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No PADS here. Ever. (Finally!)

AuthorizedUser said:
I'm with you. By financing a portion of the boat, definitely not all of it, and opting for a shorter-term, and making additional principal payments I am able to easily afford a monthly expense while maintaining all of my savings, and only spend a very small amount on interest. That little amount of interest I spend is definitely worth keeping my savings untouched.
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OK, I give what the hack are "PADS"??>
 
M Jay Farr said:
OK, I give what the hack are "PADS"??>
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From what I've read, it means "Pulled Another Derrick Syndrome." Apparently, Derrick was a member who upgraded his boat (purchased new ones) multiple times in a brief period of time because he became enamored with bigger, better, newer, etc. He seemed to not ever be happy with what he had; he felt the need to upgrade (and probably not in a healthy way!).
 
Alicedream said:
Some of us pay cash for toys. Ni way i would finance a boat .
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Same with Alicedream.....hate payments and will pay cash when I can. But love the 0% deals.
 
AuthorizedUser said:
I'm with you. By financing a portion of the boat, definitely not all of it, and opting for a shorter-term, and making additional principal payments I am able to easily afford a monthly expense while maintaining all of my savings, and only spend a very small amount on interest. That little amount of interest I spend is definitely worth keeping my savings untouched.
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And... in many cases you can get your loan unsecured so even in a default you keep that pile of aluminum!

In my case I have paper that is yielding more than the interest in the loan, so it didn’t make sense to cash out to buy the boat outright. And I think cash is king right now during the pandemic - who knows how this all turns out, so in the meantime let the banks bear the risk while you keep your liquidity as Semperfi mentioned. Pay it off when the coast is clear.

Paying cash has its merits and certainly it speaks to having financial discipline and not buying beyond your means. But financing also makes sense for many especially when the cash is there. OPM can be a wonderful thing.
 
I like long terms, low payments, and then pay extra on every payment whether it’s $5 or $50.

Plus I can have more toys....

My brother scrimped, saved, busted his butt working non stop . Lived on a golf course, owned 2 motels in Myrtle Beach, has a huge 401K, but only took 2 weeks off a year to enjoy life. Had a stroke and now has early dementia at 60. I’m enjoying every minute of life while I can, cause tomorrow may never come.
 
AuthorizedUser said:
I'm with you. By financing a portion of the boat, definitely not all of it, and opting for a shorter-term, and making additional principal payments I am able to easily afford a monthly expense while maintaining all of my savings, and only spend a very small amount on interest. That little amount of interest I spend is definitely worth keeping my savings untouched.
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Being debt free is so liberating. I just could not do it.
 
Alicedream said:
Being debt free is so liberating. I just could not do it.
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It is Alicedream! Once my wife and I paid our house off in Virginia in 15 yrs. everything got easy! No mortgage meant literally socking away our paychecks and now our retirement checks! Sold that house and bought our house in NC cash. Maybe we should buy that Q! Ha!
 
SEMPERFI8387 said:
I like long terms, low payments, and then pay extra on every payment whether it’s $5 or $50.

Plus I can have more toys....

My brother scrimped, saved, busted his butt working non stop . Lived on a golf course, owned 2 motels in Myrtle Beach, has a huge 401K, but only took 2 weeks off a year to enjoy life. Had a stroke and now has early dementia at 60. I’m enjoying every minute of life while I can, cause tomorrow may never come.
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Sorry to hear this Semp. Reminds me of a friend I used to work with. Worked his butt off! Over time every week. Double shifts. All he talked about was retirement. I'm going to do this I'm going to do that. Had a heart attack at work and passed ......
 
Our boat is paid for and so are the cars. Only thing I owe on is about 40% of what my house is worth. With a rate of 2.65% we're putting a lot to it each month to pay it off asap. I'm not here to preach one spending/saving lifestyle over the other. My motto is, "I don't care how you live your life, just don't come to me to finance it"
 
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