Live within your means!
- Thread starter diy_fun_uk
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My credit rating is the same. I only looked it up this year after Bulb Energy threatened that if I did not pay their increased amount it might affect my credit rating. "So what?" I said, before looking it up to see what it actually was.
My only debt is my Mortgage, and that's enough (although monthly payments down to about 1/3 of what it would cost to rent my house).
Borrowing for any reason other than a mortgage when you do not need it is dangerous. If you need to borrow £25,000 for a new car, instead consider buying a £2000 car and saving up until you can afford an expensive one. By the time you have £25k in the bank, you might decide there are better things to do with it.
Of course I am and having read through a fair number of your rambling writings like the example below you are the last person to criticise my education. Practise what you preach. And BTW, since you ‘arrived’ on 26 Jan, I have posted a little more than 140 times only 2 or 3 of which were ‘aimed’ at you. There are people so addicted to exaggeration that they can’t tell the truth without lying.
Wrong assumption. The message was withdrawn for the simple reason that it added nothing to the topic of the thread! And since this message is also off topic, it will be my last contributton to this thread.Wrong login, thanks for the confirmation.
Finally, given that you have posted more than 2000 times since you arrived against my 140+, it would appear to some, myself included that you are trapped in a miserable world and that your only only escape is in your imagination on this and perhaps other forums. Walter Mitty and Forrest Gump were famous but fictitious predecessors. The final word is yours.
The same as mine.
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Debt is cheap (currently) as interest rates are low, and as Mottie’s friend said…if you can service the debt then there’s no issue.
Different story if you can’t!
I guess for many it’s a lifestyle choice, you can have something now (or something better) if you borrow and pay more with the interest and take the risk. Others would prefer to go without (or have something worse) but have the benefit of lower risk and not paying as much. Others can afford either way and make a choice.
Ps - does anyone have an Experian score that isn’t 999?!
Different story if you can’t!
I guess for many it’s a lifestyle choice, you can have something now (or something better) if you borrow and pay more with the interest and take the risk. Others would prefer to go without (or have something worse) but have the benefit of lower risk and not paying as much. Others can afford either way and make a choice.
Ps - does anyone have an Experian score that isn’t 999?!
Biggest trouble with debt is younger ones expectations they move out of their parents houses and want to have a house with everything in it that they have just left not realising or wanting to listen that it took years to get those things in most cases saving up and doing without till you could actually buy them outright . We had the next step up from a scrap yard car to make do the bedroom carpets were the off cuts from the living room carpet etc etc . i was mortgage free before the age of 40 and last lone i had was in 1986 and that was 2k for a car .
Sadly, many get into trouble as seeing debt cheap so borrow more and more until they lose htheir overtime/work break a leg or worse, divorce etc.
Always have a few k's in the bank and if and when you own your own home you always need at least 10k in the bank for a rainy day. Having money in the bank stops you from borrowing more and throwing money down the drain and yes, cut back if your income drops.
Mony makes money if you are wise.
Always have a few k's in the bank and if and when you own your own home you always need at least 10k in the bank for a rainy day. Having money in the bank stops you from borrowing more and throwing money down the drain and yes, cut back if your income drops.
Mony makes money if you are wise.
Sounds good. Where can we get some of this 'Mony' you talk about?
I think electric cars rather change the ownership model.
Im not sure what Tesla do in regards to batteries etc, but a new set of batteries is chuffing expensive.
My fear of electric vehicles is the charging network….it’s pretty carp at the moment, especially given there is no industry standard.
I think Teslas look amazing: yours looks stunning, you must be well chuffed. What’s it like to drive?
Money borrowed, always involves a large amount of interest to be repaid on top of the principle amount borrowed. If instead of borrowing, you do without what you intended to borrow the money for and instead invest it, it can then earn interest for you. Do that enough and you are much better off and able to wait for bargains to come along, because you have the cash to hand - a triple saving. On major items, you can often ask for and get a discount for cash too, try it it works. Money can make money, quite easily - credit never does.
My Dad was born in 1928, he used to tell me about rations: 1 hundred weight of coal a week, a tiny bit of cheese, a few squares of chocolate……
Thanks. It’s actually the other half’s car (although I pay for it!)
It’s an amazing vehicle. Very comfortable and super quiet inside - it’s a luxury vehicle. Although it’s the long range version and not the ‘performance’ one, it’s just as fast to 60mph as my TVR and it does it effortlessly.
The theoretical range is 330 miles, but probably more like 270 in normal world driving…which last more than a week for my other half’s commuting. Charging on the drive is hassle free and quick.
For long trips the car will map long journeys with suitable stop offs on the supercharger network.
Battery warranty is 7 years or 100,000 miles from Tesla.
For all that, my other half just likes that the car pre heats /cools itself at a set time on weekdays so no more scraping of ice in winter or super hot car in the summer.
I’d highly recommend test driving one, or any decent EV.
I guess some folks have never heard of debt leverage!
If you look into the business world, most businesses - even profitable ones - will borrow money to expand, improve, etc. Yes, there are tax savings for some businesses, but ultimately the use of debt sensibly allows people to achieve their goals…whether that be in business or their life.
If you look into the business world, most businesses - even profitable ones - will borrow money to expand, improve, etc. Yes, there are tax savings for some businesses, but ultimately the use of debt sensibly allows people to achieve their goals…whether that be in business or their life.
thanks for that, really interesting.
I like the pre heating. I drive a Ford with those screens with heating mesh - all very good, but the side windows still need doing, I tend to run the car for 10 mins before setting off….exactly what your Tesla does automatically, it really is a top feature to have
I’ve taken out business loans to invest in machinery - debt leverage most definitely works.
many of us have a mortgage: that’s also debt leverage.
taking out a loan for a world cruise…not so much
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