Finance - Page 8 - Vehicles - Contractor Talk

Finance

 
Thread Tools Search this Thread Display Modes
Old 05-23-2017, 04:23 PM   #141
Pro
 
KAP's Avatar
 
Trade: Custom
Join Date: Feb 2011
Posts: 10,394
Rewards Points: 31,276

Re: Finance


Quote:
Originally Posted by NYgutterguy View Post
After 139 posts in this thread I've come to the conclusion I shouldn't be in charge of my own finances. I don't know jack chit.


Sent from my iPhone using Tapatalk
You need Facebook...

https://www.facebook.com/redneckchit
KAP is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 05-23-2017, 04:28 PM   #142
The Sheriff

 
Jaws's Avatar
 
Trade: GC
Join Date: Dec 2010
Location: Texas
Posts: 22,626
Rewards Points: 2,666

Re: Finance


Quote:
Originally Posted by Inner10 View Post
Uhhh ohhh, may be time for a new wife.
Lmao! No not nearly everything, but on paying cash. To say she is risk adverse is an understatement. If she dealt with my business stresses and financials for 72 hrs she would have to be commited.

I see an angle I play it. She sees an angle and she thinks what if.... and that's why she is not signing the front of the check. Lol.

She does have valid points though and so does KAP. We bought her car new in 2011 and paid it off in 2013, time for a new one. I wanted to get a little nicer car this time (I don't care to have nice **** in my pick up but the family car it's nice) and she says you shouldn't buy that kind of car you unless your going to pay cash and not have to worry about it. She is looking at 18 month - 24 month old explorers and enclaves with decent options, but she refuses to even go look until we move.

Can't argue with her logic so I wont, but I am still right. Lol

To Hdavis point about down turn and bad times, she absolutely flipped out when I drained personal savings for company bills 4 years ago (that long??) When that resort didn't pay us almost 100k for 100 days. Our operating capital wasn't what it is now and I was scrambling my ass off and pretty stressed out but like I told her I always make it happen. And I did, all payments made, kid stayed in her school (pre school then) and we weren't living on beans and rice. But it was close lol.

Like she said everyone gets their ass handed to them every now and again and I guess she looks at it as another payment to add to that stress of things i have to go make money to pay when stuff goes south when I look at it as another thing that's gotta happen that month. Lol

Sent from my SM-N920V using Tapatalk
__________________
"The sound of the saftey clicking off is the only warning your gonna get......., so cover your ears" Northeast Wyoming 2016

John
Jaws is offline  
The Following User Says Thank You to Jaws For This Useful Post:
overanalyze (05-29-2017)
Old 05-23-2017, 04:30 PM   #143
Contractor of the Month
 
Inner10's Avatar
 
Trade: Control Systems
Join Date: Mar 2009
Location: Ottawa, ON
Posts: 25,196
Rewards Points: 3,096

Re: Finance


Quote:
Originally Posted by NYgutterguy View Post
After 139 posts in this thread I've come to the conclusion I shouldn't be in charge of my own finances. I don't know jack chit.


Sent from my iPhone using Tapatalk
Didn't you turn 5 grand into a quarter mil?

I think you should be teaching us.
__________________
The Following User Says Thank You to Inner10 For This Useful Post: Leo G
Inner10 is online now  
The Following User Says Thank You to Inner10 For This Useful Post:
Jaws (05-23-2017)
Sponsored Links
Advertisement
 
Old 05-23-2017, 04:33 PM   #144
water re-locater
 
NYgutterguy's Avatar
 
Trade: Gutter installer
Join Date: Mar 2014
Location: orange/rockland ny NYC suburbs
Posts: 6,441
Rewards Points: 5,838

Re: Finance


Quote:
Originally Posted by Inner10 View Post
Didn't you turn 5 grand into a quarter mil?

I think you should be teaching us.


Lost it and did it again. This time with 15k (still holding ) Exactly my point lol


Sent from my iPhone using Tapatalk
NYgutterguy is online now  
Old 05-23-2017, 04:48 PM   #145
Contractor of the Month
 
Inner10's Avatar
 
Trade: Control Systems
Join Date: Mar 2009
Location: Ottawa, ON
Posts: 25,196
Rewards Points: 3,096

Re: Finance


Quote:
Originally Posted by NYgutterguy View Post
Lost it and did it again. This time with 15k (still holding ) Exactly my point lol


Sent from my iPhone using Tapatalk
My god man sell!
__________________
The Following User Says Thank You to Inner10 For This Useful Post: Leo G
Inner10 is online now  
Old 05-23-2017, 06:21 PM   #146
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 22,037
Rewards Points: 4,504

Re: Finance


Quote:
Originally Posted by Jaws View Post
Other than the colorful and not so eloquent combo of words what's the ?
That was it!
hdavis is online now  
The Following User Says Thank You to hdavis For This Useful Post:
Jaws (05-23-2017)
Old 05-23-2017, 09:16 PM   #147
Pro
 
KAP's Avatar
 
Trade: Custom
Join Date: Feb 2011
Posts: 10,394
Rewards Points: 31,276

Re: Finance


Quote:
Originally Posted by hdavis View Post
That was it!
Now you REALLY confused him... that was just... mean...
KAP is offline  
Old 05-23-2017, 09:17 PM   #148
The Sheriff

 
Jaws's Avatar
 
Trade: GC
Join Date: Dec 2010
Location: Texas
Posts: 22,626
Rewards Points: 2,666

Re: Finance


Quote:
Originally Posted by KAP View Post
Now you REALLY confused him... that was just... mean...
I hadn't been confused once in the thread hoss.

Lots of older folks can't keep up with our colorful lingo.

Sent from my SM-N920V using Tapatalk
__________________
"The sound of the saftey clicking off is the only warning your gonna get......., so cover your ears" Northeast Wyoming 2016

John
Jaws is offline  
The Following User Says Thank You to Jaws For This Useful Post:
hdavis (05-23-2017)
Old 05-23-2017, 09:21 PM   #149
Pro
 
KAP's Avatar
 
Trade: Custom
Join Date: Feb 2011
Posts: 10,394
Rewards Points: 31,276

Re: Finance


Quote:
Originally Posted by Jaws View Post
I hadn't been confused once in the thread hoss.

Lots of older folks can't keep up with our colorful lingo.

Sent from my SM-N920V using Tapatalk
LOL... maybe, but he wasn't the one asking the question about what it meant...
KAP is offline  
The Following User Says Thank You to KAP For This Useful Post:
Jaws (05-23-2017)
Old 05-24-2017, 04:02 PM   #150
Pro
 
TimNJ's Avatar
 
Trade: Remodeler
Join Date: Sep 2005
Posts: 5,777
Rewards Points: 3,994

Re: Finance


Quote:
Originally Posted by Jaws View Post
Lmao! No not nearly everything, but on paying cash. To say she is risk adverse is an understatement. If she dealt with my business stresses and financials for 72 hrs she would have to be commited.

I see an angle I play it. She sees an angle and she thinks what if.... and that's why she is not signing the front of the check. Lol.

She does have valid points though and so does KAP. We bought her car new in 2011 and paid it off in 2013, time for a new one. I wanted to get a little nicer car this time (I don't care to have nice **** in my pick up but the family car it's nice) and she says you shouldn't buy that kind of car you unless your going to pay cash and not have to worry about it. She is looking at 18 month - 24 month old explorers and enclaves with decent options, but she refuses to even go look until we move.

Can't argue with her logic so I wont, but I am still right. Lol

To Hdavis point about down turn and bad times, she absolutely flipped out when I drained personal savings for company bills 4 years ago (that long??) When that resort didn't pay us almost 100k for 100 days. Our operating capital wasn't what it is now and I was scrambling my ass off and pretty stressed out but like I told her I always make it happen. And I did, all payments made, kid stayed in her school (pre school then) and we weren't living on beans and rice. But it was close lol.

Like she said everyone gets their ass handed to them every now and again and I guess she looks at it as another payment to add to that stress of things i have to go make money to pay when stuff goes south when I look at it as another thing that's gotta happen that month. Lol

Sent from my SM-N920V using Tapatalk


Good Lord, I think I'm married to your wife's twin

Thirty four years in business and I have had to do some very creative financial moves.
My wife just can't wrap her head around some of them. I tell her it's "survival instinct". I see the "big picture", but she only sees things through horse's blinders.

The amazing thing is she was promoted recently to Controller of the law firm she works at and is still risk averse when it comes to money.
__________________
Trump-The "Con Man's" Con Man.
TimNJ is offline  
The Following User Says Thank You to TimNJ For This Useful Post:
Jaws (05-24-2017)
Old 05-24-2017, 04:09 PM   #151
Pro
 
Bull Trout's Avatar
 
Trade: General Contractor
Join Date: Dec 2016
Location: Salish Sea
Posts: 824
Rewards Points: 132

Re: Finance


Quote:
Originally Posted by TimNJ View Post
Good Lord, I think I'm married to your wife's twin



Thirty four years in business and I have had to do some very creative financial moves.

My wife just can't wrap her head around some of them. I


I'm guessing most of our wives have a similar thread on contractorwifetalk.com bemoaning our creative financial moves
Bull Trout is online now  
The Following 3 Users Say Thank You to Bull Trout For This Useful Post:
EthanB (05-25-2017), Jaws (05-24-2017), TimNJ (05-24-2017)
Old 05-24-2017, 04:24 PM   #152
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 22,037
Rewards Points: 4,504

Re: Finance


Quote:
Originally Posted by TimNJ View Post

The amazing thing is she was promoted recently to Controller of the law firm she works at and is still risk averse when it comes to money.
Comptrollers are supposed to minimize financial risk.
hdavis is online now  
Old 05-24-2017, 04:41 PM   #153
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 22,037
Rewards Points: 4,504

Re: Finance


Gambler's Ruin Even with a 10% edge on a coin flip, if you bet 10% of what you have each time, you'll go broke 10% of the time.

You're always rolling the dice.
Attached Thumbnails
Finance-gamblersruin.png  
hdavis is online now  
Old 05-24-2017, 07:46 PM   #154
Artist and not a curator
 
Deckhead's Avatar
 
Trade: Carpentry,
Join Date: Dec 2010
Location: Sarasota, Florida
Posts: 7,387
Rewards Points: 11,340

Re: Finance


Maybe I'm just simpleton. I hate all the ratios and aspects yada yada yada. I did the game of financing stuff. I had to put all of our savings into paying something I got stiffed on.

Since then I swore everything I would buy, except a house would be cash because I don't have to play the what if game. I'm really close to taking a loan on a truck and breaking my own rule but putting 50% down.

There is definitely something to the borrowing money to make money, all the big players necessarily have to do it. If your return beats the interest it makes sense. I just sucked at business and when I bought stuff cash ultimately never paid any depreciation and could forget about it. I like that.

To each their own, if you're going to go big, you have to play the game. The guy I'm working for now has plenty of money and I'm sure still takes loans and then subsidizes until it's profitable, than pays it off and invests in something new. Dude's a genius when it comes to business. I never was.

Less monthly liability equaled less stress for me. There really is no right and wrong answer, just what's right for you.
__________________
Just do us all a favor...please. Do not vote for Trump
He doesn't need your vote that badly.

-Robie
Deckhead is online now  
The Following 3 Users Say Thank You to Deckhead For This Useful Post:
hdavis (05-28-2017), Jaws (05-24-2017), KAP (05-24-2017)
Old 05-24-2017, 08:08 PM   #155
water re-locater
 
NYgutterguy's Avatar
 
Trade: Gutter installer
Join Date: Mar 2014
Location: orange/rockland ny NYC suburbs
Posts: 6,441
Rewards Points: 5,838

Re: Finance


Quote:
Originally Posted by Deckhead View Post
.



Less monthly liability equaled less stress for me. There really is no right and wrong answer, just what's right for you.

Exactly...I never cared either which way made more sense financially. Peace of mind more valuable to me than $$. If I have to lend my business money when the time comes to buy new or used trucks in order have a Lower payments without draining the business account I will. Couple g's in vehicle payments would keep me up at night.


Sent from my iPhone using Tapatalk
NYgutterguy is online now  
The Following 3 Users Say Thank You to NYgutterguy For This Useful Post:
Calidecks (05-24-2017), Deckhead (05-24-2017), KAP (05-24-2017)
Old 05-24-2017, 08:15 PM   #156
Pro
 
TimNJ's Avatar
 
Trade: Remodeler
Join Date: Sep 2005
Posts: 5,777
Rewards Points: 3,994

Re: Finance


Quote:
Originally Posted by hdavis View Post
Comptrollers are supposed to minimize financial risk.

Yes, but they too sometimes need to be adept "jugglers".
__________________
Trump-The "Con Man's" Con Man.
TimNJ is offline  
Old 05-24-2017, 08:30 PM   #157
Pro
 
hdavis's Avatar
 
Trade: remodeling
Join Date: Feb 2012
Location: CoastalME
Posts: 22,037
Rewards Points: 4,504

Re: Finance


Quote:
Originally Posted by TimNJ View Post
Yes, but they too sometimes need to be adept "jugglers".
Only the good ones.
hdavis is online now  
Old 05-28-2017, 03:25 PM   #158
Livin the dream...
 
Spencer's Avatar
 
Trade: Finish Carpentry
Join Date: Jul 2005
Posts: 6,624
Rewards Points: 5,514

Re: Finance


I'm late but its Sunday afternoon...

I'm anti debt.

That being said, I have seen my income increase exponentially by taking on debt at key times in order to increase my income potential.

First time was starting my business. $12k loan to get off my feet, bought a van and some tools. Yes, I was that broke. What I was making did not allow me to get ahead and pay cash. Taking that loan was one of the smartest things I ever did. Paid it off in about a years time.

Fast forward slightly. Used a business line of credit at 6%. It was handy to make tool purchases and take on jobs that would have stretched me too thin. I used the line of credit up until this year at which time I made it my goal to no longer use it by having operating capital reserves.

I also borrowed 100% for my Transit 350 last August. It was like $43k on the loan. To risky looking back. Payment was over $900. As a one man show if you break your leg and don't have reserves it could have been a bad deal. I paid the van off in full in 8 months.

Currently, zero debt. Don't plan on taking on debt again. Maybe for a vehicle again someday, but hopefully I'll pay cash.

Debt allowed my to increase my income EXPONENTIALLY. But I'm at the point now where there isn't an ROI for taking on debt in my business unless I'm growing it.

I'm not growing it, so no more debt.

My goal is to have my home mortgage paid off in the next year or so also.

As a trim sub I'm bringing in over $150k gross profit per year working solo. Couldn't have got there without debt, at least not nearly as fast, but there is a time where it doesn't make sense anymore and you can become your own bank.

So...I avoid debt. But I'm not afraid of it if I see that it makes sense for me.

Peace of mind of not having debt is worth a lot.
__________________
Lewis Carpentry
Spencer is offline  
The Following 4 Users Say Thank You to Spencer For This Useful Post:
Deckhead (05-28-2017), hdavis (05-28-2017), Jaws (05-28-2017), overanalyze (05-29-2017)
Old 05-28-2017, 03:45 PM   #159
Member
 
Bambamm511's Avatar
 
Trade: Roofing
Join Date: Jan 2014
Posts: 46
Rewards Points: 96

Re: Finance


Quote:
Originally Posted by Spencer View Post
I'm late but its Sunday afternoon...

I'm anti debt.

That being said, I have seen my income increase exponentially by taking on debt at key times in order to increase my income potential.

First time was starting my business. $12k loan to get off my feet, bought a van and some tools. Yes, I was that broke. What I was making did not allow me to get ahead and pay cash. Taking that loan was one of the smartest things I ever did. Paid it off in about a years time.

Fast forward slightly. Used a business line of credit at 6%. It was handy to make tool purchases and take on jobs that would have stretched me too thin. I used the line of credit up until this year at which time I made it my goal to no longer use it by having operating capital reserves.

I also borrowed 100% for my Transit 350 last August. It was like $43k on the loan. To risky looking back. Payment was over $900. As a one man show if you break your leg and don't have reserves it could have been a bad deal. I paid the van off in full in 8 months.

Currently, zero debt. Don't plan on taking on debt again. Maybe for a vehicle again someday, but hopefully I'll pay cash.

Debt allowed my to increase my income EXPONENTIALLY. But I'm at the point now where there isn't an ROI for taking on debt in my business unless I'm growing it.

I'm not growing it, so no more debt.

My goal is to have my home mortgage paid off in the next year or so also.

As a trim sub I'm bringing in over $150k gross profit per year working solo. Couldn't have got there without debt, at least not nearly as fast, but there is a time where it doesn't make sense anymore and you can become your own bank.

So...I avoid debt. But I'm not afraid of it if I see that it makes sense for me.

Peace of mind of not having debt is worth a lot.
I don't know how guys can operate without debt. Right now my supply bill is around 30k from the last week or so. Sorry, I'm not spending 30k upfront.

Sent from my SM-G930V using Tapatalk
Bambamm511 is offline  
Old 05-28-2017, 04:40 PM   #160
Registered User
 
twinfallsroof's Avatar
 
Trade: Roofing and general home improvement
Join Date: Feb 2017
Posts: 15
Rewards Points: 40

Re: Finance


Quote:
Originally Posted by Bambamm511 View Post
I don't know how guys can operate without debt. Right now my supply bill is around 30k from the last week or so. Sorry, I'm not spending 30k upfront.

Sent from my SM-G930V using Tapatalk


I finance a job at a time up to 30 days and require deposits on anything over 5k, I can bank roll multiple 4-6k jobs at a time and never actually incur any debt


Sent from my iPhone using Tapatalk

Advertisement

twinfallsroof is offline  
The Following 2 Users Say Thank You to twinfallsroof For This Useful Post:
hdavis (05-28-2017), KAP (05-28-2017)


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Florida Business & Finance Exam pd10c Contractor Licensing 8 03-21-2018 09:48 AM
to finance or not to finance contractorjay Business 12 05-27-2010 05:02 AM
contract finance charge dnconstruction Business 7 03-27-2010 07:37 PM
Buy, finance or lease first work truck? Kiner Vehicles 30 07-07-2009 06:20 PM
Areas hardest hit by Financial Crisis Cdat Off Topic (Non Trade) 9 10-01-2008 10:43 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?