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Forum » Is this a good idea?
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Thread: Is this a good idea?

post 1633779613 03-14-2021, 10:38 PM
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Is this a good idea?

I realize the misc is the last place I should seek financial advice but here's quick cliffs.

I hired a financial advisor to help me sort my finances and spending.

He started by having me create a budget which I will do my best to adhere to

My goal short term is to eliminate my vehicle/motorcycle debt

After which I can start saving for a new house

I have 15K saved

My remaining principal on my bike is 13K

The car is 24K

Is it smart to nuke to 15K savings to pay off the bike then roll those payments into my car loan after the bike is paid off?

I wouldn't have much of an emergency fund which is my main concern or should I just budget and throw extra cash at my monthly payments?
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

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post 1633780333 03-14-2021, 10:49 PM
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Yes that sounds good. The interest you are paying on your vehicle loans is likely much higher than the interest you are earning from your savings. Paying off your loans first means you can save at a faster rate later on. Plus it's not like your emergency fund is vaporized when you use it to pay off your bike. If you run into an emergency you could sell the bike (which you may have considered doing anyways in an emergency even if you had the cash in the bank). Pretty standard financial advice to pay off those kinds of debts first before you really start saving. Creating a budget is a fantastic way to start controlling your money and keeps yourself honest. Most people are amazed at how much they spend on food each month once they start closely tracking their finances and budgeting things.
post 1633780433 03-14-2021, 10:51 PM
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What are the interest rates on your vehicle loans?

Probably not a bad idea either way with $37k in outstanding vehicle debt. It's a more conservative approach depending on interest rate, but it's guaranteed return on your $$$
post 1633780503 03-14-2021, 10:52 PM
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Originally Posted By CherryPopinski⏩
I realize the misc is the last place I should seek financial advice but here's quick cliffs.

I hired a financial advisor to help me sort my finances and spending.

He started by having me create a budget which I will do my best to adhere to

My goal short term is to eliminate my vehicle/motorcycle debt

After which I can start saving for a new house

I have 15K saved

My remaining principal on my bike is 13K

The car is 24K

Is it smart to nuke to 15K savings to pay off the bike then roll those payments into my car loan after the bike is paid off?

I wouldn't have much of an emergency fund which is my main concern or should I just budget and throw extra cash at my monthly payments?
Pay off the bike and sell it. Hopefully its worth 13k. If so you have lost 2k. You now have 13k in your hand for savings.

If you dump the 13k into the car it will cut your monthly payment in half but you have no cash on hand for emergencies.

Your interest on the car is probably 6 percent or less (im guessing) which isnt much in the grand scheme of things.

FHA loan for a house is 3 percent. So you need 6k for a 200k house + closing costs and inspections/attorneys/deeds. 15k might be enough to buy a house now in that price if you can find it.
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post 1633781013 03-14-2021, 11:02 PM
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Originally Posted By Majurbludd⏩
Pay off the bike and sell it. Hopefully its worth 13k. If so you have lost 2k. You now have 13k in your hand for savings.

If you dump the 13k into the car it will cut your monthly payment in half but you have no cash on hand for emergencies.

Your interest on the car is probably 6 percent or less (im guessing) which isnt much in the grand scheme of things.

FHA loan for a house is 3 percent. So you need 6k for a 200k house + closing costs and inspections/attorneys/deeds. 15k might be enough to buy a house now in that price if you can find it.
Well I don't want to sell the bike unless I absolutely need to for some emergency or something. I hardly ride it but I got raped by the dealer anyway.

MSRP was like 10-11K after it was all said and done my loan was like 17-18K So I've def taken a hit. It still has less than 500 miles on it though.
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

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post 1633781083 03-14-2021, 11:04 PM
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LOL @ "owning" depreciating assets.
post 1633781143 03-14-2021, 11:05 PM
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Originally Posted By ApeXXXPredator⏩
LOL @ "owning" depreciating assets.
Well how else am I gonna get around I can't Uber everywhere with my job.

Anyways I'm just gonna keep my car and modify it

The bike I really do need to try to ride more it's pretty much a garage queen RN.
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

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post 1633781293 03-14-2021, 11:09 PM
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Ordinarily, I would keep the $15k liquid in case Mr. Noseberg decides to randomly chitcan you, but you're a government worker with infinite job security lulz. Get rid of your high interest debt, then save.

Also, isn't the whole point of being a cop kind of an entrepreneurial endeavor? Can you shake some people down for bribes to create additional top line (untaxed!) revenue?
post 1633782003 03-14-2021, 11:24 PM
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get rid of bike that you don't even ride
post 1633782203 03-14-2021, 11:29 PM
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Originally Posted By littlecaesars59⏩
get rid of bike that you don't even ride
I admit it wasn’t a smart idea to get it, but I do want to keep it.

Plus if I sell it I’m taking a financial loss anyway then I wouldn’t even have the bike for when i would want to ride
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

-Socrates
post 1633783333 03-14-2021, 11:52 PM
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If you will save interest, do it.


Inb4 the army of betas come in saying buy bitcoin and GME
post 1633783443 03-14-2021, 11:54 PM
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Originally Posted By AlwaysFocus⏩
If you will save interest, do it.


Inb4 the army of betas come in saying buy bitcoin and GME
nocoincel spotted!
post 1633784213 03-15-2021, 12:10 AM
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Are you renting right now? Because if you are, I would continue to save for a down payment on a house ASAP. The car loans can wait, IMO. The bigger waste of money in this scenario is if you're throwing money towards an apartment.

How much are you paying this financial advisor for? If it's a lot, cut him out as well. You can literally track all of your expenses on a spreadsheet - takes 15 mins to do and some common sense (which I think you have) to determine what you can cut back on to meet your financial goals.
post 1633784793 03-15-2021, 12:25 AM
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Originally Posted By wutevs⏩
Are you renting right now? Because if you are, I would continue to save for a down payment on a house ASAP. The car loans can wait, IMO. The bigger waste of money in this scenario is if you're throwing money towards an apartment.

How much are you paying this financial advisor for? If it's a lot, cut him out as well. You can literally track all of your expenses on a spreadsheet - takes 15 mins to do and some common sense (which I think you have) to determine what you can cut back on to meet your financial goals.
I currently have a house and have made threads about my living situation in the past, which is why I am trying to save for a new place but the vehicle debt is standing in my way right now.

I also have the option to rent out my current house and live with my folks rent free. I refi’ed recently and co-own the house with my cousin he doesn’t wanna take his name off and I don’t have the money to buy him out. I doubt he’d want to sell either but we have gained some equity since moving in
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

-Socrates
post 1633785713 03-15-2021, 12:51 AM
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Originally Posted By CherryPopinski⏩
I currently have a house and have made threads about my living situation in the past, which is why I am trying to save for a new place but the vehicle debt is standing in my way right now.

I also have the option to rent out my current house and live with my folks rent free. I refi’ed recently and co-own the house with my cousin he doesn’t wanna take his name off and I don’t have the money to buy him out. I doubt he’d want to sell either but we have gained some equity since moving in
Ah man, the weird situation with your cousin is coming back to me.

Someone correct me if I'm wrong here, but if Cherry goes back to his parent's place to live rent free, rents out his current house and uses that money for his mortgage, wouldn't the rent offset the debt and it wouldn't be counted towards his debt to income ratio? It would turn into an investment property at that point - unless the bank needs a track record of the rental history for "x" amount of time before considering it as such (I imagine this varies from bank to bank). I think at that point, you would only need a down payment for a second home and you won't have to worry about the car loans as it'll be the only "debt" when the bank calculates your debt to income.
post 1633785993 03-15-2021, 01:00 AM
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Ever hear the saying don't cling to a mistake just because you spent a lot of time ($$) making it?

Sell the bike you barely ever ride. Even if there is a slight loss you now have 24k to work with. The longer you hold on to that bike the less valuable it will become.

Typical miscer, asks for advice, ignores any advice given.
post 1633786333 03-15-2021, 01:09 AM
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Sell the bike and funnel the savings for the payment on it towards your car. 6% interest isn't terrible but it's not something I would want hanging around either.
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post 1633793643 03-15-2021, 05:20 AM
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Don’t pay someone for basic financial advice.
post 1633805813 03-15-2021, 09:26 AM
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Not all of it but yes you should be paying down debt asap. Mind blown adults are missing basic concepts like this.
post 1633806633 03-15-2021, 09:37 AM
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Gotta sell the bike dude. Get another one after you've bought a house if you must. Way too much money for something you barely use
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post 1633807253 03-15-2021, 09:46 AM
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ill tell u a good idea yo

take ur vaccine, wear a mask, and social distance yo
post 1633809743 03-15-2021, 10:21 AM
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Bump, I’ll see how much I can get for the bike on the used market.

I really don’t wanna sell it thoughbut I realize it’s probably the most logical thing to do
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

-Socrates
post 1633810513 03-15-2021, 10:33 AM
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Originally Posted By CherryPopinski⏩
Bump, I’ll see how much I can get for the bike on the used market.

I really don’t wanna sell it thoughbut I realize it’s probably the most logical thing to do
It sucks but people in your financial position shouldn't have 13k toys sitting around.
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post 1633810613 03-15-2021, 10:34 AM
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well we tried to get you laid with a hot milf and we saw how that turned out.

So no OP, dont ask the misc for help
post 1633810663 03-15-2021, 10:34 AM
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Originally Posted By TBO1313⏩
It sucks but people in your financial position shouldn't have 13k toys sitting around.
I’ll be lucky to get 10K for it, I’m probably gonna have to cover the rest of the loan out of pocket.

I’m keeping the car though
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable.

-Socrates
post 1633811723 03-15-2021, 10:47 AM
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I think you're better off budgeting well and throwing more money onto your debts than using your savings up front. You'd be screwed if you run into a financial emergency and no longer have those savings to fall back on.

And as others have said, selling the bike might be a good idea. Gotta live within your means.
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post 1633811843 03-15-2021, 10:49 AM
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Originally Posted By CherryPopinski⏩
Well I don't want to sell the bike unless I absolutely need to for some emergency or something. I hardly ride it but I got raped by the dealer anyway.

MSRP was like 10-11K after it was all said and done my loan was like 17-18K So I've def taken a hit. It still has less than 500 miles on it though.
6k in interest for an 11k bike? U srs bro?
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