Debt and the Hunter

Wolverines1

Junior Member
Joined
Jul 9, 2020
Messages
27
Considering I own a finance and insurance company, I’ll save the pages and pages of text I can pop off on this subject. The truth is, majority of American families are in debt, in prepared for retirement and losing the tax game, therefore have an extremely difficult time saving any amount of money.
 

LivetohuntID

Senior Member
Rokslide Sponsor
Joined
Jul 5, 2018
Messages
799
Location
North Idaho
I will be in uncharted territory this next year. I will still be working full time at my day job while trying to grow my business with my business partner.

On top of this, I have a weird opportunity that my parents offered my wife and I. I'm an only child and my dads retired and they have everything paid off. My mom just works because she gets bored. They are tired of living in the "snow belt" in North Idaho and recently bought a 5th wheel. they will be buying a house somewhere in a warmer climate.

They want to be able to come back to there house in North Idaho and live in the 5th wheel in the summer months. With how crazy the housing prices have gotten here we could easily get a loan for well over a 500k house, but thats ridiculous, and doesn't get you anything except a mobile home if you want some acreage. My daughter is almost 3 and absolutely loves running around there 2.5 acres, feeding chickens, throwing rocks at stuff...

So the plan is to buy my parents house from them at a very reasonable price, with the premise that during the summer months they will live in there 5th wheel in the back yard. And my mom would watch the kid for us while they were there too.

My kid will be happy living there and we can have farm animals for her. My wife will be happy cause its a nice place. I will be happy because both of them are happy! Also, he has a nice sized shop, with 3 phase power which is an ideal setup for running my machine shop out of! And I can shoot off the back porch.


As far as paying off debt would go.., My mom said it very lovingly 😂 . "we will seller finance, you pay us the monthly payment until we die, then you own the house anyways"

We will be keeping our current house as a rental, and even with me just doing as cash out refinance, the rent on it will be about 30% more than the mortgage.
 

Jsusic

Senior Member
Rokslide Sponsor
Joined
Sep 8, 2019
Messages
132
I can relate. Since I got married 10 years ago and had a couple kids my mindset changed. Now I am more concerned about paying off debt, saving more money and planning for the future rather than tying to impress my buddies with the fancy truck, brand new equipment that I really dont need. My purchasing habits are way more calculated.
 

Joey D

Newbie
Joined
Jul 31, 2017
Messages
4
Paid off a lot of debt besides 2 vehicles and trying to buy a home. Got a 4 year old, wife in school and my 2nd son is going to be here any day now. So buying the expensive gear is hard.
 

wind gypsy

Senior Member
Joined
Dec 30, 2014
Messages
3,971
My version is that it can be your passion but, it can’t be your obsession! You have to prioritize and make good “life” decisions first!

Couldn’t agree more. This is my biggest struggle and it’s not a financial problem, just a life priorities problem. That obsession can get in the way of a lot of important things.
 

jnor

Junior Member
Joined
Sep 25, 2016
Messages
15
Location
Alberta
Spend your time and efforts building relationships with those who are important to you, and sometimes even with those who are not. You can never have enough things in life. If you have a lifted truck, why not a newer one? Focus on the most important purchases first - buy a house before toys. If you use a credit card, you can't afford it.
 

Tbone58

Senior Member
Joined
Nov 10, 2019
Messages
106
Location
North Dakota
Congratulations on paying off the debt! Debt sucks and doesn’t have to control a persons life. I say take control of it and live it the way you want to live.
 

Wisco2020

Junior Member
Joined
Dec 3, 2020
Messages
10
I think Debt, other than a House or Biz is not good to have, instead of paying interest i want to try and make interest on my money so i can invest for my future and have more freedom and flexibility where i am not constrained by my PTO from my current W2 job.

A year or two of hard work can really improve most peoples financial situations.
 

spc7669

Senior Member
Joined
Aug 16, 2020
Messages
120
It’s really no different than a “best boots” or “best guns” thread. You gotta decide what’s important to you.
I only have a mortgage, 1100.00 a month with 10 years left, and even that irritates me. I hate owing anyone. I haven’t had a credit card in 20 years. I’ve been maxing out my retirement since my early 30’s.
I have a grown step daughter (who just bought her first car on her own with cash), but I was up front about wanting no more kids when I got married.
Freedom to do what I want is what spins my rotors and I live accordingly. I do not see how debt of any kind enhances my freedom.
If primo wool skivvies are your thing, finance away.
 

All American Boy

Senior Member
Joined
May 31, 2019
Messages
173
Location
Colorado
I think unnecessary personal debt is much larger than just bad choices. I see very few parents or high schools teaching kids about making money or investing. It's all about "follow your dreams".

Use your God given talents to provide for your family, and realize that money is necessary for survival, but it won't make you happy.
 

SecretSpot

Senior Member
Joined
Jul 20, 2020
Messages
116
Location
MT
Dont have kids, keep long term relationships to short (MGTOW), work 80 hours a week, work 9 months a year, never use credit cards, prioritize loans and pay them OFF, then buy everything/anything you desire is my philosophy. I'm curious how many of you have divorced and what that cost you, lets hear it.
 

MokeBerserker

Senior Member
Joined
Feb 26, 2020
Messages
199
Debt can be good if used correctly, and its where I disagree with Dave Ramsey unlike most people. If you have a 2% mortgage, why pay it off faster when that extra money can be earning 5-10% on the low end?? You are actually LOSING money by getting out of debt then... Low interest rate money is called “free” money. Put your money to use wisely. Most people honestly are clueless about finances and dont understand leverage, compound interest, and opportunity cost. Then wonder why the guy in “debt” got ahead...
 

TTSX180

Senior Member
Joined
Jan 11, 2018
Messages
143
Location
Oregon
My wife doesn’t work we have a 15 year old 4 runner and debt free from hard work. No government money has paid our bills and we are free. Oh ya the children are doing great without us paying for their future.
 

rayporter

Senior Member
Joined
Jul 3, 2014
Messages
3,085
Location
arkansas or ohio
i get the leveraging but man what a feeling to say "debt free"

i was talking to my broker about home interest and how i am making 3 times what mortgage rates are friday. i want to move but going back into debt is hard to take.
 

EastHumboldt

Senior Member
Joined
Nov 14, 2020
Messages
230
Debt is economic slavery. (Of which there are many forms BTW). I hunted and fished for many years with not very good not very expensive gear and a decent but not spendy rifle. In fact the pants I’m wearing in my avatar are tractor supply co $29.99 canvas work pants. I killed plenty of bucks and caught lots of fish. My cheap fun was probably just as fun as somebody else‘s spendy fun. My only debt is a mortgage and a car payment. If you can pay cash for that nice gear and it’s not coming out of your retirement fund or the kids college fund go ahead. If not figure out how to do it on the cheap.
 

actionshooter

Senior Member
Joined
Feb 25, 2012
Messages
652
Location
Wa
I was deep in debt and hunting was a huge factor... not just buying decent gear, but month long trips to AK and many other places.... I wouldn't trade my experiences, but now (after paying for years) that I have everything paid off but the house.... No way I will be doing that again.
 

Robster

Senior Member
Joined
Jul 14, 2016
Messages
127
Location
Central NY
Dont have kids, keep long term relationships to short (MGTOW), work 80 hours a week, work 9 months a year, never use credit cards, prioritize loans and pay them OFF, then buy everything/anything you desire is my philosophy. I'm curious how many of you have divorced and what that cost you, lets hear it.
I'm divorced. Lawyer fees are very expensive. NY state laws have a formula used based on your income/spouse income to determine who gets support and how much support should be given. It all depends on the discrepancy between the two incomes. Same with child support.
 
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