Debt and the Hunter

[Coopsdaddy]

Another reason i like this site is it seems most one here have a level head and have there shit together.Alot of other fourms are just full of idiots and tough guys.
Great post!

 

[Kilboars]

Debt free is a great feeling and I do notice lots of hunting gear I thought I had to have just sits in my garage now. I’ve invested a little each year into the stock market and keep my vehicles for at least 10 yrs and my wife is frugal as well.

The only debt I have now is in the form of a margin loan on my stocks that I’m lending out in hard loans.


Sent from my iPhone using Tapatalk

 

[lyingflatlander]

No debt here. Still shooting my Matthews Outback because it’s hard to replace a damn good bow for the latest and greatest. Don’t worry, I’ll replace it someday. It’s easier to buy a couple pieces of equipment every year then to go all in. Be methodical in your purchases, that takes time.

 

[TN2shot07]

I’ve been debt free except the mortgage for a couple of years and can’t see a reason to go back. I have worked my way into some nice gear that works for everything I do but it’s definitely not the best. I normally trade out a piece or two every season as extra money allows. The only thing I really miss is vehicles, always liked to trade but never did buy anything new.

 

[go_deep]

Fine line between you only live once and can't take it with you, and I don't want the government taking care of me when I'm older.

I personally think I'm in the middle somewhere small mortgage on the house, no other debts to anyone, no CC's, put 25% of gross income into retirement, but still can find money to go on family trips and buy some higher end hunting items. All on a single income family of 4.

 

[bozeman]

Proverbs 22:7..............

 

[ryjack70ss]

Fine line between you only live once and can't take it with you, and I don't want the government taking care of me when I'm older.

I personally think I'm in the middle somewhere small mortgage on the house, no other debts to anyone, no CC's, put 25% of gross income into retirement, but still can find money to go on family trips and buy some higher end hunting items. All on a single income family of 4.

same across the board. And not left wanting more. Pay yourself before paying others.

 

[ianpadron]

This is a really good thread and it's cool to see guys talk about personal finance.

I grew up in a middle class family in the Midwest where my parents were able to retire early because they saved, saved, saved.

Then I met my business mentor in real estate who taught me to focus on making a dollar instead of saving one, and to only finance appreciating assets. He likely makes more in a year than my parents have in their whole retirement portfolio.

I've combined the two approaches to best fit the goals of the wife and I, and at 28...we like our trajectory.

We're both big Dave Ramsey fans, but as I've learned more about wealth building strategies, I've come to realize that his recommendations are most applicable for your standard 9-5 W2 employee with predictable income. For example, good luck retiring before 59 1/2 by relying on your 401k or Roth...ain't gonna happen.

I think he scares a lot of folks away from ALL debt instead of teaching the difference between good and bad debt. One of them will cost you an arm and a leg, the other will make you rich AF.

Because of that, I think a lot of the ultra frugal folks miss out on some seriously awesome life experiences, because they begin to see money as something that is finite...when it is anything but...(insert woowoo abundance quote here)

My take: Life is too short to drive a truck you don't love or shoot a rifle that doesn't make you drool. That's where the focus on making a buck instead of saving a buck comes in. Cool things tend to start happening when you align your goals and your efforts.

Anyway, long winded way to say I'm stoked there are so many guys who are passionate about personal finance, and at the end of the day, everyone's approach is going to be a little different, but the end goal is the same...no stress and more hunting!

 

[Chefofthewoods]

My parents were the super saving types but idea was to invest in their kids. My parents were the lender to many of our first and second vehicles, and most first homes. So far as experiences yeah they didn't go to Alaska or tour Europe but spent lots of time with us all and their grandkids. We all have the pictures and memories and are better for it. I want that for my kids too.

I'm equal parts both working on earning potential while not spending on extravagance, toys, gambling etc. I routinely talk money, investment planning with mom she's a huge Ramsey fan herself and posts tips on my FB. I do things differently but for sure we kids had better opportunities than mom and dad as blue-collar raising 5 kids.

On the original topic, your debts can't outstrip savings and many people won't put off gratification to prioritize the long term plan. It's been 17 years since my first divorce almost ruined me and cutting spend was the first way to stay afloat.

COTW

 

[wingmaster]

I'm on track to retire at 50, and a big factor to that is I've been driving the same old car for almost 20 years. Not having an expensive truck payment frees up so much cash to buy high-end gear, save, travel, and buy other things that I want. Wish I had a nice truck though.

 

[jlh42581]

I wanna send this back to the top just because of how close we are getting to season. I feel it in myself of wanting things I really dont need. Maybe ill buy them at some point this year, I can buy damn near anything within reason but I question if I should and so should you. Walked into sportsmans warehouse with a gift card Ive had since my 40th birthday in April and walked out empty handed. In that entire store I couldnt find anything I really needed. More bass fishing, trout fishing, archery, rifle and camping shit then I could ever use in the next fifty years already... but I still... want stuff.

 

[TexDoc]

Great thread. I've been a Ramsey follower for years and only have the mortgage left to pay on with a few years remaining. I was thinking about this just the other day...I started hunting with whatever gear I could cobble together, hand me down shotgun that had long since seen its prime, and the cheapest gear that I could find when I absolutely needed to buy something. The ammo and arrows were whatever the only "mom and pop" sporting goods store in town carried, When I look back on those early days the hunts were just as memorable, probably a hell of a lot less comfortable, but I was hunting so I was happy as could be. Now that I can afford "better" gear, it adds comfort and ease, but it's still the hunting that brings me back in the woods year after year. My 2 cents...absolutely no debt for hunting, you might want it but you almost certainly don't need it. My KUIU down jacket never dropped a buck, I did. My Hoyt bow has never killed a bull that a less expensive bow couldn't have dropped in the practiced hands of someone who practiced. The hunter is complimented by the gear but it doesn't make the hunter.

 

[tdhanses]

I'm on track to retire at 50, and a big factor to that is I've been driving the same old car for almost 20 years. Not having an expensive truck payment frees up so much cash to buy high-end gear, save, travel, and buy other things that I want. Wish I had a nice truck though.

No way I’d retire at 50, i’ll work till the day I die, just not a corporate gig.

 

[BFR]

Believe it or not, my wife and I deliberately allowed our credit card debt to get pretty high. We gave our granddaughters the opportunity to compete in the Toddlers and Tiaras pageants, lot of travel, lots of expenses but also lots of fun and learning experiences. When they stopped working hard, we stopped the trips, lesson one, no work, no benefits. Some friends invited them to come to the local BMX track, they had a blast. It was 2 days a week locally for a few months then 2 of them began to lose interest and dropped out. One granddaughter was having a blast which was really funny as she had just a few months earlier had learned to ride without training wheels. Short story, she took a yard sale bike and won State Championship in her age group and second in Gold Cup series. She worked and we started taking her on more out of town races and ended up on the National Circuit riding a custom race bike. For 2 years she held the State title, Gold Cup Champ and was in top 25 nationally. Every race, every trip was a learning experience. She learned how to fall hard and get back up to finish, how to win and lose gracefully. To us it’s money we’ll spent. She ended up seriously injuring her ankle and had to stop to heal up but never got back into racing again.
Crazy huh? Now we had to pay off the cards. We own a house in Cali that we rent out and one in Montana and between them have substantial equity plus a very good retirement, Social Security VA disability and a few bucks in investments. We refied both houses, lowering both payments, used them couple months of no mortgage payments and a small cash out to pay off the majority of the cards, got 0% balance transfers for the rest then set up equal payments for those so they’re payed off before the timeframe ends. We also increased payments on both cars and got them paid off early so payment wise we only have the mortgages, food, insurance and a couple 0% cards, less than 20% of our monthly income.

Don’t get me wrong, I do not recommend this for anyone else but for us family is the most important thing. Worst case scenario we could have sold the Cali house and still banked some of the equity but we went into the whole thing with a plan and the wherewithal to follow thru. From a strictly financial standpoint what we did was wrong, for us it was worth it, memories with the grandkids, lessons they learned friendships that still follow them were well worth it.

 

[Doc Holliday]

No way I’d retire at 50, i’ll work till the day I die, just not a corporate gig.

Agree. The problem with retiring early is all your friends will still be working. I took a couple of years off in my late 30s and was bored out of my mind. I think the key, no matter how much hay you have in the barn or how old you are, is to keep working doing something, but do something you truly enjoy.

 

[isocyanate]

For me the goal is freedom, not the need to retire early. Some time off to travel sounds pretty killer, but I can’t see being truly retired at 40. What do you do? Lol. But if we want to go take a month to fish for salmon in kenai, hike patagonia, or travel Italy….We can go even if it means a change in employment status….

I realized a few weeks ago that all I have to do is not touch my 401k to have plenty in late retirement (70 and on). Really changes the outlook on work. Eventually, I want to go part time and do other stuff with my one life

In the meantime, plan to use debt as a tool that moves life experiences up in time. Discipline is freedom in this case.

 

[go_deep]

Can't speak for everyone on here when it comes to retiring early, but if all goes well I'll be able to at 50. I just want the option to do it, so if things go south where I work, I don't have to stick it out, some amazing volunteer opportunities come along, I can go do that, I just want the control of my time.

 

[hunterjmj]

My wife and I have worked hard the past couple years to be free of debt with the exception of our mortgage. I could work just about anywhere now and still pay all our bills now. Thankfully I have a great job that pays good with great benefits but if things went south I could pay our bills on Walmart salary. That freedom alone is worth not having the latest pickup or whatever new stuff the neighbor has.
One thing I've learned over the years is having extra cash in the bank is a life saver because unexpected things always come up. Two weeks ago we found out we had to buy an iPad for our daughters school. In years past that would have been a major hit on us and now can just pay cash and it's no big deal.
I buy 1 or 2 nice hunting things a year but I usually start saving after hunting season and pay cash when I've saved up enough. Family and household obligations have to be taken care of first before I'll buy new gear.

 

[bozeman]

Debt free other than a mortgage isn’t debt free- just keep that in mind……..debt free is NO debt……..it’s like saying my pack only weighs 25 lbs, but that doesn’t include water, food or weapon…..then your pack doesn’t weigh 25lbs…..

 

[FLATHEAD]

LOL, Great thread. I just bought myself a Crosman 1322 pellet pistol. My son said to me "You could buy ANY gun you want and you bought a Pellet Pistol?"
I told him I didnt need anymore guns, what I needed was more fun: more hunting, more fishing.