What do you guys think of finance?

LeighBartolo 4/15/2017 4:54pm
4/15/2017 4:54pm
JBecker 72 wrote:
The smell they put off the first half hour is amazing. Oh, and YOLO! [img]https://s27.postimg.org/otbe76a4z/IMG_3337.jpg[/img]
The smell they put off the first half hour is amazing.

Oh, and YOLO!

nice combo man
rancor19
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rancor19 4/15/2017 5:50pm
4/15/2017 5:50pm
I'm no "master of finance"(to say the lest lol) but it seems to me the last thing I would want to do if I had saved ten-grand is go plunk it all down on a new bike. I think I'd instead put enough down to get my payment down to something easy(like $100/month) and keep the rest in the bank. I'd be throwing a bit of money away, sure, but I'd have a nest egg for whatever or I could pay off the bike at any time. Seems like you could parlay that into a new bike every two years(with trade-in/finding a buyer, more down, and some loss, of course) if you were a serious racer and still end up with a brand-new bike six or eight years from now off the same $10,000. The $ would be gone at that point but, yeah...

This is just a theory of how things should work in my little world Laughing As soon as I come up with 10g's I'll test it out.

Brad460
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Brad460 4/15/2017 6:29pm
4/15/2017 6:29pm Edited Date/Time 4/15/2017 6:29pm
Over the past 12 months the ROI on our mutual funds is over 16%...You would have to be an idiot to put cash into a bike with interest rates so f-ing low!

If you have cash for a bike invest it and take out a low interest loan..even better pull cash from a 0% interest credit card- they usually give you 12-18 months to pay it off..
agn5009
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agn5009 4/15/2017 7:14pm
4/15/2017 7:14pm
doghouse wrote:
This Dave Ramsey guy sounds mildly autistic.
Maybe. But he's highly successful and has helped a lot of people with their finances. No need to knock a guy who has helped so many people succeed.

To the OP, judging by the fact you've only responded to those who said go buy it, it seems you've already made up your mind. But I will say this, explore other options. That interest rate is really high. Check into a 0% credit card for 15-18 months. Pay as much as you can before that 15-18 months then go to a credit union and get a low % auto or personal loan and pay that card off. I have no idea if any of the above advice works in Australia because I've never been there let alone know how their finances work but it's something to consider. Everyone here has offered some good advice and it's mostly their own opinions. Just think hard about this and explore all of your options. Don't just jump on the deal you came across.

The Shop

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RockyRider
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RockyRider 4/17/2017 10:02am
4/17/2017 10:02am
Step 1: Complete.
https://www.youtube.com/watch?v=ftyLvIc5G_k
Side note, I'm just a shit starter. It's your money do what you want. Personally I couldn't imagine dropping that coin on a bike but shit if it makes ya happy go for it. Only here once
JBecker 72
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JBecker 72 4/17/2017 10:04am
4/17/2017 10:04am
JBecker 72 wrote:
The smell they put off the first half hour is amazing. Oh, and YOLO! [img]https://s27.postimg.org/otbe76a4z/IMG_3337.jpg[/img]
The smell they put off the first half hour is amazing.

Oh, and YOLO!

LeighBartolo wrote:
nice combo man
Thanks. I really like them both.
doghouse
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doghouse 4/17/2017 10:06am
4/17/2017 10:06am
doghouse wrote:
This Dave Ramsey guy sounds mildly autistic.
agn5009 wrote:
Maybe. But he's highly successful and has helped a lot of people with their finances. No need to knock a guy who has helped so many...
Maybe. But he's highly successful and has helped a lot of people with their finances. No need to knock a guy who has helped so many people succeed.

To the OP, judging by the fact you've only responded to those who said go buy it, it seems you've already made up your mind. But I will say this, explore other options. That interest rate is really high. Check into a 0% credit card for 15-18 months. Pay as much as you can before that 15-18 months then go to a credit union and get a low % auto or personal loan and pay that card off. I have no idea if any of the above advice works in Australia because I've never been there let alone know how their finances work but it's something to consider. Everyone here has offered some good advice and it's mostly their own opinions. Just think hard about this and explore all of your options. Don't just jump on the deal you came across.
I don't know the guy from Adam, I'm just going off how he is described here.

If advice ever contains the words "always" or "never", it's generally bad advice.
500guy
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500guy 4/17/2017 11:27am
4/17/2017 11:27am
doghouse wrote:
I don't know the guy from Adam, I'm just going off how he is described here. If advice ever contains the words "always" or "never", it's...
I don't know the guy from Adam, I'm just going off how he is described here.

If advice ever contains the words "always" or "never", it's generally bad advice.
Yes, Like never cross the street without looking ,Always watch kids around water. look before changing lanes, Never ride the track backwards.

All bad advice right ?

The end of the story here was the OP wanted people who agreed with his decision not financial advice He ignored most of it.
mxtech1
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mxtech1 4/17/2017 12:22pm
4/17/2017 12:22pm
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
1
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doghouse 4/17/2017 12:24pm
4/17/2017 12:24pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
I concur.
500guy
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500guy 4/17/2017 12:33pm
4/17/2017 12:33pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
I can't speak for the other posters here but I have no need for a credit score, I'm debt free and not looking to borrow anything.
woodsrider427
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woodsrider427 4/17/2017 12:52pm
4/17/2017 12:52pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
500guy wrote:
I can't speak for the other posters here but I have no need for a credit score, I'm debt free and not looking to borrow anything.
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever on a person's financial well being.
mxtech1
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mxtech1 4/17/2017 12:57pm
4/17/2017 12:57pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
500guy wrote:
I can't speak for the other posters here but I have no need for a credit score, I'm debt free and not looking to borrow anything.
Congratulations sir. But you are in small % of the population that can say that this day in age.
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500guy 4/17/2017 1:02pm
4/17/2017 1:02pm
mxtech1 wrote:
Congratulations sir. But you are in small % of the population that can say that this day in age.
Thank you , and I really can see both sides of it, been there done it both ways.
three9zero
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three9zero 4/17/2017 1:16pm
4/17/2017 1:16pm
r.sal923 wrote:
Some would say it is a rip off. Me personally , I would say it is not. I have had 20 or so new bikes over...
Some would say it is a rip off. Me personally , I would say it is not. I have had 20 or so new bikes over the years and have been paying 150-175$ a month since 2002 on bike payments. The first bike I have ever owned is my current 450. For me there is no way I could ever save 8000-10000 Canadian dollars . With out financing I would never have been able to afford bikes and not been able to ride. 150-175 a month to have a fresh bike to ride every time I ride is money well spent I think, every one knows how much it sucks to have a 1500$ clapped out p.o.s broke down at track or in the woods. sure I have paid lots of money over the years and lost selling bikes that I owe mor on then they are worth. I just chalk it up as money well spent on something I enjoy doing.
agn5009 wrote:
This is horrible advice. OP, please do NOT listen to this guy. Everything he has said is utterly stupid. The reason you can't afford to save...
This is horrible advice. OP, please do NOT listen to this guy. Everything he has said is utterly stupid.

The reason you can't afford to save up the cash to purchase a bike is because you have had $200 per month payments on dirt bikes since 2002.

Don't finance a bike. I don't finance anything other than my house and my wife's car and the only reason we finance her car is because we got it at 0% APR. My theory is, if it's a toy I pay cash. It blows my mind that guys who can't run down to their checking or savings account and pull out 3 grand for a nice used bike because they don't have to funds to do so have no problem running down to the bank and taking out a $12,000 loan for a toy. That is crazy. You never know when your next life emergency may happen and if you have no money in the bank you're screwed. Back to the bank for another loan to buy a hot water tank, now you've got a loan for a water tank and a bike. Washer goes out. Oh shit, another loan on top of that. Stove stops working..... I think you see what I'm getting at here.
That is good advise. Put 20-30% down and sET yourself up for 150 ish a monthly payments. Keep your cash in your bank account for emergency. Pay the extra 10 a month for loan insurance. Most guys out there are easily making 5 grand a month, what's 150 a month ? You will love your new bike. I have gone the cheap route and bought used more than a few times and was never as happy as when I bought new. Also in my country, banks treat toys as high risk loans, so if you have ANY missed paymen's or hight debt ratio you are not getting approved anyhow. Cars are a different story, you can be the biggest roach in town and still get a north American truck, try to get a bike or Atv and it's decline city....I do financing at a motorcycle dealership BTW
.
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doghouse 4/17/2017 1:17pm
4/17/2017 1:17pm Edited Date/Time 4/17/2017 1:19pm
mxtech1 wrote:
Congratulations sir. But you are in small % of the population that can say that this day in age.
500guy wrote:
Thank you , and I really can see both sides of it, been there done it both ways.
I have no personal payments either, my house and cars are all paid for. Toys, etc... But the bigger point is that there are so many mitigating factors that are specific to an individual that it's impossible to give financial advice over the internet. There's just no way to have enough information to make any sort of reasonable suggestion.

I'm also someone who never buys new cars or bikes fwiw.
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Tracktor 4/17/2017 1:20pm
4/17/2017 1:20pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
500guy wrote:
I can't speak for the other posters here but I have no need for a credit score, I'm debt free and not looking to borrow anything.
woodsrider427 wrote:
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever...
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever on a person's financial well being.
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It is an inherently flawed system full of errors. Sadly, it is also the first thing in line when looking at lending someone money and have a lower one can cost you $$.

Since it is so important it's only wise to keep track of your credit even if you never plan on using it. Better to know what is on that report than find out when you need it that there is an issue. You would want to know if someone had been dipping $$ from your bank account, right?

Dave Ramsey has some good ideas but he goes a bit overboard in many areas and certainly there is more than one way to skin a cat. I always thought Clark Howard had more realistic down to earth advice.........
woodsrider427
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woodsrider427 4/17/2017 1:32pm
4/17/2017 1:32pm
500guy wrote:
I can't speak for the other posters here but I have no need for a credit score, I'm debt free and not looking to borrow anything.
woodsrider427 wrote:
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever...
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever on a person's financial well being.
Tracktor wrote:
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It...
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It is an inherently flawed system full of errors. Sadly, it is also the first thing in line when looking at lending someone money and have a lower one can cost you $$.

Since it is so important it's only wise to keep track of your credit even if you never plan on using it. Better to know what is on that report than find out when you need it that there is an issue. You would want to know if someone had been dipping $$ from your bank account, right?

Dave Ramsey has some good ideas but he goes a bit overboard in many areas and certainly there is more than one way to skin a cat. I always thought Clark Howard had more realistic down to earth advice.........
I certainly agree it's a flawed system, to say the least. My point was the only true way to get and keep a good credit score is to borrow money over and over. The minute you stop it goes down and down.

I may be misunderstanding your question, but how does someone dipping into your bank account show up on your credit? I put a freeze on my credit a while ago, so I am not real concerned about it. At this point it's probably down to zero anyway.

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LeighBartolo 4/17/2017 1:34pm
4/17/2017 1:34pm
mxtech1 wrote:
This thread would be a lot more interesting if everyone posted their personal credit score proceeding their financial advice over this scenario.
I agree.
LeighBartolo 4/17/2017 1:39pm
4/17/2017 1:39pm
500guy wrote:
Yes, Like never cross the street without looking ,Always watch kids around water. look before changing lanes, Never ride the track backwards. All bad advice right...
Yes, Like never cross the street without looking ,Always watch kids around water. look before changing lanes, Never ride the track backwards.

All bad advice right ?

The end of the story here was the OP wanted people who agreed with his decision not financial advice He ignored most of it.
I've actually changed my decision drastically after reading both sides. Also checked out Dave Ramsey and his advice too.
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500guy 4/17/2017 3:24pm
4/17/2017 3:24pm
LeighBartolo wrote:
I've actually changed my decision drastically after reading both sides. Also checked out Dave Ramsey and his advice too.
Right on! it never hurts to get all the info Pro & Con. Good luck to you what ever option you choose.
Tracktor
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Tracktor 4/17/2017 4:22pm
4/17/2017 4:22pm
woodsrider427 wrote:
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever...
My thoughts exactly. The only thing a good credit score proves is that the person is good at borrowing money. It has absolutely no bearing whatsoever on a person's financial well being.
Tracktor wrote:
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It...
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It is an inherently flawed system full of errors. Sadly, it is also the first thing in line when looking at lending someone money and have a lower one can cost you $$.

Since it is so important it's only wise to keep track of your credit even if you never plan on using it. Better to know what is on that report than find out when you need it that there is an issue. You would want to know if someone had been dipping $$ from your bank account, right?

Dave Ramsey has some good ideas but he goes a bit overboard in many areas and certainly there is more than one way to skin a cat. I always thought Clark Howard had more realistic down to earth advice.........
woodsrider427 wrote:
I certainly agree it's a flawed system, to say the least. My point was the only true way to get and keep a good credit score...
I certainly agree it's a flawed system, to say the least. My point was the only true way to get and keep a good credit score is to borrow money over and over. The minute you stop it goes down and down.

I may be misunderstanding your question, but how does someone dipping into your bank account show up on your credit? I put a freeze on my credit a while ago, so I am not real concerned about it. At this point it's probably down to zero anyway.
Not necessarily. You can have a good score and not pay a dime in interest.

Credit fraud is akin to someone stealing money right from your pocket so keeping an eye on your report is just smart finance.............
Potts
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Potts 4/17/2017 4:41pm
4/17/2017 4:41pm
LeighBartolo wrote:
Hey riders, I'm looking at getting an enduro bike—KTM 500 EXC. I took a couple photos of what was advertised, since I've never bought brand new...
Hey riders,

I'm looking at getting an enduro bike—KTM 500 EXC. I took a couple photos of what was advertised, since I've never bought brand new I was looking to get some advice from more experienced people.

NOTE: I live in Australia.





**EDIT** I'm blown away by the amount of helpful responses. Thank you to everyone who has taken the time to give all the amazing advice you have!!
The interest rate is way out of line! You should be able to find something in the 4.5% range unless your credit score is bad.

https://www.lightstream.com/motorcycle-loan?fact=16127&cid=LP%7CDSK%7CB…
woodsrider427
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woodsrider427 4/17/2017 5:04pm
4/17/2017 5:04pm
Tracktor wrote:
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It...
Well yes & no. There is so much that goes into the scoring module that even the credit agencies cannot explain exactly how it's compiled. It is an inherently flawed system full of errors. Sadly, it is also the first thing in line when looking at lending someone money and have a lower one can cost you $$.

Since it is so important it's only wise to keep track of your credit even if you never plan on using it. Better to know what is on that report than find out when you need it that there is an issue. You would want to know if someone had been dipping $$ from your bank account, right?

Dave Ramsey has some good ideas but he goes a bit overboard in many areas and certainly there is more than one way to skin a cat. I always thought Clark Howard had more realistic down to earth advice.........
woodsrider427 wrote:
I certainly agree it's a flawed system, to say the least. My point was the only true way to get and keep a good credit score...
I certainly agree it's a flawed system, to say the least. My point was the only true way to get and keep a good credit score is to borrow money over and over. The minute you stop it goes down and down.

I may be misunderstanding your question, but how does someone dipping into your bank account show up on your credit? I put a freeze on my credit a while ago, so I am not real concerned about it. At this point it's probably down to zero anyway.
Tracktor wrote:
Not necessarily. You can have a good score and not pay a dime in interest. Credit fraud is akin to someone stealing money right from your...
Not necessarily. You can have a good score and not pay a dime in interest.

Credit fraud is akin to someone stealing money right from your pocket so keeping an eye on your report is just smart finance.............
The only way I'm aware to have a "good score" and not pay any interest is by using a credit card and paying it off every month. But from what I've been told (I don't have much experience with credit cards) that usually ends up not netting a good score, they actually want to see you've made payments. I could be wrong though, I'm certainly no credit expert.

But like 500guy, I've seen it both ways and I'll take no debt all day long (barring any catastrophes, I doubt I'll ever borrow a dime again). I even financed a boat once on a 10-year loan, right up there with the dumbest things I've ever done.

I would disagree on credit fraud being akin to someone stealing money right from your pocket (although I am sure it's a horrible experience). With identity theft you have some recourse, most homeowners insurance policies even have some form of identity theft protection now (I know mine does). If someone takes money out of your pocket, or somehow your bank account, you are never getting that back. Either way, for anyone not planning to use your credit anytime in the near future, I would definitely recommend the credit freeze.
Ebs
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Ebs 4/17/2017 5:14pm
4/17/2017 5:14pm
Brad460 wrote:
Over the past 12 months the ROI on our mutual funds is over 16%...You would have to be an idiot to put cash into a bike...
Over the past 12 months the ROI on our mutual funds is over 16%...You would have to be an idiot to put cash into a bike with interest rates so f-ing low!

If you have cash for a bike invest it and take out a low interest loan..even better pull cash from a 0% interest credit card- they usually give you 12-18 months to pay it off..
Pay attention. This is how money smart people operate.
Aussie_power_sports 4/17/2017 6:23pm
4/17/2017 6:23pm
Only borrow for things that will go up in value.

Dont borrow for toys, end of story. Seen so many people get bitten borrowing for a bike
woodsrider427
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woodsrider427 4/17/2017 6:24pm
4/17/2017 6:24pm
Brad460 wrote:
Over the past 12 months the ROI on our mutual funds is over 16%...You would have to be an idiot to put cash into a bike...
Over the past 12 months the ROI on our mutual funds is over 16%...You would have to be an idiot to put cash into a bike with interest rates so f-ing low!

If you have cash for a bike invest it and take out a low interest loan..even better pull cash from a 0% interest credit card- they usually give you 12-18 months to pay it off..
Ebs wrote:
Pay attention. This is how money smart people operate.
Not really. I work for tons of "money smart people" and I can assure you none of them operate that way. The idea of financing a toy would never cross any of their minds. First off, has the return on mutual funds always been 16% over a 12 month period? I remember a time not long ago when many were weeping over their investment portfolio (not saying it's not a good long term investment). Secondly, I think you're ignoring the part where the item being financed will depreciate 1/2 or more in value after a few short rides, does that not factor into the money smart equation?
I agree there is not much quite like the feel of a new bike, but with how expensive they have become it's hardly worth it. With a little patience, barely ridden bikes can be found for half the price. This is all just my opinion of course.
tcallahan707
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tcallahan707 4/18/2017 5:51am
4/18/2017 5:51am Edited Date/Time 4/18/2017 5:54am
Generalizing advice like never finance anything or never spend your cash is not good advice, in my opinion. It's too general and it's all dependent on your goals.

There are two types of debt. Good and bad. Good debt is something that creates value or generates a return. Things such as business and investment property loans are good debt. Bad debt is a loan on a depreciating asset i.e. cars, bikes, boats, etc.

There is something called opportunity costs which are involved in every transaction. It's the cost that incurs by not being able to put your money elsewhere. For example, throwing $10k at a bike has an opportunity cost of not using it as a down payment on a rental property that has X% cash on cash return.

My best financial advice, avoid bad debt as much as possible and remember....Rich people get rich by acting poor. Poor people stay poor by acting rich.
doghouse
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doghouse 4/18/2017 6:00am
4/18/2017 6:00am
tcallahan707 wrote:
Generalizing advice like never finance anything or never spend your cash is not good advice, in my opinion. It's too general and it's all dependent on...
Generalizing advice like never finance anything or never spend your cash is not good advice, in my opinion. It's too general and it's all dependent on your goals.

There are two types of debt. Good and bad. Good debt is something that creates value or generates a return. Things such as business and investment property loans are good debt. Bad debt is a loan on a depreciating asset i.e. cars, bikes, boats, etc.

There is something called opportunity costs which are involved in every transaction. It's the cost that incurs by not being able to put your money elsewhere. For example, throwing $10k at a bike has an opportunity cost of not using it as a down payment on a rental property that has X% cash on cash return.

My best financial advice, avoid bad debt as much as possible and remember....Rich people get rich by acting poor. Poor people stay poor by acting rich.
/thread
mingham97
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mingham97 4/18/2017 6:28am
4/18/2017 6:28am
Dunno is has been mentioned, but 60 months in 5 years. 52 times 5 is 260 weeks. 260 times 77.85 in about 20k
Paying an extra 25% over the course of the loan. Essentially, after 5 years, you paid 20k for something worth 4-5k which is $15000 depreciation over 5 years. And that is IF you keep it for the entire loan term.

You will never see anything else in this world depreciate like that

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