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Discussion Starter #21
Yup. Short story, father-in-law went back to the mother land, found a whore, and hasn't come back since (been more then a year). Mother-in-law is pissed and gave all his crap away. I took the truck. LOL :ts:
WOW! That's Wild!
 

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Discussion Starter #23
You could continue to spend 500 bucks a month into an investment that earns interest or dividends, so that, when time comes to replace your Tundra, you can pay cash for it.

Been there, done that. I haven't had a car payment since 1987.
I'd like to know how to do that.....500 bucks a month doesn't seem like it could do very much.
 

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I'd like to know how to do that.....500 bucks a month doesn't seem like it could do very much.
6 grand a year doesnt do much? if you can do this for 5 years even in a mild gain savings you will have 30775 after the 5 years (@1% interest rate) put the 6 grand a year into CDs or money markets and you can have way more sitting there. dont get me wrong the interest made is crap but the money you save by not having a loan is a few grand easily.
 

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Discussion Starter #25
Yeah......saving 6 grand a year is cool.....I'd like to figure out how to turn 100K into 200K in a year (or less!)......legally. :rolleyesa:
 

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I'd like to know how to do that.....500 bucks a month doesn't seem like it could do very much.
That's what you had been paying, so that's what I suggested you start saving.

It helps to understand compound interest. If you put money into an investment that earns interest, and you re-invest the interest as it is paid to you, then the interest earns interest. And then the interest that the interest earns earns interest. And so on, and so on, and so on.

THIS IS THE SECRET, except that it ain't a secret.

Want an example?

Suppose you put 500 bucks into an investment every month. Suppose it pays interest at the rate of five percent per year, payable monthly. How much would this grow to over time? This much:

years value

1 6,139.43
2 12,592.96
3 19,376.67
4 26,507.44
5 34,003.04


Five years at 500 bucks per month would buy a nice truck, wouldn't it? That's the difference between earning interest and paying interest.

Suppose you got seven percent per year, and saved a bit longer. How does this look?

years value

1 6,196.29
2 12,840.52
3 19,965.05
4 27,604.62
5 35,796.45
6 44,580.47
7 53,999.49
8 64,099.41
9 74,929.45
10 86,542.40


All it takes is paying off one vehicle, then keeping it while you pay into an investment until it totals enough to pay for the next one.

And here's a hint: It takes much less time to save for one than it takes to pay off a loan for one.
 

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Discussion Starter #28
Cool. :p
Who or where can you get seven percent from? I think regular banks are paying all of 1.5 percent. That's almost not worth the trouble.
 

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Cool. :p
Who or where can you get seven percent from? I think regular banks are paying all of 1.5 percent. That's almost not worth the trouble.
Mutual funds.

My portfolio is invested through Ameriprise Financial. My advisor there, who handles my portfolio, is a former co-worker, which is how I learned about them.

Find one. Tell him what you're after. Right now is a fabulous time to invest in mutual funds.
 

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When mine got paid off it felt better than anything, because my ex-wife paid it off
as part of our business agreement!! I bought it used in 2004 and paid for it for
about six months when we decided to part ways business-wise. Part of the agreement
was she paid me a sum of money and paid the truck off!!

John
 

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very jealous cant wait till i can be in the same boat
 
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