Continuing to fix car or replace
#21
Gets Weekends Off
Joined APC: Mar 2011
Posts: 209
I can agree with that. Paid my house off 3 months ago and have a 60k cash reserve. Feels great. I should never need to borrow or owe any money ever again.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
Same with a new plane. I'd really like an old O-1 bird dog and there is one in NC for sale right now that fits everything I want in that type of plane. But I'll have to go into my reserves or take a loan to make it happen so I'll just wait until I have up the rest of the cash which will be in 1.5 years.
I learned my lesson seeing guys after 911 selling everything. The boards in the crew rooms were filled with boats, planes, motorcycles, vacation home ect. I'm fortunate enough to now live on less than half my take home pay. I split the rest between and additional retirement fund, home improvement fund and a "Sam wants a bird dog" fund.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
Same with a new plane. I'd really like an old O-1 bird dog and there is one in NC for sale right now that fits everything I want in that type of plane. But I'll have to go into my reserves or take a loan to make it happen so I'll just wait until I have up the rest of the cash which will be in 1.5 years.
I learned my lesson seeing guys after 911 selling everything. The boards in the crew rooms were filled with boats, planes, motorcycles, vacation home ect. I'm fortunate enough to now live on less than half my take home pay. I split the rest between and additional retirement fund, home improvement fund and a "Sam wants a bird dog" fund.
#22
Gets Weekends Off
Joined APC: Apr 2011
Position: retired 767(dl)
Posts: 5,724
I can agree with that. Paid my house off 3 months ago and have a 60k cash reserve. Feels great. I should never need to borrow or owe any money ever again.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
Same with a new plane. I'd really like an old O-1 bird dog and there is one in NC for sale right now that fits everything I want in that type of plane. But I'll have to go into my reserves or take a loan to make it happen so I'll just wait until I have up the rest of the cash which will be in 1.5 years.
I learned my lesson seeing guys after 911 selling everything. The boards in the crew rooms were filled with boats, planes, motorcycles, vacation home ect. I'm fortunate enough to now live on less than half my take home pay. I split the rest between and additional retirement fund, home improvement fund and a "Sam wants a bird dog" fund.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
Same with a new plane. I'd really like an old O-1 bird dog and there is one in NC for sale right now that fits everything I want in that type of plane. But I'll have to go into my reserves or take a loan to make it happen so I'll just wait until I have up the rest of the cash which will be in 1.5 years.
I learned my lesson seeing guys after 911 selling everything. The boards in the crew rooms were filled with boats, planes, motorcycles, vacation home ect. I'm fortunate enough to now live on less than half my take home pay. I split the rest between and additional retirement fund, home improvement fund and a "Sam wants a bird dog" fund.
#23
Gets Weekends Off
Joined APC: Mar 2011
Posts: 209
So I'm not in a rush. If I keel over tomorrow I won't be sad.
#24
I've always been a fan of buying a new car and driving it a very long time. I know it doesn't fit into your debt free lifestyle, but it's another data point in the storm. I'd look at the overall cost of ownership and the knowledge that your wife has the reliable car when you're out on a trip.
#25
Update: I was able secure the Mopar sensors I needed off of eBay. Jeep runs just fine now.
After much discussing, I think we will fix the head gaskets on the Subaru soon...getting another year or two out of the car. At that point we will look at something newer. When I say newer I just mean 3-5 years old with less than 25-35k miles.
Our dream is a boat right and in the long distance future (i.e. 10 years)would like to buy a small sail boat or trawler for cruising. I think if we save hard now it's totally doable. I just want to ensure our descions between now and then need to be solid.
After much discussing, I think we will fix the head gaskets on the Subaru soon...getting another year or two out of the car. At that point we will look at something newer. When I say newer I just mean 3-5 years old with less than 25-35k miles.
Our dream is a boat right and in the long distance future (i.e. 10 years)would like to buy a small sail boat or trawler for cruising. I think if we save hard now it's totally doable. I just want to ensure our descions between now and then need to be solid.
#27
I can agree with that. Paid my house off 3 months ago and have a 60k cash reserve. Feels great. I should never need to borrow or owe any money ever again.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
If I want a new car I'll wait until I have the cash. Want a new house, yep, I'll wait until I have enough cash less the value of my current house.
In the event of job loss or hardship leading to BK you keep the IRA/401k, but everything else is fair game for creditors (except a cheap house and a cheap car).
Remember you don't have to owe money to the bank but you WILL owe money every year to various levels of government. You should plan BK protection with that in mind.
Life is risky and lenders have their place in helping share that risk.
#28
Gets Weekends Off
Joined APC: Mar 2005
Position: DFW A320 FO
Posts: 586
Why should he be concerned with bankruptcy? Given his wise decisions so far and intent to never borrow again (and assuming he has appropriate LTD and life insurances), he is well set. The only reason to file bankruptcy is to avoid paying creditors (and/or employees, even though you have billions in the bank - but I digress) - he's unlikely to ever have any creditors again if he stays disciplined.
#29
Gets Weekends Off
Joined APC: Mar 2011
Posts: 209
Rick, define "fund your retirement accounts fully".
If I had enough money 3-4 mil to retire I probably would. But see as I don't I'll have to keep working.
Yes I contribute a very good amount to my retirement. Max out 401k, get 16% into the defined benefit fund and then about 900/month with my own after tax money (index funds -Vanguard). All together that totals about 4K/month to retirement.
If that's not enough in 22.5 years including the nest egg I have now then so be it. I know I'm save boatloads more than most in my age group.
If I had enough money 3-4 mil to retire I probably would. But see as I don't I'll have to keep working.
Yes I contribute a very good amount to my retirement. Max out 401k, get 16% into the defined benefit fund and then about 900/month with my own after tax money (index funds -Vanguard). All together that totals about 4K/month to retirement.
If that's not enough in 22.5 years including the nest egg I have now then so be it. I know I'm save boatloads more than most in my age group.
#30
Line Holder
Joined APC: Jul 2014
Posts: 79
Rick, define "fund your retirement accounts fully".
If I had enough money 3-4 mil to retire I probably would. But see as I don't I'll have to keep working.
Yes I contribute a very good amount to my retirement. Max out 401k, get 16% into the defined benefit fund and then about 900/month with my own after tax money (index funds -Vanguard). All together that totals about 4K/month to retirement.
If that's not enough in 22.5 years including the nest egg I have now then so be it. I know I'm save boatloads more than most in my age group.
If I had enough money 3-4 mil to retire I probably would. But see as I don't I'll have to keep working.
Yes I contribute a very good amount to my retirement. Max out 401k, get 16% into the defined benefit fund and then about 900/month with my own after tax money (index funds -Vanguard). All together that totals about 4K/month to retirement.
If that's not enough in 22.5 years including the nest egg I have now then so be it. I know I'm save boatloads more than most in my age group.
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