Just completed the ultimate zl1 mod - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Kevin C-ZL1 · 11-26-2023, 11:46 AM

I'm very old school also, probably to a fault. I hate debt because I was raised by "Depression Era" parents who never even had credit cards.
I learned how debt is constantly eating you alive because I had a business/commercial property loan in the early 90's and the first year of the loan cost me $75,000 in interest. That was after paying $10,000 for 1 point at the origination.
My point is that you have to be constantly minimizing your debt. Yes, it takes some sacrifices. But that's just my opinion.
Also, Dave Ramsey is great but I'm a bigger proponent of Dr. Tom Stanley's books "The Millionaire Next Door" and "The Millionaire Mind". Dated, but still very applicable.
Also, as you get older you definitely need to be with a financial advisor you trust and get with an attorney who specializes in estate planning (wills and trusts).
Enjoy your ZL1!!!

tartagliazl1 · 11-26-2023, 11:57 AM

Quote:

Originally Posted by Kevin C-ZL1

I'm very old school also, probably to a fault. I hate debt because I was raised by "Depression Era" parents who never even had credit cards.
I learned how debt is constantly eating you alive because I had a business/commercial property loan in the early 90's and the first year of the loan cost me $75,000 in interest. That was after paying $10,000 for 1 point at the origination.
My point is that you have to be constantly minimizing your debt. Yes, it takes some sacrifices. But that's just my opinion.
Also, Dave Ramsey is great but I'm a bigger proponent of Dr. Tom Stanley's books "The Millionaire Next Door" and "The Millionaire Mind". Dated, but still very applicable.
Also, as you get older you definitely need to be with a financial advisor you trust and get with an attorney who specializes in estate planning (wills and trusts).
Enjoy your ZL1!!!

I don’t enjoy it enough. Probably only put 500 miles a summer on it. I need to change that.

AlisoBob · 11-26-2023, 12:28 PM

Quote:

Originally Posted by Kevin C-ZL1

Also, as you get older you definitely need to be with a financial advisor

A "Financial Advisor" is a fancy name for a Salesman, which is all they are.

You tell me.... is he working in his best interest, or yours? The answer is pretty simple. Look at his home and car, and compare it to yours.

NO ONE will do better looking after your money, than YOU! It's not rocket science, and all in info to educate yourself is out there , for FREE.

bsn · 11-26-2023, 01:10 PM

I will have to disagree with you, a good financial advisor understands tax consequences and how to limit your exposer along with how to pass the most to your loved ones. You want a financial advisor that is a fiduciary, so they only make money when you make money. Just because you make allot of money on your investments doesn't mean you won't be killed on taxes later on.

tartagliazl1 · 11-26-2023, 01:27 PM

well this turned in the wrong direction. Thier might be a couple zl1 guys not too happy about this. JK

Kevin C-ZL1 · 11-26-2023, 01:53 PM

I understand you are saying about the financial advisors being "Salesmen". The majority of them definitely are.
My advisor has an MBA and he is also a CFA and acts as a fiduciary for me. He works for a major firm and all his actions have to be approved by a senior person. I feel comfortable that he has served us well over the years we have been with him.
I also know that Tom Stanley's studies of millionaires indicate that they feel that you should never scrimp on Financial professionals, CPA's and attorneys. Money well spent to protect yourself from making mistakes and Uncle Saps tax vultures.

1JEWLDSSRS · 11-26-2023, 04:42 PM

Quote:

Originally Posted by tartagliazl1

Just paid this baby off 2 years sooner than the loan term. she's all mine now.
Paid off my work promaster 2500 off a few years ago also. No car payments for me for a while. I should now focus on that retirement account.

Congratulations sir!! Well done! I paid mine off about 6 years ago, and it was an awesome feeling for certain. I also got lucky to have a home that is paid off as well. Now get out there and drive that baby some more, and enjoy what you worked so hard to have!!

Dega Man · 11-26-2023, 05:13 PM

Quote:

Originally Posted by bsn

Depending on the interest rate of your mortgage you may be better off putting the extra cash you were going to pay into investments/retirement accounts. You really need to talk to a financial advisor now so when you do retire can rest easy. When you are elderly having property in your name can be a curse, if you need long term care that's the first thing they will take. If you trust your kids look at a living trust or transferring it to them with lifetime right to occupy.

Really good noted advise on the latter part of your comments.

tartagliazl1 · 11-26-2023, 05:18 PM

Quote:

Originally Posted by 1JEWLDSSRS

Congratulations sir!! Well done! I paid mine off about 6 years ago, and it was an awesome feeling for certain. I also got lucky to have a home that is paid off as well. Now get out there and drive that baby some more, and enjoy what you worked so hard to have!!

I’ll try jweldssrs, in 6 months lol

1JEWLDSSRS · 11-26-2023, 06:42 PM

Quote:

Originally Posted by tartagliazl1

I’ll try jweldssrs, in 6 months lol

Yeah, I see you folks up there are in for some more snow! I really dislike winter! Shoveled enough snow in my younger days back when my father was in the Army and we live up that way in Pennsylvania and New Hampshire, man did it snow a lot!! Glad my father wanted to retire here in Florida!! Again, congrats..

tartagliazl1 · 11-26-2023, 06:47 PM

Going to miss us in Rochester. But yes i hate the cold and snow unless it’s on my supercharger lines lol

1JEWLDSSRS · 11-26-2023, 06:50 PM

Quote:

Originally Posted by tartagliazl1

Going to miss us in Rochester. But yes i hate the cold and snow unless it’s on my supercharger lines lol

Oh yeah!!! Nice one!!

Kevin C-ZL1 · 11-26-2023, 08:39 PM

Jeweled SSRS, you said it all.
I'm sitting here in my second home just north of Naples in Ave Maria. I am absolutely not missing the snow in New Hampshire. Drive your Camaros and enjoy them and your family because life is short.
Everyone have a great Christmas season!!!

1JEWLDSSRS · 11-27-2023, 08:40 AM

Quote:

Originally Posted by Kevin C-ZL1

Jeweled SSRS, you said it all.
I'm sitting here in my second home just north of Naples in Ave Maria. I am absolutely not missing the snow in New Hampshire. Drive your Camaros and enjoy them and your family because life is short.
Everyone have a great Christmas season!!!

Awesome brother!! And yeah, life is way too short to not enjoy EVERY DAY to it's fullest! You have an awesome Christmas season as well!!

11-26-2023, 11:46 AM	#15
Kevin C-ZL1 Drives: 2015 ZL1, 2015 Z28 Join Date: Dec 2018 Location: Southern NH Posts: 299	Old School Also I'm very old school also, probably to a fault. I hate debt because I was raised by "Depression Era" parents who never even had credit cards. I learned how debt is constantly eating you alive because I had a business/commercial property loan in the early 90's and the first year of the loan cost me $75,000 in interest. That was after paying $10,000 for 1 point at the origination. My point is that you have to be constantly minimizing your debt. Yes, it takes some sacrifices. But that's just my opinion. Also, Dave Ramsey is great but I'm a bigger proponent of Dr. Tom Stanley's books "The Millionaire Next Door" and "The Millionaire Mind". Dated, but still very applicable. Also, as you get older you definitely need to be with a financial advisor you trust and get with an attorney who specializes in estate planning (wills and trusts). Enjoy your ZL1!!!

11-26-2023, 01:27 PM	#19
tartagliazl1 Drives: 2013 zl1 vert Join Date: Dec 2018 Location: Rochester, New york Posts: 995	well this turned in the wrong direction. Thier might be a couple zl1 guys not too happy about this. JK __________________ 22% lower/ 2.5 upper/ 2” headers/ cat delete/ x-pipe/ 2 gallon x tank/ 100-3 pump/ fic 1300/ dsx aux kit/ 103mm throttle body/ RPM 5” intake/ meth kit/ prometh lid injection/FI interchiller/ 160* stat/ ngk-7/ msd wires/ elite catch can/ tsp cam/ Che trunnions/ ported supercharger/ 1/2” lid spacer/ brick mod/BMR toe and trailing arms/ 751hp 757 tq SAE @17.3lb on a loaded dyno.

11-26-2023, 01:53 PM	#20
Kevin C-ZL1 Drives: 2015 ZL1, 2015 Z28 Join Date: Dec 2018 Location: Southern NH Posts: 299	Financial Advisor I understand you are saying about the financial advisors being "Salesmen". The majority of them definitely are. My advisor has an MBA and he is also a CFA and acts as a fiduciary for me. He works for a major firm and all his actions have to be approved by a senior person. I feel comfortable that he has served us well over the years we have been with him. I also know that Tom Stanley's studies of millionaires indicate that they feel that you should never scrimp on Financial professionals, CPA's and attorneys. Money well spent to protect yourself from making mistakes and Uncle Saps tax vultures.

11-26-2023, 06:47 PM	#25
tartagliazl1 Drives: 2013 zl1 vert Join Date: Dec 2018 Location: Rochester, New york Posts: 995	Going to miss us in Rochester. But yes i hate the cold and snow unless it’s on my supercharger lines lol __________________ 22% lower/ 2.5 upper/ 2” headers/ cat delete/ x-pipe/ 2 gallon x tank/ 100-3 pump/ fic 1300/ dsx aux kit/ 103mm throttle body/ RPM 5” intake/ meth kit/ prometh lid injection/FI interchiller/ 160* stat/ ngk-7/ msd wires/ elite catch can/ tsp cam/ Che trunnions/ ported supercharger/ 1/2” lid spacer/ brick mod/BMR toe and trailing arms/ 751hp 757 tq SAE @17.3lb on a loaded dyno.

11-26-2023, 01:10 PM	#18
bsn Drives: 2013 ZL1 Join Date: Sep 2021 Location: Virginia Posts: 334	I will have to disagree with you, a good financial advisor understands tax consequences and how to limit your exposer along with how to pass the most to your loved ones. You want a financial advisor that is a fiduciary, so they only make money when you make money. Just because you make allot of money on your investments doesn't mean you won't be killed on taxes later on.

11-26-2023, 08:39 PM	#27
Kevin C-ZL1 Drives: 2015 ZL1, 2015 Z28 Join Date: Dec 2018 Location: Southern NH Posts: 299	Jeweled SSRS, you said it all. I'm sitting here in my second home just north of Naples in Ave Maria. I am absolutely not missing the snow in New Hampshire. Drive your Camaros and enjoy them and your family because life is short. Everyone have a great Christmas season!!!