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AngliaGT

AngliaGT

Great Pumpkin
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I was in the garage tonight,& looked around.I've got
too many unfinished projects.
The MGB GT needs work,as well as the TR6,& there's
the Datsun B210 (unfinished),in the garage.And the daily-
driver ('94 Dodge Dakota),needs more work every day.There's
also the '60 Ford Anglia in the garage,that I want to keep.
Do I sell EVERYTHING off,pay off the bills,& buy what
I want?,or do I keep it all,& try to make it work?
I have a big Visa card balance,so I'm tempted to sell
it all off,pay bills,& start over again.
What should I do?

- Doug
 
Pay the debt. Then answer Question # 1. What is it you want? --elrey
 
AngliaGT said:
I was in the garage tonight,& looked around.I've got
too many unfinished projects.
The MGB GT needs work,as well as the TR6,& there's
the Datsun B210 (unfinished),in the garage.And the daily-
driver ('94 Dodge Dakota),needs more work every day.There's
also the '60 Ford Anglia in the garage,that I want to keep.
Do I sell EVERYTHING off,pay off the bills,& buy what
I want?,or do I keep it all,& try to make it work?
I have a big Visa card balance,so I'm tempted to sell
it all off,pay bills,& start over again.
What should I do?

- Doug
Click to expand...

Doug, Your asking a question of a personal nature. The decision is one only you can make. But if you want some advice, which it appears so, I'll give you an old mans point of view. I don't normally do this, but, do what ever you have to do to get rid of the bills! Sell the cars if that's what it takes. Being deep in debt can cause many issues that no one needs, family and other things. I've told my boys when growing up, ones 50 and the other is 51, that if you want to buy a $10.00 item and you only have $9.00 in your pocket, then wait for the other dollar! For some strange reason, that piece of advice stuck and hopefully was a small part in helping them today be very successful men.
Credit cards are very handy, but only if you have the money to back them up. They are the greatest test of will power ever invented by man and by miss use, have destroyed more lives than anything else I know of. Get rid of the bills. If it takes selling the cars, get rid of them, just keep your favorite and forget the rest. JMHO. PJ
 
:iagree:

AMEN!
 
One of my favorite quotations (and one I've lived by most of my life):

Dickens' Mr Macawber: <span style="font-style: italic">'Income 20 shillings, expenditure 20 shillings and sixpence, result misery. But income 20 shillings, expenditure 19 shillings and sixpence, result happiness'</span>

Buying stuff brings a temporary "high". But we overdo the buying, then lay the new stuff in a pile, and go for another high by buying again.

Tom
a/k/a Frugal Zealot
Happy (and debt free) with what I've got.
 
while I completely agree, can you get the cars together enough to sell? Just because a complete runner is worth more than a project.
 
All good advice above.

Having been in a bad credit situation years back, I paid debt, cut up my credit cards, and started over with an American Express card that required payment every month to train myself to not charge more than I could afford. The only debt I have now is the remainder of the mortgage I took when we needed to expand the house to move parents in. That is going down quickly and will be my last debt ever. I cashed in life insurance to get out of debt. If you have assets you can sell, I would think that is the best way to get out from under. Then take a breath, and start living without debt and see how nice it is.
 
:iagree: with Dave!

People - and nations - can't borrow their way to prosperity.

T.
 
GET OUT OF DEBT !!!!!!

Sell it all and pay it off. Buy back what you want (finished) with what you will save in interest.


Turn your debt into an investment.

Say you owe 20K on credit cards. You'll probably pay more than double that back depending on your minimum payment if you keep going like you are. Sell your stuff and *invest* it in your debt. Now your cards are paid off and you are out of debt.

Now take those payment that you would have sent in and put it in something: savings, 401K ....something. In other words pay yourself the interest you would have paid them and buy some toys.

It the same thing as if you invested 20K in something that paid your CC payment amount per month in dividends. Only thing is you don't have the 20K anymore but you have your freedom back.
 
kellysguy said:
GET OUT OF DEBT !!!!!!

Sell it all and pay it off. Buy back what you want (finished) with what you will save in interest.


Turn your debt into an investment.

Say you owe 20K on credit cards. You'll probably pay more than double that back depending on your minimum payment if you keep going like you are. Sell your stuff and *invest* it in your debt. Now your cards are paid off and you are out of debt.

Now take those payment that you would have sent in and put it in something: savings, 401K ....something. In other words pay yourself the interest you would have paid them and buy some toys.

It the same thing as if you invested 20K in something that paid your CC payment amount per month in dividends. Only thing is you don't have the 20K anymore but you have your freedom back.
Click to expand...

who are you and what have you done with Billy? :confuse:
 
JPSmit said:
kellysguy said:
GET OUT OF DEBT !!!!!!

Sell it all and pay it off. Buy back what you want (finished) with what you will save in interest.


Turn your debt into an investment.

Say you owe 20K on credit cards. You'll probably pay more than double that back depending on your minimum payment if you keep going like you are. Sell your stuff and *invest* it in your debt. Now your cards are paid off and you are out of debt.

Now take those payment that you would have sent in and put it in something: savings, 401K ....something. In other words pay yourself the interest you would have paid them and buy some toys.

It the same thing as if you invested 20K in something that paid your CC payment amount per month in dividends. Only thing is you don't have the 20K anymore but you have your freedom back.
Click to expand...

who are you and what have you done with Billy? :confuse:
Click to expand...

:lol:
You're in rare form today, J-P!
 
I'm just seconding what others have said. I've been through the mill on incurring and then paying off large debt - you will feel much more in control once you eliminate yours.
You might consider keeping one vehicle that is nearest and dearest to you. Sit it aside until all debt is cleared and then devote yourself to that one project; only when you can pay as you go.
It truly is a great feeling to be solvent!
Roy :cheers:
 
And to get us back on track, just from the fact that you've articulated your situation here, it's pretty apparent that your stress level over this is high. Do what you can to ease that, and things will be a lot better!

SIMPLIFY! :yesnod:
 
:iagree: I also wonder why it is that nobody to whom I owe money ever dies? I"m thinking of starting a longevity website, just send your money to P.O. BOX ..... --elrey
 
Doug, as others have said here, this is a very personal decision. Here's my thoughts, worth what you paid for them as always.
grin.gif


Debt, in and of itself, is not a bad thing. It's called "leverage" in the financial world for a reason -- pulling forward potential future earnings can be a useful tool for specific reasons. A reasonable home mortgage is a good example, as is a business loan that is often needed to get a business off the ground or to weather a short bad spell. The other issue is one of cash flow: I could save enough to buy a house around where I currently live outright, in cash, in about 12 years -- but that would mean that I would give up the next 12 years of my life (no trips, no movies, no old car, no anything other than essentials) and I'm not willing to do that. So a mortgage, for me, is worth the extra costs involved to keep cash flow working.

The issue, really, is what your tolerance is for the risk and stress that debt can bring. Everyone has a different tolerance level for this, and it sounds like you are now well above your personal level. If the debt is nagging, and the car projects are nagging, then it's time to clear the decks and start fresh.

Sell all the cars. If there is one particular car that is special to you, then keep just that one. Make sure you have a reliable daily driver so you can work. Pay off the credit card first, get yourself clear of the extra debt, and take some time to figure out what you really want.

The first step is always to stop the bleeding, then you can look at creating the situation that you want, not just the one you have. This can be a painful process, but is well worth it. Good luck, and let us know if we can help.
 
AngliaGT said:
I was in the garage tonight,& looked around.I've got
too many unfinished projects.
The MGB GT needs work,as well as the TR6,& there's
the Datsun B210 (unfinished),in the garage.And the daily-
driver ('94 Dodge Dakota),needs more work every day.There's
also the '60 Ford Anglia in the garage,that I want to keep.
Do I sell EVERYTHING off,pay off the bills,& buy what
I want?,or do I keep it all,& try to make it work?
I have a big Visa card balance,so I'm tempted to sell
it all off,pay bills,& start over again.
What should I do?

- Doug
Click to expand...

Doug, essentially you've already answered your own question - these are your words:

the '60 Ford Anglia in the garage,that I want to keep.
I've got too many unfinished projects.
I sell EVERYTHING off,pay off the bills,
I'm tempted to sell it all off,pay bills

Keep the Anglia, that's the only one you REALLY want. Sell the rest.......
 
"I have enough money to last me the rest of my life. Unless, of course, I want to buy something."

"Buy now and pay back with inflated dollars."




Bottom line, get out of debt. Sometimes it hurts, but as long as you pay for your cable teevee, you will be ok....
 
Debt is good to have gone. I try not to accumulate too much stuff because takes attention away from doing stuff. But you need some stuff and the Anglia is good stuff so keep it, put the MG and TR against debt, get the Datsun going for a driver and sell the pickup.
 
All of the above is good advice. What you might want to do is make a list of the projects, and figure out roughly what it will take to make each one roadworthy. Take the cheapest, if it will not overwhelm the debt thing, and finish it. Sell it off, and earmark a certain percentage to the debt, and "invest" the remainder into the next project. All the cars are worth more as runners, and if you can move forward by making them run one at a time, and increase what they (should) sell for for less $$ than it will cost to get them there,it might be worth the effort. You still keep the hobby going, but are also moving toward being debt free. If the numbers wont work, ... sell em off.Keep the Anglia. You are the last person I know that has one..
 
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