skegpro
Active VIP Member
Hmm wish I could pay cash for million dollar machines.
Definitely not as much money in farming compared to logging obviously.....
Bankruptcy questions
- Thread starter kingcat162
- Start date
Definitely not as much money in farming compared to logging obviously.....
I bought my pickup in 2014, and I thought I paid a lot despite it being a necessity for my business, I can't believe how many brand new ones you see around that are just grocery getters, such a waste of money. I considered spending $100k on a dump truck last year, so glad I bought a old one for cash and into it for about $20k. It might not be pretty but it gets the job done just as well, and if it's slow I don't have to work it because it ain't costing me anything to sit. The feeling of owning things and not paying a bank makes them so much better. My track hoe is the last thing I owe on, and I couldn't be happier when after 17 more payments I will have that extra $2300/month. Almost spent $45k on a new half ton recently until it hit me, it will see like 15,000km a year, what a waste of money. Waiting until the dust settles on this whole virus then i'll spend about $15k cash on one that'll do just fine.
When it comes to houses I am the LAST one to talk though. 5 years ago I built a massive place on spec that i've been living in since that's been draining so much money, i'll be so happy when I sell it. It's not everything it's cracked up to be, i'll be just as happy living back in my rental that's worth half the price. Then again, it's probably because a 5000 sq/ft house for 1 person is beyond insane
There's a big difference between financing equipment that makes you money compared to a sled, or a $70k truck to drive around in and never work.
freeflorider
Active VIP Member
Only kind words to the guy in need here, no judgement. Money doesn’t loose value, its inflation/ markets that makes the dollar weak. putting your money to work buying campers, pick ups and toys are not good investments especially stretching it over 5,6,7 yrs. If a person had 5 million invested and the market drops 50% he would still have 2.5 mil to work with and maintain payment on there investments. Maybe I’m thinking on a different level but if I saved $10k in a jar over the last year I’m pretty sure it’s still worth $10k today, but if I’m wrong I stand corrected. I’m pretty sure the guy that needs cash and sells me his toys, property or equipment for 50 cents on the dollar its like doubling down. Picked up something for half it’s value and I’m still left with half my tin can savings. Looks like my money just made a great rate of return and trust me the deals out there will be good.
Everyone has a plan for there money but to say saving some money is worthless I’m not to sure.
freeflorider
Active VIP Member
Please re read, mr stomping didn’t mention anything about paying off million dollar equipment for cash. Don’t get misinformed logging doesn't pay well, just read into it and see how many contractors and mills closed this year alone. We are all pulling on the hind one.
Mike270412
Golden Boy
The dictator wants the entire population indebted to him as soon as possible.
S.W.A.T.
Active VIP Member
It's good debt vs bad debt. Good is financing a machine or something that works and covers the payment, insurance and maintenance plus adds cash flow. Bad debt is typically considered consumer debt. Financing a cellphone over 3 years that only goes down in value. Consider assets vs liabilities. Anything that makes $$$ is a asset, anything that costs $$$ is a liability including your home.
There is a balance - unfortunately many don't / won't / can't achieve it. Debt is easy when times are good and rates are low ... easy to get over extended as many figure the good times will always last. Been through 18 %+ interest period so times are much easier with low rates.
Lots of people in low wage industries that can't really get ahead so hard not to sympathize. Re current situation its not simply a slow down in one sector or one country - its wide spread.
In our company it's likely going to be 12 to 15 months from now before we have revenue. The 2020 travel season is poised to be a complete write off. With distancing requirements we wouldn't likely even be permitted to operate. Luckily we're well positioned. Have to little debt, decent cash reserves because we didn't go overboard in the good times. So we can ride it out if forced put but won't be much use if the remaining economy is in tatters when this settles out. Gov't does not have much choice other than to do a major broad based bailout otherwise a depression would be inevitable.
Lots of people in low wage industries that can't really get ahead so hard not to sympathize. Re current situation its not simply a slow down in one sector or one country - its wide spread.
In our company it's likely going to be 12 to 15 months from now before we have revenue. The 2020 travel season is poised to be a complete write off. With distancing requirements we wouldn't likely even be permitted to operate. Luckily we're well positioned. Have to little debt, decent cash reserves because we didn't go overboard in the good times. So we can ride it out if forced put but won't be much use if the remaining economy is in tatters when this settles out. Gov't does not have much choice other than to do a major broad based bailout otherwise a depression would be inevitable.
pfi572
Active VIP Member
Hey look 
Caper11
Active VIP Member
Hey look
19.99% interest after the 11months?
pfi572
Active VIP Member
Who cares I got it and look at me
Caper11
Active VIP Member
New 175 for you???
skegpro
Active VIP Member
pfi572
Active VIP Member
I think I will get a couple and grab this to haul them .
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snow_farmer
Active member
I feel for ya. Noone deserves to lose there stuff but to have bought a truck and trailer 6-8 years ago and still making payments on it is irresponsible. I am fortunate and have a very good (what I think is secure) job and I still live very much within my means with a 6-8 month rainy day fund just incase. Sure I could have two brand new vehicle payments, a million dollar house/acreage, a brand new sled every year and be ridden with debt but why. Everyone's situation is different and I agree, there's a lot of people in this world who are dealt ****ty hands and I feel for them. But when you talk to people who complain about rent but they have a 1200 a month vehicle payment and a brand new sled sitting on a trailer out front it really makes a person think. I know one family who had an extra $60 dollars in their budget so they went and financed a brand new computer for $45 of it.
Lots of good people kill themselves over stupid sh!t like this.... it’s just not worth it. Wish the best for everyone.Never be to proud to ask for help or lose sleep over money or debt,it’s all just bull eh!t
S.W.A.T.
Active VIP Member
In all seriousness talk to a professional, try to consolidate if possible then sell to pay down the consolidation loan. Keeps your credit going and no wage garnishment.
Just remember to pay the consolidation loan off prior to taking on more debt
Just remember to pay the consolidation loan off prior to taking on more debt
fj40
Active VIP Member
You can't change the past but you can learn from it.
I went through the same thing back in the 80s
Had all the toys financed to the max, then things got tough.
I got though it by making hard choices and so will you.
Some good advice as to get credit counseling the difference between wants and needs.
Some not so good as should of, would of , could of.
Not going to help at this point.
There will be a light at the end of the tunnel.
I went through the same thing back in the 80s
Had all the toys financed to the max, then things got tough.
I got though it by making hard choices and so will you.
Some good advice as to get credit counseling the difference between wants and needs.
Some not so good as should of, would of , could of.
Not going to help at this point.
There will be a light at the end of the tunnel.
Hey kingcat sorry to hear about your situation. If you actually considering bankruptcy make u rack up as much unsecured debt as possible because that disappears as there is nothing to repo lol. Seriously I know nothing about how to handle that but it seems like some knowledgeable people hear pointing u to professional help and that seems like a good idea. If your serious about selling your truck PM me some details. Hope everything turns around cause we are all sick of this mess the world is in.
Stompin Tom
Active VIP Member
Personal purchases my friend, personal. It makes no financial sense to pay for major business purchases with cash, far smarter to use the banks cheap money for that.
As for money in logging? There is big money, but there are also big expenses and high risk. I know far more who have left the industry broke than rich.
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