Home Forums Hunting & Shooting Hunting Rifles Setting myself a goal, possibly SERIOUSLY thinning the herd...

I agree....If I knew how to reliably do that sort of thing I would.

Shod

By the time you figure in your cost basis on the loan and the volatility of the market...better off getting debt free THEN investing aggressively spread out over 4 good growth funds with solid track records over the long term...that's my take anyway, and how I am approaching this.

Yep, and when one finally reaches there destination then you die! This whole set yourself up for the future that is only 70-80 years short tends to get a little out of balance sometimes. (Not saying you are out of balance Tim) It just does happen often and to many.

I'm basing this reply from the comments made to me by 4 older gentlemen I was very close to all whom offered words of wisdom before passing.

Live simple and for the important things that matter most and it won't take much money to live to the fullest.

Shod

Well I've sold 2 so far(Stoeger Uplander, and CZ-452), with the extra cash along with what I set aside from my paycheck I've knocked out $2200 in debt so far. Damn good start if you ask me. Think a guy I work with is going to by my M98 30-06(getting sick of buying 338 ammo and doesn't reload)...that just leaves my Mk.VII in .300 win mag.

Agree. I almost always grab the same guns each time while the rest sit unused. I would much, much rather be debt free.

Aside from my mortgage, we actually are. We don't have uber fancy vehicles but they are all paid for and we owe nothing on credit cards. There is some peace of mind to that.

Debt free is a Priority,Keep only the guns you will regret selling...ScottyO.

Just got the MO for the 2nd gun...and made my LAST car payment!!! It's pay cash from here on out for cars...

Well done. I'd rather drive around in an old car than have a vehicle payment.

You know gains can be erased rather quickly though. 20% is nowhere near sustainable.

Congratulations. That's really something to be proud of and you're setting a good example for others. We've been debt free for 3 years. No mortgage, car payment or credit card debt. Any charges on a credit card are paid in full at the end of the month.
It's very liberating not having the chain of debt around your neck each month.

I think its a great idea and did much the same thing, except I didnt hit the gun cabinet as hard as I hit other areas (optics, musical equip, fishing reels, sporting goods, household stuff...)

No new hobby $ unless its funded by selling old/other stuff. Period.

I am still following my plan, and have been making solid gains in debt reduction. I didnt have stupid debt, but I also dont make much and the current climate means I likely wont be seeing big gains. I decided not to pursue a (more lucrative) career change, since i not only love my job but i am rather good at it. So, if I was to stay in a great job that offers mediocre pay, I'd have to be OK with some lifestyle adjustments...

in addition to selling off stuff that was just "stuff", I altered my behaviors as they relate to food/eating and some other habits. THIS is where the greatest gains come from. Phone bill/internet bill/utility, prop taxes, car ins, PMI, cable, lunch, breakfast, beers, booze... refi... There is money to be saved if you change your habits and lifestyle a little.

I am driving a 14 year old car thats paid for, I brown bag it every day, said FU to cable TV of any kind, I shamelessly obtain movies and shows from the net, eat healthy but smart breakfast at home instead of continuing being a regular at 3 local diners, and I basically never buy myself any clothing.

I sold off and continue to sell off stuff I dont use. So yes, I think yours is a good idea so long as its implemented with some wise lifestyle adjustment (above).

Here's some advice- I decided NOT to sell the 03 springfield and some other guns that my dad gave me. I am very glad i didnt.

Good for you, and good luck with it. Just dont sell heirlooms or stuff that has sentiment.

Congrats Tim! You are focused like a laser and keep up the good work. Take every tax return, every bonus, and any "found money" and put it down on the mortgage or save it. Great feeling to get all that debt gone.

That is great! Way to go.

I would have suggested keeping the guns, and trying to get some side work in the evenings or weekends to make up that $2000. The extra work can be fun when you are on a mission. It really doesn't matter though, because when you are debt free, you can buy the guns back (replace) if you want to. Congratulations on your journey. Many people in my area are using the Facebook groups and classified adds on Facebook to ask for side jobs like lawn mowing, firewood stacking, help moving etc. There are tons of people that will pay decent money for someone to help them move, or to plow the snow off their driveway. You can move the needle a lot quicker with a additional income!

Well that's a good idea, but I'm already working concrete out of town and DJing on the weekends and now the state here has decided that they need to mess with my livelihood(Carpenter Local 314) by pushing Right to get Bennies without paying for them, er I mean right to work through in an "emergency" session...makes me nervous about the YEARS I've been paying into that pension...

Since my country only allowes 6 hunting weapons per hunter, its pretty easy to not "overspend" on rifles.

But its pretty annoying not beeing able to get what you want.. I want 10 more rifles.. its my biggest expense by far!

My credit card balance is now $0.00...(Next up the wife's card!!!), progress is slowed down considerably(laid off, but it happens for a month or so about every spring so I expected and prepared for it), but is still being made.

Good for you, Tim. Here's hoping you get back to work soon.

Well doing concrete in Wisconsin you get to expect a bit of time off from when you get the stuff that absolutely has to be done NOW in the winter until the ground thaws out. No biggie...

Tim,
Congratulations on your progress, and best of luck to you. This is the first time, in this thread, that you have mentioned that you have a wife. She is obviously on board with your plan, or you would not be having such success.

Having a good partner is a huge help in keeping your finances under control. Being encouraging to each other is very important.

This thread brings to mind a now-deceased friend of mine that lived a very frugal life. Too frugal for my taste, but I did learn a few things from him. He was educated and had a good long career. After college he went into the Air Force for a few years. When he got out he stayed in the Reserves for 20 years and acquired a retirement pension from the Air Force. The money that he got for his drill weekends went straight to savings. He didn't consider that pay as part of the regular family budget. He said the military pension was his extra insurance to fund his retirement if his regular career didn't work out too well.

He had saved enough, living frugally, while in the military to put down a very large down payment on a very modest house, that he paid off within ten years. His wife did not work outside the home, but was an excellent, and thrifty, mother to their four boys. They lived the rest of their lives in the same house, for decades after it was fully paid off. Any onlooker would have thought the family was rather poor, looking at the house and old cars. He didn't care what anyone else thought.

Ed, (his name) worked for a large corporation for thirty years, earning a very generous pension, on paper, that he never got. Three years before he was due to retire, his company went bankrupt and liquidated everything. The pension plan was wiped out and Ed got pennies on the dollar, made worse by the fact that he was still three years short of full retirement.

Ed did fine, and went ahead and retired, because he had a personal portfolio of at least a couple of million dollars, in addition to the military pension.

A couple of the tricks that Ed used were buying used vehicles and, of course, paying cash for them, and then driving them forever. Remember the lowly Chevy Vega? That was Ed's commuter car for many years. I think he had one of the last ones still on the road. He didn't scrimp on maintenance, but the paint and upholstery were sad-looking.

Another trick: When Ed got a raise at work, he didn't necessarily give himself or his family budget a raise. Other than well-considered cost-of-living increases to the family budget, any excess went into the retirement fund portfolio and savings. His wife wasn't interested in the family bookkeeping, and I remember once Ed said that sometimes he didn't even mention a raise to his wife. He just upped his allotment going straight to savings.

Now, I am not saying that we should all try to live like Ed, but he did provide for his family and protect them from unexpected contingencies, like losing most of his company pension. He told me that any job could end at any time and he lived his life with that in mind. That is another reason he stayed in the Air Force Reserves all those years, to have a backup. Many of his peers had very little savings and were planning on that company pension to fund most of their retirement. Ed would never count on having all of his eggs in one basket like that.

The epilogue to this story is that Ed only enjoyed a few years of retirement. In his mid-sixties he went with a friend to a reunion in Las Vegas. They went by car. On the way home, late at night with the friend driving, and Ed likely dozing in the passenger seat, the driver presumably fell asleep. They were both killed instantly in the crash.

But even with his passing, he had left his family very well provided for. Ed enjoyed his life, his family, his service to his country, and his work very much. I do miss him. Rest in peace, Ed, my friend.