How do people afford...

qnsblvd · 07-19-2009, 12:24 PM

Quote:

Originally Posted by ZKindaGuy

I doubt if loans are being taken unless it is done against their retirement 401K investments. No bank is going to loan money on an asset that is viewed by them as a liability rather than an asset. Particularly after the wall-stree and bank debacle era we just experienced last year.

So I would say 99% of those doing the high-cost mods are borrowing out their azz in some fashion and ther other 1% can actually afford it without a problem.

And anyone who claims they can easily make such mods are just plain lying out the ying-yang.

Then when you get in over your head, just declare bankruptcy and start over. Nowadays, I'd be real surprised if banks were tripping over themselves to hand out $15,000 unsecured personal loans and if they do, the rates are 15-20%. Just pay cash. Or put it on your card, get the points, and pay the balance off in full at the end of the month.

hellogoodbye · 07-19-2009, 12:42 PM

Quote:

Originally Posted by Roo

whoa whoa whoa, so you trade stocks yet your asking us if you should get a loan at 10-13% to get mods for your car?

Out of curiosity what are some stocks your invested at right now and or looking at? How much is in your portfolio? Day trade?

day trading yes. portfolio is newhere from 110-115k atm.

ok these r the stocks i bought and sold and the times that i bought and sold from the 18th to the 19th
LNC - buy - 12:33 pm 6143 shares @ 15.95 = 97,980.85 jun 18th
LNC - sell - 1:42 pm 6143 shares @ 15.99 = 98,226.57 jun 18th
WFC - buy - 10:18 am 1682 shares @ 23.66 = 39,819.78 jun 18th
WFC - buy - 10:23 am 2451 shares @ 23.62 = 57,892.62 jun 18th
WFC - sell - 11:23 am 4134 shares @ 23.74 = 98,141.16 jun 18th
CCL - buy - 11:28 am 3920 shares @ 25.08 = 98,313.60 jun 18th
CCL - sell - 12:33 pm 3920 shares @ 25.09 = 98,353.80 jun 18th
MSFT - buy - 9:40 am 2475 shares @ 23.51 = 58,187.25 jun 18th
MSFT - sell - 10:23 am 2475 shares @ 23.47 = 58,088.25 jun 18th
MSFT - buy - 10:11 am 4232 shares @ 24.17 = 102,287.44 jun 19th
MSFT - sell - 11:23 am 4196 shares @ 24.23 = 101,669.08 jun 19th
MSFT - sell - 11:43 am 36 shares @ 24.17 = 870.12 jun 19th
SIRI - buy - 9:40 am 101881 shares @ .41 = 41,771.21 jun 18th
SIRI - sell - 10:10 am 101881 shares @ .39 = 39,733.59 jun 18th
CI - buy - 3:23 pm 4167 shares @ 23.65 = 98,549.55 jun 18th
CI - sell - 9:58 am 4167 shares @ 24.92 = 103,841.64 jun 19th
KMX - buy - 11:28 am 6847 shares @ 14.96 = 102,431.12 jun 19th
KMX - sell - 11:43 am 6847 shares @ 14.89 = 101,951.83

Quote:

Originally Posted by edeeZee

You ever see those used car ads like: 1994 Mazda RX7 or 1996 Supra TT with over $50,000 worth of mods, got all receipts and service records, even dyno sheets. Spent over $90,000 including price of car, will take $35,000 OBO need money soon, just got married, bought first home, child on the way, etc.?

But you see these same cars in the ads month after month after month while the asking price drops in increments.

Can you say PYRRHIC VICTORY?

yes ive seen that before, but unless i have a seriously bad trade and my 100k+ drops to like 10-20k i wont have to sell this car

also im paying out of state tuition at tx state, insurance, food, credit cards, and well everything else.
oh and car was paid for in cash so theres no monthly payments on that

EDIT:

Quote:

Originally Posted by Robert_Nash

I see "welcome to Wal-Mart" or "would you like fries with that" in your retirement future.

Quote:

Originally Posted by Robert_Nash

Amen

Im currently in school to get my MBA so i doubt id ever work for walmart or any fast food place. also im making great money with the stocks (for now) so i might not need a fulltime job. its not guranteed but im making 5-20k a month (yes i have losses but overall im + every month) and the more money i make the more i can invest with so i make more. so maybe ill get a job to keep me busy but for now im gonna keep doing stocks til it doesnt work nemore

Roo · 07-19-2009, 04:30 PM

Quote:

Originally Posted by hellogoodbye

Im currently in school to get my MBA so i doubt id ever work for walmart or any fast food place. also im making great money with the stocks (for now) so i might not need a fulltime job. its not guranteed but im making 5-20k a month (yes i have losses but overall im + every month) and the more money i make the more i can invest with so i make more. so maybe ill get a job to keep me busy but for now im gonna keep doing stocks til it doesnt work nemore

I call BS on your $5-29k a month. how about a screenshot of your portfolio?

hellogoodbye · 07-19-2009, 06:38 PM

Quote:

Originally Posted by Roo

I call BS on your $5-29k a month. how about a screenshot of your portfolio?

scroll up and look at my trades from the 18th an 19th of june. do the math i made 5k profit on a single trade idr what my net gain was but trust me, day trading can make you lots. and i think u mean 5-20k. also if you dont believe me idc this thread isnt about me making money. i was asking a simple ? to get some advice which i got so maybe a mod should just lock this thread now

Roo · 07-19-2009, 07:02 PM

Quote:

Originally Posted by hellogoodbye

scroll up and look at my trades from the 18th an 19th of june. do the math i made 5k profit on a single trade idr what my net gain was but trust me, day trading can make you lots. and i think u mean 5-20k. also if you dont believe me idc this thread isnt about me making money. i was asking a simple ? to get some advice which i got so maybe a mod should just lock this thread now

Because if you were making $5-20k a month you wouldn't be asking if you should finance $12k worth of mods at 13%.

hellogoodbye · 07-19-2009, 07:55 PM

Quote:

Originally Posted by Roo

Because if you were making $5-20k a month you wouldn't be asking if you should finance $12k worth of mods at 13%.

once again thats not what im asking... i asked what most people do. also i would like an opinion b/c i use my money to day trade. if i payed it off outright id have less to use which means id make less. that would be the advantage of a loan in my case.

can u plz just stop posting on this thread? ur not answering the question which is the point of this thread ur simply being an annoyance.

Roo · 07-19-2009, 08:00 PM

Quote:

Originally Posted by hellogoodbye

once again thats not what im asking... i asked what most people do. also i would like an opinion b/c i use my money to day trade. if i payed it off outright id have less to use which means id make less. that would be the advantage of a loan in my case.

can u plz just stop posting on this thread? ur not answering the question which is the point of this thread ur simply being an annoyance.

I did answer the question, why would you pay 13% interest if your making that much in gains each month? Why wouldn't you just put 25% of yours gains a month away till you have enough? And if your making $5-20k a month your talking peanuts.

Roo · 07-19-2009, 04:40 PM

So how much did you start with in your portfolio? How did you acquire this money?

Robert_Nash · 07-19-2009, 06:24 PM

Quote:

Originally Posted by hellogoodbye

Quote:

Originally Posted by Robert_Nash

I see "welcome to Wal-Mart" or "would you like fries with that" in your retirement future.

Im currently in school to get my MBA so i doubt id ever work for walmart or any fast food place. also im making great money with the stocks (for now) so i might not need a fulltime job. its not guranteed but im making 5-20k a month (yes i have losses but overall im + every month) and the more money i make the more i can invest with so i make more. so maybe ill get a job to keep me busy but for now im gonna keep doing stocks til it doesnt work nemore

Well...it's not that I don't believe you but I'd at least practice those phrases now and then.

Good luck...I think you'll need it.

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07-19-2009, 04:40 PM	#8 (permalink)
Roo Base Member Join Date: Jun 2009 Location: Alta Loma Posts: 161 Drives: 2009 370z with nav Rep Power: 16	So how much did you start with in your portfolio? How did you acquire this money?