I want money advice .

Great thread @bzinger !
Definitely watching this one....can't wait for more replies and thanks for the great ones so far.

 

If you can't pay cash full you can't afford it. Really that simple.

If you want to raise your credit score then just buy some preorder video games with a store credit card. Best buy gives you cash back +$10 rewards
Sell three a pop on eBay.
You make a couple bucks in the end.


Or if you have a thousand got get a CD then put that CD as collateral for a loan at any bank.

Another method is getting hotel/air mile credit cards and buying coins from the us mint. Just go cash them dollar for dollar. Boom pay bills minimum payments with the money you just cashed. Enjoy your free hotels/plane rides.

....raising credit isn't hard.

Just get it seasoned and don't pay it off too quick. Boom up goes the score.

You'll make more with a bucket of soap water and a brush during a day than you ever will driving a truck. I would never buy one. Horrible investment.

Get a little bit of money on ya and go buy a couple units at sheriffs sales cash money. Make money doing nothing.

 

To me good debt is taking a loan on a rental property to pay for another rental property and making more money because of it. Dave Ramsey would dick punch me.

Hey I don't care other ppl are paying for it!

Having 36 monthly incomes is way better than having 10 paid for.

8000<28880-5000 a month.

That's "good debt"

 

@Ruthless, Good debt would be like a mortgage on a rental property because the debt is actually making you money. Bad debt would be like a car loan for most people (or even a mortgage on your personal residence–just because you own something of value at the end of the mortgage, doesn't nessecarily mean it was the best path). Essentially, good debt makes you money while bad debt costs you money.

 

Good debt to me would be a low interest mortgage on a valued home. An 800 dollar a month mortgage is good debt compared to 1200 $ rent. A good low interest truck loan would be another example, assuming of course a guy is making better money as an o/o than he otherwise would but that's an entirely different discussion.

 

Taking out a mortgage to buy a home is usually considered good debt as well. Like student loans, home mortgages generally have lower interest rates than other debt, plus that interest is tax deductible. Even though mortgages are long-term loans (30 years in many cases), those relatively low monthly payments allow you to keep the rest of your money free for investments and emergencies. The ideal situation would be that your home increases in market value over time, enough to cancel out the interest you've paid over that same period.

An auto loan is another example of good debt, particularly if the vehicle is essential to doing business. Unlike homes, cars and trucks lose value over time, so it's in the buyer's best interest to pay as much as possible up front so as not to spend too much on high-interest monthly payments


http://money.howstuffworks.com/personal-finance/debt-management/debt1.htm

 

Years ago, when I got out of the Army, I lived in my truck. Single, I turned down loads only if I didn't have the hours to do them. Back then ..... I think it was the Jurassic period of trucking .... There were no 'condo' trucks, there were no mid roofs .... we slept in coffin boxes .... but it was better then the bench seat in the Army Deuce And A Half I left behind in the motor pool. Great inventions back then: Books on tape ( 8 track THEN cassette ), table phones at the truck stop, the KoolATron plug in cooler, and then a bigger bunk with 2 shelves ..... Yeah, I know, us old guys and our stories ....

Once every three months or so, I'd come home to Mom .... because it was Mom .... I didn't own a car anymore, or a home, or an apartment, I owned enough stuff to rent a small storage unit for $38 / month. Once a year, I'd check it out to remember what I owned and to leave post dated chq's.

BUT !! When I DID come 'home' .... I'd take a few more days off then normal and RENT a car AND a hotel room, and PARTY !! All write offs on income tax. Ask your accountant. AND I shopped around to find good corporate discounts based on my carrier !! They had an AMAZING corp discount with Budget and Super 8. All you need to do is ask someone in admin very sweetly .... JMHO

 

#### son corporate codes are currency.

All these smucks will give it out to you in hopes of getting that driver referral money.

Oh sir how is it at this company mine sucks...what's your company I'd for referral when I apply? ::writes down truck number and name to call in::

Done it so many times...still do it!

 

Back to original post, the Ramsey program works great for regular working folks but trucking is an entirely different animal. He wants us to put back that first $1000 and then snowball debt. You can work his program, but you'll need to make that first $1000 around at least 7500.00. If you need a motor or tranny you can always refinance your truck to pay for it. The main thing is to get rid of credit cards.

 

Credit cards are fine if you know how to use them wisely I pay mine off every month. in the end it's really simple one just needs to spend less that they make common sense.