patches Posted October 10, 2014 Posted October 10, 2014 Why don't we just start a thread to raise money to help Josh_FSR pay for his new frame?! Something like: "Help keep Josh out of debt!" or "You wouldn't deny Josh's pet hamster of food would you?" It's not unheard of... So Josh, make a 'Kickstarter' type vid so the hubbers can start throwing their money at you! It worked for Zack This vid got him over $55 000 to fund his potato salad. https://www.youtube.com/watch?v=SCPbIW7JCTE&feature=player_embedded
James Mulholland Posted October 10, 2014 Posted October 10, 2014 Thank goodness you asked for financial planning advice and not which loan option was the best. I agree with what CptArmpiesMayhem said. BikeLife or out of your bond (if you're disciplined).
Josh0 Posted October 10, 2014 Author Posted October 10, 2014 Geez thanx all for the advice, you guys really know your stuff. I am young-ish and still impulsive. I have the cash in a savings account, but I would like to keep it for emergencies or actually for a France trip with Omega and the guys. That is why I would like to build another bike, with more travel than my Stumpy FSR 140mm. http://alutech-cycles.com/bilder/produkte/gross/Fanes-40-Rahmen-ano-black.jpg I will check out Bike Life thanx Steven and Captain, I also do not feel like these are just toys. These "toys" are the only things that keep me focused, fit, healthy, happy and sane. I will check my options, and not make a stupid decision. I appreciate all of your inputs. AWE!
Josh0 Posted October 10, 2014 Author Posted October 10, 2014 Why don't we just start a thread to raise money to help Josh_FSR pay for his new frame?! Something like: "Help keep Josh out of debt!" or "You wouldn't deny Josh's pet hamster of food would you?" It's not unheard of... So Josh, make a 'Kickstarter' type vid so the hubbers can start throwing their money at you! It worked for Zack This vid got him over $55 000 to fund his potato salad. https://www.youtube.com/watch?v=SCPbIW7JCTE&feature=player_embedded Patches you are a genius bro!!!!
Super_mil Posted October 10, 2014 Posted October 10, 2014 As per one of South Park's more recent episodes, "Go Fund Yourself"Get a catchy name for a start up company. Then stick to the rules:http://gameground.net/wp-content/uploads/2-300x168.jpg
patches Posted October 10, 2014 Posted October 10, 2014 As per one of South Park's more recent episodes, "Go Fund Yourself"Get a catchy name for a start up company. Then stick to the rules:http://gameground.net/wp-content/uploads/2-300x168.jpg The underpants gnome strategy may aslo work if you find the missing ingredient... http://upload.wikimedia.org/wikipedia/en/d/dd/Gnomes_plan.png
Captain Fastbastard Mayhem Posted October 10, 2014 Posted October 10, 2014 With the Bike-Life option, just be sure to check if they will be prepared to give you dosh for a frame that an LBS doesn't stock or can't get hold of (like that Alutech, for example - don't know who stocks it locally if anyone) You may be forced to go for the normal frames that we can get our hands on through the LBS - I know that's how they do full bikes. Just something to be aware of.
Brian Fantana Posted October 10, 2014 Posted October 10, 2014 I would save my money until I have enough to pay it cash. Don't take a loan for a toy. My 2 c If you take R35 000 + 18% for loan then it is R41 300 The total payable amount for R35000-00 @18% annual interest rate over 18 months will be more actually (although they state the annual interest rate, it is compounded monthly): PV 35000 Rate 0.015 Period 18 PMT R -2 233.20 FV R 45 756.92 FV = R 45 756-92 That is excluding the loan initiating fee which will be typically R1000-00 and the monthly service fee which will be typically in the region of R50 per month. IMO it is a bad decision whichever way you look at it. Edit: If you really must have a new frame you can take money out of your bond and pay it back at the same rate that you would have paid the loan. PS: You can buy yourself a new burlier frame locally without going exotic, and you will only use about 50% of the Alutech's price. Frames such as Pyga Pascoe, Morewood Sukuma and Santa Cruz Heckler comes to mind.
Josh0 Posted October 10, 2014 Author Posted October 10, 2014 With the Bike-Life option, just be sure to check if they will be prepared to give you dosh for a frame that an LBS doesn't stock or can't get hold of (like that Alutech, for example - don't know who stocks it locally if anyone) You may be forced to go for the normal frames that we can get our hands on through the LBS - I know that's how they do full bikes. Just something to be aware of. Thanx Cap, I will make sure what the T&C's are. I am actually also quite keen on the Nukeproof Mega AM, which is available locally. So I might have a better chance there. That bloody Alutech has been haunting me, I have had a Fanes frame on my wishlist for a year now. Oh well I will still consider this deal for a few more months.
flat29 Posted October 10, 2014 Posted October 10, 2014 The total payable amount for R35000-00 @18% annual interest rate over 18 months will be more actually (although they state the annual interest rate, it is compounded monthly): PV 35000 Rate 0.015 Period 18 PMT R -2 233.20 FV R 45 756.92 FV = R 45 756-92 That is excluding the loan initiating fee which will be typically R1000-00 and the monthly service fee which will be typically in the region of R50 per month. IMO it is a bad decision whichever way you look at it. Edit: If you really must have a new frame you can take money out of your bond and pay it back at the same rate that you would have paid the loan. PS: You can buy yourself a new burlier frame locally without going exotic, and you will only use about 50% of the Alutech's price.That is why I am not in finance haha
Captain Fastbastard Mayhem Posted October 10, 2014 Posted October 10, 2014 The total payable amount for R35000-00 @18% annual interest rate over 18 months will be more actually (although they state the annual interest rate, it is compounded monthly): PV 35000 Rate 0.015 Period 18 PMT R -2 233.20 FV R 45 756.92 FV = R 45 756-92 That is excluding the loan initiating fee which will be typically R1000-00 and the monthly service fee which will be typically in the region of R50 per month. IMO it is a bad decision whichever way you look at it. Edit: If you really must have a new frame you can take money out of your bond and pay it back at the same rate that you would have paid the loan. PS: You can buy yourself a new burlier frame locally without going exotic, and you will only use about 50% of the Alutech's price. Frames such as Pyga Pascoe, Morewood Sukuma and Santa Cruz Heckler comes to mind.True, but one has to have a look at the Present Value if you're doing a comparison. Looking at Future Value when we're talking about finance is a bit of an endless pursuit...
Shebeen Posted October 10, 2014 Posted October 10, 2014 Thank goodness you asked for financial planning advice and not which loan option was the best. I agree with what CptArmpiesMayhem said. BikeLife or out of your bond (if you're disciplined). he he, well he was pretty happy to get it.Geez thanx all for the advice, you guys really know your stuff. I am young-ish and still impulsive. I have the cash in a savings account, but I would like to keep it for emergencies or actually for a France trip with Omega and the guys. cash sitting in savings account is not going to work that hard for you. probably more likely to spend it as well if it's so available.
Hairy Posted October 10, 2014 Posted October 10, 2014 Geez thanx all for the advice, you guys really know your stuff. I am young-ish and still impulsive. I have the cash in a savings account, but I would like to keep it for emergencies or actually for a France trip with Omega and the guys. That is why I would like to build another bike, with more travel than my Stumpy FSR 140mm. http://alutech-cycles.com/bilder/produkte/gross/Fanes-40-Rahmen-ano-black.jpg I will check out Bike Life thanx Steven and Captain, I also do not feel like these are just toys. These "toys" are the only things that keep me focused, fit, healthy, happy and sane. I will check my options, and not make a stupid decision. I appreciate all of your inputs. AWE! Lekker frame
Captain Fastbastard Mayhem Posted October 10, 2014 Posted October 10, 2014 he he, well he was pretty happy to get it.cash sitting in savings account is not going to work that hard for you. probably more likely to spend it as well if it's so available.I have to agree with that - if it's sitting in a bank account or money market, you're actually losing money. Rather put it in a Unit Trust based investment, where you can select a low-risk fund and it'll actually get you a little bit more. That's actually a neat way to offset the effect of the interest you're going to pay on your loan, if you do it properly.
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