not in trouble over their RV finances. I'm sure there are some folks who could be in trouble but I would bet most of the older one's paid cash or took out a loan because they had a reason for having a loan instead of paying cash. I know we had a loan while waiting to get hit with minimum distribution issues. First forced distribution paid off the loan. Got to do something with the money... ;-)
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Old 02-26-2018, 06:32 AM   #50
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I’ll bet a lot of people are!! One time I was advised by an RV salesman “Never put money into an RV that you can’t afford to loose!!” Good advice...wish we’d listened. Want to downsize but not sure how...financially. About $35,000 underwater on a class A!! Dealers only will pay you wholesale value...period!! ANYTHING over wholesale is BULL. This info came from another RV salesman. Anytime you’re offered above wholesale for your trade-in is because you are OVER paying for the new one.

I am looking for a trailer that can be towed by a 1/2 ton with an MSRP $35,000 above asking price. Know of any?

Thanks for listening!!
You have a nice coach. If you bought it new and have had it for almost 8 years, then you will be VERY disappointed if you downsize to a trailer! Since you are still wanting a camper of some type my guess is that the payments are a problem?

Check out RVtrader.com for prices of coaches like yours. If you really want to sell, that is a great nationwide outlet. We have been successful in selling there too.

Also, check with your bank. Your coach is under 10 years old and you may be able to get a new loan with a lower payment on the value of the coach.

Dealers will traditionally give you less than the coach is worth so that they can make money on it. Used coaches, especially one like yours, are hot on the market today. Baby boomers that have a little extra cash but can't afford new are out there in droves!

Don't give up! You have a nice coach. Do what you can to keep it.
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Old 02-26-2018, 06:51 AM   #51
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To the OP's direct question, for depreciating assets like this, we budget to be neither upside down nor to invest too much cash. We can exit ownership at any time essentially at parity (wholesale). The down payment and monthly payments are sized to maintain this over time.

Underwater has it's perils as you've seen, requiring a cash infusion to exit. Even if resources are considerable, such an exit could very likely have expensive consequences in the form of taxes when other assets are liquidated to exit.

Investing too much cash in a depreciating asset has it's own costs, your cash value is now being diminished relentlessly. Better to invest cash in something that appreciates over time.

There is no universal right or wrong way to buy a MH. IMO it's only partially a decision based on calculation, it should also be based on what an individual is comfortable with. Money is not the meaning of life.
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Old 02-26-2018, 07:50 AM   #52
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I agree with Whirrlly.

We are debt free, but if we wanted to upgrade and spend maybe 100K with a 10 year note at 5%, our payment would be just over 1K/mo. That's a substantial portion of my income, but doable.

Yes we probably would be underwater, but what we would be buying is the lifestyle WE want to live NOW! At 74, "now" is more important than the future worries. We do not want to be debt free but wishing we could live nicer in the present.

All of us who are retired have to keep believing that our SS checks, etc. will keep coming in. As long as they do, the bills will be paid and we can live comfortably. To me it is really important to understand that that clock is ticking, so I'm willing to spend Uncle Sam's future money to enjoy life NOW.

YMMV, but "carpe Diem" truly does apply.

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Old 02-26-2018, 08:17 AM   #53
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YOLO hahah
I think I like my life in a bit of debt hehe.
No debt sounds borring. Retiring early because you never lived ?? Of course some people are content with doing nothing others not so much.
I'm underwater with my RV and that's it, all other loans are above, and my washer/dryer and sled are paid for
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Old 02-26-2018, 08:22 AM   #54
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Some people manage debt well, but others do not. I don't see being underwater as a calamity, but you need to be prepared to handle the shortfall if the worst happens. In other words, be able to sustain the potential loss.

Going underwater is the price of enjoying something now with the expectation that future income will cover it. Wiser heads may make a reliable determination of future income, e.g. those who invested well, while others may have merely focused on the monthly payment vs current income. The latter group is likely to get a nasty surprise.

Enjoying now and paying later can be financially risky but has intangible benefits. If you manage the risk well and correctly assess the future, you can reap those intangible benefits. If you do not manage the debt well and have a solid income plan for the future, there is likely to be a lot of pain ahead.
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Old 02-26-2018, 08:23 AM   #55
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I don't think this thread serves the OP or is helpful.

glug, blub, blub......
Agree, post is not value adding
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Old 02-26-2018, 08:32 AM   #56
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Agree, post is not value adding
The replies may not be addressing the OP, but I feel the comments and dialogue make for very interesting reading and do add overall value, even if they have taken a different direction.
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