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Old 02-12-2018, 01:06 PM   #16
Chainsaw
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Re: Newport Beach Boat Auction

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I've learned a lot from Dave Ramsey and you can't build wealth using debt, sorry Bob I disagree. 1000 in free cash a year is nice but it's not building anyone wealth. Avoid credit cards and pay cash! Your real estate advice is solid though for generating a passive income.
Ramsey is spot on.
But So is Bob.
My wife and I always pay off our credit cards at the end of the month, never carrying a balance and therefore no debt.
All our cards either give us miles for travel/vacationing or 3% cash back. We are going to spend this money monthly anyway so might as well profit off of the generous credit card offers. If I could I would pay my house payment with them but they don't allow paying a debt with a debt card.
That being said, if you are not able to or do not have the discipline to pay off your credit cards each month don't do it. But for us, free first class fights to Spain is a darn good deal for free, spending the same money we would spend anyway.
Also look for deals on new credit cards that will give you 30-50k miles just to sign up and then cancel the other card and start anew with the next one.
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Old 02-12-2018, 02:02 PM   #17
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Re: Newport Beach Boat Auction

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Ramsey is spot on.
But So is Bob.
My wife and I always pay off our credit cards at the end of the month, never carrying a balance and therefore no debt.
All our cards either give us miles for travel/vacationing or 3% cash back. We are going to spend this money monthly anyway so might as well profit off of the generous credit card offers. If I could I would pay my house payment with them but they don't allow paying a debt with a debt card.
That being said, if you are not able to or do not have the discipline to pay off your credit cards each month don't do it. But for us, free first class fights to Spain is a darn good deal for free, spending the same money we would spend anyway.
Also look for deals on new credit cards that will give you 30-50k miles just to sign up and then cancel the other card and start anew with the next one.
Yeah, you guys have a point. If it's for gas, groceries, clothes or whatever things you're going to buy anyway for the month as long as you pay it off before they charge you the interest is pretty smart. I mostly meant like long term debt where interest keeps accumulating.
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Old 02-12-2018, 05:59 PM   #18
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Re: Newport Beach Boat Auction

Think about this....Long Term debt (with lower payments) can enable you to buy a home (a positive equity buildup as you pay more and more principal payoff over time) rather than pay rent (negative cash flow and money down the drain). Plus the interest paid is deductible from your income, giving some tax shelter from Uncle Sam.
I love 30 year fixed loans when rates are low like now. Smaller payments from long term, give you some protection if the economy tanks. You can always pay more toward the loan payoff if desired...Me, I push it out as long as I can; as low as I can; refinance when rates drop and smile as my wealth grows from watching real estate go up in value over time and equity (from loan principal paydown) increase each time a payment is made. thereby, paying less toward interest and more toward principal payoff each month. Four percent 30 year fixed loans are a great deal at present...
...In 2018, home prices are projected to go up 5 percent...What is 5 percent of a $500,000 home loan? $25,000! What amount of interest will you pay on the loan over one year? Probably, around $18,000 when figuring in the amount of payments counting toward loan paydown...Result: a $7,000 increase in your net worth and no landlord to raise your rent each year. Over the years, your equity buildup will amount to many thousands of dollars compared to the 1 percent you earn by saving money rather than investing..
....Is OPM a gamble?...Sure, but, life is a gamble and those who take the chances are the ones who become financially secure over the long haul....Anyway, I will look up Dave Ramsey's columns and see if I can learn something new....Knowledge is gold.....p.s. went to the credit union today and the car came in at over $13,000 Kelly Blue book value...re-fied it at 125 percent of blue book or just over $16,000. I will pay off the $7,600 credit card bill before interest is due, receive some money back from the credit card company and walk away with $7,400 in cash, all for just 1.99 percent interest. If I reinvest the $7.400, I will make money from borrowing money (OPM ...What is the lesson here? Join at least 2 credit unions (non-profit if possible) and dump your bank. Banks are not your friend. They exist to take your money, earn bonuses at your expense and own you....Why 2 credit unions?..One may offer great rates on car loans while another may offer good rates on home loans....Many offer free checking and free cashier's checks....more savings over banks..

another useless Ballew platitude: "Wealth alone will not bring you happiness...But, .it brings security for your family and does a hell of a lot to reduce stress when the bills come due...."

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Old 02-13-2018, 09:30 AM   #19
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Re: Newport Beach Boat Auction

Sorry to interrupt the credit card and growing your wealth pivot of this topic, but Bob how are you finding all these auctions?
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Old 02-13-2018, 01:24 PM   #20
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Re: Newport Beach Boat Auction

A few useful sources: Auction.com for real estate going into foreclosure; look up various coastal cities that impound vehicles and boats that owe back fees (ex. Long Beach has vehicle impound auctions every other Tuesday, which also includes personal property and occasionally boats on trailers, rv's, motorcycles, etc. Pics are available online. Boat Angel.com has donated boats that sell cheaply most of the time. I bought my 25' Parker off Craigs List, boats section. The Treasury Department (IRS seizures for taxes and drugs) for planes, boats and real estate; U.S. Customs auctions for seized items you can resell at a profit; et al...I utiltize estatesales.net to find deals on tools, nautical, and other items I use frequently, that I can buy for half price or less. On the final day of estate sales, the prices drop by half, an even better way for saving money....
...Building wealth to buy that nice boat is a long term project taking patience and requires investing your time and in my case, labor to buy fixer-upper items. A deal here and a deal there will, over time, build your financial security if you structure it to generate cash flow.
... For years, I believed in the old Chinese proverb, "He who would be wealthy, keep purse strings closed". Then, times changed and I finally realized I needed to open the purse strings, invest and my purse would get bigger..... Anyway, didn't mean to preach but, merely illustrate how auctions can help you grow your assets over time and find a deal on that boat you have always fantasized about owning....

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Old 02-14-2018, 11:23 PM   #21
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Re: Newport Beach Boat Auction

Thanks
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Old 02-15-2018, 07:31 PM   #22
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Re: Newport Beach Boat Auction

Lots of good info here. Liking the auction info and also the financial info talk. I do agree with Hex on staying out of debt. But I use my cards like Bob says and pay them off monthly to not have a finance charge but get the rewards. Free money is always nice, especially if I was going to spend money at a grocery store, on gas or whatever else it may have been. Just find a credit card with no annual fee and a good return reward of some sort and use it for your everyday purchases, then pay it off at the end of the month and reap the rewards. Seems like a no brainer to me.
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Old 02-15-2018, 09:42 PM   #23
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Re: Newport Beach Boat Auction

My wife destroyed a hefty a$$ credit card debt with dave ramsey's book in only 5 months... Shes an RN so call us petty cash if you'd like.. I've got that poor blood, still travel the world, and sure a shitzle don't use cards extensively. Guess I'm just a ba$tard millennial like the rest of us aye?

Hex saw your pick up of the 23 with the 300... nice. Been trying to figure out how you went from the BW to the 23....??!!! Like the hawaiins say.. what evas you're on the water killin it, comfortable.
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Old 02-16-2018, 12:05 PM   #24
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Re: Newport Beach Boat Auction

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My wife destroyed a hefty a$$ credit card debt with dave ramsey's book in only 5 months... Shes an RN so call us petty cash if you'd like.. I've got that poor blood, still travel the world, and sure a shitzle don't use cards extensively. Guess I'm just a ba$tard millennial like the rest of us aye?

Hex saw your pick up of the 23 with the 300... nice. Been trying to figure out how you went from the BW to the 23....??!!! Like the hawaiins say.. what evas you're on the water killin it, comfortable.
You crush any fish in the last four years or pretty much just keyboarding it these days?
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Old 02-16-2018, 12:12 PM   #25
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Re: Newport Beach Boat Auction

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You crush any fish in the last four years or pretty much just keyboarding it these days?
More like keyboard wizard...! I’m only on this site for PETAs sake
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Old 02-16-2018, 05:02 PM   #26
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Re: Newport Beach Boat Auction

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Originally Posted by Cameronv View Post
My wife destroyed a hefty a$$ credit card debt with dave ramsey's book in only 5 months... Shes an RN so call us petty cash if you'd like.. I've got that poor blood, still travel the world, and sure a shitzle don't use cards extensively. Guess I'm just a ba$tard millennial like the rest of us aye?

Hex saw your pick up of the 23 with the 300... nice. Been trying to figure out how you went from the BW to the 23....??!!! Like the hawaiins say.. what evas you're on the water killin it, comfortable.
Good for her bro, it's hard at first but then it kinda becomes an obsession.

Yeah, I picked up a Parker 2320 with 300HP. I grew out of the 17' Whaler, it was way too small for the things I wanted to do. The Parker fits my needs perfectly for what I'm trying to do, like hit the outter islands, overnight trips, also gonna start getting back into some rod and reel (not quitting diving). How's your Anderson coming along? It looks like 805 Marine is doing a hell of a job on the house. That's your Anderson right? Post some pics.

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Old 02-16-2018, 10:15 PM   #27
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Re: Newport Beach Boat Auction

I just went on a parker for the first time last weekend and nearly fell in love... his is a 23 fter with the 225. Hauled arse with 3 of us. Was in shock.. one of the most comfortable boats. The soft thing on the sides for your knees, ride, just overall impressed. that’s a beautiful rig congrats, dash, windless, cosmetically it’s the tit. Take care of it. I’m neo nazi on my boats care.

Ya that’s my boat. Not an Anderson built boat. It’s called a 177 surf skiff. 17’7” It’s a lengthened and widened Del Mar 13 beam of 7 feet 7 inches. Company is called Tahiti offshore. Half the price, thus I could afford it- I got it even cheaper than the price tag. Very, very, very similar to a greenough hull. I won’t say how similar because I’ll start a riot on this thread, but I’m extremely happy. Built much differently as the Andersons work is Ferrari status, I’d call my boat a generic production boat compared to the andos.. I prefer their craftsmanship over the other traditional names in the SB local boat world just my experience. I couldn’t ever afford their work so I went this route. I’m very happy, nick with 805 marine is doing a killer job in my opinion on the cabin. Wednesday we’re headed down for a visit before he cuts windows. So hopefully in two weeks I might be back on the water.

Funny you mentioned rod and reel. I was never into rod and reel except for trout in high elevation. Now I’m super serious about it all due to the boat. Love it, love having another reason to captain, love the challenge. Already have two new rods and reels, jigs, irons, you name it. Boat addiction is real.

I’ll add you on insta for pics. Spearboard no fun, except for Erin <3
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Old 02-17-2018, 01:35 PM   #28
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Re: Newport Beach Boat Auction

Twenty-three feet is an excellent size for our local islands...easy to trailer on a standard size truck, cabin with bunks to stay dry and warm and doesn't require a dually truck to haul it. Love my 25' Parker for rougher waters; 9 1/2' wide deck with more space but, it is a big rig to haul and I pay for a commercial truck registration for my dually truck, as the truck weighs over 6,000 lbs and the boat with twin Yamahas and fuel weighs over 9,000 lbs.....All things to consider when deciding on boat size...
...Rigging up to fish rod and reel is a no brainer for the times the tuna and gamefish are in and the water conditions are too poor for free diving...My boat is loaded; 8 rods, outriggers, downriggers and bait tank....
"A fish in the hold is worth two in the sea, especially when I look at a $300 fuel bill"....
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Old 02-17-2018, 02:00 PM   #29
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Re: Newport Beach Boat Auction

Great thread everyone. Good to see.
Thank you
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