Keeping Up With the Jones- $145,000 Walleye Boats

I don’t care one bit about credit card debt. I do care about National Debt.

Bearcat89 wrote:

<div class=”d4p-bbt-quote-title”>Ripjiggen wrote:</div>
Pretty sure you are keeping up just fine from the post I have seen BC.
Different strokes for different folks.

Yeah I do OK, I’m glad I don’t feel the need for a boat of that spectrum otherwise I’d have one. I prefer my boat to be ugly and under the radar. As long as it floats and moves, I’ll be happy. My money is invested elsewhere. One day I want to buy a newer boat. But everything I ask my self why I need a newer boat, I can’t come up with a reasonable explanation. I also hate loans, and prefer to own out right. I couldn’t write that check. When I wrote the check for my house, it hurt.

Bearcat, unless I’m mistaken you have one hell of a pension via the laborers union. That’s not generational wealth, but it means you will be able to retire and do well possibly before you are 60 years old. Not too shabby!

Bearcat, unless I’m mistaken you have one hell of a pension via the laborers union. That’s not generational wealth, but it means you will be able to retire and do well possibly before you are 60 years old. Not too shabby!
[/quote]

Yes I do. And luckily I was smart enough to join the trade when I was 18 3 days out of high-school so my pension is already looking good. If I keep playing my cards the way I do, I should be set for a decent retirement. And as I live now with no debt and everything paid for ill be really good.

Sign of strong economy

I thought that the student loan forgiveness being pushed forward again was to allow more people to buy these $145,000 walleye boats.

Give a man a fish and feed him for the day. Teach a man how to fish and you feed him for a lifetime. Give a man a few thousand dollars and you give him a down payment.

Dutchboy wrote:

I don’t care one bit about credit card debt. I do care about National Debt.

Just showing much of the personnel spending is being put on credit.

Eelpoutguy wrote:

<div class=”d4p-bbt-quote-title”>queenswake wrote:</div>
February 18, 2024 at 4:16 pm#2254881
I think just like with the fancy wheelhouses, I think a lot of these are small business owners who need to take money out of the business every year or it will be taxed. It’s farmers who need to play similar tax games. My guess is they pay it all in cash or finance a smaller amount than what you see.

What?
You would need to prove it is for business. You would need to come up with a provable % that it was used for business purposes and write that off but we all know you would be lying.

I just had this conversation with my bean counter about a pontoon. She said it was not advisable as it would put me on the IRS radar.

No, I’m talking about S-corp shareholders taking profit out of the business for personal use. Not related in anyway to a tax writeoff for the business.

Oh – after further research, that’s Post tax money. So it’s no different than pulling money out of your personnel bank account.

OG Net_Man wrote:

I thought that the student loan forgiveness being pushed forward again was to allow more people to buy these $145,000 walleye boats.

Give a man a fish and feed him for the day. Teach a man how to fish and you feed him for a lifetime. Give a man a few thousand dollars and you give him a down payment.

It was more meant to address the loans that were of high risk of default and not getting repaid anyway. Which would be 100% the fault of the lender.

biggill wrote:

It was more meant to address the loans that were of high risk of default and not getting repaid anyway. Which would be 100% the fault of the lender.

Not true.

To get this round of loan forgiveness, here are the requirements:

For a borrower to be eligible for this forgiveness they must be enrolled in the SAVE Plan, have been making at least 10 years of payments, and have originally taken out $12,000 or less for college.

-J.

Which are high risk of default because they are already on an adjusted repayment schedule based on their income.

How could they have not paid off a loan of less than 12,000 in 10 years?

CaptainMusky wrote:

How could they have not paid off a loan of less than 12,000 in 10 years?

Exactly my point.

And how many people have student loans of less that 12000 in the first place? Not many that is not even a year of college anymore.

CaptainMusky wrote:

And how many people have student loans of less that 12000 in the first place? Not many that is not even a year of college anymore.

I think it’s in the range of 150k+ coming to about $1.2B if I recall correctly.

biggill wrote:

I think it’s in the range of 150k+ coming to about $1.2B if I recall correctly.

Yeah I heard that too, must be dropouts. My son went one semester and decided he would rather just work so he would fall into this category. Im glad he didnt waste his time and money for something he really didnt know he wanted to do.

biggill wrote:

<div class=”d4p-bbt-quote-title”>Terry wrote:</div>
I thought that the student loan forgiveness being pushed forward again was to allow more people to buy these $145,000 walleye boats.

Give a man a fish and feed him for the day. Teach a man how to fish and you feed him for a lifetime. Give a man a few thousand dollars and you give him a down payment.

It was more meant to address the loans that were of high risk of default and not getting repaid anyway. Which would be 100% the fault of the lender.

Are you sure it was not for a walleye boat?

Dropouts can occur for various reasons. I imagine those having children while in school is a big one.

biggill wrote:

Dropouts can occur for various reasons. I imagine those having children while in school is a big one.

Yep

OG Net_Man wrote:

Are you sure it was not for a <strong class=”ido-tag-strong”>walleye boat?

Considering how easy it is to get a loan these days, maybe. Lenders seem to have no problem giving $145k to anyone with a pulse.

Typical, some how we migrate from 145k boats to student loans

These would be loans from 2014 and prior. My guess is it’s people that took a semester or full year at the local community or state college and then stopped attending.

$500 a credit x 24 credits (minimum course load for a full time 1 year college student) = $12,000. Just a guess. Maybe some truly need help, but if they have had a loan of that size after this long there is a lot of questions raised.

Another OMG moment – student loans – it was a joke

hillhiker wrote:

<div class=”d4p-bbt-quote-title”>Baitwaster wrote:</div>
…and then you hang 4 $80k engines on it – because why not?

Or 6…

Ha! Pocket change.

CaptainMusky wrote:

February 23, 2024 at 3:00 pm
#2255974
How could they have not paid off a loan of less than 12,000 in 10 years?

Minimum payments based on income or something. They never payed towards principle.