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TRUCKING Financial Planning

Discussion in 'The Drivers Lounge' started by White, Aug 30, 2019.

  1. White

    White Straight’nin the curves, flat’nin the hills

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    Due to a decent response to my Placard Thread and the loss of the OD 401(k) loan thread, thought this was worth a try. We all know a fully funded pension is the jackpot, so let’s avoid any of that. Looking for insights, opinions, success stories. This has the potential to help many and no question should be embarrassing. Thanks in advance.
     
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  2. highspeeds

    highspeeds ENTERTAINMENT USE ONLY

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    I'll take a swing...

    I do my best to spend less than I make. The only purchases I have ever taken on debt for were my homes. Past and present. Debt is expensive. Avoid it. When we got the numbers for the current house. We are literally paying for two houses. Over 30 years the principal and the interest are almost the same number. No way I can save that well. To be able to throw down that kinda cash. But it's just the idea. Every time you buy something with debt. You buy one for you and one for them. It costs you double.

    I got some crap pensions. So does the wife. If we live that long and they still exist. It'll be chips and salsa money. We both got 401K. 10 years of growth and there is some money there. But there is a correction coming. So we will see how bad that gets. I bought a few stocks here and there. Along the way. Did okay. Obvious stuff. Amazon. Con-way. It all made money. But after it all. Not THAT much money. But I came out plus instead of minus. So it's a win. And I don't mind not losing.

    Stay humble and kind. And you won't lose your mind. Avoid idol worship. Be your own hero. Don't think there is someone out there wanting to save you. Take care of yourself. And those you love. Health is the true wealth. The money will be what it is. And it won't ever buy you anything that you actually want. If you have ever been in or near a natural disaster. You know just how quickly money loses all of it's value. If you have ever gotten that diagnosis. And it days to go. That money can't change any of it. Maintain perspective. Understand what is important. To you.
     
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  3. White

    White Straight’nin the curves, flat’nin the hills

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    Amen on the debt. And to try to keep it rolling: If one leases vehicles or has auto loans, you must maintain full coverage. Brand new? Sure it makes sense. Year four of a seven year loan? Think about the interest & the insurance. That can be a chunk every month. Dave Ramsey always says drive a junker. Unless you can turn a wrench, you’re living a headache & paying out the yang. Find the balance.
     
  4. highspeeds

    highspeeds ENTERTAINMENT USE ONLY

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    On cars. I have done both. For the wife. I buy a reasonable vehicle with a strong history. Brand new. Cash. Right now a Mazda CX-5. I have no worries about her being broke down anywhere. My commuter vehicle. Right now a 2012 Honda civic. They will run forever and ever.
     
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  5. kboomarang

    kboomarang My allah, between pie and mode AD-FREE USER

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    With cars I take the same approach only I do it with good used clean low mileage vehicles with solid known reputations as long running, low maintenance vehicles, also they're easier for a DIYer, cheaper should you have to go to a shop, and they have far fewer whirling doodads, computers, modules, sensors, monitors, that take a scientist to figure out should something crop up.
     
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  6. Big Dave

    Big Dave I love Ridge Sox popcorn

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    Older red trucks are my fave :1036316054:

    A decent OBD II reader and YouTube can save money on older cars.
    Knowing about new cars and having good negotiation skills and a great credit score to get 0-1% financing can make new cars “affordable” less the initial depreciation.
     
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  7. White

    White Straight’nin the curves, flat’nin the hills

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    Road drivers aren’t known for their negotiating skills. But, hell yeah, you tube vids & the info available make a YUGE difference in what one can accomplish in the garage.
     

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