Your 401k is considered by the feds as "low hanging fruit" just waiting to be put into the safety of 0% treasuries or CBDC's
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How we think about money
- Thread starter GFB
- Start date
Or, distributed to the ”less fortunate” who never had your advantages.
I've got an uncle who is a millionaire many times over, he was so frugal that even with those millions, he still had my aunt hanging clothes on a line in the back yard. Wouldnt buy a dryer. He just bought his first new car ever, a toyota tocoma in his mid '80s. I guess he thinks he should splurge a little now. His kids and grandkids all will be millionaires when he dies. You'd never know it by seeing how he lives.
While I agree in most cases, a 2k fridge is a 2k fridge whether you pay with cash or use the 0% option for 12 months at lowes. I'd rather have that 2k doing something else than giving it to lowes all at once when they arent charging me interest.
A lot of folks leave money on the table when buying new cars with cash, miss out on all the incentives. Before things got crazy the past few years, you could actually save 2-3 grand on a new car by doing their financing to getting the incentives, then just pay it off when the first note comes in. Just gotta do the math. But I guess saving a couple grand isnt as cool as telling our buddies "hey, I paid cash for it". Not to mention, who wants to fork out 50k all at once for a depreciating assest like most vehicles are. Just have good credit and get a low interest rate at .9 or 1.9. pay off when you can if it bothers you.
If you believe that GM is "loaning" you $50,000 at no interest, without baking that cost into the price/fees, so you can buy a vehicle, you should write to and send your X-mas list to: Santa Claus, c/o North Pole, Magic Land, USA.
Nobody is loaning money in this or any other economy, at zero percent interest. It violates every law of commerce.
I never said GM is loaning anyone 0% interest, please reread my post instead of just wanting to argue. It's like you didn't even read it, I even mention "before things got crazy". I know no one is doing that now on new cars. I am seeing 1.9% available again though. Buying something for 2k cash and financing something for 2k with 0% same as cash is the same amount of money out of your pocket in the end....unless you dont pay it off by the end date of course.
Palmetto, I thought you were smarter than this.
I'm smart enough to not loan money at zero percent interest and I don't expect any company or bank is going to be so altruistic either. You may think you've secured a 0% int loan but you are absolutely paying for the 'cost' of that money somewhere in your agreement, I guarantee you.
The GM @ 0% is an example.
Once again, I never said GM is doing that in any of posts. I don't know why you are hung up on that.
Lowes/HD/Wells Fargo, and others do it every day. They hope you dont pay it off to charge you all that back interest...and I imagine half the people that did it with good intentions in the beginning dont.
Lowes/HD/Wells Fargo, and others do it every day. They hope you dont pay it off to charge you all that back interest...and I imagine half the people that did it with good intentions in the beginning dont.
Ron White said " if you have a choice, marry money". As I have often stated, marriage to my wife made me a millionaire. I was a multi millionaire before.
the 0%, or 1.9% or, what ever it is, is an incentive to purchase the car/truck....like a discount, without saying as much....the deal is could/can you get them to discount the truck/car by paying cash....typically I'd say not, as there are two different entities here....GMAC(or what ever it's called today) and the dealer....so, the dealer has no incentive to reduce the price, due to a cash payment, so....take the low interest rate, pay it out like terms say, enjoy... I believe there is 0.9% on GMC Sierra 1/2 ton trucks today....36 months....that's a pretty big nut...BUT...if you were going to pay cash anyway....should not be a big deal...so if you buy the new truck....are you showing off???
