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@stephonee Good point. Because buying a super-cheap used car could be a pretty big risk, right? What if it bites the dust in a year and you're out your savings? IMHO, there could be other times when you can justify a reasonable monthly payment for a short term.
For instance, If you're confident a purchase will help you MAKE money, it might be a good idea. But any money you make as a result of that purchase should be used to pay down your debt first.
2 years, 5 months ago on The Single Most Important Money Saving Tip
I think there really is an income inequality issue in the U.S. But I'm not convinced this is a way to improve the situation.
In reality, President Obama knows this thing has no chance of passing. It's nothing more than a 2012 re-election stunt. Now he can point to the Buffet Rule and say - "Hey I tried to make something happen for you guys in the 99%! But the Republicans wouldn't let me."
Of course, GOP candidates are pulling plenty of election stunts of their own. Nearly everything you hear from just about every politician right now is designed to help them and their party WIN in November - not to help the country.
2 years, 8 months ago on 5 Facts About the Buffett Rule
My wife and I cashed out our 401ks to get money to pay off some serious credit card debt.
Yes, we had to pay taxes and the 10% penalty. But because of employer contribution matching - we didn't lose any of the money we'd actually put in. Plus, we were young and starting over with retirement savings wasn't the end of the world. In fact, considering what happened to so many 401ks in recent years - it might have been smart (although accidentally smart).
It just turned out that getting rid of the credit card debt -including all that interest we were paying - made more sense than holding on to the 401ks.
Of course now employer contributions - especially good ones - are a lot harder to come by these days!
2 years, 8 months ago on Reader Question: 401k Loan vs Personal Loan or Debt Consolidation
Looks like I'm riding my skateboard to Canada to play the lottery! Sweet odds!
2 years, 8 months ago on How to Win the Lottery – Guaranteed 10 Times Out of 10