Yikes, Brian! Help: someone with a calculator! - Posted by Dr. Craig Whisler CA
Posted by Dr. Craig Whisler CA on March 25, 2002 at 18:59:25:
Brian, since you have been reading this forum, why are you planning to spend so much money for a mobile?
You should be learning to buy wholesale not retail. It sounds like you are about to pay retail. Wholesale should be near half of that price. Why not be a little more patient and keep shopping to see if you can save some major money?
You may be able to save a little on setup costs as Tony suggests but you may be able to save $5k-$10k on a mobile home repo similar to the one you are planning to buy. Compare this with how long it would take you to save up $10k from your current job or business income. It might take some people a full year or two to save the kind of money that you should be able to save with another month or so of careful shopping and the help of the folks here on this forum.
Brian, you haven’t already fallem in love with this mobile have you?
If you are dead set on making this possible mistake I urge you to do one thing FIRST, that may change your life.
Get a financial calculator and figure out how much $10k would be worth in 30 years at just a measly 10% return. Then figure out one more thing. Since you should be easily able to make 50% return on your money by doing Lonnie deals,e out how much money you could turn $10k into in 30 years at a 50% per year return. My batters are dead or I would figure this out for you.
Brian, guarantee you that if you will just figure out these two problems and see how much a $10k mistake could cost you over the next 30 years you would rethink your present plans. You chance to be a future millionaire is at stake. This mistake could cost you SEVERAL MILLION dollars over the next 30 years. You owe it to yourself and your family to not lightly pass up this golden opportunity.
Help please. Would some with a working calculator figure these to amounts for Brian and try to help save him from making such a MAJOR mistake so early in life.