Quote:
Originally Posted by Jeff/Illinois
Quote:
Originally Posted by P.S.
Also, Dave Ramsey says the rule of thumb is to not own anything with wheels or a motor that, all of their value totalled together, exceeds half of the total of your household annual gross income. Assuming the average income is $50,000 per year, you should not own more than $25,000 worth of cars (combined). My Model A 'collection' is worth more than my annual income by far.
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I heartily disagree with Mr. Ramsey's statement. You have to realize that Ramsey, Suzy Orman, and etc. make a lot of money on book sales, CD's, personal appearances, radio and TV spots, and all that telling YOU how to handle your money.
Any accountant or economist will tell you that it makes absolutely no sense to restore or own an old car. They will tell you 'Forego that daily 85 cents cup of coffee at McDonald's, put that money in a Roth IRA-401K-Mutual Fund whatever AND by the time you are 67 years old you will be wealthy. (We had a 'financial advisor' tell us this exact thing once in a meeting at Deere)
Go all thru life and never have anything considered a luxury or something that makes you happy or have fun, put that money in the bank, so that when you are an old man sitting in an adult diaper in the nursing home in your own pee and feces watching that big bank account evaporate, you can rest assured that 'But at least I used to have a bank statement that HAD a big figure on it.' Was that 'fun', looking at that quarterly statement all thru your life? Now it's too late brudder.
That is no way to live. Go out and but another old car now, that's MY advice. |
Ha !! You crack me up, Jeff!! Your last part is absolutely spot on!!
The point I was making is that the generation listening to Dave Ramsey, and heeding his advice, would be talked out of owning a collector or classic car. Come to find out, Dave Ramsey's show is the 3rd most listened-to radio show in the country. One would have to assume that means a LOT of people are taking his advice as well.
I have to admit, Ramsey did help me rein in my spend-a-holic wife when I needed someone to back me up. I'm a saver, always have been. She had to learn how to be a saver. Jeff's analogy about later in life does cross my mind from time to time. However, being debt-free and a net worth over $1M in my 40's gives me assurance that I will still get to play with Model A's (and antique radios, model airplanes, etc.) when I reach my golden years.