I'm happy, but am I stupid?

i buy either i $100 a mo. knife or a couple of spydies. We have a monthly G&K show and there are all the knives you would want there and if I have 1 I want ro unload for another I can do that too and sometimes wind up with 3-4 new knives a month for less than $200. I would go the credit card route. you can pay monthly with less payments and build your credit and they'll probably give you a $3000 credit line
 
I wouldn't take out a loan to buy knives. From the items you listed, you can get them in the 'For Sale' forum for about (by my estimate) $600.00 over time. Maybe even one knife a month as WadeF suggested. If you're willing to shell out 370.00/month, you can get all your wanted items in about two months max (even less time as those knives tend to pop up a bit and some are traded).

Getting one knife a month allows you to use, carry and examine that particular knife. You'll see those fine nuances in differing locks, handle materials, ergos and company's QC. You'll find out what you really like and what your collection will revolve around. From what I've read here, most knuts do this.

If you want to build up credit, buy a few on card and pay it off every month. You'll be able to get your knives and with no interest and have a good credit rating. $800.00 of interest on your loan is about two regular Sebenzas from the CR shop.

I don't mean to get on a soapbox, but I've seen others rack up loans and debt for their interests (loan for a car, loan for a mega stereo system, loan to customize the car......then lose a job)

Whatever you decide, good luck.
 
I do think its a little nuts but to each his own, I would agree to earlier posts on buying customs but for 1k you'll probably only get 1 or 2, in some cases not even 1 lol. But they will give yo0u a greater return than productions. I would not take a loan out on a knife unless very desperate. I do like saving up for a knife and eventually "earning" it. But like I said to each his own.
 
I have'nt ever considered getting a loan to buy knives. but I have often considered gettting a loan to pay off all my other debts so that I can afford knives.
 
Loans, like weapons, are a very dangerous tool that can hurt an imprudent user. They can also be useful - for durable necessities or appreciating assets - home, car, home improvement, etc.

Knives are a hobby that should be enjoyed to the extent you can afford it without damaging other more important areas of your life. If you had to borrow 2k for the knives, it tells me you cannot afford them and you are consumed with the desire for instant gratification. About 99% of the population would say that spending that much on knives is crazy, and that's for someone who can afford to drop that much money. You cannot afford that luxury, so you indebt yourself to get it now now now.

At your age I was getting a loan to get a decent reliable car to drive to work and school. Not wishing bad on you, but if this episode does bite you in the butt, I hope you learn from it.
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RH,

Some of the most intelligent musings I've read on these threads. Definatley gave me a moment of pause in mulling over what you wrote.
 
Instant gratification hurts. A former room mate was very reckless with money and a few times I had to cover the entire month's rent becuase he'd blown all his money somewhere else.

I'll admit to anyone who wants to hear it, that I spend way too much on knives that I don't really need. But I have NEVER gone into debt over a knife. I've never not been able to pay rent, eat food, or put gas in my car because of a knife.

Taking out a loan for something that isn't fundmental to your survival is pretty pointless, in my opinion.
 
WadeF said:
If you're prepared to pay $370 or whatever a month to pay off the loan in 6months, why not just buy 1 knife a month? If you buy all those knives at once you will get sick of them all at the same time and you'll be wanting another new knife a month from now.
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What he said.

Sorry, but taking out a loan for something you don't need does fall into the "stupid" category. Doesn't mean you're stupid. Just a stupid thing to do.

(Would you take out a loan from a loan shark to do this? Of course not--because he's got you by the nuts, and if you slip half a step, you're in a world of hurt. Now, those of us with some credit history can tell you this: there's no damn difference between a loan shark and that nice lady, except it doesn't feel so bad when it's her who's got you by the nuts. Until you slip.)
 
I'm as addicted to knives as anyone here, but I'll say this: If you can't afford it, don't buy it. If you can't pay for it right now, leave it be. The willingness to go into debt for instant gratification is not healthy, mature, or responsible. Sell something you already have, or save up for it. Going into debt just seems like a bad idea. Unless you're dealing with high-end customs, you're probably never going to get your money back out of them.
 
Overspending is kind of like a gambling addiction. Yes, it was a dumb move. Getting all those knives in bulk won't make you happy, you need to spread out your purchases. Also, I completely agree with Hateman:thumbup:
 
As others have said - buy a knife a month and see how that works out so you don't end up with a $2800 dollar debt. I'll promise you the euphoric feeling of owning some new knives will wear off long before you finish paying off the loan.

I can tell you from experience that paying off loans early sounds like a great idea but it seldom works out that way - seems like there is always something else that pops up and you end up making the minimum payment. Been there, and done that when I was younger and I can tell you that a 2 or 3 year loan can seem like it drags on for 10 years.

One more piece of advice... NEVER, EVER spend $350 bucks on a knife you haven't handled. The Sebenza is a great knife but it's plain utilitarian looks and handle ergonomics are not for everyone. (no offense to Sebenzanistas, jmho) You want to get some wide-eyed "have you lost your everlovin' mind" looks - pull out a plain Sebenza and show it to anyone who isn't a knife nut and tell them you just spent $350 bucks on it. :D:D
 
I've been there and done that, albeit not with knives. It's a really bad idea IMO. Firstly, you end up paying a lot more for whatever you buy because of the interest. Secondly, after a while your new shiny thing becomes another one of your possessions no matter how much you treasure it. After the honeymoon's over, you're left with another monthly bill.

I agree with the other posters who've said this, if you can afford $370 per month I'd buy the knives you want one at a time. In my experience buying several things you want at once doesn't make the "new shiny thing feeling" last longer, and then you start looking for something else.

If you do go this route, the guy who suggested paying the other grand straight off your loan has a good idea. I have the same "I want it now" thing as you, and *you will* spend that other grand otherwise. You'll intend to keep it as a safety net, but you'll dip into it here and there, and then it's gone.

Sorry for the long post, but I've bought things I couldn't afford and didn't really need on credit, and I've gotten bitten for it. Everyone hates to wait for something they really want, but that sinking feeling every time the next credit bill hits your mat really isn't worth it. Not to mention the iceberg effect. Once they've given you a loan, they start writing to you offering to extend it. Plus the other credit companies learn that you're out there, and they all join in.

Please think very carefully about this before signing anything.

Chris
 
Thanks for all of the input guys, but I disagree.

I am not getting in over my head. And I am not going to lose my job. Of the 30 or so people in my department, I am about 25th in line when it comes to lay offs. All of my superiors love me. I just meant that even if the unthinkable happens and I lose my job, the loan will pose no problem at all.

I am willing to pay an extra 300 bucks to get the knives now rather than over the course of months. I am willing to pay more to wait less. IMO, waiting is letting life slip away. **** waiting. I can afford to not wait. I wouldn't take out a loan to prevent waiting if doing so would get me into any sort of financial trouble, or other sorts or trouble, but this loan poses no treat. It really doesn't. I am not perfect, but I have never missed a car payment, or rent, or ever spent more than I had. Every time I get paid, I make a budget for the next 2 weeks and pay all of my debts first. Compared to my car payment and rent, this loan is a tiny drop in the bucket. Yeah, the interest is what makes it worth it for the bank, but the extra months of enjoyment I get is what makes it worth it to me. Would you pay 50 bucks for a Sebenza if you had to wait ten years to get it?

I don't need the knives, but I don't need my car either. I could take the bus, or I could have bought a used car. But no, I got the car I wanted, and got a loan. I think that is something all of you did. Did you get what you wanted and took out a loan? Or did you settle for something you could afford at the time without a loan?

I admit it is silly and impulsive rather than patient, but I will bet my life that the loan will not get me into a bit of financial trouble.

I am not trying to defend my decision as if it was not impulsive and silly, but I think many of you are overestimating the effect it will have on my finances, and are underestimating my ability to budget myself.

I am not taking out a loan because I am a crack addict and literally cannot wait for my fix. I simply want the knives now rather than later and am willing to pay extra to get them now rather than later. I work hard to buy things that make me happy.

I don't mean to argue. All of your opinions are valid and welcome (it's why I posted). But so far the decision I made still sits well with me, and no one has convinced me otherwise or really said anything that applies to me and my personality.
 
I am glad that your decision sits well with YOU, after all, that is all that really matters. YOU have to be able to live with YOUR decision, and since you can......... We all have our own paths to walk, and to others it may look different, but it is still your path. Anyway... Enjoy.
 
Thanks. I'll do reviews when I get the knives, and if you guys were right and I do get myself into a heep of trouble, I will be the first to admit I was too impulsive.
 
Well, I just posted what I'd do were I in your shoes. If it makes you happy and you're not hurting anyone go for it. Personally, I hope you prove us all wrong and it works out for you.

Chris
 
Thanks. I didn't take any offense from anyone's posts, and I really feel that you guys are just trying to help and trying to make sure I don't mess up my finances. I really do appreciate it.
 
Earlier this year, I spent a lot of money on knives. Most of those have been sold or traded by now. I'm doing a lot more research on the ones I'm looking at, consequently, I'm now looking at Sebenza, Busse, Strider etc.

Taking a loan out is a little bit excessive. If you want to buy it, treat yourself, put one on the credit card and pay it off quickly. As long as it's not down to paying your rent/mortgage or buying a custom knife, go ahead. Just don't go overboard. If you know you can pay it off, and got a good interest rate, anything should be better than what the credit card company can give you...
 
What is it they say about the best layed plans of mice and men??? Hope it works out like you plan.
 
Good luck with the deal. I probably wouldn't do the same thing, but many of us have done very similar things or worse: Putting unneeded crap or knives on credit cards and carrying a balance, financing motorcycles boats and other toys, etc.

IMO, getting a straight-up loan is more responsible than getting a credit card. BUT, paying interest sucks and you can often get a credit card with 0%.

Also, make sure you don't pay too much for the knives. The future value may or may not be equal to what you pay, but your chances of coming out ahead are far better if you get the best deal possible. Check out the For Sale forum, and if you intend to use the knives yourself, save a ton of $$ and buy one that's already lightly used.

One last thing, get your loan from a reputable well-known bank or credit union. We got a similar loan from our bank a couple of years ago to upgrade/modernize the electric service on our home and were satisfied with the process. Don't go to one of those rip-off quick-credit loanshark places that are on every street corner, mostly in poverty-stricken areas.

Good Luck,
Bob
 
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