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Dec 30th, 2023
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 Re: Anyone else slow to make a major purchase?
[Re: Notaguide]
#14238175
01/03/22 06:07 PM
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Joined: Oct 2001
Posts: 7,260
Jon
TFF Celebrity
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TFF Celebrity
Joined: Oct 2001
Posts: 7,260 |
It took me 46 years but I just took delivery of my new boat. Congratulations! I hope you get lot's of enjoyment from it - sounds like you deserve it. 
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Re: Anyone else slow to make a major purchase?
[Re: machoblanco61]
#14238184
01/03/22 06:11 PM
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Joined: Jan 2013
Posts: 7,293
Scoundrel
TFF Celebrity
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TFF Celebrity
Joined: Jan 2013
Posts: 7,293 |
Yep
In 1982 my first car payment. A 10% interest-rate. In 1985 my first house carried an 8% interest rate. Hold on y’all it’s going to happen First house in 1980, mortgage rate 14%. ![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2022/01/full-77639-123286-8298b03e_d278_4b24_8e7d_b7a7f76e872e.jpeg)
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Re: Anyone else slow to make a major purchase?
[Re: Notaguide]
#14238189
01/03/22 06:15 PM
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Joined: Jan 2021
Posts: 6,163
Rescue Fire
TFF Celebrity
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TFF Celebrity
Joined: Jan 2021
Posts: 6,163 |
It took me 46 years but I just took delivery of my new boat. Well lets see it! I hope that you negotiated from a position of power!
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Re: Anyone else slow to make a major purchase?
[Re: machoblanco61]
#14238197
01/03/22 06:20 PM
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Joined: Dec 2003
Posts: 36,521
Allison1
TFF Guru
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TFF Guru
Joined: Dec 2003
Posts: 36,521 |
When the debt is low you can afford to have high interest rates.
If interest rates go up so does servicing the national debt. That is the main reason they keep printing money.
We cannot afford higher interest rates.
I just retired so I'm waiting to see how it goes. So far its looking pretty good but I have not bought a new truck since 1999 and my last boat was 6 years old when I bought it in 2005.
I don't plan on any large purchases but if I do I will pay cash.
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Re: Anyone else slow to make a major purchase?
[Re: machoblanco61]
#14238199
01/03/22 06:23 PM
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Joined: Dec 2007
Posts: 14,507
bloo_rainger
TFF Guru
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TFF Guru
Joined: Dec 2007
Posts: 14,507 |
My first house loan at 16% allowed me to pay back 307,000$ in interest on 80,000$ for thirty years.
my sons house at 3% will allow him to pay back 258,900$ on a loan of 500,000$ over thirty years.
so no, I have no compassion for anyone that wants everything for free.
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Re: Anyone else slow to make a major purchase?
[Re: Rescue Fire]
#14238298
01/03/22 08:07 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
It took me 46 years but I just took delivery of my new boat. Well lets see it! I hope that you negotiated from a position of power! I know a guy
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Re: Anyone else slow to make a major purchase?
[Re: Jon]
#14238300
01/03/22 08:08 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
It took me 46 years but I just took delivery of my new boat. Congratulations! I hope you get lot's of enjoyment from it - sounds like you deserve it. Thanks. Do I know you?
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Re: Anyone else slow to make a major purchase?
[Re: machoblanco61]
#14238307
01/03/22 08:11 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
What's going to drive the price of real estate down and why would that happen? Why would the interest rate go up by 3%? Politicians would be voted out en masse if they did something that destructive to home values. Inflation is driven by the mass printing of money by both Trump and Biden, not by a low fed prime rate. They'll probably raise it .5% in 2022, but that's not going to have a large impact on house prices.
90% of the world's millionaires got there by real estate - that investment isn't going anywhere long term. And there is no mortgage crisis to drive a short term crisis. House prices may settle back in 5%-10%, but they're not going to drop significantly.
As for the OP's question - I am very slow to make big purchases. I usually doubt them back and forth a few times. Very true, expect the fact that inflation is at nearly 40 year highs and when a loaf of bread begins to cost $5 the sh#t will hit the fan. Not since quantitative easing began in 2008, have we had any inflation to worry about and certainly not at these rates. All the idiots in Washington came up with this “great philosophy” of pumping cash to heat up an economy and we are currently at 1.25 debt to GDP ratio. The first time since World War II. The difference is during World War II we built things. Over the last 20 years we have just pumped cash into entitlement programs without holding anybody accountable. During World War II we taught people how to fish. In the last 20 years we just gave people fish. It could get bad especially when the national debt service outstrips the department of defense annual budget. They will have to raise rates to fight inflation or you’ll end up with the dollar beginning to look like Venezuela. The outcome either way ain’t pretty. Sidelines for me Dude you sound really smart. Have you thought about running for public office?
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