I hate that I'm responsible...

Captain Morgan · 03-07-2008, 10:05 PM

If I weren't responsible, I could cash in my retirement savings and my emergency fund, pay off all my debt, and have enough left over for a down payment on a bike. Granted, my interest rate on my debt is probably lower than I'd get on a bike, so I'd just buy the bike outright.

But my point is that I'd still be in debt, not have any emergency fund and not have a retirement fund of any kind. I know what I WANT to do because I really want a bike, but I'm too damn practical so I know what I'm GOING to do, which is keep grinding away at this debt until it's gone, while still building up my retirement and emergency funds. Once all of the debt is gone, I will look at buying a bike. Ugh, responsibility sucks donkey dick! Wait a minute. Scratch that, cause I said I'm responsible. I DON'T suck donkey dick!

vabarber2 · 03-07-2008, 10:07 PM

But being responsible will pay off for you in the long run!! Just hang in there bro! Good Job & Good Luck!!

NONE_too_SOFT · 03-07-2008, 10:07 PM

yep, and when you look back what are you going to think? obviously your answer will be "im glad i prepared for the future"... and thats not a bad response.

dont beat yourself up over it, your priorities arent wack.

Mr Lefty · 03-07-2008, 11:01 PM

I hear ya Cap... I try to keep that fund out of my mind... but once a quarter I get a statement... fuck what I could do with 15G's... (decent considering I've only been saving for 6 years)

but naw... no matter how you put it... motorcycles are luxuries and not necessities in my mind... so they're no reason to jeopardize my future...

on getting one of those jobs your looking at though!!!

Captain Morgan · 03-07-2008, 11:13 PM

Quote:

Originally Posted by Ebbs15

I hear ya Cap... I try to keep that fund out of my mind... but once a quarter I get a statement... fuck what I could do with 15G's... (decent considering I've only been saving for 6 years)

but naw... no matter how you put it... motorcycles are luxuries and not necessities in my mind... so they're no reason to jeopardize my future...

on getting one of those jobs your looking at though!!!

Well, i have almost 14 between retirement and emergency fund, but just over 11 in debt. Stupid attempt at being an insurance agent and spending everything I had and more, but only earning commission. The difference is you have a bike. I'd say you're in a better position than I am.

Mr Lefty · 03-07-2008, 11:18 PM

Quote:

Originally Posted by Captain Morgan

Well, i have almost 14 between retirement and emergency fund, but just over 11 in debt. Stupid attempt at being an insurance agent and spending everything I had and more, but only earning commission. The difference is you have a bike. I'd say you're in a better position than I am.

true... I won't argue with ya there... but you will too.. I'm gonna say with in the next 2 years...

and I'm almost always right... cept when I'm wrong

fatburg · 03-08-2008, 12:20 AM

Don't forget to take out the 20% penalty and taxes...that makes your 14 about 7...suck.

I've done the math several times, I can cash one of my retirement accounts out and pay off everything but my house. Of course if I hold on a little longer, I can open my gym and borrow against my retirement penalty free.

Mr Lefty · 03-08-2008, 12:27 AM

Quote:

Originally Posted by fatburg

Don't forget to take out the 20% penalty and taxes...that makes your 14 about 7...suck.

I've done the math several times, I can cash one of my retirement accounts out and pay off everything but my house. Of course if I hold on a little longer, I can open my gym and borrow against my retirement penalty free.

for me yes... but if his "emergency fund" and retirement are not in 401K's then he doesn't have that penalty...

Dave · 03-08-2008, 12:32 AM

i'll admit all the times ive stayed in to save cash while my friends were out partying sucked! but its a fucking fantastic feeling being a homeowner at 26. really seems to blow peoples minds too, especially girls lol

Captain Morgan · 03-08-2008, 12:36 AM

Quote:

Originally Posted by fatburg

Don't forget to take out the 20% penalty and taxes...that makes your 14 about 7...suck.

I've done the math several times, I can cash one of my retirement accounts out and pay off everything but my house. Of course if I hold on a little longer, I can open my gym and borrow against my retirement penalty free.

Quote:

Originally Posted by Ebbs15

for me yes... but if his "emergency fund" and retirement are not in 401K's then he doesn't have that penalty...

Well, only 5 is in a 401K, the rest is in a Roth IRA, so I'd be looking at more like 11 or 12 if I had to take it out.

I HOPE to never dip into the e-fund, so I put it in a Roth account to let it build up tax free. If I ever have to pull from it, I can do so without penalty, as long as I only take out my contributions. If I were to get into the earnings portion, then i'd have the penalty and taxes, but since I have other investments in there besides the cash portion for the e-fund, I don't see any reason why I'd get into earnings. That and the fact the market has taken a huge hit, so I really have no "earnings" to speak of right now.

03-07-2008, 10:05 PM	#1
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	I hate that I'm responsible... If I weren't responsible, I could cash in my retirement savings and my emergency fund, pay off all my debt, and have enough left over for a down payment on a bike. Granted, my interest rate on my debt is probably lower than I'd get on a bike, so I'd just buy the bike outright. But my point is that I'd still be in debt, not have any emergency fund and not have a retirement fund of any kind. I know what I WANT to do because I really want a bike, but I'm too damn practical so I know what I'm GOING to do, which is keep grinding away at this debt until it's gone, while still building up my retirement and emergency funds. Once all of the debt is gone, I will look at buying a bike. Ugh, responsibility sucks donkey dick! Wait a minute. Scratch that, cause I said I'm responsible. I DON'T suck donkey dick!

03-07-2008, 10:07 PM	#2
vabarber2 ICON FTW!!! Join Date: Feb 2008 Location: VA, but currently in the sand Moto: 00GSXR6 Posts: 1,380	But being responsible will pay off for you in the long run!! Just hang in there bro! Good Job & Good Luck!!

03-07-2008, 10:07 PM	#3
NONE_too_SOFT Chopstix / \ Join Date: Feb 2008 Location: Akron OH Moto: 03 CBR RR Posts: 5,350	yep, and when you look back what are you going to think? obviously your answer will be "im glad i prepared for the future"... and thats not a bad response. dont beat yourself up over it, your priorities arent wack.

03-07-2008, 11:01 PM	#4
Mr Lefty TWFix Legend Join Date: Feb 2008 Location: Denver CO Moto: 01 BMW F650GS Dakar Posts: 15,677	I hear ya Cap... I try to keep that fund out of my mind... but once a quarter I get a statement... fuck what I could do with 15G's... (decent considering I've only been saving for 6 years) but naw... no matter how you put it... motorcycles are luxuries and not necessities in my mind... so they're no reason to jeopardize my future... on getting one of those jobs your looking at though!!!

03-08-2008, 12:20 AM	#7
fatburg Grill Master Join Date: Feb 2008 Location: Kansas City, MO Moto: Yamaha FZ6 Posts: 960	Don't forget to take out the 20% penalty and taxes...that makes your 14 about 7...suck. I've done the math several times, I can cash one of my retirement accounts out and pay off everything but my house. Of course if I hold on a little longer, I can open my gym and borrow against my retirement penalty free.

03-08-2008, 12:32 AM	#9
Dave Chaotic Neutral Join Date: Feb 2008 Location: Cherry Hill NJ Moto: GV1200 Madura, Hawk gt Posts: 13,992	i'll admit all the times ive stayed in to save cash while my friends were out partying sucked! but its a fucking fantastic feeling being a homeowner at 26. really seems to blow peoples minds too, especially girls lol