Spending your checks

[462]

View attachment 14411

Ouch....

Those were the best local rates, at the time, and took a lot of shopping to fine them. It's ours, and has been free and clear for almost 20-years.

The Carter years spawned the introduction of the Misery Index. Not only were interest rates in the 20% range, unemployment was too.

In many ways, not counting the economic effects of the Chinese flu, these are the good ol' days.

 

[CZ93X62]

In many ways, not counting the economic effects of the Chinese flu, these are the good ol' days.

Yessir.

 

[L Ross]

Bought our first house at 18.2%. I love hearing people whine about a 5% mortgage. How did we survive? Bought a very modest house. Furnished it with used furnishings, drove used vehicles, had one TV. Just sensible, frugal, practices. Paid off the mortgage early.

 

[Winelover]

I thrived during the Carter years. Made enough interest on investments to purchase a new vehicle (cash) every three years, if I had a mind to. Didn't have a mortgage, lived on rent, inside the Detroit City limits. Crystal ball, crystal ball.............only wish I had locked the investment interest in for 5 or 10 years. Alas, nothing lasts.

 

[Mitty38]

Actually went to balance me checking before I go to buy some gravel for to level, and add some drainage to my shed spot.
It was in the bank.

However in Lou of the none political. My fealings on the check we will just leave that can of worms closed.

However I figure good money or bad it is my responsibility to use at least some of it in a way that will keep give my family security and less stress later on. Going to Pay off the balance on our grave plots.

 

[RBHarter]

In 75' my folks bought a place , in 78-9' I remember Dad saying with a 7% note they couldn't afford to pay it off as they were making money on the loan .
I think they were getting about 5% on savings at the time . A new loan was about 14% and a $100 a month more .

 

[Rick H]

Bought my house in '75. 7.75% mortgage with 20% down. At least it is paid for. I am a luddite. No wire transfer or direct deposit to my account. I am waiting on the check(s).

 

[Hawk]

Bought my wife a used car in 1980 and paid 19.5% on the loan!

 

[Ben]

As we have our discussions, let's all be very careful that we steer clear of any politics.

Ben

 

[Ian]

People at work today were discussing the disbursements and were asking each other the same question as the title of this thread. I thought it odd that not a single person was planning to save the money in case they needed to pay bills during this crisis, which I thought was the purpose....am I right? I said hey, I'm a commission tech, I'm already making 50% of what I was making two weeks ago, and this week less than what I spend, with no end to the slow times in sight, so I'm hanging onto that money until this mess shakes out. I stashed plenty of money to get through this because I was planning to be recovering from surgery and before that had figured it would take me a few months to be productive in my new job after a long absence from the dealership scene, but I haven't had the surgery and have been making a lot more money than I anticipated so was able to sustain a good cushion. The next two months will likely not be good financially, so we have the disbursement to fall back on if necessary, or if not I can use it pay what insurance doesn't cover when surgery time comes.

 

[Gary]

Actually it's "stimulus money"; money's meant to be spent. I am going to act the part of the Grasshopper with this "earmarked" money. Milling Machine is on the que. Being retired and 74 leaves me little time to play.

 

[RicinYakima]

Ian, that is the smart thing to do. However, my city, county and state are saying "spend it locally as soon as you can!"

 

[462]

I've a feeling that too people will use the money for their wants, rather than their needs or to catch up on bills and rent and credit cards that are in arrears or to put some under the mattress for that next rainy day that's right round a not too distant corner.

 

[JonB]

I've never had a Mortgage.
I bought and sold 3 different houses...paid cash.
First house I bought at an estate Auction for $7500 in 1986. The house was previously listed for $39K, while it was a large old Brick house, it was in livable condition. After the Auction, while talking to the auctioneer, who was also a realtor, I asked why this place went so cheap and why wasn't he bidding on it. He said half the houses in town have a "For Sale" sign in the front yard...and he was glad a stranger was bidding on one of them, to move to town, otherwise, he said he was considering bidding on it, as it included 3 city lots.

Not having a Mortgage may not have been the smartest thing, buying old cheap houses with cash, as they don't accrue in value like bigger better houses. I'd probably been better off with a Mortgage or two...Who knows? I could have been bit during the Housing bubble in 2006-07

 

[Brad]

No stimulus money in our account today. The state and feds were gracious enough to withdraw what we owed in taxes. Awful kind of them.

 

[Hawk]

Got ours today!

 

[Hawk]

We are retired and on a fixed income, but not broke or hurting for money. We planned and saved our entire lives so we would be comfortable in our retirement.
Its still being discussed, but we will probably donate it to a couple of local children's hospitals. They need it more than we do.

 

[fiver]

St. Judes will be getting some of mine.
half will go straight to savings.

if I wanted it spent I'd give it to the wife.
it'd be gone in 2 days or less and there'd be nothing to show for it.... absolutely nothing.

 

[Ian]

I still donate to St. Judes a few times a year. After all they did for Jay's kid I got a real appreciation for the work they do and how they make use of the money. I also donate through Amazon prime.

 

[Gary]

St Judes gets my money as well. One of the "better" charities IMO.