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Post by extreme on Mar 16, 2011 0:42:14 GMT -5
I am not in credit cards but for student loans.
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Post by Hulkamaniac on Mar 16, 2011 8:06:56 GMT -5
It's a myth that you can inherit debt. Basically debt dies with you. Your estate basically stands for your debt. So worst case scenario is you're deeply in debt, you die, your creditors take your car, your house, the contents of your bank accounts and retirement funds and everything you've ever owned/accumulated in life. Your heirs get zippy. Which is kind of sad because after working your entire life you literally have nothing at all at the end of it. Anyway, I keep cash around in case of emergency. Much safer than a credit card. It actually earns me some money just sitting there and it took me long enough to accumulate that if something happens I'm not going to immediately dip into it for every BS "emergency" like I might with a credit card. That's basically what I meant. I know that my family members wouldn't actually have to pay off my debts. It's just that Funerals are way expensive these days. I'd hate to see my family get left with jack sh** because I died with thousands of dollars of debt. Wouldn't it suck to have a great home, car, and life savings all absorbed into paying off debts instead of being able to leave them with your family? Depends on how you feel about your family.  |
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Post by ~*Young $ Money*~ on Mar 16, 2011 11:31:48 GMT -5
That's basically what I meant. I know that my family members wouldn't actually have to pay off my debts. It's just that Funerals are way expensive these days. I'd hate to see my family get left with jack sh** because I died with thousands of dollars of debt. Wouldn't it suck to have a great home, car, and life savings all absorbed into paying off debts instead of being able to leave them with your family? Depends on how you feel about your family. That's what i was thinking too. I mean if you don't really give a crap about your family why not just take vacations, buy stupid crap you want, then when you die you basically went for free or cheap as long as you pay a little. |
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Post by Hulkamaniac on Mar 16, 2011 11:45:26 GMT -5
Depends on how you feel about your family. That's what i was thinking too. I mean if you don't really give a poop about your family why not just take vacations, buy stupid poop you want, then when you die you basically went for free or cheap as long as you pay a little. Well, there's also the fact that you'll still be working 40 hours a week in your 80s. |
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noir
Main Eventer
Joined on: May 20, 2007 6:53:47 GMT -5
Posts: 4,278
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Post by noir on Mar 16, 2011 12:28:39 GMT -5
I don't own a credit card, but I'm in huge debt for my student loans at the moment, since I'm halfway through university. And, if I do post grad, that will only increase. Won't have to pay it off until I'm earning decent money. Likewise, VERY overdrawn on my debit card (however, since I'm studying, it's interest free until you reach £1,500). I should be able to pay that off in a few months. Ah, the life of a student  Hoping to get a job over either easter or summer though, mainly so I can indulge in impulse buys without feeling too bad about it. |
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Post by ~*Young $ Money*~ on Mar 16, 2011 14:39:45 GMT -5
That's what i was thinking too. I mean if you don't really give a poop about your family why not just take vacations, buy stupid poop you want, then when you die you basically went for free or cheap as long as you pay a little. Well, there's also the fact that you'll still be working 40 hours a week in your 80s. Not if you do it when your in your 80s. |
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Deleted
Joined on: May 17, 2024 1:10:09 GMT -5
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Post by Deleted on Mar 16, 2011 14:46:48 GMT -5
I have 1 with a balance of like 800 bucks. NBD
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Post by Hulkamaniac on Mar 16, 2011 15:07:02 GMT -5
Well, there's also the fact that you'll still be working 40 hours a week in your 80s. Not if you do it when your in your 80s. See, I have no debt and I'm a mad saver. I figure by the time I'm 50, I can retire and spend the rest of my life with the hookerbots that will surely be invented by then. They'll be expensive I'm sure, but I'll have enough money to buy my own model for "therapeutic" use of course. |
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Post by ~*Young $ Money*~ on Mar 16, 2011 15:21:29 GMT -5
Not if you do it when your in your 80s. See, I have no debt and I'm a mad saver. I figure by the time I'm 50, I can retire and spend the rest of my life with the hookerbots that will surely be invented by then. They'll be expensive I'm sure, but I'll have enough money to buy my own model for "therapeutic" use of course. I honestly wish i could say i was a mad saver. I do save but however not like i should/could. |
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Post by Hulkamaniac on Mar 16, 2011 15:31:13 GMT -5
See, I have no debt and I'm a mad saver. I figure by the time I'm 50, I can retire and spend the rest of my life with the hookerbots that will surely be invented by then. They'll be expensive I'm sure, but I'll have enough money to buy my own model for "therapeutic" use of course. I honestly wish i could say i was a mad saver. I do save but however not like i should/could. Honestly, I have the fear that I go too far. I sometimes wonder if I'm saving too much and not enjoying life. I have a fear of waking up one day and being 70 years old and having a huge money bin in my backyard, but no life experiences at all because I never went anywhere or did anything and just saved. I think there's a happy medium there, but I don't know if I've found it yet. On the one hand you can save everything and never enjoy life. On the other hand, you can save nothing, enjoy life and have to work your fingers to the bone until the day you die because you have nothing to retire on. I don't know which one would suck more. |
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Post by ~*Young $ Money*~ on Mar 16, 2011 15:33:58 GMT -5
I honestly wish i could say i was a mad saver. I do save but however not like i should/could. Honestly, I have the fear that I go too far. I sometimes wonder if I'm saving too much and not enjoying life. I have a fear of waking up one day and being 70 years old and having a huge money bin in my backyard, but no life experiences at all because I never went anywhere or did anything and just saved. I think there's a happy medium there, but I don't know if I've found it yet. On the one hand you can save everything and never enjoy life. On the other hand, you can save nothing, enjoy life and have to work your fingers to the bone until the day you die because you have nothing to retire on. I don't know which one would suck more. I agree with you 100%. I mean you have to save just in case in the future you don't know what it holds, but you do need to sometimes say  it i can make the money back tom. I think spending every dollar you have is foolish yes but some people don't mind working til they are 80 depending on what they do for a living. You can have a nice pension from a job and work somewhere like "security officer" and drive around in a jeep all day and be perfectly content. |
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Post by Hulkamaniac on Mar 16, 2011 15:41:20 GMT -5
Sure. But there's a certain freedom you get when you've got money and you're unemployed. If I was a millionaire right now and didn't have to work, I drop everything tomorrow and fly to Europe for a week. Don't have to worry about getting off work and if I get back and want to take off the week after that, I can do that too.
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Post by J12 on Mar 16, 2011 18:04:13 GMT -5
I have two debit cards through two separate banks, one for personal use, the other for school/living expenses only. It works well for me.
I also have one credit card with a fairly low limit that I'm simply using to build credit for later on. I make every day purchases on it and pay it off at the beginning of the month to avoid paying any interest.
I used it to purchase my PS3 back when I first opened the account, because I had six months of zero APR. After that, I told myself I wouldn't touch it until it was entirely paid off, which is exactly what I did. Figured it would get me in the habit of controlling my spending with it, and self-imposing my own limits ensures that I won't get into a bind. I paid that off last month ad right now I have about a $45 balance on it that I'll pay off in my next billing cycle.
I do have debt associated with student loans, however. I'm still currently in school, and paying on it on a monthly basis to try to cut down on the shock when I graduate. I absolutely hate the thought of it, but it was either take out the loans or don't go to college.
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Post by King Silva on Mar 16, 2011 19:46:59 GMT -5
I have a credit card but I never used it before.
I use my debit card instead but mainly for online purchases and paying online bills.
I try to pay for my stuff at stores with cash so rarely do I swipe my card in a line..
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Post by spamdfms101 on Mar 16, 2011 20:04:50 GMT -5
I'm sure by the time I graduate college I'll have some student loans to pay back. But I will only get one credit card and only use it when I NEED to. My dad went into debt, and Ive learned thats its an awful thing to get yourself into. Now, I dont plan on being cheap like Mr Hulk, but I definitely wont spend a lot if I am not making a lot. I'm going to be smart with my money.
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Post by Hulkamaniac on Mar 16, 2011 21:30:14 GMT -5
I'm sure by the time I graduate college I'll have some student loans to pay back. But I will only get one credit card and only use it when I NEED to. My dad went into debt, and Ive learned thats its an awful thing to get yourself into. Now, I dont plan on being cheap like Mr Hulk, but I definitely wont spend a lot if I am not making a lot. I'm going to be smart with my money. Don't make me hit you with my wallet.  |
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Post by Halloween King on Mar 17, 2011 11:46:48 GMT -5
I have 1 credit card and 1 debit card. I use the credit card for bigger purchases and then I pay off the debt one payment at a time.
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Post by ~*Young $ Money*~ on Mar 17, 2011 13:44:19 GMT -5
I'm sure by the time I graduate college I'll have some student loans to pay back. But I will only get one credit card and only use it when I NEED to. My dad went into debt, and Ive learned thats its an awful thing to get yourself into. Now, I dont plan on being cheap like Mr Hulk, but I definitely wont spend a lot if I am not making a lot. I'm going to be smart with my money. I don't think he is cheap, rather i think he says for the future. Now i don't know how old he is but he seems to have a good plan. I know a guy who i do work for is in i believe his 80s, is a millionaire(was told by people who have heard it from him and my dad knows him), and spends money on nothing. He don't go on vacations b/c he is scared if something happens to him. He complains about prices on everything and hates to break his pockets open. Now that is cheap. I think Hulk just has a good plan for his future and when he gets older will be able to spend and be comfortable. I am sure he buys what he wants/needs maybe not the best or exactly wht he wants but he does good. |
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Post by Random Weddle on Mar 17, 2011 13:45:33 GMT -5
I don't have any, so no debt for me. However, my father needs to learn how to use them, he always gets in debt with them.
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Post by Hulkamaniac on Mar 17, 2011 16:43:59 GMT -5
I'm sure by the time I graduate college I'll have some student loans to pay back. But I will only get one credit card and only use it when I NEED to. My dad went into debt, and Ive learned thats its an awful thing to get yourself into. Now, I dont plan on being cheap like Mr Hulk, but I definitely wont spend a lot if I am not making a lot. I'm going to be smart with my money. I don't think he is cheap, rather i think he says for the future. Now i don't know how old he is but he seems to have a good plan. I know a guy who i do work for is in i believe his 80s, is a millionaire(was told by people who have heard it from him and my dad knows him), and spends money on nothing. He don't go on vacations b/c he is scared if something happens to him. He complains about prices on everything and hates to break his pockets open. Now that is cheap. I think Hulk just has a good plan for his future and when he gets older will be able to spend and be comfortable. I am sure he buys what he wants/needs maybe not the best or exactly wht he wants but he does good. My grandparents are in their late 80s. Depression era people. Multi-millionaires. They have probably never purchased a bottle of ketchup in their lives. They load up on ketchup packets when they go to McDonald's. It's embarassing to watch them walk out with their pockets full of condiment packets when you know they can afford the $1.50 for a bottle of Heinz. |
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