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Originally Posted by freebeard
I have USAA for insurance and a local credit union for finance.
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I had all my money in Iowa once because I did a nationwide search for the best rewards checking account, and it was West Bank (Iowa). No problem because I do all my banking online, and have my pay direct deposited. I've never even written a check (except in high school in a life skills class).
When the rates were no longer the best, I online bill paid myself and they sent my money via a check that I then deposited into a different credit union. My current credit union can accept paper checks by using a phone to take a photo to deposit. I then just tear up the check.
My favorite credit union simply for the comedy factor is Redneck Bank. Not bad rates either. I've never held an account with them, but I have a friend that does.
https://redneck.bank/
Quote:
Originally Posted by Xist
You ignored the part where I spend the time cleaning my windshield and back window. So, ten seconds a day would be on top of cleaning my windows every week.
I have USAA, but I do not know anything about financing vehicles, because I never finance anything. Like I said, if I needed to replace my car, I would pay cash.
3% interest may not be much, but unless I am earning more on the same amount, I am still losing money.
I may be able to get a better deal than 8%, but that is $692 in interest, out of a total of $7,812, or 8.9%.
At 3% it is $12 less a month, $528 less in total, and 6.8% less than my original figure.
Would this McDonald's scenario be on top of your full-time job?
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That Dave Ramsey mentality is too simplistic. It's a great way to think about money if you've got low discipline, but wealthy people make credit work for them to make more. 3% interest to finance a vehicle is lower than 7% you can make in an index fund. In other words, you make more money paying the 3% interest on a vehicle loan when you factor in the money not spent on the vehicle sitting in an index fund.
Not only that, but you need credit to get a mortgage. Why not finance a car at low rates, invest the money not spent on the car in an IRA, and build credit? I've financed cars before even though I could pay cash. The only reason I paid it off early is that financing a vehicle requires comprehensive and collision coverage, which is much more than liability only. I like to run minimum liability coverage.
Give me any scenario and I can probably save money, including McDonalds as my only full time job. I made $30/mo in prison working 40hr weeks, and I came out with an extra $200. I had to pay for my own shoes, soap, shampoo, toothbrush, radio, toothpaste, postage paid envelopes (lopes), ...