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Old 03-19-2020, 05:04 PM   #106
Bob Ballew
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Re: Some Thoughts on Financial Survival

Tommy7 is correct..I am not that important...what is important is to stay positive and ignore the negative people..I will step back now, and just watch as over-reaction replaces under-reaction...The toilet paper hoarders must be using the stacks as a desk for their computers as they work from home...
...Road rage has been replaced by the phenomenon of snack aisle rage..Fist fights are occurring as people fight over the last pizza, while the veggie and fruit bins remain full..Government is preparing to spend billions they don't have, to plug holes that may not exist..As usual, politicians will kick the can down the road for you future generations to pay off...Good luck with that...
...So, now, we are spending this afternoon putting our refi applications together...If it works as planned, we will pull out lots of cash, pay off a HELOC loan that has a higher interest rate and keep our new payments the same as our old payments, based on current lower interest rates. Hopefully, I have provided a few positive ideas that will prove useful to the Spearboard community...…….

So....get outside and take a good walk...man cannot live by "Judge Judy" reruns alone...

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Old 03-19-2020, 07:06 PM   #107
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Re: Some Thoughts on Financial Survival

Bob, don't go just yet, I need you Are mortgage rates coming down? How much? Not sure I'll ever better what I got (3.49) but it would be sweet if I could!
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Old 03-19-2020, 09:14 PM   #108
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Re: Some Thoughts on Financial Survival

...Just my opinion, based on the last recessions...if you can get 1/2 point lower, it is worth the refi costs, especially if you can pull out equity cash...last time around, we grabbed 3.87% for two of our residences...The lenders are playing coy to slow down the looky-loos who just ask about rates but, aren't borrowing yet..They are quoting higher rates to slow down the traffic, so, pick a good one, apply, don't lock in the rate until down the line and get the loan process moving. You can always cancel the loan process if terms aren't to your liking. At most, you only lose the home appraisal fee....
...At minimum, homeowners should apply for a HELOC (home equity line of credit). No interest charges until you draw down some money. We use it frequently for quick cash (paid off my $12,000 diesel truck purchased for $5200, using HELOC money, after first using my Costco card to get a cash rebate back).
...We don't wait for the market to hit rock bottom to move on investments. No one knows what the bottom is...When it looks like a good time, we jump and are in for the long term, waiting for things to improve. We also don't try to time the top of the market. When it looks like we can turn a good profit up high, we sell and look for another investment. This approach will usually outdo the so-called market experts every time.

One final word of advice and I will shut up: In addition to arming yourself with toilet paper, now is a good time to arm your household with a firearm. As time goes by, things could get real crazy. In Long Beach, several households were robbed at gunpoint by crooks dressed in hazmat uniforms. People unwittingly opened the door. Hope they try it at my house...Your best weapon of choice is a 12-gauge loaded with 00 ought shells....Like good Boy Scouts, all of us should be prepared for everything...well, perhaps, not everything...like Lompoc Local....:P

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Old 03-19-2020, 09:51 PM   #109
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Re: Some Thoughts on Financial Survival

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.
One final word of advice and I will shut up: In addition to arming yourself with toilet paper, now is a good time to arm your household with a firearm. As time goes by, things could get real crazy. In Long Beach, several households were robbed at gunpoint by crooks dressed in hazmat uniforms. People unwittingly opened the door. Hope they try it at my house...Your best weapon of choice is a 12-gauge loaded with 00 ought shells....Like good Boy Scouts, all of us should be prepared for everything...well, perhaps, not everything...like Lompoc Local....:P
So how does that work if you are a convicted felon...the gun has to belong to your wife?
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Old 03-19-2020, 10:03 PM   #110
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Re: Some Thoughts on Financial Survival

And, I thought I could go quietly....until idiots like Seatux creep out of the night...So, the only advice I have for guys like Seatux is k.m.a…..that should be enough to get me banned....
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Old 03-20-2020, 12:20 PM   #111
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Re: Some Thoughts on Financial Survival

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No that won't get you banned Bob, Like I said you are not that important (NONE OF US ARE)... But If you go the route of Willie McIntire to get 86ed from the board, then try doxxing someone, put out their real name and address and hope that someone hates them enough to go burn down their barn... That will surely do it!
Spoken like a true Christian...
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Old 03-20-2020, 12:32 PM   #112
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Re: Some Thoughts on Financial Survival

Naah...Discussed Seatux with the Good Wife...She said, "What a sad little man"...as for Lompoc, she said, "No hope"....:P
...Les Brown, a motivation speaker; covered it quite well, when he said, "When bad things happen to you in life, half the people don't care...and, the other half are glad it's you and not them." Time to go back to episode 3 of "Tombstone"...where men were men and no donkeys allowed...

Today, we checked on the financial welfare of our renters....Two of four had been laid off and they have children to feed...We quickly sent an e-mail advising their April rent would be reduced $300. They were very appreciative...By May, we may need to drop it further if needed. So, if you are renting, now is the time to ask for a rent reduction and you might be pleasantly surprised...You youngsters can also help out..The Red Cross is running out of blood for emergency use at hospitals...Consider donating to do your part in this crisis...I have a rare type A- blood, which only 5 percent of the population has..Despite warnings to the contrary from my doctor (age concerns), I will shortly go to donate. Hopefully, they can still find an open vein... As they now say, "All lives matter"....

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Old 03-21-2020, 08:07 AM   #113
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Re: Some Thoughts on Financial Survival

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The Red Cross is running out of blood for emergency use at hospitals...Consider donating to do your part in this crisis...I have a rare type A- blood, which only 5 percent of the population has..Despite warnings to the contrary from my doctor (age concerns), I will shortly go to donate. Hopefully, they can still find an open vein... As they now say, "All lives matter"....
Nice of you to help the renters. As for the Red Cross, you donate it and think they give it to people? I heard that they sell it to the tune of over $2 billion a year:
Red Cross Sells Blood
Also, people donate money and do you think they give it all out?
Red Cross Haiti Ripoff
Since most of the labor is volunteers, who do you think pockets the cash? My buddy in Japan alleges that the ratio of donations to handouts was MUCH worse after the tsunami. If that is true, they are stealing money from the victims, many of whom are still suffering.
Consider selling it and donating the money to a local charity where you can verify where the money goes - like your fire department. I hear you can get $500 for a pint of rare blood.
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Old 03-21-2020, 04:42 PM   #114
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Re: Some Thoughts on Financial Survival

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Spoken like a true Christian...
I deleted my post as it seems silly to leave it up and have my motives judged by you or others even though what I said did in fact happen. I'm sorry if I offended anyone.
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Old 03-21-2020, 08:08 PM   #115
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Re: Some Thoughts on Financial Survival

...Red Cross viewpoints depend on which side of the coin you want to see...positive or negative...Sure, some corruption occurs, especially where money is involved..But, they pay salaries for full time staff who are trained, not volunteers except for some who stay with you afterward and hand out snacks and juice. They have many locations to maintain and equipment to care for...all costs money. Me, I want a trained person taking my blood, not a high school volunteer poking holes in me repeatedly to find a vein...Blood donations save thousands of lives, so, how can you put a value on that? Again, it depends on whether you see the glass as half-full or, half-empty?
...Yesterday, we quit watching the corn grow (Deadwood videos) and put the machine in motion to raise cash. In an hour, we closed on a refi, pulling out $149,000 cash, (goes in two credit unions, not under our mattress, so, don't bother kicking in our front door) reduced our mortgage rate from 3.87% to 3.25% and cut our monthly payment by $62. If anyone is interested in how we do it, I may post another blurb on how to play Monopoly with real money...along with a tuna report to sidetrack my elitist friends and critics....
... I strongly advise acting immediately if a refi is part of your plan...Corporations and companies will have to use their lines of credit to survive. That may create a run on banks with the ultimate result of no money available to lend....Also, as soon as there is an indication that the virus has stabilized, interest rates will likely head higher...

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Old 03-25-2020, 08:04 PM   #116
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Re: Some Thoughts on Financial Survival

Bob,
How much of that darn airline stock did you buy- you straight killed it!!!!!!
United is up like $16 since you said you were going to buy!
I wanted to jump in also but my money is pretty tied up and I never dig into my emergency fund, though I WAS VERY tempted. $20K would have yielded $5k as of this morning.
Congrats Bob!!!
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Old 03-25-2020, 08:25 PM   #117
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Re: Some Thoughts on Financial Survival

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Bob,
How much of that darn airline stock did you buy- you straight killed it!!!!!!
United is up like $16 since you said you were going to buy!
I wanted to jump in also but my money is pretty tied up and I never dig into my emergency fund, though I WAS VERY tempted. $20K would have yielded $5k as of this morning.
Congrats Bob!!!
Yep, good call. I'm not sure why though. I would expect this to take a dead cat bounce. The future prospects don't look good at the moment. I just read an article today stating that air travel is down to 10% of what it was. I don't understand how a stock can hold up to such pressure. Good luck to ya!
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Old 03-26-2020, 10:46 AM   #118
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Re: Some Thoughts on Financial Survival

I think we are in this ride for a while boys and any kind of Emergency bail out is likely going to need another one. This isnt 2009 its going to get MUCH worse
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Old 03-26-2020, 01:36 PM   #119
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Re: Some Thoughts on Financial Survival

The bounce up is based on emotion again...Anticipation of the trillion dollar bailout caused investors to jump back in on positive news. Once the bailout passes votes in the House and is actually in place, stocks should go up even more....then, more bad news will cause some drops, allowing some more chances to invest..
...The upswing was actually a disappoinment to my plan...was hoping I could buy a lot more Ford stock at $3 a share before good news changed things...Now, I am up a dollar a share on my Ford stock but, will have to pay a higher price for more, hoping it will go up even more in the future. Still, us early birds got part of the worm...
...Next: there is talk of the banks forgiving up to 3 months of house payments...If it takes place, we will jump on the bandwagon and use the savings to invest in more stock. It is OPM at it's best, using bank money to build our assets...We mom and poppers can also kick the can down the road with the best of 'em….

The Good Wife just called from Costco advising Blackstone merlot is $4 a bottle off....Decided to invest fully...just saved $48.

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Old 03-26-2020, 01:51 PM   #120
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Re: Some Thoughts on Financial Survival

I can’t say I disagree.
My company just extended our “work from home” status to April 10. I am in Pharma related field and all other Pharma companies are in the same situation. Luckily, Pimp Daddy Trump will bail EVERYONE out (e.g., big pharma, casinos, airline, cruise, automakers, fast-food, medical groups, you name it).
Based on the spread between salaries, large margin sales companies are going to ravage the lion’s share of the deal!
The $1200 per person check will keep the masses numb and nimble while our children’s future is plundered by monster corporations.
But, in all fairness, I have no alternative to offer so I just wait and see. Damned if we do, damed if we don’t!
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