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franulele
08-17-2010, 01:00 PM
OMG! OMG! OMG!

I'm trying to get a grip here..... okay, so through some crazy bit of bookkeeping, I just found out I don't need to make a house payment until December! (Yes the bank confirmed.)

And what pops into my travel-sopranino sized head??!?!
Buying a coffee table (been here 6 yrs & still don't have one)??
Getting the dogs teeth cleaned (their breath could knock you over) ??
Finishing the upstairs (or any number of projects around the house)?
Saving $$$ to buy a replacement for my 12 yr old car with a QUARTER MILLION MILES on it?!?!

No, no, no, no.... none of these worthy projects even crosses my mind. Instead, I think of buying a KoAloha concert uke, a Kala UBass, and a roadtrip to NYC to see the Ukulele Orchestra of Great Britain on Nov. 2nd.

I am sick, sick, SICK!! Very sick, indeed. I need help! Please... somebody ...

Hippie Dribble
08-17-2010, 01:30 PM
righto franulele here's my doctorly advice re your 12 step plan:

step 1: buy the KoAloha
step 2: buy the Kala
step 3: buy the ticket to see the Uke Orchestra of Great Britain

this should cure all your ills without having to go through steps 4-12.

I believe you are indeed not sick, but a pure picture of perfect health. However, if these symptoms persist...

step 4: take 2 asprin and call me in the morning

Dr Eugene

mrukuleleman
08-17-2010, 01:45 PM
I think that anyone who receives 6 months free of payments and uses that extra money to improve their materialistic selves is very very sick, and needs serious help. Unfortunately that is the case for most of the people in this world.

You however are far from sick, and your sudden, spontaneous plan to do something out of the ordinary and to enjoy your life in a way that crosses few other minds is both inspirational and reverent.

nickman2
08-17-2010, 02:05 PM
I love it. great ideas and everything else.
1. who doesn't want a KoAloha concert?
2. who doesn't want a Uke bass PERIOD?
and 3. who doesn't want to see the UKULELE ORCHESTRA OF GREAT BRITAIN?
enough said

SplitCreek
08-17-2010, 02:20 PM
Step 1 : Buy it all
Step 2 : Sell the dog and the car
Step 3 : Rent the Upstairs to a Junkie for 320$/month
Step 4 : Sell the rest of the your furniture -> Furniture aint worthy without a coffeetable in ur house >,<
Step 5 : repeat Step 1 but For SplitCreek :D

Haha Here's your guide !!
Nah man Seriously do what ur hart tells u too ... Buy the kala, koAloha and the ticket that whats my hart tells tough :D

Ukulele JJ
08-17-2010, 02:37 PM
One option would be to ahead and make the payments anyway.

They'd be pure principal, wouldn't they? And it's an expense you were planning on anyway, so it won't feel like you're depriving yourself of anything.

Depending on where you are in your mortgage, that could save you tons of money in interest (or have that much more equity if/when you sell it). A lot more than the payments add up to today. You'd have to wait to realize the savings, but you could buy a way more expensive uke/trip/uke-bass then.

Just a thought.

JJ

luvdat
08-17-2010, 02:41 PM
One option would be to ahead and make the payments anyway.

They'd be pure principal, wouldn't they? And it's an expense you were planning on anyway, so it won't feel like you're depriving yourself of anything.

Depending on where you are in your mortgage, that could save you tons of money in interest (or have that much more equity if/when you sell it). A lot more than the payments add up to today. You'd have to wait to realize the savings, but you could buy a way more expensive uke/trip/uke-bass then.

Just a thought.

JJ

Further motivation: we haven't seen the bottom yet in this economy. With talk of deflation, people need available cash.

MarySue
08-17-2010, 02:47 PM
1) Put a third of the money away in a savings account for an Emergency Fund (http://www.getrichslowly.org/blog/2006/09/08/how-to-start-an-emergency-fund/).
2) Pay a third of the money towards your mortgage anyway.
3) Road trip to see the UOGB.

Why? Because I'm a huge fan of Emergency Funds, paying off debt early, and adventures.

mailman
08-17-2010, 02:48 PM
One option would be to ahead and make the payments anyway.

They'd be pure principal, wouldn't they? And it's an expense you were planning on anyway, so it won't feel like you're depriving yourself of anything.

Depending on where you are in your mortgage, that could save you tons of money in interest (or have that much more equity if/when you sell it). A lot more than the payments add up to today. You'd have to wait to realize the savings, but you could buy a way more expensive uke/trip/uke-bass then.

Just a thought.

JJ

Exactly what I was going to recommend. Maybe not the most popular answer, but certainly the most fiscally responsible....

itsme
08-17-2010, 02:57 PM
One option would be to ahead and make the payments anyway.

They'd be pure principal, wouldn't they? And it's an expense you were planning on anyway, so it won't feel like you're depriving yourself of anything.

Depending on where you are in your mortgage, that could save you tons of money in interest (or have that much more equity if/when you sell it). A lot more than the payments add up to today. You'd have to wait to realize the savings, but you could buy a way more expensive uke/trip/uke-bass then.

Just a thought.

JJ
Wow, I was going to suggest the same thing. Depending on where you are in the life of your mortgage, especially in the early years, only a tiny fraction of it is actually going toward the principal.

If your payments now-Dec. would be pure principal, you could conceivably be knocking a year or more off the life of your mortgage with each payment. Plus, a few grand between now and Dec. will lower your principal and thus raise your future principal-to-interest ratio.

I don't get why when people come into some "found" money they feel they've just gotta spend it.

Or another alternative, if you've got credit card debt would be to use this to pay them down or off. Many cc's charge 20+% interest (surely a lot more than your mortgage) so this strategy could help you a lot in the shorter term. If you've got a few thou in cc debt and only ever make the minimum payment, you're paying a heck of a lot in interest.

TCK
08-17-2010, 03:29 PM
Wow- this board is full of very sensible people.
I am not one of them.I say get yourself a little present

allanr
08-17-2010, 03:39 PM
Always spend money on luxuries because the necessities take care of themselves.

olgoat52
08-17-2010, 04:27 PM
:cool:Keep paying off the house and applying it to principal. Pay down that debt and you can buy all the ukes you can store.

cletus
08-17-2010, 04:58 PM
Congratulations! My humble opinion: the U-bass can wait, the price will go down.
Ukulele Orchestra road trip would be cool, but... no.

Get whichever uke suits your desires! Yes, Yes, Yes.

Definitely pay off some of your house debt. Be a "grownup" but still get yourself a little sumpin'.

Cheers!

sukie
08-17-2010, 05:06 PM
Jeepers, I'm tempted to say buy the KoAloha as you will not regret it. I'd want to go to NYC to see UOGB too but those smart people say otherwise and they really are right. It sucks being a grown-up. I guess I'm gonna tell you to splurge on something and be wise with the rest.

Jerlial Prophet
08-17-2010, 05:32 PM
Congratulations! My humble opinion: the U-bass can wait, the price will go down.
Ukulele Orchestra road trip would be cool, but... no.

Get whichever uke suits your desires! Yes, Yes, Yes.

Definitely pay off some of your house debt. Be a "grownup" but still get yourself a little sumpin'.

Cheers!

This sounds about right to me.

mm stan
08-17-2010, 05:48 PM
Aloha Fran,
Do what makes you...Responsible and Happy....Hopefully in that order!!!!
Jus my opinion.....MM Stan....

Hippie Dribble
08-17-2010, 08:52 PM
hmm Fran,

I think the Medical Board has just revoked my doctor's registration.

your (ex-doctor) eugene

Teek
08-17-2010, 10:36 PM
Yup, I agree with the sensible set- buy the KoAloha, see if you can get a nice clean used one first from someone moving up to a custom. Save you a couple hundred.

Put something in an emergency fund or pay off credit cards (if you do they will give you a 1.99% offer for 6 months, then buy the Kala).

Rest goes on the mortgage.

Covers all the bases.

I had some heavy extra hours on my job, so I just paid off my credit cards, put money in savings, and bought a custom pineapple. :)
(I "needed" it to de-stress from my job so I can keep DOing my job).

franulele
08-18-2010, 01:33 AM
What a nice sensible bunch you all are!

I was going to buy Eugene a KoAloha and Nickman a UBass, but after a friendly intervention & sleeping on it I‘ve decided to do the grown up thing. Yes, Sukie, being a grownup can suck! But, if I’m sensible now, it could mean more fun & ukuleles later.

So my decision is to thin my herd of musical instruments, and get the KoAloha after doing so. I’m a music teacher & I use the uke nearly everyday, so I feel it’s a reasonable luxury. I’ll wait for a used Kala UBAss, and play a school bass until then, even if it isn’t a darling uke-bass, And as for the UOGB performance at Carnegie Hall, I may settle for a couple of their DVDs and have a showing for my uke friends here at home. WIN-WIN!

I know money doesn’t buy happiness, but not having it is really stressful. You would not believe how much more optimistic I feel this morning with this bit of news! With buying a house on a single income, I had nearly forgotten what its like to have a little $$ for a few of the extras in life. My heart goes out to people who’ve lost jobs & housing, and have had to do more than just tighten their financial purse strings.

Ukulele JJ
08-18-2010, 01:39 AM
Put something in an emergency fund or pay off credit cards (if you do they will give you a 1.99% offer for 6 months, then buy the Kala).

Well, I'm not so sure I'd go to all that trouble to pay off the credit cards just to put a ukulele back on a credit card, even at 1.99%. If you could pay it off in 6 months, the you could instead save up for 6 months and pay cash for a lovely 0% interest deal. :cool:

But you know, you make a good (implied) point that we don't really know the entire financial picture here. Does franulele have existing consumer debt? Is her emergency fund fully-funded?

I jumped right on the "pay down the mortgage" answer without considering the above--and they're important questions.

(Poor franulele... she just makes an innocent post about buying a ukulele, and now we're all dissecting her financial life! :p )



(I "needed" it to de-stress from my job so I can keep DOing my job).

Funny you should mention that. I'm in the middle of reading "Your Money or Your Life" right now. They make an interesting point in the book about how money you have to spend to de-stress from your job should be subtracted from whatever they pay you do the job. And the time you have to spend destressing should be added to the number of hours you work.

Basically, if its a cost (in time or money) that you wouldn't have if you didn't have to work, it gets counted. Commuting time, cost of work clothes, fast-food lunches, Starbucks, therapist's bills, "escape" entertainment, etc. Divide the resulting net pay by the net hours, and you get your true hourly wage. The amount you are currently getting paid to trade one hour of your life on earth (what the book calls your "life energy").

What makes that an eye-opener is that then you can then evaluate your expenses in terms of how much of your life you're trading to get it.

There's a review/summary of the book (http://www.thesimpledollar.com/2006/12/16/review-your-money-or-your-life/) over on The Simple Dollar, if anyone's interested.

JJ

mm stan
08-18-2010, 01:54 AM
What a nice sensible bunch you all are!

I was going to buy Eugene a KoAloha and Nickman a UBass, but after a friendly intervention & sleeping on it I‘ve decided to do the grown up thing. Yes, Sukie, being a grownup can suck! But, if I’m sensible now, it could mean more fun & ukuleles later.

So my decision is to thin my herd of musical instruments, and get the KoAloha after doing so. I’m a music teacher & I use the uke nearly everyday, so I feel it’s a reasonable luxury. I’ll wait for a used Kala UBAss, and play a school bass until then, even if it isn’t a darling uke-bass, And as for the UOGB performance at Carnegie Hall, I may settle for a couple of their DVDs and have a showing for my uke friends here at home. WIN-WIN!

I know money doesn’t buy happiness, but not having it is really stressful. You would not believe how much more optimistic I feel this morning with this bit of news! With buying a house on a single income, I had nearly forgotten what its like to have a little $$ for a few of the extras in life. My heart goes out to people who’ve lost jobs & housing, and have had to do more than just tighten their financial purse strings.

Aloha Fran,
Tightening your budget through life is a miserable way to live life....sometimes you need to treat yourself to the luxuries
that you truely deserve....being a miser and not knowing how it feels is such a waste...plus you can write off the Ko Aloha
as an expense from your teaching.....how's does that now sound, eh???? Is that an excuse or what???he he MM Stan...
I agree money does not buy happiness , but a Kamaka sure will...for sure...

6stringconvert
08-18-2010, 02:03 AM
1) Feed your dogs smints
2) buy a 24 bottle beer box, empty box, use as coffee table

Ukulele JJ
08-18-2010, 05:47 AM
I know money doesn’t buy happiness, but not having it is really stressful.

I heard a great quote recently that was something along the lines of "if you think money can't buy happiness, you're spending it wrong!". :p

And you know what? I've found that to be true. Buying more "stuff" makes me happy only momentarily. But buying a big bunch of "anti-financial stress", on the other hand, gives me a much more permanent happy.

Money spent on getting out of a debt cycle is "buying happiness". Money spent on helping you reach your crossover point (http://www.getrichslowly.org/blog/2007/08/09/an-introduction-to-the-crossover-point/) is "buying happiness". Money spent on a savings account so that when your 12-year-old car finally bites the dust you can plop down cash for another one is "buying happiness".

Being "sensible" about money isn't about living like a monk in a cave somewhere. It's simply about allocating money in ways that you truly get the most out of, most of the time. This takes some introspection and a bit more farsightedness than the average consumer, and I don't claim to be great at it myself. But when you do look at it that way, it's easy to see that you're not really denying yourself anything.

JJ

Swampy Steve
08-18-2010, 06:40 AM
I understand the "found money" syndroym. I dont usually have a bunch of extra cash ,, and when I get some , its hard to use it on normal expenses. Ive been selling stuff on ebay & putting on my CC debt, but it aint easy. I think of the wonderful uke I could get with the money. But being almost 50 I should be more grown up than this.

what i d do,,, put half on your house payment , and enjoy a bit. But that kind of thinking is probably not too fiscally conservative, but neither am I , unfortunately
Steve

pulelehua
08-18-2010, 09:16 AM
JJ, interesting on all points. I feel like getting everyone I know to do the equation of life energy and REAL income. Better start with me.

As for the purchase question, get the Koaloha. Leave the rest. It actually follows JJ's formula. Get a good ukulele, and you will sound better, and your technique will get better faster, as the instrument will be working WITH, rather than against you. So, in terms of skill/pleasure payoff versus time invested, you will be working more efficiently. In terms of the worth of your time, you are actually doing yourself a favour, assuming that you will strive toward the same skill level with or without a really good ukulele.

franulele
08-18-2010, 10:20 AM
For those who are concerned about my debt load, my only debt is a house. Generally considered good debt. Being strapped doesn't necessarily mean CC debt. In my case it just means when all the bills are paid there's hardly anything left for nice clothes, instruments, vacation travel, an certainly not for a new car. Not angry, mind you, but feel the need to clarify.

Teek
08-19-2010, 03:02 PM
I am lucky I can wear Levis and aloha shirts to work, my car is 14 years old but is a great one and pretty much only goes to work and back and I have a bicycle and a great bus line. "Vacation" travel is either driving 2 hours to the in-laws where we stay for free but take them to dinner, or an hour up the coast to a less crowded beach than our own for a day trip. We don't eat out, go to movies, or go to any events that aren't free. We do have the $9.99 a month NetFlix and low level cable tv though. There are no "nice new clothes" in my budget, but a nice uke is really also an investment if it is taken care of, as they don't depreciate all that much if bought "right". I have got most of or more than I paid out of all the ones I have sold so far. The reason I suggested a used KoAloha if you find one nearby on Craigslist or the like is that you may find an older one with a crown bridge, and if you re-sold would get about what you paid back. It's more like a long term rental!

I appreciate what UkuleleJJ added to this thread re: "life energy", I always thought along those lines but can't get my husband to see things that way. He's in a horrible job that takes a huge toll on him, but because he's "good at it" thinks it's ok.

I'm trying to get him to play uke since he has always wished he could play guitar and couldn't. I got him a cheap but fine sounding bari, and then told him that since the new pineapple sits so sweetly with me that the tenor could go his way if he decides to commit to practicing 20 minutes 3x a week. This morning I found the little music folder I gave him about 5 months ago with simple chords and songs printed out for him sitting on the coffee table!

The idea behind paying off one's credit cards and then taking advantage of the 1.99% offer (which one does also pay a fee to get) is to use it for the uke of choice, pay it off early, and increase one's credit score.