Last payment.....yes !!!
Registered User
Joined: Oct 2009
Posts: 2,736
Likes: 167
From: South West FL
Want real stress relief?
2008 G37 = Paid off
2012 M37X = Paid off
2012 Xterra ProX = Paid off
House = Paid off
Kids = done and through college
My wife and I sleep pretty good at night. Congrats though, not carrying a loan offers a lot of piece of mind. Plus puts you in much better shape for what's next.
2008 G37 = Paid off
2012 M37X = Paid off
2012 Xterra ProX = Paid off
House = Paid off
Kids = done and through college
My wife and I sleep pretty good at night. Congrats though, not carrying a loan offers a lot of piece of mind. Plus puts you in much better shape for what's next.
However, and purely for financial argument, if the interest rate is so low that the total interest charges can be easily dismissed as irrelevant, then holding a loan makes more sense than paying it off. The money can be spent or invested while you're living your life, rather than waiting for a pay-off date in order to access it.
It's just another perspective on loans for large ticket items, equally long-sighted, but with a YOLO consideration.
Registered User
Joined: Oct 2009
Posts: 2,736
Likes: 167
From: South West FL
Certainly true... peace of mind (not piece), and less hassle extracting remaining equity from a car when there's no outstanding loan tied to it. Both very valid objectives.
However, and purely for financial argument, if the interest rate is so low that the total interest charges can be easily dismissed as irrelevant, then holding a loan makes more sense than paying it off. The money can be spent or invested while you're living your life, rather than waiting for a pay-off date in order to access it.
It's just another perspective on loans for large ticket items, equally long-sighted, but with a YOLO consideration.
However, and purely for financial argument, if the interest rate is so low that the total interest charges can be easily dismissed as irrelevant, then holding a loan makes more sense than paying it off. The money can be spent or invested while you're living your life, rather than waiting for a pay-off date in order to access it.
It's just another perspective on loans for large ticket items, equally long-sighted, but with a YOLO consideration.
I think a message we probably both share is don't spend all your money, invest, prepare for the future as you can't depend on government and/or employer provided benefits to be enough or even be there at all. The future will be here faster than you think. So ask yourself do you really need those expensive rims, suspension, exhaust, etc. if you are not financially very stable.
Back to your regularly scheduled program
Fair perspectives, all of them.
I'm no YOLO disciple in practice, BTW. 20% of my income goes towards retirement. Expecting social security to be there is a gamble, however relying on it is kind of foolish, if you don't have to.
I'm no YOLO disciple in practice, BTW. 20% of my income goes towards retirement. Expecting social security to be there is a gamble, however relying on it is kind of foolish, if you don't have to.
