Bad financial decisions

Murdoughnut said:
My kid keeps asking me about buying a plane. The same kid bleeding me dry financially for other things.
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When I was turning 16 I had this conversation with my dad (paraphrased):

“Dad, I think I should have a car”
“OK, you have my permission.”
“Well, how much can I spend?”
“Whatever you want, it’s your money.”
“Uh, I don’t have enough money for a car.”
“I guess that limits your options then, doesn’t it?”

A few months later I spent $200 of my own hard earned money on my first car.
 
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SteveC said:
When I was turning 16 I had this conversation with my dad (paraphrased):

“Dad, I think I should have a car”
“OK, you have my permission.”
“Well, how much can I spend?”
“Whatever you want, it’s your money.”
“Uh, I don’t have enough money for a car.”
“I guess that limits your options then, doesn’t it?”

A few months later I spent $200 of my own hard earned money on my first car.
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Mine…

“Dad, I think I should have a car”
“I have an extra one. I’ll sell it to you for $7,000.”
“I don’t have $7,000”
“you can make payments. It’ll be $x.xx (don’t remember) a month.”
“Great!”

Two months later.

“Dad, I can’t afford that payment. Can I pay less?”
“No, a deal’s a deal. But I can buy it back from you.”
“Okay, for how much.”
“For exactly what you owe on it.”

So he made a few hundred on the deal. I lost a few hundred and still had no car. But I guess I learned a lesson.
 
SteveC said:
When I was turning 16 I had this conversation with my dad (paraphrased):

“Dad, I think I should have a car”
“OK, you have my permission.”
“Well, how much can I spend?”
“Whatever you want, it’s your money.”
“Uh, I don’t have enough money for a car.”
“I guess that limits your options then, doesn’t it?”

A few months later I spent $200 of my own hard earned money on my first car.
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I like his style.
 
After a year of rebuilding due to a ground loop I finally have this fun little plane in the air again.
 

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- "Barely survive" due to no time off / little sleep / no schedule flexibility.
- It's not a plane, but it's in the same category of "bad financial decision"
- Escape route.

(I couldn't afford a plane unless it was a lifestyle.)
 
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WacoFan said:
You assume he is drowning, or even has debt. I just lost a friend who was a centimillionaire. He took exactly zero of his money with him.
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I'm doing just fine financially.

Actually it was a Dave Ramsey clip that made me buy the first plane. He's had multiple callers phone in with a nice net worth and asking permission to buy a motorcycle, go on a cruise, repair the kitchen when they could easily set that amount of money on fire and be fine. So, yeah my financials are fundamentally sound and if the hangar burned down I would be sad but wouldn't miss the modest amount of money I've spent on these airplanes. The ROI of fun I've had is more than worth it.



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I finally got her home to my local airport today.
 
good on ya.
theres a sliding scale of reasonable and you’re entirely in the good side with those airplanes. you in particular know that tomorrow isn’t promised and there’s no sense denying yourself joy until you’re 65.

USMCmech said:
I'm doing just fine financially.

Actually it was a Dave Ramsey clip that made me buy the first plane. He's had multiple callers phone in with a nice net worth and asking permission to buy a motorcycle, go on a cruise, repair the kitchen when they could easily set that amount of money on fire and be fine. So, yeah my financials are fundamentally sound and if the hangar burned down I would be sad but wouldn't miss the modest amount of money I've spent on these airplanes. The ROI of fun I've had is more than worth it.



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I finally got her home to my local airport today.
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Skåning said:
Dave Ramsey is a hypocrite and just preys on dumb people. It’s a scam.
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I’m not saying buy his products. But the seven steps are published, available free, to anyone.

I don’t see the issue with it. Seems like sound advice.

But, you know, it forces people to pay their debts and ain’t nobody got time for that.
 
🦈💜 said:
Dave Ramsey gives idiotic financial advice.
People are remarkably bad.
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He often gives good advice to train wrecks, he also gives bad advice to train wrecks.

He seems to have a problem with working single moms that need reliable transportation.

He also fails to plant the seed of real wealth-building.
 
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