Loan for hunting

[VikingsGuy]

Pretty sure I never said that.

I was just reacting to this . . . "At 43 with two preteens saving 30k before I’m 50 is a tall task". Spending $30k now and paying off $35-ish over seven years and Saving $35-ish over 7 years presents the same "tall task" -- one choice has more risk and the other has the benefit of happening now.

But in general, I recommend resetting priorities/expectations if any desired fun expenditure feels like a "tall task". Most of my best memories and moments have come at minimal cost - the big dollar adventure is overrated and too many folks get over their skis reaching after FOMO desires. And when I have done a few big ticket trips they were always well within my means at the time and required no other "sacrifices" or "strectches" by the family budget.

Family, security, retirement, education, etc always come first when $$ at stake. Only unplanned windfalls go to fancy things. It's so easy to have great times and great memories on a budget, so no real need to risk the bank for stuff others are doing on the internet.

 

[Addicting]

I was just reacting to this . . . "At 43 with two preteens saving 30k before I’m 50 is a tall task". Spending $30k now and paying off $35-ish over seven years and Saving $35-ish over 7 years presents the same "tall task" -- one choice has more risk and the other has the benefit of happening now.

But in general, I recommend resetting priorities/expectations if any desired fun expenditure feels like a "tall task". Most of my best memories and moments have come at minimal cost - the big dollar adventure is overrated and too many folks get over their skis reaching after FOMO desires. And when I have done a few big ticket trips they were always well within my means at the time and required no other "sacrifices" or "strectches" by the family budget.

Family, security, retirement, education, etc always come first when $$ at stake. Only unplanned windfalls go to fancy things. It's so easy to have great times and great memories on a budget, so no real need to risk the bank for stuff others are doing on the internet.

Yes, I used myself in that situation as an example but that by no means is my whole personal situation. Everyone has a different boat they are rowing financially and I think the different comments in this thread show that.

Not at you, this is just general thoughts after 12 pages.

This thread also shows people putting their own situations prejudiced against others choices. Numerous times retirement, education, and Family was brought up. Mainly because that is what they are worried about but those worries don’t apply to everyone.

In my personal case that is already taken care of. In the case of a single guy it wouldn’t matter as much, or the old Taxadermy guy. Which gets me to the previous post that at first look it’s insane but that doesn’t mean it is not for everyone. So it’s hard to dog on someone when we really have no knowledge of what their personal situation is.

 

[VikingsGuy]

Yes, I used myself in that situation as an example but that by no means is my whole personal situation. Everyone has a different boat they are rowing financially and I think the different comments in this thread show that.

Not at you, this is just general thoughts after 12 pages.

This thread also shows people putting their own situations prejudiced against others choices. Numerous times retirement, education, and Family was brought up. Mainly because that is what they are worried about but those worries don’t apply to everyone.

In my personal case that is already taken care of. In the case of a single guy it wouldn’t matter as much, or the old Taxadermy guy. Which gets me to the previous post that at first look it’s insane but that doesn’t mean it is not for everyone. So it’s hard to dog on someone when we really have no knowledge of what their personal situation is.

Not "dogging" anyone, just responding to the points raised in the OP. My remarks too are more general, as I have no specific knowledge of your specifics other than your post.

 

[Dakotakid]

I posed the question to my wife and got a curious response:
She said people spend double that on vehicles that often don’t last or have much value beyond the life of the loan. Is that really that much different?

 

[Addicting]

@wllm

Barry, with this bear market coming up wouldn’t this be a great time to offer outfitter financing. Make a contract with clients that X amount down and X amount per month at 4% interest.

It provides opportunity for the client and opens up more potential clients.

Outfitter need the down payment portion to be the minimum to cover his out of pocket expenses. He can then contract with one of the lending agencies to handle the payments portion for a cut. Outfitters get a year round income now in installments verses just seasonal.

Feel free to shoot holes.

 

[VikingsGuy]

@wllm

Barry, with this bear market coming up wouldn’t this be a great time to offer outfitter financing. Make a contract with clients that X amount down and X amount per month at 4% interest.

It provides opportunity for the client and opens up more potential clients.

Outfitter need the down payment portion to be the minimum to cover his out of pocket expenses. He can then contract with one of the lending agencies to handle the payments portion for a cut. Outfitters get a year round income now in installments verses just seasonal.

Feel free to shoot holes.

There is a reason unsecured consumer debt runs 12%-21%. Managing payments, defaults, etc would be a huge pain. This could be financial disaster for outfitters. Outfitters who are already booked out at least a year or two don’t need to offer costly incentives.

 

[Deleted member 28227]

@wllm

Barry, with this bear market coming up wouldn’t this be a great time to offer outfitter financing. Make a contract with clients that X amount down and X amount per month at 4% interest.

It provides opportunity for the client and opens up more potential clients.

Outfitter need the down payment portion to be the minimum to cover his out of pocket expenses. He can then contract with one of the lending agencies to handle the payments portion for a cut. Outfitters get a year round income now in installments verses just seasonal.

Feel free to shoot holes.

@BisonGuy @Addicting YMMV but I think you are wildly misreading that room lol

I’ve hired 4 different outfitters/transports/pack stock renters over the years. All wanted cash, one was totally unbanked.

The guy wanting $5000 in $100 bills isn’t going to have you finance a hunt.

 

[TOGIE]

i'm sensing a business opportunity.

setting up a financing shop specifically for hunting. outfitters get their cash in whatever bills they want. they see their clientele base triple. we'll even finance the tip.

0% APR for the first 12 months!!! limited time!

Slap that sticker on wyoga or mogas magazine. holy chit.

 

[Addicting]

i'm sensing a business opportunity.

setting up a financing shop specifically for hunting. outfitters get their cash in whatever bills they want. they see their clientele base triple. we'll even finance the tip.

0% APR for the first 12 months!!! limited time!

Slap that sticker on wyoga or mogas magazine. holy chit.

For the April issue of the magazine…

 

[Irishman]

This post on another thread made me think and thought it deserves its own thread. @Big Fin or @wllm can put together some numbers and pretty graphs on this.



Is it though? We take out loans for everything now. The whole run out of health before money is a motivator when you have had a dream of hunting something. For some it’s easier to make a payment that has negative consequences verses making a payment to themselves for 5 years to be able to afford the trip.


I’ve been looking at an Alaska/Yukon moose & mountain caribou hunt like Fin did as a OIL trip. At 43 with two preteens saving 30k before I’m 50 is a tall task.

In all likelihood that 30k cost now will be 35k in 5 years when I can actually pay cash.

Will I pay 5k on interest on a 5 year loan?

I don't think that the idea of borrowing the money is that crazy. It depends on how important the Alaska adventure is to you.

It's a balance, planning for the long term future responsibly, but yet not doing it at the expense of the present and near future. The present and near future is the most important.

Personally I've spent too much time on the long term planning.

 

[Akcabin]

Maybe another way to look at this. Meat is expensive.. My beautiful wife says if we wait until we have the time or money to enjoy some of the little things in life that we enjoy. It probably isn't going to happen. But we also like to have the money before we spend it.
If I compare the cost of buying meat for my family for a year. To harvesting a moose. I believe we come out ahead. And we have hormone n steroid free protein. I know exactly what my family is eating. Hey Im just feeling blessed I live where we do.
But more debt is bad. Maybe something in there stuck.

 

[SAJ-99]

America is in seriously need of making Financial Literacy classes mandatory for all HS students.

 

[TOGIE]

America is in seriously need of making Financial Literacy classes mandatory for all HS students.

then how would my outfitter financing business plan that get's kickbacks from the likes WYOGA and MOGA work?

financial illiteracy keeps the engines of capitalism humming at full throtal!

 

[Deleted member 28227]

America is in seriously need of making Financial Literacy classes mandatory for all HS students.

Naaaaa let’s have them learn how to calculate the volume of a screw, super applicable.

 

[MarvB]

Naaaaa let’s have them learn how to calculate the volume of a screw, super applicable.

They’re too busy these days trying to figure out which sex, animal, or vegetable they are going to associate with this week to worry about anything as trifling as finance.

 

[SAJ-99]

then how would my outfitter financing business plan that get's kickbacks from the likes WYOGA and MOGA work?

You will be fine. I am sure that people will continue to make bad decisions.

They’re too busy these days trying to figure out which sex, animal, or vegetable they are going to associate with this week to worry about anything as trifling as finance.

No downside to identifying as any of those things. I'm mostly concerned about people identifying as poor, because the rest of us have to fund them on way or another.

 

[VikingsGuy]

I'm mostly concerned about people identifying as poor, because the rest of us have to fund them on way or another.

“The Coming of Neo-Feudalism” by Kotkin is on my reading list. Haven’t gotten to it yet, but understand the premise is the middle/upper middle income class will continue shrinking and we will largely be left with a permanent underclass that has no chance to have true economic agency and will largely be sustained by govt handout rather than individual productivity and this will all be overseen by a new “clerical elite” (think universities, mainstream media, govt officials, and favored professionals as a replacement for the catholic church) and new a new “aristocracy” (the uber-wealthy, especially tech derived fortunes). Sounds grim, but not that far from the mark if we are not very careful in the coming decade or two.

 

[SwaggyD]

“The Coming of Neo-Feudalism” by Kotkin is on my reading list. Haven’t gotten to it yet, but understand the premise is the middle/upper middle income class will continue shrinking and we will largely be left with a permanent underclass that has no chance to have true economic agency and will largely be sustained by govt handout rather than individual productivity and this will all be overseen by a new “clerical elite” (think universities, mainstream media, govt officials, and favored professionals as a replacement for the catholic church) and new a new “aristocracy” (the uber-wealthy, especially tech derived fortunes). Sounds grim, but not that far from the mark if we are not very careful in the coming decade or two.

holy hell - wondered where VikingsGuy went. and also wondered why i had never seen this BisonGuy until recently. this one got me!

edit- sorry the big derail.

 

[noharleyyet]

“The Coming of Neo-Feudalism” by Kotkin is on my reading list. Haven’t gotten to it yet, but understand the premise is the middle/upper middle income class will continue shrinking and we will largely be left with a permanent underclass that has no chance to have true economic agency and will largely be sustained by govt handout rather than individual productivity and this will all be overseen by a new “clerical elite” (think universities, mainstream media, govt officials, and favored professionals as a replacement for the catholic church) and new a new “aristocracy” (the uber-wealthy, especially tech derived fortunes). Sounds grim, but not that far from the mark if we are not very careful in the coming decade or two.

We can use our portfolios to warm porridge.

 

[noharleyyet]

holy hell - wondered where VikingsGuy went. and also wondered why i had never seen this BisonGuy until recently. this one got me!

edit- sorry the big derail.

Got me too, til he showed up in an ongoing PM....totally wrecked the mental image burned in my tiny brain.