Page 2 of 2 FirstFirst 12
Results 11 to 15 of 15

Thread: Motorcycle Sales are Up?

  1. #11
    RiderCoach 5000 Posts! NORTY's Avatar
    Join Date
    Dec 2011
    Location
    SoCal
    Posts
    5,222
    CC companies go to college campuses, and "enroll" students to their credit treadmill. Some, even come to high schools...

    Well, they did, up until COVID...
    Knowledge speaks, wisdom listens.

  2. #12
    Flirting With The Redline 2000 Posts! Sorg67's Avatar
    Join Date
    Jul 2015
    Location
    Orlando, FL
    Posts
    2,438
    Yes, that is true. They got my younger son.

    He opened a checking account his freshman year and they asked if he wanted a credit card. He said sure. He managed his credit card use really well and they kept increasing his limit. Then he got a girlfriend and got in trouble rolling like a big dog.

    Ultimately he cut up the card and dug himself out. He has now been working for a year and managing his spending very responsibly so he is tip toeing back into limited credit card use. Pay off the balance in full every month.

    The experience in college was an expensive experience, but it was a good experience. He has gotten good at managing his money. Saved almost 30% of his gross income over the last 12 months.

    Burning a hole in his pocket now. He wants to buy a motorcycle. Looking at a 2015 690 Duke for $4,200. Or buying the Honda from me and having it shipped.

    I think he should save his money for now.

  3. #13
    RiderCoach 5000 Posts! NORTY's Avatar
    Join Date
    Dec 2011
    Location
    SoCal
    Posts
    5,222
    Quote Originally Posted by Sorg67 View Post

    The experience in college was an expensive experience, but it was a good experience. He has gotten good at managing his money. Saved almost 30% of his gross income over the last 12 months.

    Burning a hole in his pocket now. He wants to buy a motorcycle. Looking at a 2015 690 Duke for $4,200. Or buying the Honda from me and having it shipped.

    I think he should save his money for now.
    Saving 30% of his income is admirable. It sounds like his previous experience taught him financial responsibility. He can shop for the KaTooM as long as he has all the more important things in his life, covered.

    His retirement set-up? Fully funded?
    Too many youngsters don't realize the importance of investing in their retirement sooner, rather than later. This is, of course, if he's going the traditional route of "401/403/457/Roth" funded vehicles. While this is better than nothing, there may be better strategies for those that have more time on this planet than we older fossils.
    Knowledge speaks, wisdom listens.

  4. #14
    Flirting With The Redline 2000 Posts! Sorg67's Avatar
    Join Date
    Jul 2015
    Location
    Orlando, FL
    Posts
    2,438
    He put 12% in 401K, another $2K in a Roth IRA. The rest in a brokerage account. Will only be true savings if he does not spend it.

    He saves a lot by making his lunch every day. Does not drink or go out to dinner much. No vehicle payment. Will need to replace his vehicle in the next few years so that will be a bit of a hit.

    May not be able to keep up 30%. But young single is the time to sock it away before you have a family and a mortgage.

  5. #15
    RiderCoach 5000 Posts! NORTY's Avatar
    Join Date
    Dec 2011
    Location
    SoCal
    Posts
    5,222
    Sounds like you taught him well. He's way ahead of the curve, if he's got any kind of retirement strategy.

    50% of Americans have *zippo in any retirement. That's kinda scary. I guess those will be the one's that acquire a taste for cat food...

    *No affiliation with Zippo lighters!
    Knowledge speaks, wisdom listens.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •