Loan for hunting

[Don Fischer]

Does anyone need to pay to go out of state hunting when they can hunt whitetails at home for basically free?

I personally would never take out a loan for hunting. I guess I’m also cheap. I would never pay $30,000 to go on a hunting trip.

I am in your corner. I can't hand over cash, I don't go!

 

[longbow51]

I'm truly thankful that folks thinking about borrowing money to go hunting have never experienced true poverty, where a blown tire or dead battery was a disaster, and meant food money might be tight.

God Bless America.

 

[RealMuddyboots]

True enough, but if you don't put money to work for you, early and often, then let it grow for a few decades, you will get to spend more time at the office.

Thats the balance you have to decide for yourself. Some hunts requires a physicality that you cannot achieve later in life. Quality of life debate is something that no one can win. Life is one and done so its up to you to determine what's right for you and your family.

 

[Addicting]

I'm truly thankful that folks thinking about borrowing money to go hunting have never experienced true poverty, where a blown tire or dead battery was a disaster, and meant food money might be tight.

God Bless America.

If that’s at me, you’re better than taking low jabs.

You have no idea how others grew up or what trials they have had to endure. Sad man…

 

[longbow51]

If that’s at me, you’re better than taking low jabs.

You have no idea how others grew up or what trials they have had to endure. Sad man…

No, I'm just truly happy for you. What's wrong with that?

 

[EYJONAS!]

I'm just gonna setup my kids marriages.

One will marry an Alaskan

The other a New Zealander

Problem solved

 

[Addicting]

No, I'm just truly happy for you. What's wrong with that?

I’m sure you are. Happy New Year’s, may 2023 be a good one for you.

 

[Addicting]

I'm just gonna setup my kids marriages.

One will marry an Alaskan

The other a New Zealander

Problem solved

I’ve seen that show Alaska Bush People, please for the love of all things holy. Be more specific about what Alaskan.

 

[Nick87]

I'm just gonna setup my kids marriages.

One will marry an Alaskan

The other a New Zealander

Problem solved

Mine are just gonna merry grain farmers daughters here. I tried to do the same on several occasions...one instance in particular jig was up the first night I met her at a wedding when I pulled up onx and asked her and her dad which parcel would be mine if we were to wed. Damn you Jim Beam!

 

[gouch]

I'm just gonna setup my kids marriages.

One will marry an Alaskan

The other a New Zealander

Problem solved

Tried it. Didn't work. The darn girls had some stupid notion that they should have some kind of say in it. One did marry the meat manager of a grocery store though. So, I do get some good Christmas and birthday gifts.

 

[Deleted member 28227]

Need Barry to chime in on this. @wllm


Edit, also if you already had a guaranteed per month pension that covers living expenses separate from any 401k.

Barry doesn't love it because the goal here is to use other people's money to live your dreams not future you's money.

That being said I think it's an interesting idea in a down market, like today.

There is an argument that this is the best time to buy so there's that, but conversely your opportunity cost on market gains for the term of the loan might not be that high.

You are paying off pre-tax dollars with post tax dollars, which sucks.

The interest doesn't really matter (if you can afford it the monthly payment) because it's more or less just extra forced savings for your bad behavior

The place where you could get hosed is if you leave your current job before you pay back the loan, if that happens you have to pay back the full balance in the calendar year or be subject to penalties. So there is some risky depending on the stability of your job.

Your goal should be to borrow from Peter at a low rate to pay Paul, but if you're looking at a bear market then borrowing from a 401k, while tax inefficient isn't the worst way to go.

 

[BackofBeyond]

at a bear market then borrowing from a 401k, while tax inefficient isn't the worst way to go.

But wouldn’t that only hold true if the market stayed bear-ish, or at least flat for the entire repayment period?

Once the market turns and starts heading back up (which it will, it’s a cycle just like everything else) then the interest paid to yourself wouldn’t keep pace with the opportunity cost of compound interest.

All in all, not a gamble I’d be willing to take.

 

[Deleted member 28227]

But wouldn’t that only hold true if the market stayed bear-ish, or at least flat for the entire repayment period?

Once the market turns and starts heading back up (which it will, it’s a cycle just like everything else) then the interest paid to yourself wouldn’t keep pace with the opportunity cost of compound interest.

All in all, not a gamble I’d be willing to take

So Barry would say 1. Yeah borrow someone else’s money 2. You are likely paying 8% interest now, which is likely going to beat or be close to your 401k interest gain. Net net you probably don’t lose a ton, in that regard.

It’s kinda like playing now and then saving extra hard later.

Where you lose the money is the opportunity cost of buying the down.

So if normally you put $250 into your 401k. Then you take the loan and start paying back at $500, that means $0 is getting added to your balance. You’d have to pay $750 to be back at your normal rate of savings + pay back the loan. But like if you can swing that you could actually stay on track and possibly be at a wash or maybe even higher after all is said and done.

 

[Pucky Freak]

I expect to see a lot of Barry in 2023. He is amoral, eschews human behavior and psychology, and answers only to math and the law.

 

[Addicting]

Watched Sunday Morning this morning both financial experts warned 2023 will likely be worse than 2022. Three of the Main players US, EU, and China are all facing recession at the same time.

Preventing 401k loss may need some attention verses day dreaming spending.

 

[npaden]

I’ve been considering buying an expensive hunt that I probably shouldn’t.

If I were to pay what it costs, it would sting big time.
However, I could put down 8-10k for a deposit and it wouldn’t sting that bad.
Unless things unravel, next year I could do the same, as well as the following year.
Most good hunts are booking several years out anyway. Can you pay for it this way instead of scratching that huge check all at once?

And generally the reputable outfitters would let you lock in the current price with a big down payment if you are worried about prices going up.

That would be the key on something like that though, I’ve heard of some outfitters folding up shop and taking any deposits with them and I’ve heard of some raising rates 50% or so after a deposit was made.

 

[A207X2]

I doubt they’d loan the money to anyone who’s a risk of not paying it back.

Does anyone know if you can just walk into a bank and get a $30k loan without any collateral? Or would you have to put up your house or some property as collateral? Maybe get a home equity line of credit?

I have a couple of credit cards that each have a $25k limit on them.

 

[A207X2]

Watched Sunday Morning this morning both financial experts warned 2023 will likely be worse than 2022. Three of the Main players US, EU, and China are all facing recession at the same time.

Preventing 401k loss may need some attention verses day dreaming spending.

I am maxing out my 401k by dollar cost averaging every pay period. When the fund prices go up I buy less of the expensive shares; when the fund price goes down I buy more of the cheaper shares. The key is that you have to commit to the same amount of money each pay period, and have the courage to stay the course.

 

[millerkiller77]

Read the first page, skimmed the rest. I couldn't imagine taking out a loan for a hunt. Everyone is wired differently and has a variety of priorities, goals, dreams, and pleasure activities... financing a hunting trip makes zero sense to me.

 

[TheGrayRider]

Dream as if you’ll live forever, live as if you’ll die today - James Dean.