Best ways to save money $

SouthArk370Z · 06-21-2016, 09:37 AM

Thought of another one: Don't go overboard when buying gifts. If you have to impress someone with the price of a gift, you don't need that person in your life. And vice versa.

If you buy me something for my birthday, I'd much rather have something cheap but personal (eg, a $2 trinket to go on my keychain that will remind me of you/us). Large amounts of cash will always be graciously accepted but not necessary to keep me as a friend.

scottIN · 06-21-2016, 10:00 AM

We spend money we don't have, on things we can't afford, to impress people we don't like.

And I'll have to admit that I was somewhat that way. I could afford the payments. I thought that was ok.

I was friends with Tim Durham, and man, I thought he had it all together. The house, the hundred cars, the yacht. I thought 'this dude is making it'. Then the economy collapsed. Turns out everything was purchased with debt. So he started 'borrowing' from one of his businesses, got caught, and is in federal prison for the rest of his life. He literally was on CNBC's Super Rich one year, and on American Greed a couple years later.

BrianMSmith · 06-22-2016, 10:52 PM

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.

scottIN · 06-23-2016, 06:42 AM

Quote:

Originally Posted by BrianMSmith

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.

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!

SouthArk370Z · 06-23-2016, 06:59 AM

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.

kenchan · 06-23-2016, 07:10 AM

Quote:

Originally Posted by old guy

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

Chuck33079 · 06-23-2016, 08:03 AM

Quote:

Originally Posted by kenchan

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.

It's not like there are a lot of people out there that make good money but like to save it.

jchammond · 06-23-2016, 09:14 PM

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.

Sent from my iPhone using Tapatalk

Rusty · 06-23-2016, 11:02 PM

Quote:

Originally Posted by jchammond

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.

Sent from my iPhone using Tapatalk

Spoiler · 06-26-2016, 06:39 AM

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...

old guy · 06-27-2016, 07:36 AM

the most they can say is no!

Quote:

Originally Posted by Spoiler

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...

Magic Bus · 06-26-2016, 08:38 PM

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

Pintsize725 · 06-27-2016, 02:28 PM

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!

cooltoy · 06-27-2016, 03:10 PM

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

06-21-2016, 09:37 AM	#1 (permalink)
SouthArk370Z Premium Member Join Date: Nov 2010 Location: South Arkansas Posts: 8,435 Drives: 2014 Challenger Rep Power: 324199	Thought of another one: Don't go overboard when buying gifts. If you have to impress someone with the price of a gift, you don't need that person in your life. And vice versa. If you buy me something for my birthday, I'd much rather have something cheap but personal (eg, a $2 trinket to go on my keychain that will remind me of you/us). Large amounts of cash will always be graciously accepted but not necessary to keep me as a friend. __________________ Steering Lock Links - Search The370Z Bookmarklet - FSM @ NICOclub Mankind has progressed past the need for war but we haven't evolved that far. - NachoMahma

06-21-2016, 10:00 AM	#2 (permalink)
scottIN Track Member Join Date: Aug 2011 Location: New Castle, Indiana Posts: 764 Drives: '12 370Z Rep Power: 56	We spend money we don't have, on things we can't afford, to impress people we don't like. And I'll have to admit that I was somewhat that way. I could afford the payments. I thought that was ok. I was friends with Tim Durham, and man, I thought he had it all together. The house, the hundred cars, the yacht. I thought 'this dude is making it'. Then the economy collapsed. Turns out everything was purchased with debt. So he started 'borrowing' from one of his businesses, got caught, and is in federal prison for the rest of his life. He literally was on CNBC's Super Rich one year, and on American Greed a couple years later. JARblue and Chuck33079 like this.

06-23-2016, 06:59 AM	#5 (permalink)
SouthArk370Z Premium Member Join Date: Nov 2010 Location: South Arkansas Posts: 8,435 Drives: 2014 Challenger Rep Power: 324199	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. scottIN likes this. __________________ Steering Lock Links - Search The370Z Bookmarklet - FSM @ NICOclub Mankind has progressed past the need for war but we haven't evolved that far. - NachoMahma

06-23-2016, 09:14 PM	#8 (permalink)
jchammond A True Z Fanatic Join Date: Nov 2014 Location: South Carolina Age: 59 Posts: 15,204 Drives: 13’ 370Z TS 7A/T Rep Power: 2684396	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. Sent from my iPhone using Tapatalk __________________ MazWorx built long block \| FI-TT-100 Stage 2.75 \| IPT built 7A/T http://www.the370z.com/members-370z-...s-musings.html

06-26-2016, 06:39 AM	#10 (permalink)
Spoiler A True Z Fanatic Join Date: Jun 2015 Location: Central Florida Age: 66 Posts: 8,409 Drives: 21 Supra -Blk/Red Rep Power: 2684381	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... old guy likes this.

06-22-2016, 10:52 PM	#3 (permalink)
BrianMSmith Enthusiast Member Join Date: Dec 2009 Location: secret Posts: 267 Drives: 370Z, Ducati 748S Rep Power: 17	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.

06-26-2016, 08:38 PM	#12 (permalink)
Magic Bus A True Z Fanatic Join Date: May 2012 Location: Honolulu Posts: 1,427 Drives: 17 6MT M2 Rep Power: 18756	Best way to save money? Take kenchan's advice, I did. Photoshop your mods! MagmaRed370z and old guy like this.

06-27-2016, 02:28 PM	#13 (permalink)
Pintsize725 A True Z Fanatic Join Date: Jan 2012 Location: Austin Posts: 14,196 Drives: 2016 Mazda 6 Rep Power: 211846	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! cooltoy, cigarclifford and old guy like this. __________________ Tracie

06-27-2016, 03:10 PM	#14 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 14,009 Drives: 14 PW 370Z S/T MT Rep Power: 243724	Read the rest of the discussion and see that Canada banks look at it differently then US banks. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

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