Spend my money for me

[wheelchairman]

So in the next 2 months (maybe early may) I will be sitting on a very large chunk of change for a college kid. It will be in the 2500 dollar range. Over the summer I will have a full time job working at a bbq restaurant. Currently my gun list is a savage 243, 1 fully modded ar15, a precision build that lacks 300 from completion, walther pk380, rem 870, 22 pistol. I have a full reloading setup with the dillon 550 but could use an extra powder measure.

I want to finish my ar build and put good glass on it and put good glass on my savage. I'd like to get a couple AR500 target sets to make my range and I'd like to load a couple thou 223 and 380. I figure this is a 1700 dollar option.

However, I owe right at 5100 on a polaris ranger. This is my only debt. I got this rig last year after our yamaha pro hauler got stolen. I hate payments but luckily I owe less than it's worth. It won't be sold as has 3.75 years left on warranty.

So I ask you should I try my hardest to pay off the ranger which would mean no cool goodies or do I go ahead and buy my goodies then start on paying for the ranger? I'd love to pay it off to save future interest payments but at the same time I wanna have a good time.

 

[Stewart]

Re: Spend my money for me

Pay your bills dude.......see Lowlights character statement if you have any further questions. The cool stuff can wait till you are square with life.

 

[3PER]

Re: Spend my money for me

Hell, the kid is making his payments. Let him have some fun.

 

[oldgrayone]

Re: Spend my money for me

$2500 is NOT a very large chunk of change. Your in college, have a summer job and owe 5k on a toy and you are looking for input on how to spend some more money before you even have it.

I would put $2500 away and forget about it, dump the ranger and change my degree to finance.

Start a new trend for your generation by being money wise.

Not trying to bust your balls but this is a prime example of why our economy is down the tubes

 

[Northrop]

Re: Spend my money for me

I 100% agree with oldgrayone!!! 2500 bucks is NOT MUCH!! And talking about building rifles and optics, well that amount of money isn't gonna get u real far...

 

[THE SENTINEL]

Re: Spend my money for me

pay those bills first.then get your toys.
in your case payoff your toy and buy more toys.
toys are great,

 

[GardDog]

Re: Spend my money for me

Set it aside, until you are on your own. Seed money for future endeavors.

If you need the poll opinion of a public forum to justify spending money, you aren't ready yet.

 

[Guest]

Re: Spend my money for me

Are your parents subsidizing your life with payments on car, insurance, cell phone, rent, food, utilities, etc.?

You don't sound like you're anywhere near financial independence, so apply the money more wisely than buying selfish toys.

Cut the parents some slack and give them some help with getting you off the teat.

I'm not saying you have to give them all of it, but I do think they're probably entitled to some.

Student loans?
Books?
Meal Plans?

I have a son in school who landed a nice job with a good company.
As a result, he was pulling in some respectable change over the summer and during breaks.

He bought a few luxury items and some clothes for himself, but the bulk of his earnings, probably 90%, has been used to lessen the financial burden we were carrying for him.
It has been a tremendous help to us and he's still got decent money in the bank.

He's going to Germany for a semester, leaving this Tuesday.
He paid his own plane tickets and he hasn't had to ask us for anything yet.

If he spent a larger portion of what he made on himself, before he became completely independent, I'd be quite pissed.

 

[427Cobra]

Re: Spend my money for me

life is much easier when owe nobody nothing

 

[nervous]

Re: Spend my money for me

Check this guy out he has helped a lot of people out.

http://www.daveramsey.com/

Listen to some of his broadcasts.

Nervous

 

[Strickland]

Re: Spend my money for me

+1 on Dave Ramsey.

Good advice has been given in this thread although it probably wasn't what you were anticipating.

 

[Ratbert]

Re: Spend my money for me

If you're in college put the money in the bank and leave it there so you don't have to worry about cash-flow. You don't have to spend everything you make, but don't tell my wife I said that.

 

[Krav69]

Re: Spend my money for me

Stockpile cash.

Rifles are a sweet reward and luxury item, something that is expensive, and by the way, are also a money pit. You buy a rifle and it eats ammo and time and cash like crazy.

Pay off the things you own and you won't have to answer to anyone, and that, my good man, is a sweet feeling.

 

[LFOD1776]

Re: Spend my money for me

Never, never, never take out a loan for a toy. Loans ONLY make sense to purchase an automobile or real estate. Anything else, and you're spending BEYOND your means.

 

[Switchblade]

Re: Spend my money for me

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: oldgrayone</div><div class="ubbcode-body">$2500 is NOT a very large chunk of change. Your in college, have a summer job and owe 5k on a toy and you are looking for input on how to spend some more money before you even have it.

I would put $2500 away and forget about it, dump the ranger and change my degree to finance.

Start a new trend for your generation by being money wise.

Not trying to bust your balls but this is a prime example of why our economy is down the tubes </div></div>

Very well stated. I agree on this as well. It is the smartest option and gthe best instruction.


As to Dave Ramsey, well you get what you pay for and he is free on FOX Biz. For $1k the first year, and about $600 thereafter one can get the services of a fine fudiciary to assist in managing money, investments, and a little bit of life since that is what gets the aforementioned available funds.
A Financial Manager/COunselor is the best bet for anyone who is starting out and has the funds available.
Why?
Take two individuals who have a chunk to invest. One lives life in a moderate way, and starts NOW. The other lives 'well', and starts in three years. The amount each month is $300 invested. The amount of time is 20 years.
Individual One, yields close to $1,000,000 in investement worth. Individual TWO yields only $500,000 - $750,000.
As the growth in wealth moves upward, the amount placed into it can also grow a bit then later on shrink. The end result is avaialble funds to live between mofrate, and well in the end without having to worry about where to be, when to be there, or what to do to make ends meet.

Caution: IF your chosen finacial counselor is a 'day trader', ie playing around on e-trade, RUN. THAT is THE WORST way to grow wealth. DIVERSIFICATION works. It works well. It is also the most impervious way to grow wealth during a large downturn in the economy as we recently suffered through(yes, I bought more shares then, not less). Patience pays, and Lots of patience pays well.

 

[LFOD1776]

Re: Spend my money for me

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Switchblade</div><div class="ubbcode-body">Take two individuals who have a chunk to invest. One lives life in a moderate way, and starts NOW. The other lives 'well', and starts in three years. The amount each month is $300 invested. The amount of time is 20 years.
Individual One, yields close to $1,000,000 in investement worth. Individual TWO yields only $500,000 - $750,000.</div></div>

That's a fine statistic, but it's an average. In fact, it's an average that excludes market performance for the past decade, and in many ways it's an average that's based on "window-dressed" published returns.

I think that there are many fine reasons to live within one's means, save for a rainy day, and not leverage oneself in the pursuit of frivolity. Compounded equity investment gains are <span style="font-style: italic">a</span> reason, but certainly not <span style="font-style: italic">the</span> reason, and it is most assuredly not the certainly that it's advertised to be.