Quote:
Originally Posted by ezmaass
Congratulations on a smart decision, Chad! Pay off that 545i ASAP. DEBT FREE is the life you want!
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Well, I wish it's that simple since our entire economy works on debt. Instead of paying cash for my car, I took a loan instead at 2%. I took the cash I would've paid and invest it in something yielding around 7-8%. Many people may think that young folks can't pull this off. I can tell you only your mind prevents you from doing this. It's a numbers game. You just have to figure how to win and execute thoroughly.
The rule of 7 says your investment will double in about 7 years if it's just average gains. If you can manage to time the financial market and get a 0% APR loan, then you can buy a car pretty much for free after 7 years. But even at 2% APR, it's really not that bad. Most of my investments end up doubling in 5 years or less anyways.
But first you need large sum of cash right? You can only make money with money right? Wrong. You can get that easily too. I started with a subsidized school loan(0%) when I was in college. Instead of spending that money like everyone else. I got a job and bought a house while still in college. Rented it out and lived in it. Sold it for a large profit when I moved away. Since then, I've been using creative financing to get everything for "free".
Even expensive toys can easily be obtained for free. I wanted a Canon 5D MK3 w/ 1.2L and a new Macbook Pro 15" Retina to get into photography. Instead of paying over $6k for it, I waited for cheap ones on craiglist. Then sold it on amazon where it is sold at a much higher price.
After reselling 4 macbooks, 3 cameras, and 4 lenses. I had the exact Camera, lens and Macbook I want for free. It took 2 months. My total labor hours spent of packaging, driving, research etc... is 9 hours.
Sorry if I went off tangent but I'm just making a point that anything can be obtained by anyone. You just have to know what tools you have and figure it out. I will never discourage someone to settle for less than what they want. I don't think we should tell Chad to delay that dream for 5-10 years. Life is short. If you want something, figure out how to get it without being at the mercy of the bank. Time may be the best way to get what you want but time is the only limited resource every human would have. Instead of wasting time, use your brain.