What would you do?

[Goldstar225]

I spend many years fishing out of a jon boat with a 9.9 OB until I could afford what I wanted.  I had patience, some don't.

[Deleted account]

Sounds like it's a thing. Hope you are better at picking boats than you are at picking "educational institutions", good luck.

 

https://www.npr.org/2022/02/16/1081107925/education-department-devry-university-borrower-defense-student-loan-relief

[OG SmashSauce]

16 minutes ago, Junger said:

It's real.

 

https://studentaid.gov/announcements-events/sweet-settlement

 

https://studentaid.gov/sites/default/files/sweet-v-cardona-school-list.pdf

 

Not gonna tell you what to do with your money now that apparently you're going to get a windfall, but I'd still buy a used boat first (if this is your first boat ever). 

holy crap...you are 100% correct. I just got off a couple phone calls with my loan servicer and its not fake. I was told it could take up to Jan 2024 until I get my refunds and everything is removed from my credit......Still trying to process this to be honest lol...

 

Ummm, this will be my first boat OWNED personally but I've used my dads boat for years and he sold his so I am not new to them.  

[Bird]

1 hour ago, OG SmashSauce said:

Ok...this cant be a coincidence LOLLLLLL. I'm gonna look into this more but I just received an email from department of education. Apparently my school (devry university) was on a list of 150 schools that have had a class action lawsuit open for years and it just finished?   Here is part of the email:

 

You are receiving this letter because you are a member of the class of federal student loan borrowers covered by the recent settlement of the Sweet v. Cardona

Pursuant to the Sweet settlement, the Department of Education will do the following:

• discharge your federal student loan(s) taken out for your enrollment in the DeVry University ("Relevant Federal Student Loan(s)");
• provide a refund for any payments made to the Department of Education on your Relevant Federal Student Loan(s), including Relevant Federal Student Loan debt that you previously paid off; and
• delete the credit report tradeline associated with the discharged loan(s).

The discharge of your Relevant Federal Student Loan(s) means that you will no longer owe the debt. You also may receive a refund for prior payments made to the Department on your discharged loan(s) related to DeVry University.

 

 

lol....this cant be real? no way. 

If it is true WATCH OUT. 

You'll be pulling a new Ranger with a new Hummer. ?

[Functional]

I wasnt gunna do it but with $93K in student loans....what were your degrees in lol?

 

I once dated a girl who was $200K in debt for video game design which she never finished and was working a job that barely paid $20 an hour in a "goods" store. Couldnt run fast enough when I found that out a few weeks into it....its always the gorgeous ones who have the most red flags. 

[OG SmashSauce]

 

2 minutes ago, Functional said:

I wasnt gunna do it but with $93K in student loans....what were your degrees in lol?

 

I once dated a girl who was $200K in debt for video game design which she never finished and was working a job that barely paid $20 an hour in a "goods" store. Couldnt run fast enough when I found that out a few weeks into it....its always the gorgeous ones who have the most red flags. 

lol...I have a bachelors in computer networking and communications and a masters in informations system mangement.....AND....now I'm a truck driver so go figure lol. 

 

20 minutes ago, Bird said:

If it is true WATCH OUT. 

You'll be pulling a new Ranger with a new Hummer. ?

hahaha...I just want the Ranger

[flyfisher]

15 hours ago, OG SmashSauce said:

Hey guys,

 

Thought it would be fun to explain my situation and WHAT WOULD YOU DO? if you were in my situation.

 

So....currently I have $500 down to order a 2023 Bass tracker classic XL (black/50HP/boat cover). The total is coming out to $18,382. I am PLANNING on just purchasing it with credit cards because my debt/income ratio is too high due to student loans so I am 90% sure I cant finance it.... but I am not in money trouble what so ever.  I can change my mind when the boat comes in and get my money back, no big deal.

 

My dilemma is...I REALLLY want a Ranger 198P but is way out of my current budget. But it is the boat I truly want. So, I am not sure...I am no finance/money guru....lol

 

Should I wait to someday possibly get the boat I want? 

Should I settle for the classic? because honestly it would be settling.

Should I maybe look for another boat completely? a used one maybe?

 

What would you do?

 

Would love to see some different opinions!

 

Debt to income ratio doesn't take into accounts that are not being paid on so the student loan thing is not accurate, I would talk to your lender about that.

Financing a boat on a CC with the reason being your debt to income ratio not allowing a traditional financing route tells me your priorities are way out of whack.  Get that debt to income ratio down and save up to buy a used boat with cash, you will be much happier in the long run and not have a ridiculous amount of CC debt to manage.

[Cbump]

I posted the same that it’s real but my post says It needs approval ?‍♂️

[Functional]

hey at least you can make good money with those degrees. Pretty sure my other BIL has a job in that field and with only 3 years in the field he makes more than I do as a mech. engineer. You can do well in truck driving too.

[OG SmashSauce]

1 minute ago, Cbump said:

I posted the same that it’s real but my post says It needs approval ?‍♂️

oh..lol....I apprciate it. Ya, this is unreal and unreal timing. 

[Woody B]

Someone said it earlier,  if you've got a cabellas or any other credit card that you could spend $18K on you'll qualify for a boat loan.   Have you applied?   Bass Pro begged me to finance my Tracker.  

[slonezp]

5 hours ago, OG SmashSauce said:

 

lol...I have a bachelors in computer networking and communications and a masters in informations system mangement.....AND....now I'm a truck driver so go figure lol. 

 

hahaha...I just want the Ranger

My daughter is part of the lawsuit, I'll believe it when I see it.

 

I drove a truck for years before getting into the trades. Blah blah blah, crippled myself and I'm still in the trades only in a different capacity. My brother is an owner operator. Don't know what your deal is but he's been a truck driver for 30+ years. He can pick and choose what he hauls and is making bank doing it. 

[OG SmashSauce]

5 minutes ago, slonezp said:

My daughter is part of the lawsuit, I'll believe it when I see it.

 

I drove a truck for years before getting into the trades. Blah blah blah, crippled myself and I'm still in the trades only in a different capacity. My brother is an owner operator. Don't know what your deal is but he's been a truck driver for 30+ years. He can pick and choose what he hauls and is making bank doing it. 

Thats where I am at right now....I'll believe it when it happens lol   Crossing my fingers. 

 

I have been driving for roughly 22 years. I am not willing to go the owner operator route due to working for owner operators 90% of my career. I've seen the ups and downs and I am fine being a company driver  

[airshot]

With so many used boats out there, why pay thru the nose for a new one ??  Get what you can afford, with my credit card, I make payments to oay thing off in one year, if I cant, I dont buy!!!  Over the years of raising a family and wanting toys, I did both....but I worked three jobs for 25 years to have what I wanted!!

I was a toolmaker working 50 hrs per week, taught at community college ( shop, blueprint reading, math) two nights per week, and ran a gunsmithing business out of my home.  Yes, my kids got there braces, wife had her nice car and I had my toys....but never deep in debt....now 72 and retired, still have my toys and no debt !!

With so many used boats out there, why pay thru the nose for a new one ??  Get what you can afford, with my credit card, I make payments to oay thing off in one year, if I cant, I dont buy!!!  Over the years of raising a family and wanting toys, I did both....but I worked three jobs for 25 years to have what I wanted!!

I was a toolmaker working 50 hrs per week, taught at community college ( shop, blueprint reading, math) two nights per week, and ran a gunsmithing business out of my home.  Yes, my kids got there braces, wife had her nice car and I had my toys....but never deep in debt....now 72 and retired, still have my toys and no debt !!

[airshot]

Just read about your email, seems like thousands recieved that same email...wouldn't put much faith in it.  My grandson recieved something similiar, his school told him it was fake.  Just trying to get folks going about Bidens plan.  Dont believe it until you have cash in hand !!  Some have already recieved checks, but no one will cash them !!!

[slonezp]

15 minutes ago, OG SmashSauce said:

Thats where I am at right now....I'll believe it when it happens lol   Crossing my fingers. 

 

I have been driving for roughly 22 years. I am not willing to go the owner operator route due to working for owner operators 90% of my career. I've seen the ups and downs and I am fine being a company driver  

Not trying to sell you on the owner operator thing but he has been making bank the last few years. He has a reefer trailer and hauls mostly medicine and medical loads. When he's slumming, he grosses $2K a day hauling medicine from Indianapolis to Chicago O'Hare airport, dead heading one way. Most of his runs are up and down the west coast. Goes to Alaska a couple times a year and makes some serious cash.

[padon]

heres the thing for ME im not saying its what YOU should do just some things to consider. im 53 a make about 120k a year. not a ton of money but im not starving. i have a reasonable house, a 7 year old truck in very good condition that i bought used 2 years ago.i didnt want to pay the ridiculous new prices because i only use it for hunting fishing or when it snows. i have a 9 year old honda civic that i drive to work every day because gas is outrageous. i bought my 18 foot tracker used and pretty much stripped. tiller steer amd nothing else. over the last 5 years ive added console about 10 k in electronics ultrex built decks with aluminum sheeting storage etc. i did all this a piece at a time as i could pay cash for it.i have zero credit card bills . only my mortgage and a truck payment.i put 18% of my pay in my 401k every week.could i have bought a 70k dollar truck and a 40kdollar boat? sure. but i hate putting money in things that depreciate.is it my dream truck? no but it runs perfect. is it my dream boat? no but i have a great time in it.the point is these things are a hobby and a luxury. make sure you have your ducks in a row and have some emergency money stashed away. dont over extend yourself because you need to keep up with your neighbors. as soon as i am eligible for medicare im done. not working one more day than i have to.

[Junk Fisherman]

I would purchase a used aluminum boat to get on the water and then save.  I went through 2 beat-up aluminum boats before getting what I wanted.  By purchasing within my means and saving, I bought my last boat with cash and am saving now for the next one.  

[whitwolf]

Don't do the credit card deal. Here's a story that should give you some pause to think. I've worked for 35+ years and planned on retiring at 63. My wife an I were looking at new boats during the pandemic but the wait was ridiculous so we bout a used aluminum boat with a 50 horse. It has been great!

 

Fast forward to September 2022 and I had a stroke. Retirement is going to be sooner than later. Had we not been smart financially this could have ruined us. 

 

The point being, if you don't have to add unreasonable debt , don't. Be smart now and enjoy life later. 

[Captain Phil]

On 3/15/2023 at 9:46 AM, 813basstard said:

If I’m going in debt buddy, that d**n thing would be a screw away from a space shuttle 

 

This is by far the funniest comment I have ever read on this forum.  It made me chuckle all day long. ?

[thomas15]

This thread has basically covered the topic well. 

 

May I add: one of the few sane financial actions I have taken was when I purchased my boat used, I did it with cash on hand, no debt. As an individual that has in the past paid off well into 6 figures of consumer debt now debt free including mortgage and I have more than enough in my wallet to stroll over to Cabelas and pay cash for one of those Tracker Classic XLs (yeah I got the catalog) but I have come to love my humble 18 year old 16' Starcraft tin because it is not a money pit. 

 

It is true that when I'm at the boat ramp most of the boats there are, you know, contain a lot more eye candy than mine, but there is a certain satisfaction in leaving my paid for home, towing my paid off boat with my paid off truck and not having to worry about how much of my paycheck is going to be vaporized on any given fishing trip causing me to become stressed out just because I decided to spend a few hours on the water and didn't catch a darn thing.

 

While I'm on my rant over spending money on boats, I realize that I only have two hands but i own about 25 fishing poles, 23 more than I have hands for and so much tackle I don't even remember buying a lot of it. I would like to upgrade one of my two sonar units but what I have actually works so I kind of get stuck on the question of "why?"

 

I live literally right around the corner from a fairly busy marina and see boats all day long, much nicer than mine and I can't help but scan stem to stern and think "I want" but so many of the people I see at the ramp seem to be wacked out over something and I can't help but think it is that they financed 10s of 1000s of dollars worth of boat. But of course it's not my call what others do with their money and I do understand the draw to have one of those things closely following you down the PA Turnpike.

[Zcoker]

On 3/15/2023 at 3:24 PM, OG SmashSauce said:

 

lol...I have a bachelors in computer networking and communications and a masters in informations system mangement.....AND....now I'm a truck driver so go figure lol. 

 

hahaha...I just want the Ranger

 

Don't sell yourself short...truck drivers make great money. Walmart hit the news with offers upwards of 110k for drivers. I know food truck drivers for outfits like Sysco making fantastic money. Whatever the situation, go for it! Look for decent financing and get what you truly want NOW. Life is just too short to sit around and wait for something to happen because all kinds of things can get in the way and uproot life instantly. Credit cards can be a poison, so watch out for them! I'm quite sure that if you shop around you can find decent financing for that new Ranger boat. I'd suggest upping that down payment a bit; 500 bucks is jut not gonna get any of those finance companies or banks cranking. Down payments speak volumes to them and can spark things into gear fast. Get busy fishing or get busy dreaming lol 

[airshot]

Wal-Mart advertises a starting pay of 98K for truck drivers, and over the road UPS drivers avg 128K per year...just curious why you spent all that money for something you don't use??  Will a new boat end up like your education...making payments on some thing you no longer use??

[Darth-Baiter]

On 3/14/2023 at 8:32 PM, OG SmashSauce said:

Hey guys,

 

 

 

...I am no finance/money guru....lol

 

 

 

Would love to see some different opinions!

 

focus on this above.  i have done some ridcioulous stuff, so i have no intentions of throwing stones.  but it took real effort to get me out of it.  

 

i dont know what you have behind the curtain, but from the surface..you cant afford a boat.   i now know before i can afford anything, i have to have everything else covered.  by covered...1 year of savings to live ifthe  SHTF.  experts say 8 months of reserves, but i saved up 1 year.   my auto collsion deductable is $1k.  so i even have that put aside.  i dont want to be one of those that need credit to cover a deductable.  

 

personally, i still cant afford a boat.  i have no debt beyond my home.  i heard is said once that poor people buy things that you have to make payments on, and rich people buy investments.  stuff that makes you money.  sadly i am not much the latter either.  but no way i fall into major debt again.  s

[TnRiver46]

54 minutes ago, airshot said:

Wal-Mart advertises a starting pay of 98K for truck drivers, and over the road UPS drivers avg 128K per year...just curious why you spent all that money for something you don't use??  Will a new boat end up like your education...making payments on some thing you no longer use??

If he’s like me, he can make way more driving a truck than using his education 

 

#thingstheydonttellyouinschool