Hope it happens again!!!

The writing was on the wall.

Think of this…How easy was it for most of us to just get a “Home Equity Loan” and buy a boat in recent years? Darned easy really…

Now with values of homes down, the amount of available “Expendable” cash that went along with it has dried up as well! Plus you could use that HELOC interest as a tax right off even if you bought a boat or motorcycle with it. You still can, don’t get me wrong…but I would imagine many lenders are gun shy in doing so. And the public in general…How many people want to add to their debt with the economy as it is. Gas prices as they are…

I am sooooooooo happy that our new president will fix all of this!

I gotta believe we will see this across many, many industries over the next 24 months. Profit margins are down, sales are down, costs are up. Shave and save where you can.

This really creates a catch 22 for most. Company cutbacks and frozen wages….and the cost of living will jump by leaps and bounds. We have less to almost nothing to spend on luxury items, and the cost increases more because profit margins must be maintained.

I went into “Pay-off Mode” months ago, and am saving up for a new boat. I want to have as little debt hanging over my head as possible in this day and age.

It may change what boat I buy as well. Aluminum prices are through the roof! Does Warrior, Skeeter or some of the others make more sense because they are made of glass? Maybe, then again…maybe not. Dow raised prices by 25% on their resin used in glass boats.

It’s just a bad time right now. We have a long storm to weather. But we will eventually come out of it.

Ranger and Basscat too.

http://www.ibinews.com/ibinews/newsdesk/20080518140001ibinews.html

(I got this info from Bass Boat Central)

I’m in the interior retail store signage business. This is going to be a year to “survive”. really reminds me of post 9/11. lots of uncertainty. we have had one round of layoffs in manufacturing as many of my metro competitors. we are staying flat and hope we don’t go backwards. kind of unsettling

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The writing was on the wall.

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That writing was on the wall for a long time.
People have been spending money like drunken sailers on boats, ATVs, snomobiles, cabins, harleys, etc for many years now. People say the economy over the last 8 years has been bad, but all of this spending boom occured from 2000 to today. Every tom-harry-dick leased $40k trucks or purchased new every 2 years plus gave their wife a big SUV, justifying it by stating is was a safety factor.

10 years ago, we heard about cabelas coming our way. 8 years ago, gander mountain was a hole-in-the-wall tackle shop. Today they have graphite rods that can feel a walleye breathe for $400 and $30 bass crankbaits.

I’m not saying this is a bad thing. I’m just saying that when people had the opportunity to spend expendable monies, they did it very well.

Problem: 99% of it all is financed and not owned.
I don’t know too many people that own, free and clear:
$40k SUV or truck
$40k fishing boat
$5k duck boat
$5k atv
$15k harley
$5k snomobile

But there is a schnizzle load of folks around here that got em.

They are saying because of the war and unemployment that they are doing cut-backs. The war has been going on for 7 years. unemployment is still at a 20yr low.
The housing market blew up and rest assured the oil market will blow up by this fall and we will see $2.00 gas again. I would say by Oct, we will see $2.00 gas.

This is no different that the roaring 20s.

all this and I am in the car business……. my head hurts thinking about it

I agree quite a bit with what Shrek has stated. But keep in mind, I think another huge problem other than the boats, vehicles, ATV’s, etc is the number of people that went out and built brand new $300k+ houses without thinking it through too much. That has been a huge problem which has been all over the news, papers, internet.

Looking at the Dow Jones today (down another 350+/-), we’re in for some hurt. Hopefully we can all hang in there and wait out the storm. I’ve got to believe there will be an upside in the not too distant future.

What does building a $300k+ house have to do with this?? To me is has to do with people and financers running the risk on short term financing. The ARM’s came due, the market values were declining, profit margins are down so businesses are cutting back and costs of goods continue to skyrocket. Oh ya, hey, we are war. Seems like the 100 “flood”.

I know things at our house are tight. We added a 3rd mouth this year so daycare went up, had to get new vehicles to accomodate 3 car seats, gas went up, groceries went up. I haven’t fished since opener simply because I can’t afford to throw a Hondo away for a day trip to Mille Lacs. Yes, I could fish locally, but I choose to save that money. We now make one “errand” trip a weekend rather than run every two hours to home depot.

I still see lots of boats headed north on Fridays so there must be a few of those souls who are better about managing their money than I am. We have now entered the Tuckner mindset of payoff. No more new debt for a while.

Yeah, you’re right. I got a little sidetracked there.

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What does building a $300k+ house have to do with this?? To me is has to do with people and financers running the risk on short term financing. The ARM’s came due, the market values were declining, profit margins are down so businesses are cutting back and costs of goods continue to skyrocket. Oh ya, hey, we are war. Seems like the 100 “flood”.

I know things at our house are tight. We added a 3rd mouth this year so daycare went up, had to get new vehicles to accomodate 3 car seats, gas went up, groceries went up. I haven’t fished since opener simply because I can’t afford to throw a Hondo away for a day trip to Mille Lacs. Yes, I could fish locally, but I choose to save that money. We now make one “errand” trip a weekend rather than run every two hours to home depot.

I still see lots of boats headed north on Fridays so there must be a few of those souls who are better about managing their money than I am. We have now entered the Tuckner mindset of payoff. No more new debt for a while.

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Kooty, I think he was referring to the large number of people who got way in over their heads by financing a $300k home with a net income around $40k per year. The banking industry approved all these loans and now we see foreclosure after foreclosure. And who is going to pay the bill? It looks like you and me. I chose to keep my spending under control and live within my means. And now it looks like my tax dollars will go to bail out the banking industry. I don’t recall being asked if I wanted to donate to the stupid people/stupid banks fund on my tax return, but apparently that doesn’t matter. I don’t mind helping people when disaster strikes, not one bit, but I have a hard time feeling sorry for people who chose to overspend and now are suffering the consequences. And I really don’t feel sorry for the bank industry that decided to approve all of these loans knowing full and well that these people were not qualified for such large loans. We’re in bad financial shape as a country right now because of very poor fiscal policy by our government and very poor fiscal restraint by many of our citizens.

Hey Kooty we can share a boat anytime… well actually it looks like we’re in the same boat already I know exactly what you are talking about, no worries time to buckle down and get through it. Give me 3-4 years, and we’ll be sitting pretty, I figure I’m young enough if we buckle down now, we’ll be sitting better than most, much earlier than most, but don’t think I’m “enjoying” the process of my choices.

Folks were buying snowmobiles, wheelers, boats, bikes like they were going out of style! The house loans get foreclosed on, and they get to keep all those toys!
Maybe I got this all wrong! I should go out and buy a new boat now with home equity, and let the bank take the house back! Rent and storage for my toys HAS to be cheaper!

The problem is that people are just flat giving up because the Media propganda is telling them it is so horible. Yes things are tight and yes it is time to cut back. I know of a couple of individuals that are complete morans and are riding the system out. They have not made their house payment ($1500) per month for 10 months. Instead they are out spending that money for on things for fun, the ATVs and Jet skis. Not because they can’t aford it but because the don’t want to. They are now forclosed on and I am supposed to feel bad for them But guess what they went out and bought a new house before the info hit there record. Why, because they are morans and they think that someone is going to bail them out. Well you know what, they are probaly right. But everyday we are told that it is soooooo bad out there. Turn the TV off and make your own decisions. Why is it that no one can think for themselves and follow the rest of the morans out there? Maybe we on here are all wrong here and this is the new trendy thing to do? all I know is I am pissed because you and I are going to have to pay for it. I hate to say I even know them.

I know a couple who stop making their house payment so they could pay for their 30k+ wedding. They are not married, lost their house, and are renting.

Kooty,
Keep up the good fight and really sounds like your priorities are straight. I agree with Wade, self control and self management of your own personal spending is what will get someone thru all this. We entered the Tuckner mindset approx. 5 years ago and now are seeing the benefits-simply it works,but takes time. One thing I learned is buying a truck with a 100K on it is way cheaper, and pulls the boat just as well.

Jeremy

I have a 20 year old boat.. PAID FOR.. I have a 97 suburban PAID FOR.

but the industry is “forcing people” to go into debt.
There is no reason for a 300 hp motor. Not in fresh water. and I live on the river and you can run a 100 miles and what ever.. But a 150 hp limit on TOURNYS would change the industry. now you can still run 65 and not be out of this world.

The same with 30 dollar crankbaits or 300 dollar rods.

My All Stars cost me in the 69-100 range. for All Star Classics.. now they are not as light as a $300 LOOMIS, but unless I am fishing FOR A LIVING, and my bills depended upon my catching EVERY POSSIBLE BASS, the feel difference isn’t worth $200 or more PER ROD. 4600cb’s were $70. they were stable and reliable. How much more feel do you get with a $300 reel? really? Do you really get $230 worth?

even now.. if you want to fish the Elite series.. I believe that entry fees alone are over $80000. and you MUST HAVE A WRAPPED BOAT. ( that price may include your boat cost) but
what are we selling?

are we selling GO INTO DEBT just to go fishing? That’s nuts.

Its totally insane. that’s not what fishing is about.

We are going to kill the golden goose.

We are already losing license sales. big time. No matter what propaganda the state of Wisconsin is telling you. We are way down in sales from the peak. over 300,000. Minnesota is down as well but not as much.

Fishing is not about having to spend $10,000 just to get on the water to be able to catch a bass or a walleye. But that’s exactly how its being sold today.

and its wrong.

Many years ago my wife and I started planning for my early retirement (55). We climbed the housing ladder and just sold our log house on a lake for over 500,000. We bought a three bedroom, two bath one level house for 220,000, (paid in full). My Ranger 520 is paid for. My Lund Pro-V 1900 is paid for. Our vehicles are both paid for.
Can I retire, not yet at 56. The house we bought has a two stall garage with an office in it, heated slab and air conditioning. I have my office building up for sale.
We feel a lot better about our current situation but it has taken us many years to get to where we are. We are by no means living in the lap of luxury. We had to prioritize and do without but we were happy. People have to cut corners where ever possible. I am a firm believer that things happen for a reason and that GOD is directing our lives. He has a plan for all of us. I injured my back in 1980 and could no longer work as a carpenter. Now I am a job counselor working with other injured workers to help them get back to work. That was one of God’s plans for me. It led me to where I am today. To all my IDO friends having a tough time, keep you faith and your head held high. God is in control and guiding you threw these trying times.
Arnie

you hit the nail on the head. a very wise man told me years ago that the key to financial freedom is living below your means.
i’m not particularly religious but i believe that God never gives you more troubles than you can handle

We’ve cut all the fat out of our budget and still are floating but no savings other than our retirement progams and they are getting the ever living crap kicked out of them right now. The media hasn’t reported anything that is untrue and it is that bad. Not since the great depression has some of the signs we are seeing now raised their heads. People are waiting for new leadership as we have none now.

With all due respect.

In order to “cut out the fat”, you had to get fat first. That means at one point in time, you were lean.

How did you get fat?

I got out of the army “lean”. Then I got married (fat). Then twin boys “lean” Any more questions?

So one of the farms I hunt I told the owner that the “A” season started on the 12th. Well I found out last night it was the 13th.

I went down the the farm where I have my blind set up to make sure it was still there from all the wind. I was greeted by the farmer, and he says what kind of hunter are you? I was kind of shocked by the question I answered depends on the time of year I guess. He thought I was going to be hunting this morning, and tells me that at 6:45 there was 15 birds all around my blind. All I can say is I hope they show up in the morning so the little guy can one. Can’t wait to get out there and hear the woods wake-up.

Nothing better than hearing the woods come to life on a cool spring morning. Good luck to you and the little guy! Hope you put the smack down on a big boy!

Good luck John

Thanks guys got the blind up, clothes all set out, truck loaded with goodies now if I could get myself to just go to catch some ‘s

Good luck to everyone that get to hit the woods in the morning!!!!

Good luck!

Someone has a story to tell!