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Old 02-21-2013, 04:36 AM   #31
disbound09
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Originally Posted by DougEMG View Post
Here's the details on my last trip and next two trips
Dec 2012, 15 nights, BWV 1 bedroom, standard view, 343 points
Mar 2013, 18 nights, BWV studio, standard view, 330 points
Sept 2013, 20 nights, BWV 1 bedroom, standard view, 435 points
Wow those are some true vacations. Mine are 10 days max, I am jealous!
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Old 02-21-2013, 05:13 AM   #32
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I have bought all my contracts direct - including my son's recent purchase.

For you to get the most bang for your money - start looking for a resale contract. Don't jump in all at once. Use it a year or two - know the in's and out's, etc. and start looking for a resale again when ready or add small contracts paying cash through Disney. You won't be able to stay as long as you want or get the 2BDR for many nights - but again - see what's involved before getting in too far and fast at once.

Good luck and let us know what you decide!!!
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Old 02-21-2013, 08:11 AM   #33
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Your post seems to suggest that car payments are not only normal, but expected. Personally, I wouldn't buy with a car being financed, that's why I qualified my answer before. Assuming I had at least a 6 month emergency fund in place, I'd put the money toward the smallest car loan and then any remainder toward the other one. Then I'd start paying myself a car payment monthly in prep for the next vehicle and if there were anything left over, I'd start saving, possibly for DVC if that was the top item on my list.
You got forgot to tell her to buy your dvd on financial peace.

Although I agree with these comments, she is already going to disney world at least once a year and if she does not blow this money on joining the dvc will probably spend on a worse investment. Given your situation I would look at how much you spent on lodging on your last disney trip. My guess for a week or longer trip at animal kingdom or equivalent it was well over two thousand dollars if paying cash. You would definitely save a lot of money paying mf's rather than cash, but the problem is how many points do you actually need to stay where you want? That is a question only you can answer. You will have to look at the point charts and breakdown how many points it will take for the time of year you want to go, how long you want to stay and the lowest point accomodation you can be happy with. I would also look at your next trip that you're already planning and use disney's website to figure see exactly what your room is going to cost. I would then throw in the difference between what your room would cost if paying cash or renting points and add that to your $7,500. I don't think a 150 point contract is going to kill you with mf's. Anyone who vacations at disney world as often as you say you do, is spending thousands of dollars a year on loding any way. Plus the money you save on lodging every year can go into an account to purchase future add ons.

Now come back to the real world. I do agree with Dave Ramsey's comments and I do not have a car payment. I would use this money to pay off debt. (like your car or cars), mortgage and would have an emergency fund, but I am spending your money and I really don't care about the smart financial decisions.
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Old 02-21-2013, 08:37 AM   #34
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What's the interest rate on your car loan? My credit union has a 2.75% rate right now. If you're paying that low a rate, paying it off early isn't really saving you much when you consider inflation and the time value of money.

You'll get a lot of people on this board who think that debt is the worst thing ever. It's not, it's just not a good thing. If you can manage your monthly payments and have left over money for emergencies and savings, no worries. I definitely wouldn't finance with a 10-12% time share loan, but if you can get a reasonable HELOC or refinance a car and cash out the equity, go for it. You'll pay less per point if you buy a bigger contract. That'll wipe out a lot of the bite of paying interest. You could also look into renting some of your points if you buy a larger contract, using that money to pay MF or the loan back.

I recently came into a big chunk of money and bought a 200 point contract. I'm very happy that it all worked out that way. We can afford Disney, but never really had the upfront costs of a DVC membership in liquid form.
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Old 02-21-2013, 08:57 AM   #35
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It never ceases to amaze me the extremes you find on these boards (and in life). The people who think nothing of dropping $20K cash on a DVC contract or those that are mortgaged/in debt to the hilt and still taking $10K vacations every year. Then you have all the people in the middle, like me.

I think there is a big difference between doing what is financially 100% right and doing something that adds positive value to your life. Yes, the black and white answer is to have no debt. But for many of us, that would mean I would not have (at this point) 7 YEARS of awesome memories with my kids at WDW. My kids won't be little for long. DVC has been a big part of making us "commit" to vacations and family time. Because at home, life just gets in the way sometimes. It just happens.

If you have reasonable debt (mortgage, car payment, student loan), savings/retirement plan, and no problems making your monthly payments then I say go for it. Do your research and make sure it is right for you and your family's needs and by the contract that fits that. And enjoy living your life in actuality and not just living on paper through a financial portfolio. You can't take it with you
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Old 02-21-2013, 08:59 AM   #36
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What's the interest rate on your car loan? My credit union has a 2.75% rate right now. If you're paying that low a rate, paying it off early isn't really saving you much when you consider inflation and the time value of money.

You'll get a lot of people on this board who think that debt is the worst thing ever. It's not, it's just not a good thing. If you can manage your monthly payments and have left over money for emergencies and savings, no worries. I definitely wouldn't finance with a 10-12% time share loan, but if you can get a reasonable HELOC or refinance a car and cash out the equity, go for it. You'll pay less per point if you buy a bigger contract. That'll wipe out a lot of the bite of paying interest. You could also look into renting some of your points if you buy a larger contract, using that money to pay MF or the loan back.

I recently came into a big chunk of money and bought a 200 point contract. I'm very happy that it all worked out that way. We can afford Disney, but never really had the upfront costs of a DVC membership in liquid form.
Debt is only a useful tool if having the debt helps you achieve a positive outcome. A simple example of this would be leveraging debt (carrying a loan at 3% while simultaneously investing money at 8%). A more complicated example would be a situation where debt carries tax deductible interest that could put you into a lower tax bracket. Wealth is built by collecting interest, not paying it. So while it may not be "the worst thing ever", paying interest is throwing money out the window.
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Old 02-21-2013, 09:09 AM   #37
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Originally Posted by puffkin View Post
It never ceases to amaze me the extremes you find on these boards (and in life). The people who think nothing of dropping $20K cash on a DVC contract or those that are mortgaged/in debt to the hilt and still taking $10K vacations every year. Then you have all the people in the middle, like me.

I think there is a big difference between doing what is financially 100% right and doing something that adds positive value to your life. Yes, the black and white answer is to have no debt. But for many of us, that would mean I would not have (at this point) 7 YEARS of awesome memories with my kids at WDW. My kids won't be little for long. DVC has been a big part of making us "commit" to vacations and family time. Because at home, life just gets in the way sometimes. It just happens.

If you have reasonable debt (mortgage, car payment, student loan), savings/retirement plan, and no problems making your monthly payments then I say go for it. Do your research and make sure it is right for you and your family's needs and by the contract that fits that. And enjoy living your life in actuality and not just living on paper through a financial portfolio. You can't take it with you
I understand what you are saying and I think there is a fine line to walk between achieving maximum financial responsibility and actually living life to enjoy life. But I think that there is this misconception floating around out there that DVC is the key to making memories on vacation with one's family. Hundreds of thousands of people visit Disney every year without even knowing about DVC, and I'm sure they have a wonderful time. I understand the "forced vacation" aspect of owning a timeshare, but that is an idea constructed by timeshare salespeople and not an actual necessity. We all have busy lives, but I don't subscribe to the theory that I need to purchase an expensive timeshare to tell me when it is time to go on vacation. I think that is an imaginary benefit built into timeshares in order to increase their perceived value.

We see it on the boards a lot, people talking about how if they don't buy DVC then they won't be able to take trips to Disney. There are many ways to visit Disney outside of DVC, and most of them are more cost effective both in the short term and the long run. I think that it is important to separate owning DVC from the actual ability to vacation at WDW, because one is not necessary to achieve the other.

(PS I know about the multi quote feature, but the second post wasn't up when I responded to the first).
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Old 02-21-2013, 12:52 PM   #38
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I understand what you are saying and I think there is a fine line to walk between achieving maximum financial responsibility and actually living life to enjoy life. But I think that there is this misconception floating around out there that DVC is the key to making memories on vacation with one's family. Hundreds of thousands of people visit Disney every year without even knowing about DVC, and I'm sure they have a wonderful time. I understand the "forced vacation" aspect of owning a timeshare, but that is an idea constructed by timeshare salespeople and not an actual necessity. We all have busy lives, but I don't subscribe to the theory that I need to purchase an expensive timeshare to tell me when it is time to go on vacation. I think that is an imaginary benefit built into timeshares in order to increase their perceived value.

We see it on the boards a lot, people talking about how if they don't buy DVC then they won't be able to take trips to Disney. There are many ways to visit Disney outside of DVC, and most of them are more cost effective both in the short term and the long run. I think that it is important to separate owning DVC from the actual ability to vacation at WDW, because one is not necessary to achieve the other.
Exactly...
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Old 02-21-2013, 05:53 PM   #39
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Originally Posted by geraghty View Post
You got forgot to tell her to buy your dvd on financial peace.

Although I agree with these comments, she is already going to disney world at least once a year and if she does not blow this money on joining the dvc will probably spend on a worse investment. Given your situation I would look at how much you spent on lodging on your last disney trip. My guess for a week or longer trip at animal kingdom or equivalent it was well over two thousand dollars if paying cash. You would definitely save a lot of money paying mf's rather than cash, but the problem is how many points do you actually need to stay where you want? That is a question only you can answer. You will have to look at the point charts and breakdown how many points it will take for the time of year you want to go, how long you want to stay and the lowest point accomodation you can be happy with. I would also look at your next trip that you're already planning and use disney's website to figure see exactly what your room is going to cost. I would then throw in the difference between what your room would cost if paying cash or renting points and add that to your $7,500. I don't think a 150 point contract is going to kill you with mf's. Anyone who vacations at disney world as often as you say you do, is spending thousands of dollars a year on loding any way. Plus the money you save on lodging every year can go into an account to purchase future add ons.

Now come back to the real world. I do agree with Dave Ramsey's comments and I do not have a car payment. I would use this money to pay off debt. (like your car or cars), mortgage and would have an emergency fund, but I am spending your money and I really don't care about the smart financial decisions.
Making bad choices does not legitimize an additional one. This site abounds with people who overextended themselves on buying and think it's a good idea to do so. To me it's more about managing risk than anything else and I could not with good conscious recommend someone buy in this situation but then again I don't feel they should go on vacation either if they don't have their house in order and certainly not somewhere as expensive as Disney.

Quote:
Originally Posted by puffkin View Post
I think there is a big difference between doing what is financially 100% right and doing something that adds positive value to your life. Yes, the black and white answer is to have no debt. But for many of us, that would mean I would not have (at this point) 7 YEARS of awesome memories with my kids at WDW. My kids won't be little for long. DVC has been a big part of making us "commit" to vacations and family time. Because at home, life just gets in the way sometimes. It just happens.

If you have reasonable debt (mortgage, car payment, student loan), savings/retirement plan, and no problems making your monthly payments then I say go for it. Do your research and make sure it is right for you and your family's needs and by the contract that fits that. And enjoy living your life in actuality and not just living on paper through a financial portfolio. You can't take it with you
I don't agree at all, surprise. As I noted above, it's about managing risk but it's also about creating good habits vs bad. If you buy the car you can't afford, then buy DVC you can't afford and stretch on the house more than you can afford; well that's what got us all into this mess to start with. IMO if it's important and you can afford it, you can figure out a way to save and buy in and if you can't then don't buy. Don't think of me as a nay sayer but rather as a cheerleader.
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Old 02-21-2013, 06:06 PM   #40
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I generally agree with all of what Dean has said. People living above their means is what has caused a lot of our country's financial mess we're in (that and greedy bankers). With that said, if people bought DVC only if they had no other debt or financial obligations, DVD would still be trying to sell out OKW. In addition, for my current search of a resale contract, I'd have a choice of about 6 contracts, instead of 600.
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Old 02-21-2013, 07:01 PM   #41
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I generally agree with all of what Dean has said. People living above their means is what has caused a lot of our country's financial mess we're in (that and greedy bankers). With that said, if people bought DVC only if they had no other debt or financial obligations, DVD would still be trying to sell out OKW. In addition, for my current search of a resale contract, I'd have a choice of about 6 contracts, instead of 600.
Timeshare sales has an agenda, sell, sell,sell and that's essentially it.
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Old 02-21-2013, 09:01 PM   #42
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I generally agree with all of what Dean has said. People living above their means is what has caused a lot of our country's financial mess we're in (that and greedy bankers). With that said, if people bought DVC only if they had no other debt or financial obligations, DVD would still be trying to sell out OKW. In addition, for my current search of a resale contract, I'd have a choice of about 6 contracts, instead of 600.
I see what you're saying, but I don't necessarily agree. The problem is that people oftentimes reach for things that are beyond their financial grasp and often pay the consequences for years, if not decades. (I did this in my 20s and truly regretted it). If one actually took a look at the amount of interest they paid over the course of their lifetime it would be like a big slap in the face. If you can delay gratification and manage to acquire things you want without having to reach, you may find that you have actually increased your ability to acquire more things in the future. Think about how much money you would have to spend on DVC if you had no car payments, student loans or monthly credit card payments. Now imagine how much more money you would have if you had no mortgage on top of that! The problem is that making purchases such as DVC before you get to this point could prevent you from ever getting to this point in the future. The counter argument is that people would like to enjoy their lives while they're still living. But how much are you really enjoying yourself if you are financed to the hilt?
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Old 02-22-2013, 07:38 AM   #43
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WOW! What a debate I have started over a little dreaming. I was beginning to think I was the scum of the earth just for having a car payment. I will reiterate: I don't have ANY credit card debt, or student loans. (My and my husbands student loans have been paid off for years.) We deposit into our savings accounts substantially every month so that we do have that "cushion" that we all should have. We invest in our retirement funds, and our daughters college fund soundly. I do have an investment portfolio. In all of the years I've been traveling to Disney (As a child since 1974, as an adult paying my own way since 1990. The year I graduated high school.), I've not ever once used a credit card to pay for my trips or used one while on vacation. I just figured that maybe DVC would be a smart decision for us as I will continue to go every year and sometimes multiple times in the same year. We usually stay Deluxe for an average trip length of 10 days. I thought DVC will save me money in the long run as once again I already have the financial means to take multiple trips a year without going into debt or stressing my finances in any way. I simply was wondering what kind of DVC advice the DVC experts would share with me. Sorry if this comes across as argumentative, I just never thought I'd feel the need to defend my financial security. Still love the DIS though! Thanks so much to those who did offer their suggestions on what has worked for their families. It has helped me in my decision. I think I will take your advice and buy a small resale contract and add onto it every so often until I have the number of points our family will be comfortable with. Now the fun starts!
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Old 02-22-2013, 08:07 AM   #44
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WOW! What a debate I have started over a little dreaming. I was beginning to think I was the scum of the earth just for having a car payment. I will reiterate: I don't have ANY credit card debt, or student loans. (My and my husbands student loans have been paid off for years.) We deposit into our savings accounts substantially every month so that we do have that "cushion" that we all should have. We invest in our retirement funds, and our daughters college fund soundly. I do have an investment portfolio. In all of the years I've been traveling to Disney (As a child since 1974, as an adult paying my own way since 1990. The year I graduated high school.), I've not ever once used a credit card to pay for my trips or used one while on vacation. I just figured that maybe DVC would be a smart decision for us as I will continue to go every year and sometimes multiple times in the same year. We usually stay Deluxe for an average trip length of 10 days. I thought DVC will save me money in the long run as once again I already have the financial means to take multiple trips a year without going into debt or stressing my finances in any way. I simply was wondering what kind of DVC advice the DVC experts would share with me. Sorry if this comes across as argumentative, I just never thought I'd feel the need to defend my financial security. Still love the DIS though! Thanks so much to those who did offer their suggestions on what has worked for their families. It has helped me in my decision. I think I will take your advice and buy a small resale contract and add onto it every so often until I have the number of points our family will be comfortable with. Now the fun starts!
Good luck with your search for a contract that works well for you! But, we still need you to submit your 2011 and 2012 W-2's and last three paystubs!
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Old 02-22-2013, 12:44 PM   #45
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Okay I changed by mind on your 7500 dollars. Initially I said buy 50-60 point contract and save the rest for a rain day. Now, after hearing your story...

Spend the whole amount on a loaded DVC contract.

Time to spend money on "sensations" instead of "things". Good luck to you!
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