Some of us are such FOOLS - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


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Old 09-01-2007, 09:00 PM   #1
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Default Some of us are such FOOLS

Me included.
I'm spending way too much cash on my cars.
Always have.

As soon as I got my first job I did as most do and bought a new car. The Firebird I still own to this day.
Ya sure I can get a good coin for it if I ever decide to sell it.....maybe as much as $15,000.

And I did save up later after that and bought a house that is now paid for.

BUT think about this all you younguns who have more a life to life than this old fart.

If I would have invested that $10,000 in real estate at that time 25 years ago, that money would be worth $500,000 in today'* real estate market.

So if there is a lesson to be learned, don't delay that purchase of a house first.
There'* plenty of old Bonne'* around that can be purchased cheap without forking out $40,000 on a new car.

Just my 2 cents.
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Old 09-01-2007, 09:09 PM   #2
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Actually Paul, that would make you a "fool" with a small "f" Fools with a capital "f" are smart investors that subscribe to the Motley Fool website.

If you really want to feel bad, how about this: I'm reading William O'Neals book on investing, and he mentions in one chapter how Oracle went up 75,000% from 1990 to 2000. That same $10K would be worth $7.5 million.
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Old 09-01-2007, 09:14 PM   #3
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smart words there paul.

But one problem with most of us lol...

We cant afford a house, But we can find these 500-2,000$ bonnies just fine


But yea i really need to start putting away $ for retirement... :(
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Old 09-01-2007, 09:16 PM   #4
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I hear ya. In today'* world we are infatuated with always trying to have the best of everything possible, I'm guilty of it too. My aurora was perfectly good but I sold it anyway and bought a newer vehicle. Now, I am shelling out $294/month that I could of otherwise been saving, or I can look at it this way... I could of worked about 30 less hours a MONTH not to pay that bill. Life'* too short to spend all my time working and paying for things I don't really need... I'm starting to realize this at 22. I could work less hours and just keep what I have now, instead of working way too many hours to buy things I don't really need and waste my money. I guess it just takes a LOT of self-control not to give into impulses to buy things we don't really need. I haven't conquered it just yet.
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Old 09-01-2007, 09:18 PM   #5
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On the other hand, if you had bought a house way back when, maybe you'd have burned to death in a house fire, caused when you spilled cola on the lamp wiring after realizing you'd just won the lottery!
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Old 09-01-2007, 10:06 PM   #6
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Meh...I will keep my BMW thank you...lifes too short..
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Old 09-02-2007, 09:22 AM   #7
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don't know what to say. guilty as charged.
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Old 09-02-2007, 11:11 AM   #8
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It'* good to save a lot of money.

That way you can retire and enjoy it for a few years when you are less agile than you are today.

After a few years, you can sign it all over to the state when you end up in a nursing home.

That said, I'm in the top 20% of people my age for retirement savings
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Old 09-02-2007, 12:44 PM   #9
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I was in my early 20'* when I first started saving for retirement.

That was 30 years ago when the goal was to retire with a few hundred thou and houses were only worth as much as a new car costs today.

That was back when I thought anyone over 45 was a fossil.

That was back when most people retired at 65 and only lived for a few years after that.

Now people are retiring .....or forced into retirement earlier at 55.....and are living longer to 85+
Now people are fitter and much more agile at retirement.

So now retirees are needing to have investments that will carry them for 30+ years.

It'* all a crap shoot.

You could die at any time............but then you could live to 100 also.

Nothing worse than not being able to afford diapers....or a motorized wheelchair.
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Old 09-02-2007, 12:55 PM   #10
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I drive what I drive for a reason
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