I am 30, Mrs. Bernse is 27. We both have steady, reliable, decent paying jobs. We have our home largely paid off (more than 1/2) in the first year of living in it, thanks largely to a large down payment. We are focusing almost all of our earning efforts into this endeavor. I have approx 1-1/2 years left in my auto loan, and thats about it for monies owed other than regular monthly bills and the mortgage…
The delima: I want a new bike. Either a FJR1300 or an ST1300 .
The question is this: Forgo paying the house off for 1-3 years so I can buy a “toy” or pay the dwelling off ASAP and hold any new major purchases at bay for 5+ years. I am kind of rationalizing buying the bike as, while I am only 30, I am not getting any younger. I would like to enjoy it as much as possible while still a “relatively” young man.
Well, when I first saw the thread title, I was under the impression we’d be talking about buying Spawn toys and Transformers too often, which definately afflicts me.
But now that I’ve read it, by the bike. Every guy should have a chance to own one. I haven’t had the chance to ride one since I was 16, and I long for it every day.
Ditto. I just bought me some Legos this weekend. Just some little ones. We were at ToysR’Us getting a toybox for the Heaplette and I just couldn’t help myself.
Oh, yeah. Sorry. If the bike is something you’ve always wanted, I guess it’d be best to get it while you are young. The house will always be there.
I noticed you wrote “buy a new bike” (emphasis added), which implies you’ve already got a motorcycle. 'Fess up! What is it?
If you were debating between having a motorcycle at all and paying off your house-- Fuck it man, you’re 30 and your house is nearly paid off? I know people in their 60s who are still paying off their mortgage…
There are some financial benefits to having your house not paid off–like being able to deduct your mortgage interest. I’m real good at rationalizing. But have you talked to a good financial advisor about your situation? My Pa, a CPA, often says that carrying a mortgage can be a good thing for a variety of reasons.
If you are financially healthy, and it sounds like you are, there is no reason not to spend some of your hard-earned cash on toys. You could maybe strike a “compromise” and pay off the auto loan and then buy the bike.
But ultimately, I say that if you can afford it and still stay financially healthy, you should do it.
I would buy the Bike and keep the Mortgage. You did not mention if you had children but if not the Mortgage is a good thing as ANY tax deduction you can get is a good one.
You’re 30 and you have a HOUSE nearly paid off? That’s impressive!
I would go for it. But I plan out my toys ahead of time – my next one is a DVD player. And possibly a new TV, since mine is broken and may or may not be fixable. I’m kinda hoping it’s not, actually, so I can get a cool flat-screen like my brother has, though bigger since his has to fit in a dorm room.
You’re in FAR better financial shape than I can imagine being in, from the sound of things. Do it. Just WEAR A HELMET. Please.
Stonebrow: Nope. That was the first thought that came to my mind, too.
Regarding the OP: I’ll just throw my two cents in here, too: I’m 31 and buying a house for the first time. I envy you. You sound like you’re too financially responsible, if indeed there is such a thing. Go ahead, live a little! If your house is more than half paid off, by my way of thinking you shouldn’t have to make another mortgage payment for about 14 years. It’s a shame it doesn’t actually work that way…
FTR - I live in Canada so the “tax” deduction for the interest is really not an issue (we don’t have that luxury). The wife and I just want to get our bills “paid off” so we don’t owe anybody anything as soon as possible… which has real merit as anyone that pays monthy rent, car payment or a mortgage payment can surely relate. It would be nice to know that, heaven forbid, if we both got laid off for a long period of time we wouldn’t have to worry about shelter or getting our vehicles repossesed. Owing people money sucks.
However, I am human. I like my toys. And god damn, those are nice bikes. I’ve always wanted a nice bike. I actually received the OK from Mrs. Bernse last year to buy a new V-Max, but I looked at that as strictly a toy and decided against it on my own. At least with these, I can go on a highway trip in comfort and even do some minor grocery shopping (the saddlebags).
So far the responses have been to “indulge” myself, which goes against my logical thinking… Damn you people… you should be telling me to “be more financially responsible” or something along those lines. Instead, you’re edging me closer to spending $20K.
bernse, I could only hope to be in the cushy financial situation in which you seem to find yourself. I was a doofus in college, and ran up large credit card debts, which I’m still paying off. I also have student loans, a car payment, and (hopefully) soon will be adding a mortgage payment (throwing away money on rent is just too depressing). You, though, appear to be doing pretty well. Get the bike.
In fact, if you don’t get that bike, I’m going to hunt you down, steal your money, and buy it for you.
Jeff
But have you talked to a good financial advisor about your situation? My Pa, a CPA, often says that carrying a mortgage can be a good thing for a variety of reasons.