"found money" what to do?


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vanfunk
April 10, 2003, 07:08 PM
OK, this is real. This is not a test.
I will be coming into a fair amount of money in about a week. The exact amount is not known to me, but it will be in the neighborhood of $2000. I have 3 choices:

1) Bank it.
2) Use it for debt payments.
3) buy a rifle or handgun.

Assuming I do the responsible thing and buy a firearm

:cool:

or firearms:D :D :D

what should I get?

I have: A Glock 23, SIG P220, various GI and commercial Colt 1911A1's, Bushmaster AR, DSA SA 58, M1A, Winchester Garand (a WIN-13) Inland GI M1 carbine, Saiga AK, Russian capture 98 k, all manner of Weatherby bolt actions up to .460 WM, and, the piece de resistence, Thos. Bland and Sons .470 double rifle.

What do you suggest I add to my collection?
Thanks!
vanfunk

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COHIBA
April 10, 2003, 07:12 PM
i think you should buy an Eagle/ Armalite AR10A4 w/ leupold VariXIII 4.5X14X40 tactical w/ a hard case. i think i saw one for sale on this site for $1400. that would leave enough cash for a glock , too.

Betty
April 10, 2003, 07:13 PM
:cool: Hmmmmmmmm..... I'd do all three in this order:

1. Pay my debts.
2. Bankroll some to collect interest.
3. Save some for fun money! :p

However much you allot for the three categories will really depend on the size of your debts and how much you already have in savings.

You can't go wrong with a Garand or M1 Carbine!

spacemanspiff
April 10, 2003, 07:13 PM
my attitude used to be that "found money" was to be spent on my vices. but now i'd rather spend it on my debt.
if i dont plan of having that money, it might as well go to something useful. besides, with your credit cards paid off, you can buy another gun!

but if you MUST spend it on a gun, why not buy a stock 1911 and customize it from the ground up?

or you could buy enough ammo for the next year. and in the offchance you want to donate some of that money to a charitable cause, i could use a case of .45 to break in my kimber that should be delivered in the next couple of days. :D

Feanaro
April 10, 2003, 07:20 PM
I would spend it on the debts. But since you are after firearms... how about a Desert Eagle? Or an AK-47? Or a... this list could get kinda long. :)

Chris Rhines
April 10, 2003, 07:23 PM
Paying off debt is the most important thing that you can do.

Beyond that, what kind of gun do you want? Is there a big gap in your arsenal, or is there a particular type of shooting you want to try out?

If the answers to both those questions are "No," then bank the cash. It's good to have a little around for emergencies.

- Chris

cool45auto
April 10, 2003, 07:24 PM
No Beretta? Oh you definetely need one of those!:D

Phantom Warrior
April 10, 2003, 07:24 PM
Speaking as someone with some debts to pay off, I think it would be better to get them paid off now. Because you are paying interest on that debt every month. If it's something high-interest like a credit card, that money is going to add up fast. It won't be as fun, but you'll be free to spend _all_ of the money you get in the future and you'll have more money cuz you won't have thrown it down the rat hole called "interest."

El Rojo
April 10, 2003, 07:29 PM
Another vote for pay off the debts. Enjoy the guns and the ammo you have now. Once you are in the clear, then you can start buying again.

VaughnT
April 10, 2003, 07:43 PM
Do the math! Even if you have far more than $2000 in debt, using your windfall to pay that debt down will save you a ton of money in the long run by eliminating interest charges. Without knowing the rough figure of your debt, I can't calculate the interest or the average time til payoff, but I can say that you will be in a far better position next year or the year after that.

When you look at those numbers on paper, there really is only one choice. And speaking from personal experience, not being in debt is a great thing. I can go out, right now, and buy any gun I could want. I can do that because I don't have to worry about some minimum monthly payment coming up!

Pay off your debt!!!!:banghead:

CGofMP
April 10, 2003, 07:44 PM
Just enough to buy a Valtro .45 or a Nor-Cal Precision Rifle!!

*EVIL GRIN*

Seriously however I always suggest that debt be the first thing to go. Any money you pay down debt with is for all intents and purposes paying you the same interest that they are charging you for as long as you WOUDL have carried the debt.

Charles

vanfunk
April 10, 2003, 07:55 PM
OK, OK, you're right:cuss:
I really should pay my credit card debt down:fire: :fire: :fire:

It's just that....
My local gunmonger has an H&K P7M8 right now...
I've had three of them, miss every one.
It's priced at $1150 LNIB

But, I AM paying off some medium interest (10%) credit card debt (from previous firearm impulse buys, of course:what: ) and it'd be nice to take a big chunk outta that!

But, there's that P7... or the H&K 91 I've always wanted, to go with my collection of .308 battle rifles...

Maybe I can buy something semi-indulgent, like a nice '03 Springfield or a Krag...

Or a 9mm - Hey! I don't have any 9mm handguns right now! Browning Hi-Power anyone!...

See where I'm going with this?:banghead: :banghead: :banghead:

Thanks for your responses so far!
Keep 'em coming!
vanfunk

Standing Wolf
April 10, 2003, 08:45 PM
It took me 26 years to pay off all my Visa balances and pay off a car.

MJRW
April 10, 2003, 08:52 PM
Seriously, debt payment.

10-Ring
April 10, 2003, 08:56 PM
Pay off the debt! :banghead: :D

blades67
April 10, 2003, 08:58 PM
Buy the P7 and use the rest of the money on any debt.

Dave Markowitz
April 10, 2003, 09:03 PM
Pay off the debt so you can buy more guns in the long run.

If you ignore that advice, get a Sharps in .50-90. :D

xsquid
April 10, 2003, 09:03 PM
Wise decision to pay off your debt first. Besides $1150 for a P7M8 is on the high side ;)

Navy joe
April 10, 2003, 09:11 PM
Spend 250 bucks on yourself somehow, buy a bunch of ammo or something gun related. The rest to the debt, you shouldn't have any of that.

Assess your current debt like this. How much per month are your interest and fees as expressed in boxes of your favorite ammo? If it is more easily expressed by the case or per gun you got serious issues.

Pheonix
April 10, 2003, 09:17 PM
Buy a reloading setup, cut up your credit cards, and pay $1750 of your debt.:)

Kharn
April 10, 2003, 09:26 PM
I'm with Phoenix and Navy Joe, pay those debts off with $1750 and order something small for yourself.

Kharn

geegee
April 10, 2003, 10:07 PM
What Navy joe said-pay off debt, then go buy some ammo. You could buy several hundred rounds of several calibers, then feel good about reducing your debt burden while building up the ammo pile.

Pay down the debt! :scrutiny: geegee

Owen
April 10, 2003, 10:11 PM
pay the debt

OkieGentleman
April 10, 2003, 10:55 PM
This sounds like the old joke about the horse player complaining about his wife wasting all of his winnings on silly things like food and rent.

556A2
April 10, 2003, 11:14 PM
Pay off the debt, but if you get lost in the moment of gun goodness, go with a Hi-Power since you have 1911s.

SquirrelNuts
April 10, 2003, 11:18 PM
You are asking the wrong people how to manage your money! You could ask "open heart surgery or 1911?," and you know what we would say.

-SquirrelNuts

Bonker
April 10, 2003, 11:18 PM
Pay off debt first!

Save half of what's left and spend the other half on an ammo stockpile.

vanfunk
April 11, 2003, 07:29 AM
Man, you guys are good!

Maybe I'll get something inexpensive for myself, like a nice Finnish M39.

I've had my eye on a gorgeous S&W Model 17 .22 for a bit... be nice to have an inexpensive plinker in the collection...

Then again, I sure could use a new Weber gas grill for summer! :evil:

You've convinced me to pay down the debt, but jeeeeeez, I have to get something!:cuss:

Thanks to all for being the voice of reason!
vanfunk

Brian Williams
April 11, 2003, 07:59 AM
Pay the debt
get a ruger MKII Slabside

but pay the debt down

I have been married for 23 years, with 4 kids in school, 3 in private and 1 in college, paid no more than $4000 for any one car and paid them off 1/2 in cash and the loan in 1/2 the alloted time. House is half paid off in 14 years of an original 30 year mortgage, with a couple of refinancings that helped along with double paying premiums.
I have no credit card debt, never have never will!!!!! I have 3 credit cards and 2 have never been used.
I can finally afford a few guns a year

riverdog
April 11, 2003, 09:27 AM
I have been debt free for quite a while now and it's a good feeling. Philosophically, if you are still paying off a debt, you don't really own it, the bank owns it. My credit card is payed in full each month and I payed off my new car in 6 months. I write a check when I buy a new firearm -- usually I get a better price because the retailer doesn't incur a 3% fee from the credit card company.

If I received a lump some I would put it in the bank and collect interest. In your case, you should put the entire sum toward your debts and then continue to zero out you credit cards before incurring new debts. That's my opinion, do what you want.

MrKandiyohi
April 11, 2003, 09:28 AM
Pay off the debt first, second and third.

People talk about the great deal they got on a pistol that they charged to the credit card. They never realize how much that great deal is costing them in the end.

Any deal you get now is no deal.

I don't know your exact financial status, but you should also have some money in the bank when it's all said and done. Don't spend everything so you're broke again. That will cause you to go into debt if a major repair comes up soon.

Matt G
April 11, 2003, 09:32 AM
The single finest monetary investment a man can make is to pay off debt.

This will open up funds to buy many more guns and ammo in the long run.

Ol' Badger
April 11, 2003, 09:35 AM
1st batch of loot goes to anything that shoots a .45

2nd batch goes to the hottest stripper you can find!

Weimadog
April 11, 2003, 10:16 AM
Pay off the debt.

You will always want another gun. In the future, your debt wiped out, you will be able to buy even more.

Weimadog

Kentucky Rifle
April 11, 2003, 10:17 AM
Put half on debts and invest the other half in a mutual fund. Add money monthly. ~~**"Religiously"!! Right now, I'd suggest a "Growth and Income" fund. Maybe even a "Blue Chip" stock fund. Stocks are poised for a come-back. (Unless the democrats find away to hurt the market. Don't believe them when they say "The Economy Is Bad"!!WOOOOooooo!) I retired at 48. THIS is how.

KR

meathammer
April 11, 2003, 11:21 AM
Eliminate debt, then buy a nice shotgun. (I didn't see a shotgun in your collection.)

Navy joe
April 11, 2003, 11:30 AM
No sense investing in the gambling market if you still have debt. If 1000 bucks of stock makes you 20%, but you still have 3000 in credit debt at 19% you still lose. BTW, when I do have money for the stock market I see it like this. Half goes to wall street, half goes with me to the blackjack table, both gambling, one is more fun, and so far the Sreet ain't shown me jack compared to a little card playing. Besides, I'm going to have a navy pension at age 39 and I am working on a sizable 401K that I weathered through this last mess with minimal loss. Thank God for bond funds.

I still have credit debt, but over the last year paid off several store credit lines and my car payment. Never again on the car payment, buy used, fix your own and you will be rich one day.


You are asking the wrong people how to manage your money! You could ask "open heart surgery or 1911?," and you know what we would say.

Duh! Open heart surgery with a 1911, everybody knows that.

Pay the debt.

-Neither a borrower, nor lender be. I'm working on it...

Mastrogiacomo
April 11, 2003, 12:41 PM
Usually what I do is put money into categories: a little away in the bank, a little aside to make payments on debts and some more for a rainy day. I agree though it depends on the size of your debts but I usually save up to a purchase so I don't neglect my other responsibilities. You could buy a gun partially with cash and put the rest on your card if you prefer. Just a thought...:rolleyes:

buzz_knox
April 11, 2003, 12:57 PM
Pay off debt.

jthuang
April 11, 2003, 01:34 PM
Vote: buy yourself something <$500 and use the rest to pay off the debt.

Budgeting is hard. Believe me, I struggle to get myself within budget most months and don't succeed as often as I should. But I firmly believe that the way to make a budget work is to (1) make it realistic and (2) reserve some money every pay period for fun stuff -- like guns! :D

IMHO unless you have willpower as strong as the armor on a M1A Abrams MBT, any budget that does not set aside a reasonable amount of money for "fun" stuff will not work. You work hard for your money and you deserve to enjoy the fruits of your labor. If you don't account for that factor, your attempts to budget will be fruitless as you will constantly blow your budget -- and what's the point of having a budget in the first place if you're gonna do that?

But as others have pointed out, debt reduction is a very wise decision. Debt chains you down -- for example, it's much harder to quit your job when you've got a mountain of debt as the Sword of Damocles hanging over you. And if I read your post right, a significant portion of your debt is credit card debt. Unless you got one of those fixed interest cards/deals, you're looking at ~20% APR? :eek: Get rid of that debt fast!

I'm now debt free as well, although I don't own a house or car. It took me ~5 years to pay off all my student loans, which according to my last Dept of Education statement was over $126,000. And that doesn't include my private student loans. But the day I made the last payment, it was like Sisyphus finally pushed the rock to the top of the mountain.

So to reiterate, pay down the debt as fast as you can, but do not set an unrealistic schedule or budget -- because chances are that you won't follow it and the whole concept of a budget goes to waste.

Justin

standingbear
April 11, 2003, 08:18 PM
if you cant decide,just send it to me,i'll spend it wisely.honest.:neener:

FPrice
April 11, 2003, 08:30 PM
Not knowing your particulars beyond what firearms you have, I would suggest the following:

1. Pay off at least one debt, or more, not to exceed half the money.

2. Buy something you want/need/like.

3. Put some money away.

Don't know what to suggest, but a nice used S&W revolver is always a good choice.

No4Mk1*
April 11, 2003, 09:16 PM
$2000 debt left alone at 10% will be a debt of $3221 in 5 years. Get rid of the debt.

Matthew Courtney
April 11, 2003, 09:36 PM
$2000 @ 10% is $4000 in 7 years. Think about it. Gun values rarely double every 7 years.

IRONFIST
April 11, 2003, 09:41 PM
I'm going to buck the trend and say buy a gun. Something you dont have on your list. A full-auto machine pistol, like a Mac-10 or 11 w/ suppressor or something along those lines. Maybe build up a Krinkov AK. Seems like full-autos at least maintain their value and quite possibly go up. Do some research and then get a weapon few folks own, let alone have shot. Just my .2 cents.

Michael in Sandy, OR

cratz2
April 12, 2003, 01:43 AM
I'd buy a little something, maybe $500 worth of 'something' and use the rest to pay off debt. ;)

Being in debt is no fun. The wife and I managed to get completely out of debt, other than the house of course, about 8 months ago. Both cars were paid for in cash, no credit card bills at all. Her student loans gone. NICE!

general
April 12, 2003, 05:01 AM
$1500 towards the vampire blood sucking debt.
$ 500 towards reloading equip. and supplies - then get to work and go shoot the ones you have. Seems I never get enough time to shoot the ones I got. (Or maybe......yeah, it's tempting, but you'll benefit in the long run - with the bills paid maybe you can afford to take a few days or a long weekend off and go shoot!)

4v50 Gary
April 12, 2003, 01:07 PM
Found a money clip with cash belonging to a person who boarded the aircraft before I did. I found him and returned it as I have with every single wallet or purse that I have found. I don't like to profit from the misfortunes of others.

Basic rule of thumb: if there's a reasonable chance of returning it, you should. The law feels the greater the find, the greater the responsibility in returning it to the owner.

BTW, I don't stand in judgment of others and what they're actions would be or were. I do what I know what I must do to be at peace with myself (Call me "Poor but in peace Gary").

HerbG
April 12, 2003, 01:53 PM
The reason you have the debt in the first place is because you made the wrong decision before by making impulse purchases. It's a no brainer even though it might not be what you want to do.

riverdog
April 12, 2003, 02:08 PM
Seems to me that you've already spent the money, now it's time to pay off the debts incurred. Deficit spending at the personal level.

Sven
April 12, 2003, 02:54 PM
Pay off debt.

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