Nissan 370Z Forum - Best ways to save money $

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Originally Posted by JARblue (Post 3501899)

My parents' kitchen remodel included installing an I-beam in the ceiling because they discovered the structure supporting bathroom above was not sufficient :eekdance:

We removed the wall between the kitchen and dinner room. We had to put a beam up because the wall was load bearing.

Good credit, you can get mortgages and auto loans for 3% interest, which is like free money because inflation is at least 3%. On a mortgage, your effective payment goes down by the inflation rate - assuming your income at least keeps up with inflation - over 10 years your effective payment is much lower than it started at. Keep your cash invested in equities instead of paying cash for a car or a mortgage - house prices typically grow at about the inflation rate, stocks do better.

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Originally Posted by BrianMSmith (Post 3503194)

That all sounds great - but you're not factoring in risk. And the market may average 11% or so, but look at 2008 when it was down 40%.

And I've been on both sides of it in real estate. Use to be a big believer in Kiyosaki & OPM.

Banks, brokers & others that make their money by lending us money have convinced us all that OPM is smart. But if you look at real numbers, it rarely works - or works for very long. They never talk about real world numbers - just what happens in a perfect scenario. I've done a lot of stupid stuff in my life, thinking I was sophisticated. Finally realized that the truly wealthy people don't do 'sophisticated' investing. Pay cash, keep it simple and use your income to build wealth. Again, going back to my buddy Tim, his estimated net worth was $200 million when he was on Super Rich. Know what it really was when everything was liquidated? -$50 million. He was poorer than you & me!

I acquired an odd lot of Northern Natural Gas stock worth less than $1000 in the late 1970s. Put it in dividend re-investment and pretty much forgot about it. The stock would rise and split, NNG merged with other companies and eventually became Enron, and I ended up with about $25K worth of stock. Paying for Daughter's college wasn't going to be very difficult at all. Yeah, right. I was prepared if the stock were to take a fairly big hit, but not for when it hit zero. Luckily, I had other investments and Daughter got scholarships/internships/&c, so it wasn't a disaster; but things got pretty tight a few times.

Not trying to scare anyone away from the stock market, just be aware that you can lose everything so don't keep all your eggs in one basket.

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Originally Posted by old guy (Post 3498208)

After reading a post about refinancing his Z, it got me to thinking about easy proven ways to save $ that we can pass on, to help others.

I was raised on the premis that if you can't pay for it at the end of the month you can't afford it!
There are always exceptions of course, mortgage, autos etc.
But in every circumstance you want to pay as little interest as possible!
That's why you pay off your credit card every month, 15 yr. home mortgage etc.
Interest paid gets you nothing, that said don't ever be afraid to say " I can't afford it now" you'll be a lot better off in the future, I promise.

What are your tips?

set ur goal get a job to match

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Originally Posted by kenchan (Post 3503312)

set ur goal get a job to match

Yes, the solution is to just get a better job. No one really cares about saving money if you make more. :rolleyes: It's not like there are a lot of people out there that make good money but like to save it.

Dang; don't know why I didn't think of this earlier.....A fresh set of muffler bearings will free up friction on the exhaust pipes & yield better mpg.http://uploads.tapatalk-cdn.com/2016...99a833dc4d.jpg

Sent from my iPhone using Tapatalk

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Originally Posted by jchammond (Post 3504019)

:icon18:

Heres my tip..... Don't pay the asking price, always ask for a discount. You may not get it, but you can ask... Questions are free...

Best way to save money? Take kenchan's advice, I did. Photoshop your mods! ;)

:iagree: the most they can say is no!

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Originally Posted by Spoiler (Post 3505279)

Heres my tip..... Don't pay the asking price, always ask for a discount. You may not get it, but you can ask... Questions are free...

I know you men won't do it but get the woman in your life to start couponing. Seriously. You may not save much on groceries (except boxed, canned and packaged junk food) BUT the savings on clothes, diapers, shampoo, bodywash, tp, cleaners, etc., are great!

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Originally Posted by cooltoy (Post 3498955)

No. Just keep the card for the offer period. Having several cards actuall lowers your ability to get credit, if you ever need it. The balance, even if you don't use it counts as debit against you.

WRONG. Having multiple, OPEN lines of credit shows well upon you as long as you can manage them well. The older the credit line the better. Closed lines of credit doesn't do your credit score any good. ACTUAL $ debt counts against you vs the maximum allowed for each line of credit. As long as you maintain them (I would guess) 25% or less in debt, you'll be fine.

Credit Karma is actually a good way to learn how credit works while looking at your own credit!

Read the rest of the discussion and see that Canada banks look at it differently then US banks.

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Originally Posted by scottIN (Post 3501829)

I follow the Dave Ramsey plan - no debt except for your house on a (max) 15 year loan. No credit cards - cash (or debit card) for everything.

I know a lot of posters said 'But I get X% cash back!' Well, the problem with that is that every study shows you spend more money using a credit card vs. a debit card. So to get your couple hundred dollars at the end of the year, it's probably cost you thousands. And as Dave says, he's never had a millionaire tell him 'Wow! Getting that cash back is what made me a millionaire!'.

Another thing that came up in here was 0% financing then investing the cash you would have paid. That works until it stops working. Let's say you did that on a zero down car. Two months later, the economy tanks, the market crashes, your investment is worth 50% of what it once was, and you lose your job. Oh - and you're upside down $5K in your car already. You can't make the payments or sell the car. Trying to arbitrage 0% / investing doesn't factor in risk. If you don't believe there is any risk, you should go borrow as much money as you can on your house, your cars - whatever - and put it into the market.

A year ago, my GF and I were doing ok - no problem making payments, went on vacations, went out all the time. But we had huge payments - mostly the cars. Doing the debt snowball, we're down to just one payment and paying it off @ $5K / mo. When we're done in a couple of months, you know where that $5K goes? In my pocket! So let's say I want a new(er) car. I can now save $20K in 4 months, add that to my paid off car, and have $45K for something new. And still no payments. We're already planning a vacation to Costa Rica for New Year's. Know how long we have to save up for it? One week. Because our only payment will be our house ($800 on a 15 year fixed).

I've sort of become a Dave Ramsey evangelist. When you understand what debt does to you, it all makes sense. Did you know that debt is the most heavily marketed product? Why? That's how car dealers, furniture stores, banks and so many others make their money. My banker has 3 Porsches. My debt paid for those. I understand that now.

My grandfather was an immigrant..He said "You have a choice. You can spend your adult life as a debtor or creditor" simple as that.