My personal code....

[Bob Wright]

On another forum, a man was bemoaning the fact that his "dream gun" was on GunBroker and he did not presently have the money to bid on the gun. Also his finances had some future expenditures that demanded prudence. And other correspondents offered suggestions as to how he might swing some sort of deal, all of which he was reluctant to follow.

I've been in that situation myself, not only for a gun, but for a sport vehicle.

I passed up those deals, and asked why, my reply is this:

"I won't do what I don't want to do in order to buy that item."

That's a tenant of the code I live by, and I will stick with that. Better to pass up a deal than to compromise my personal code.

Bob Wright

 

[Fox Mike]

Great way to live. We never buy anything with the possible exception of an auto or other very high cost item, that cannot be payed for by the end of the month. Never go against personal principles.

 

[protoolman]

Heck that's easy for me. I'm proud of the fact my grandma once said my grandfather never paid full price for anything in his whole life. She then said I of all the family members was just like him. I pay cash for most things and am always willing to walk away if the deals not right. Dream guns or cars for me are just that dreams. No need to spend money you don't have. My " dream" Single action is a .45 New model Blackhawk 4 5/8 I got in a 3 way swap for some diving gear I won. Start price Zero dollars, Set of factory fake Ivories missing the screw and bushings, 10$ , bushings added from my parts bin zero dollars. Bullseye Spring kit 15$? Perfect bluing and I smoothed up the action. Beautiful gun and I enjoy it as much as any gun I own. A rich man might change the barrel to octogon, case harden it and pay for a professional action job. Maybe real Ivories even. Probably pay $3000. Who enjoys their gun more? Probably a toss up. We both have beautiful guns. My dreams usually have little to do with money. Which is good cause I'm not trying to get rich. A good reliable Subaru beats out an unreliable Maserati for dream cars in my world.

 

[RSIno1]

My dad was a depression era kid. Taught me there is always a cheaper way and just walk away if you know you can't afford it. That served me well - rather than go in the hole to buy a left handed Weatherby 300 I created one with a Mauser action & barrel that had been reamed incorrectly for a 30-06. Barreled action $50. $80 to Pachmayer to ream chamber and modify bolt. $50 semi inlet French Walnut LH thumbhole stock.

 

[blackhawknj]

The old phrase is "living within one's means".
Years ago I read an article in the business section of The New York Times on "the changing attitude towards debt", it quoted the noted Wall St economist Henry Kaufman-"Nobody celebrates paying off the mortgage anymore."

 

[blume357]

I agree, but sometimes it's not that easy.... I've been spending money like crazy as of late... simple reason... to reduce the amount of taxes I will owe for this year. Only issue is I need to pay for it all before the end of the year or at least close to it.

 

[Mobuck]

When I was working, I tried to end the year BROKE knowing that there was a paycheck within a week or so to pay next month's bills. As Blume says, it's all about taxes.
Over the next 30 days +/-, I'll spend most of what I made this year(or have already done so). That's not difficult since I'm expecting a fertilizer and fuel bill of around $10K any day now. Maybe 'pre-pay' some seed and chemical bills if it comes down to the last days.
I haven't owed anyone or borrowed money since 2010 and if I dig up enough buried fruit jars could most likely pay cash for a new pickup but I'm NOT going to spend on such a foolish endeavor.

 

[contender]

As noted,, it's always best to "live within one's means."

That's not to say that using credit to get a necessary item,, or do something you desire is totally bad or wrong. Just make sure you can pay for it, and not place your lifestyle in jeopardy.

But,, also,, we all need to make sure we enjoy living life. To be so afraid of living that you save money & do without,, for that "just in case" or "for the kids," or whatever,, is also not enjoying yourself. Save money, plan finances to where you benefit,, (such as what Blume & Mobuck are doing,, and I as well, concerning taxes,) and make your money work for you.
Using a credit card AND paying it off before fees are applied is smart. Saving money,, investing some in various things, (keeping cash on hand, precious metals, solid stocks & using the dividends,) is a smart way to live as long as you also enjoy your life.

Nobody truly knows when our lives will end. We can plan for the future,, yet die today. We can enjoy life or worry too much about tomorrow. It's a balancing act.

Life is a journey,, enjoy it,, with all it's ups & downs. But make sure you can do the things you need to do,, and also do some things just for fun!

 

[Pat-inCO]

Neither of my two wives understood that. The first one ended up going bankrupt
four times, once SHE was the only one responsible for payments. The second one
was still in hock up to her eyes that last I heard (and from HER spending, not mine).

I paid off my '86 Pathfinder in six months, and have never had a car/vehicle payment
since (doing happy dance).

I took an early out from the company I'm retired from (thousands of us did that, at
the company's downsizing request). That got me a year's wage plus all of the
accumulated vacation (35 days). Took that and ALL the money I could (legally)
find and paid off my house in '92. - - - No house or car payment since.
(DOUBLE happy dance) - - - It was funny when I bought a new Nissan back in '04.
The salesman was really pushing me on finances. I said "no thanks", and he asked
how I was going to pay for the car. I said "Ill write you a check", and his eyes
almost bugged out of his head. He then asked if it was OK to check my credit
rating, and I said "fine". When he looked it up he asked if I wanted to buy all of
the cars at the dealership. :shock: . :roll: . 8)

Like many of you, I pay off my credit cards EVERY month (amazing how much
interest you save that way :roll: ). I also pay more than the amount billed (by
five to eight dollars per month). That really seems to get their attention.

 

[Kevin]

I don’t really have anything to add here. All great advice and ways to live. We also have done very well “living within our means.” Guns are a fun hobby, but if we have some big extra ordinary expenses coming up, the next gun on my list has to wait. We seem to do better with having set goals rather than a day to day budget. We are a family, but still, it works better to run the house like a business, and sometimes it’s a pretty cut-throat business. (Luckily the CEO hasn’t fired me yet… )We were just talking last night about a 5 year goal we have.

The stock market is going to go up today. Why? Because as the headline said:”People are undeterred by rising prices.” They are going to go spend money for the holidays regardless. Thanksgiving is coming up and with gas at an all time high in places around the country, I bet people still travel.

 

[Bear Paw Jack]

I like what Dave Ramsey says, " The paid off home mortgage has taken the place of the BMW as the status symbol of choice." And I believe that's especially true for people who are planning on retiring comfortably. Once I was totally out of debt it literally changed my life. Living within your means is critical for a life of means.