GAS, good for financial situation?

chokeslam512 · #1 05-16-2011, 08:39 AM

.... I think yes. I have been rasslin' with credit card debt for a good while. I have developed a plan to rid myself of it once and for all. Problem I usually have is wanting it NOW, DERN IT! My GAS pains have become more severe recently and I want some high end stuff. Now, I have determined that my rig does the job at the moment and I have everything that I NEED. I told my wife that once everything is paid off in December, I am going to take that large chunk normally going towards repayment for January and February and use it for a vacation and a new rig. She bought in and we are all systems go.

I need some help calming the urge to spend and I think the promise of a new rig with the wifes blessing instead of her rolling her eyes is just what the doctor ordered. Without the credit card payment every month, I'll have MOAR money to spend on gear!

Moral of the story: if you can't afford to pay cash, you can't afford it.

Thanks for listening to a lunatic rant/rave.

Jim Nazium · #2 05-16-2011, 09:42 AM

Here's something that I have found helpful: ask yourself, what advice would I give to a good friend in the same situation? If a good friend said to you, "man, I really want a new bass rig, but I have debts that I want / need to pay off" what advice would you give? Then give that advice to yourself.

(I'm guessing the advice would be to calm down, pay off the debt first, then get a new rig, that will make you a lot happier in the long run)

Also (this is kind of a meditation thing) see if you can just observe the thoughts and feelings for a while. For me, I find that I can get really worked up about wanting some new piece of gear, I think about it all day, keep looking at pics on the internet, etc., but then if I just watch the feeling for a while and don't act on it, it goes away. A week later I'll think about it again and wonder why it was such a big deal?

Good luck. You're on the right track.

GregC · #3 05-16-2011, 10:44 AM

Quote:

Originally Posted by chokeslam512

Moral of the story: if you can't afford to pay cash, you can't afford it.

Words to live by, IMO.

I know 12-month free financing works out for some folks, but unfortunately, others end up having less available cash before the 12 months is up than they expect--maybe things just came up or they were too optimistic, etc. So they end up paying a lot of interest and thus, GC and others who offer this deal end up making money off of it. If they didn't, I'm sure they would stop offering it!

Dr. Cheese · #4 05-16-2011, 11:08 AM

Quote:

Originally Posted by GregC

Words to live by, IMO.

I know 12-month free financing works out for some folks, but unfortunately, others end up having less available cash before the 12 months is up than they expect--maybe things just came up or they were too optimistic, etc. So they end up paying a lot of interest and thus, GC and others who offer this deal end up making money off of it. If they didn't, I'm sure they would stop offering it!

12 month financing is best left to things you truly cannot do without. Unless you are a working musician about to go out on tour, music is not one of those things.

chokeslam512 · #5 05-16-2011, 11:30 AM

Very true, all of it... I saw some great words of wisdom at the local Jimmy Johns sandwich shop today at lunch: "If you do what you need to to when you need to do it, you can do what you want to do when you want to do it."

I'm not entirely sure what the point of posting this in public was, maybe just some support. When I was trying to quit smoking, the best thing I could do for myself was to tell everyone that I was quitting, that was a good way to hold myself accountable. I am finding that each month that my balance goes down a decent chunk, that I get the same initial shopaholic rush that someone gets when they buy a new piece of gear... without the inevitable remorse. This, in my mind, is a very good thing.

MJ5150 · #6 05-16-2011, 03:25 PM

"Live like no one else, so you can live like no one else". I like that expression from Dave Ramsey.

I'll buy things on the "X amount of months/days no interest" deals, and then just pay it off. That burned me a couple times in my early 20's, but the pain of paying 19% or more interest was enough to teach me a lesson. If anyone needs a reality check, just look at how much you will end up paying for an item if you go full term on the loan conditions.

-Mike

GregC · #7 05-16-2011, 06:57 PM

Quote:

Originally Posted by Dr. Cheese

12 month financing is best left to things you truly cannot do without. Unless you are a working musician about to go out on tour, music is not one of those things.

Very good point, Doc.

Dr. Cheese · #8 05-16-2011, 10:26 PM

It's funny how GAS can can really rage out of control after you buy a new bass. I just picked up a killer TRB5II that is incredibly clean for a bass it's age. The kicker is that the day before I picked it up I checked out two killer Ibanez models, the SR1200 w/Nordstrand Big Singles, and the new Grooveline series. Both of those basses are smoking, and I would love one! I also rolled by my local GC, and they had a whole series of new SR5HHs that totally floated my boat!

Too bad I got kicked in the sack by reality after I dropped several big bills on a new set of brakes for my car.

kesslari · #9 05-16-2011, 10:47 PM

Quote:

Originally Posted by Dr. Cheese

It's funny how GAS can can really rage out of control after you buy a new bass. ...

Too bad I got kicked in the sack by reality after I dropped several big bills on a new set of brakes for my car.

I don't find that, myself. The rare times I buy a new bass, I'm usually set for a long while. But we're all wired differently.

And maybe the kick in the reality sack wasn't such a bad thing, just maybe.

To the OP - using the ability to buy gear later to motivate you to get out of debt now (which is what I read your post as saying) is a much better plan than buying gear now with the intention of getting out of debt later. Good going, amigo.

Dr. Cheese · #10 05-16-2011, 10:53 PM

Quote:

Originally Posted by kesslari

I don't find that, myself. The rare times I buy a new bass, I'm usually set for a long while. But we're all wired differently.

And maybe the kick in the reality sack wasn't such a bad thing, just maybe...

I'm wired that way it seems. I remember when I bought my first new car, I was obsessed with cars for a while until the reality of servicing that bad boy hit me.