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You are absolutely correct. Digging oneself out of a deep hole is a lot easier if you have a big shovel. Having a high income allows you to quickly tackle debt if you are motivated. Good financial decisions, however, do not end with spending. They also involve life decisions outside of the direct financial realm. Investing in yourself (ie education, training, good career choices) is very important. Critically important is making sure you choose a good life partner that will also have the same positive qualities is a make it or break it choice as well. I'm really into personal finance, being financially independent and have been working really hard the last 10 years to get to the point where working is optional. I love my job and plan to do it until I physically or mentally can't, but having financial security is a wonderful feeling. There is nothing wrong with buying "things" but there is a difference between being frugal vs being cheap. I also think that people underestimate the enormous wealth that comes from compounding interest. Investing, ideally starting at a young age, is critically important. I wish basic finance was taught in high school. I know I did not have any formal education on the subject during my schooling and had to learn everything myself.

.... I think we hijacked this thread! :)

It's OK, that's what forms are for lol I agree about teaching basic finance in high school. I also didn't really know anything about investing back then. I barely know much now actually, and I haven't had good experience with investments so far so I'm not too keen on trying it again because of that. Generally if people are gaining money from investments, it means that someone else is losing that money somewhere else....unfortunately I was on the losing side :sad:
 

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It's OK, that's what forms are for lol I agree about teaching basic finance in high school. I also didn't really know anything about investing back then. I barely know much now actually, and I haven't had good experience with investments so far so I'm not too keen on trying it again because of that. Generally if people are gaining money from investments, it means that someone else is losing that money somewhere else....unfortunately I was on the losing side :sad:
Don't give up on investing. It can be daunting with all the options out there but there are very basic ways of doing it as well. There are many common misconceptions out there (you mentioned one). Total wealth is not finite, so somebody does not have to lose for you to win. Technically, everybody could win without anybody losing. A basic starting point I recommend to people is buying low-cost index funds. Max out your tax-advantaged retirement funds. And don't panic and pull your money out in a market downturn. For example, in the last 50 years, there has never been a 15 year period where the S&P 500 has gone down in value. (https://www.thebalance.com/rolling-index-returns-1973-mid-2009-4061795)

Just have a simple but consistent financial plan and as long as retirement is more than a few decades away, you will have a very healthy retirement.
 

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Just one more hijacking?

I found this book on net worth very useful. You don't have to go to extremes to adopt some of the principal ideas, but it helps to focus on increasing net worth: https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

That book is why I've retired comfortably at 53.

Well, that and mutual funds.

Basically, I am frugal when buying depreciating property and things that will last less than ten years, conservative when buying non-income producing property and things that will last more than ten years, and a spendthrift when buying income producing property.

Back to motorcycles, my fondness for doing more with less meant that I was riding my old Little Red Ninja cross-country when friends with ginormous BMWs, Harley touting bikes and Goldwings barely got to the next state. I'm looking forward to hitting the road with my Ninjette. It might be difficult to get away in the next riding season as my now-17 year old doggo requires a lot of attention. I'm hoping to get a few day trips in, maybe a round-trip SS1000 just to introduce Ms. Noire to what's in store for her future.
 

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The first book for anybody who has an even remote interest in personal finance should be The Millionaire Next Door. Good call @Baxter. I highly recommend it to anyone that has not read it.
 

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In my opinion, the best book for investment is

Sport Riding Techniques: How To Develop Real World Skills for Speed, Safety, and Confidence on the Street and Track by Nick Ienatsch

Really helps invest in solid riding for the long term..:)
I have read this book, I think I still have it in my possession. I found his Utube video on TRAIL BRAKING most entertaining and informative. :clap:
 

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I plan on getting another bike soon. But I am keeping my Ninja 400 for as long as possible.

I am actually looking at either something in the cruiser or old standard category (think W800). Right now I am actually thinking I might go with a Harley 2017 Street Rod 750. Used with 8100 miles and no ABS? recipe for a low price lol.

And to reference some of the conversation earlier in this thread. I financed my ninja. 0% for first 12 months cuz I'm finishing paying it at 6months.

Literally no downside to financing your bikes if you pay them off before the interest becomes a problem. And with how cheap these things are the interest is going to be practically nothing if you even have an interest rate at all.

Gonna finance my next bike too lmao. Would be incredibly stupid of me to try to buy a bike outright. You'd have to be crazy wealthy for that.
 

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Right at 5000 miles on my N400 and don’t see it going anywhere for a while now.
With that out of the way a 2016+ zx10r is the dream bike someday. They look amazing.
 

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Literally no downside to financing your bikes if you pay them off before the interest becomes a problem. And with how cheap these things are the interest is going to be practically nothing if you even have an interest rate at all.

Gonna finance my next bike too lmao. Would be incredibly stupid of me to try to buy a bike outright. You'd have to be crazy wealthy for that.
I'm going to respectfully disagree with your assessment of "no downside to financing". Unless you have a brighter crystal ball than I've ever seen, you can't possibly foresee unexpected financial emergencies. Sorry, I'm not crazy wealthy nor incredibly stupid.. only marginally stupid.. But peace of mind comes into play with my decisions concerning finances. So, I'll continue to pay cash, or postpone my elective purchases until I can. Since I'm an old codger, I don't even buy green bananas... since I may not be around long enough to see them ripen. I can do without a loan to worry over. :wink:
 

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I'm going to respectfully disagree with your assessment of "no downside to financing". Unless you have a brighter crystal ball than I've ever seen, you can't possibly foresee unexpected financial emergencies. Sorry, I'm not crazy wealthy or incredibly stupid.. only marginally stupid.. But peace of mind comes into play with my decisions concerning finances. So, I'll continue to pay cash, or postpone my elective purchases until I can. Since I'm an old codger, I don't even buy green bananas. I can do without a loan to worry over. :wink:
I have never financed a bike, always paid cash. Always brought my bikes used. I got the 400 at the end of 2018 either late oct or early nov with 900 miles. The newest bike I ever brought with CASH! I picked up a 2016 GSXR 750 in July pretty cheap. I haven’t ridden it as much as I would have liked. I had it at the track a few times, but I always end up back on the 400. I also picked up a 2011 N250 in late October for dirt cheap. I have ridden that more on the street than the 750 in the fall. I wasn’t expecting it to be such a fun bike to ride!

I don’t have a car note, I need all my money for TRACK DAYS!!! I have a TRACK HABIT :grin:. I plan on traveling again this track season. I couldn’t do that with a bike and or car note. I would never track a financed bike!
 

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I would never track a financed bike!

It's not that bad. There's no difference really. I started racing on a financed bike lol


The main downside to having a track only bike that's financed is the bank will demand that you have full insurance on it. Trying to debate with them and explain them that the bike will not be ridden on public roads and thus you shouldn't need to have full coverage will not go very far unless you get lucky to talk to someone that actually knows about track days, which most don't. But otherwise there's no real difference. If I crash a bike that I own at the track, I'll pay out of pocket to fix it. If I crash a bike that's financed so I don't actually own it, I'm still paying out of pocket to fix it. The bank doesn't know or care what happens as long as you keep paying the loan every month.


So between the insurance thing and interest, it's much nicer to just pay cash for them if possible and not worry about financing.
 

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Discussion Starter #55
...I don’t have a car note, I need all my money for TRACK DAYS!!! I have a TRACK HABIT :grin:. I plan on traveling again this track season. I couldn’t do that with a bike and or car note. I would never track a financed bike!
I like your priorities my friend!
But how do you get your bikes to the track??
I’ve just spent 9hrs travelling in the van today to Christchurch which is our 2nd largest city. I’ve got the next three days racing here. Round one of the Nats. Forecast is for dry all wkd but perhaps high winds sat/sun.
Looking forward to it.
 

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Gonna finance my next bike too lmao. Would be incredibly stupid of me to try to buy a bike outright. You'd have to be crazy wealthy for that.

I bought my 400 a bit after it came into my country. Cost me 40,000NIS which is a bit more than 11,000USD that I paid all with cash, and I was just 20.


I dont think you need to have crazy wealth to pay for it in cash. I mean, I dont. At the last year I dont even have a stable job. I do live with my parents so I guess that answers some questions, but still. You can save money and buy a panigale v4, and in the same time work on a bit more than minimum wage. It's an aspect of saving, and prioties.
 

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I am approaching this from a different angle. Right now the F4 SPR is on the chopping block and will be replaced by a lighter smaller bike along the lines of the N400/Z400. The KTM 390 is lighter by about 30 lbs but the cost of upkeep along with reliability track record are a big minus. I looked at the MT07 but its punching at 403 lbs...
 

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I like your priorities my friend!
But how do you get your bikes to the track??
I’ve just spent 9hrs travelling in the van today to Christchurch which is our 2nd largest city. I’ve got the next three days racing here. Round one of the Nats. Forecast is for dry all wkd but perhaps high winds sat/sun.
Looking forward to it.
I have a 6x12 enclosed trailer that can haul 3 bikes and gear no problem. I can pull with my SUV or my friend who I usually go with has a heavy duty Toyota Tacoma. When we travel longer than 3 hrs we are getting a hotel room and we are doing 2 days. Sometimes the wives go with us and that’s always more expensive LOL! I brought the trailer with CASH!

One of the tracks we hit, NCBIKE, is about 8hrs away. We usually hit this track twice a season, at the beginning and the end of the season. I have been to Jennings in Florida and that was a 15hr trip. We had 3 drivers for that trip. Not sure about going this season. With long trips, you just hope the weather is nice. Nothing worse than RAIN on a long track trip.

Good luck in Christchurch, KIWI, I hope the weather holds up for ya! Did you go alone? Always good to have someone to share the driving and the expenses with. Enjoy the 3 days!:clap:
 

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Discussion Starter #59
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Good luck in Christchurch, KIWI, I hope the weather holds up for ya! Did you go alone? Always good to have someone to share the driving and the expenses with. Enjoy the 3 days!:clap:
Thanks! Alone this round, but I have a buddy for round two next wkd. Last year I shared a Garage with my buddy who has the V4 panigale but they have dropped his class this year which was superbike B.
Better get out there.
 
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