The CRAZIEST guitar gear collection on the internet?

[Drew]

You will when you get your paycheck next week.....

Yeah, what @jaxadam said, basically. I use my credit card like a more secure debit card, andhave it set to pay off in full every month. At the moment my available credit is probably lower than my cash savings, and I should probably fix that - we're shopping for a new house so I haven't wanted another inquiry on my account, but it's been more than two years since my initial preapproval so I should probably start looking for a new card that would compliment my wife's benefits.... but, basically, the number of times I'd intentionally put something on credit that I couldn't otherwise pay cash and couldn't pay off immediately are vanishingly few and far between.

If your discretionary spending is such that you routinely charge more than you can pay, your problem isn't how you structure your payments, it's the spending itself.

 

[Shask]

Yeah, what @jaxadam said, basically. I use my credit card like a more secure debit card, andhave it set to pay off in full every month. At the moment my available credit is probably lower than my cash savings, and I should probably fix that - we're shopping for a new house so I haven't wanted another inquiry on my account, but it's been more than two years since my initial preapproval so I should probably start looking for a new card that would compliment my wife's benefits.... but, basically, the number of times I'd intentionally put something on credit that I couldn't otherwise pay cash and couldn't pay off immediately are vanishingly few and far between.

If your discretionary spending is such that you routinely charge more than you can pay, your problem isn't how you structure your payments, it's the spending itself.

I just dont think it makes sense to base your spending on once a month, unless you only get paid once a month. At my primary job I get paid every 2 weeks, so I just look at my pay divided by 2, and that is the amount I need to assign each week. At my second job I only get paid once a month, so I dont include that. It just goes towards the once a month Mortgage.

I just find this method lets me get more money to savings and investment, than letting it sit around in my account all month, paying everything, then hoping I have enough to put in savings.

I used to have a job where I only got paid twice a month, so I had this set up differently back then. However, that is kind of where this started because I had to split my monthly bills by 2, because I had 2 paychecks to work with.

If you have the money, and there is no weird penalty for paying early, then why not just do it and have the stress of it behind you?

Honestly, it probably sounds more complicated than it is. I have everything auto-paying, so it just all happens without thinking about it. I just know I am going to have a lot of money going out every Monday, so it needs to be there. Only concern really.

 

[budda]

Like we said, the total doesnt change lol. How is $100/wk to savings different than $200 every two weeks (pay)?

I dont set anything up for autopayment, hell no

 

[Drew]

I just dont think it makes sense to base your spending on once a month, unless you only get paid once a month. At my primary job I get paid every 2 weeks, so I just look at my pay divided by 2, and that is the amount I need to assign each week. At my second job I only get paid once a month, so I dont include that. It just goes towards the once a month Mortgage.

I just find this method lets me get more money to savings and investment, than letting it sit around in my account all month, paying everything, then hoping I have enough to put in savings.

I used to have a job where I only got paid twice a month, so I had this set up differently back then. However, that is kind of where this started because I had to split my monthly bills by 2, because I had 2 paychecks to work with.

If you have the money, and there is no weird penalty for paying early, then why not just do it and have the stress of it behind you?

Honestly, it probably sounds more complicated than it is. I have everything auto-paying, so it just all happens without thinking about it. I just know I am going to have a lot of money going out every Monday, so it needs to be there. Only concern really.

I think we're talking past each other a little, but as it happens I DO get paid monthly.

 

[Shask]

Like we said, the total doesnt change lol. How is $100/wk to savings different than $200 every two weeks (pay)?

I dont set anything up for autopayment, hell no

Because you have to let that amount sit around and accumulate in your account, and then it is a bigger stress to send a higher amount all at once. And for many, they have to hope they still have that much at the end of the month, and they didn't spend it on BS throughout the month. That is not a concern if you already used it to pay a debt, or put it towards wealth building.

I would rather have the extra sitting in a high yield savings account the rest of the month so it can earn that sweet 5% interest.

This works well on a 2 week cycle also. Sometimes I do that. I never like waiting a whole month though.

 

[Shask]

I think we're talking past each other a little, but as it happens I DO get paid monthly.

I do think it makes sense to base your budget monthly if you get paid monthly. Unless your partner gets paid on a different schedule.

Funny enough, I have worked at places where people quit because they were going to go from getting paid weekly, to bi-weekly. They couldn't survive if they didn't get a paycheck every Friday.

 

[jaxadam]

Rule #2: To Maximize Financial Return, Pay Later​

Many Americans do pay off bills in full and many keep monthly spending well below the recommended credit utilization threshold of 30%. People who do these two things reliably are more likely to have a favorable credit score. These routinely-responsible cardholders don’t benefit much from rushing to pay off monthly bills.
Instead, waiting until your monthly bill is due allows you to hold onto your money until the last possible moment. Of course, the statement balance won’t change, but waiting can give you a little extra leverage to prioritize other financial goals.
For cardholders unburdened by debt or a waning credit score, waiting to pay until close to the end of a billing cycle can allow you to earn a little more interest in your bank account or give you more time to manage your money in the best way possible.

 

[JimboLodisC]

I just got my 20th guitar and only now am I starting to feel like I might... MIGHT have too many guitars. haha

 

[Shask]

@jaxadam I think that would work well if you had a huge balance every month, like you sat on $10k every month, and then paid it all out at once, once a month. However, I would also be anxious because most people can't do that responsibly, lol. I know that I get more to savings just paying it first, because I know I can then send my entire account without worrying I will need it until I get paid again.

 

[OneTwoThrill]

What makes me sad about our times is the need to adding things continually.
Cumulate and cumulate just before cumulate. What a void to compensate ?
This is totally insane to get stuff.
Stuff owns you more than you do.
Definitely not a squarel !

 

[Shask]

I just got my 20th guitar and only now am I starting to feel like I might... MIGHT have too many guitars. haha

I think I have 14 and I am already getting twitchy about them laying around the floor and such because I ran out of stands

I will need a payday loan for my next re-stringing session, lol.

 

[budda]

Because you have to let that amount sit around and accumulate in your account, and then it is a bigger stress to send a higher amount all at once. And for many, they have to hope they still have that much at the end of the month, and they didn't spend it on BS throughout the month. That is not a concern if you already used it to pay a debt, or put it towards wealth building.

I would rather have the extra sitting in a high yield savings account the rest of the month so it can earn that sweet 5% interest.

This works well on a 2 week cycle also. Sometimes I do that. I never like waiting a whole month though.

But no matter which way you do it, if you are tracking finances you will have that extra in that high yield account. Have you made more in interest by paying weekly into the 5% compared to bi-weekly? If so theeen it makes more sense.

 

[budda]

@jaxadam I think that would work well if you had a huge balance every month, like you sat on $10k every month, and then paid it all out at once, once a month. However, I would also be anxious because most people can't do that responsibly, lol. I know that I get more to savings just paying it first, because I know I can then send my entire account without worrying I will need it until I get paid again.

If you cant sit on 10k responsibly odds are you cant sit on 1k responsibly. The number isnt the issue.

 

[Shask]

But no matter which way you do it, if you are tracking finances you will have that extra in that high yield account. Have you made more in interest by paying weekly into the 5% compared to bi-weekly? If so theeen it makes more sense.

Overall, I find all finances to be less stressful this way, and my accounts are accumulating more than they ever have, so it is working.

 

[jaxadam]

@jaxadam I think that would work well if you had a huge balance every month, like you sat on $10k every month, and then paid it all out at once, once a month. However, I would also be anxious because most people can't do that responsibly, lol. I know that I get more to savings just paying it first, because I know I can then send my entire account without worrying I will need it until I get paid again.

It’s all good bro. I have no issues with anyone doing whatever works for them.

Like having a birthday. Why do it just once a year when you can do it multiple times throughout? This way I have been able to maximize my gift receiving.

 

[Alberto7]

Idk, I have not run the numbers, but I feel like unless you actively trade in the stock market or you are sitting on TONS of cash (like at least 50k+), you're just counting pennies earned on interest by sitting on your money instead of paying off your bills.

I appreciate a simpler existence where I don't spend my days counting money. I am also not money-smart enough to have that be second nature to me. I pay off my CC several times a month because I literally just do not like seeing a large amount owed. Rational? Maybe not completely. Does it make a financial difference? Also no, but it does give me the immediate mental freedom of knowing I don't owe anyone anything and can do what I want with the money I do have.

 

[jaxadam]

earned on interest

But what if your interest earns interest?

 

[bmtf]

I just got my 20th guitar and only now am I starting to feel like I might... MIGHT have too many guitars. haha

I've been feeling weighed down by everything I own that isn't a black Ibanez lately
But I'm gassing for white/bright guitars simultaneously because contrast lol

 

[Alberto7]

But what if your interest earns interest?

That's pretty sweet if you can make it work! But it's one of those things that, unless I make it a project, I just can't bring myself to care enough to do it

 

[Fenriswolf]

So...I'm gonna go out on a limb and guess this thread didn't go the way the OP was expecting/hoping

IDK about OP, but personally, I thought a thread about the craziest guitar collection on the internet would be more



And less