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I don't see it. People know that if we can last it out for another couple of years things will likely turn around. And the folks in office also know that they are fighting a losing battle as things are, so look for some serious changes to hopefully bring down fuel prices and boost the economy. Otherwise they are 100% doomed and they know that they won't be around long otherwise. Not political .... just factual.
 

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It's certainly coming. The question is only when, and how bad...?

I'm actually considering taking out more loans. 1 to refinance my tow vehicle - get a lower rate, smaller payments. And a 2nd business "micro loan" just to have cash for any "what if's".

Other basic prep stuff too. Food, garden, chickens, etc.

I'm also thinking about growing other side-business stuff. In case my 9-5 falters, and/or I lose mowing work.

I actually feel OK in spite of the bleak outlook. I'm a pretty skilled guy - both with machine work/CNC stuff, general jack of all trades, mechanic work, etc... My wife & I have been through quite a lot together, so we're pretty good at rolling with the punches by now.



Tough times ahead. Just another day for tough folks.

(I sure hope i'm a tough folk by now...)
 

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Discussion Starter · #9 ·
It's certainly coming. The question is only when, and how bad...?

I'm actually considering taking out more loans. 1 to refinance my tow vehicle - get a lower rate, smaller payments. And a 2nd business "micro loan" just to have cash for any "what if's".

Other basic prep stuff too. Food, garden, chickens, etc.

I'm also thinking about growing other side-business stuff. In case my 9-5 falters, and/or I lose mowing work.

I actually feel OK in spite of the bleak outlook. I'm a pretty skilled guy - both with machine work/CNC stuff, general jack of all trades, mechanic work, etc... My wife & I have been through quite a lot together, so we're pretty good at rolling with the punches by now.



Tough times ahead. Just another day for tough folks.

(I sure hope i'm a tough folk by now...)
Setting up a LOC now when you don't need it is a good idea.
 

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I went to Kubota today to look at tractors. They're offering 0% for 84 months. With interest rates rising and inflation running wild, I'm considering buying now even though I can hold off until Spring. We've spent about $65,000 so far this season on equipment with another 12-15k planned beyond the possible tractor. Stuff we can + beating inflation a bit. Considering holding back until 2023 for tax reasons. Not really sure.
 

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Setting up a LOC now when you don't need it is a good idea.
Oh yea that's a good idea. My bro in law suggested I get a home equity line of credit just in case. I don't know though.

We're lucky in that our business is a decent size, my wife has a very good paying job that's extremely recession proof, and while we do have a mortgage, our rate is extremely low.

I don't honestly know if there is a "right" answer at the moment. Maybe reel in spending on consumer stuff.
 

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Setting up a LOC now when you don't need it is a good idea.
Not a LOC, but rather a fixed loan. One-time, up to 10k at 3.99%. If paid off on time, the interest is forgiven/refunded at the end of the loan.

I'm considering taking all 10k and just parking it. I'm not sure how I could go wrong if it truly is "free" in the end.

On the other hand - if you need it, but don't have it.......?
 

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Discussion Starter · #13 ·
Oh yea that's a good idea. My bro in law suggested I get a home equity line of credit just in case. I don't know though.

We're lucky in that our business is a decent size, my wife has a very good paying job that's extremely recession proof, and while we do have a mortgage, our rate is extremely low.

I don't honestly know if there is a "right" answer at the moment. Maybe reel in spending on consumer stuff.
I have one for the business, just 10k, but not on the home. Having a spouse with a secure job is a game changer.
 

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Not a LOC, but rather a fixed loan. One-time, up to 10k at 3.99%. If paid off on time, the interest is forgiven/refunded at the end of the loan.

I'm considering taking all 10k and just parking it. I'm not sure how I could go wrong if it truly is "free" in the end.

On the other hand - if you need it, but don't have it.......?
So you get all the interest back if paid on time? It's a special program?
 

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I went to Kubota today to look at tractors. They're offering 0% for 84 months. With interest rates rising and inflation running wild, I'm considering buying now even though I can hold off until Spring. We've spent about $65,000 so far this season on equipment with another 12-15k planned beyond the possible tractor. Stuff we can + beating inflation a bit. Considering holding back until 2023 for tax reasons. Not really sure.
That's a darn tempting proposition. I'm a big fan of the "buy at today's prices, and finance below the inflation rate" mentality.

I don't actually DO IT personally, but I like that mentality.
 

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I have one for the business, just 10k, but not on the home. Having a spouse with a secure job is a game changer.
1. My spouse having a solid, high demand, high paying career has absolutely 100% allowed me to build my business. Not saying I couldn't have done it without her....but it would have been much tougher. It's a good (lucky?) position to be in.

2. How do I go about getting a LOC for the business? Bunch of forms to fill out? Last year we finally got a business credit card. We pay it off every month. It's been really helpful for additional "emergency" access to funds. We have a 27k limit so we sort of consider that our emergency LOC. Rates high but if need be, we have the option to carry a balance in a real pinch.
 

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That's a darn tempting proposition. I'm a big fan of the "buy at today's prices, and finance below the inflation rate" mentality.

I don't actually DO IT personally, but I like that mentality.
I agree. It's guaranteed through the end of the month. Who knows after that.

I should say there is something else holding me back....I want to make sure we buy what we really need because I don't want to get in a position where we need to finance something more important but are denied because of to many loans. We are buying another dump trailer which is probably 13k. We could pay cash but would prefer to finance that. Wondering if we bought tractor and dump trailer with financing, if that would be an issue. No idea what our total debt allowances are.
 

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Discussion Starter · #19 ·
1. My spouse having a solid, high demand, high paying career has absolutely 100% allowed me to build my business. Not saying I couldn't have done it without her....but it would have been much tougher. It's a good (lucky?) position to be in.

2. How do I go about getting a LOC for the business? Bunch of forms to fill out? Last year we finally got a business credit card. We pay it off every month. It's been really helpful for additional "emergency" access to funds. We have a 27k limit so we sort of consider that our emergency LOC. Rates high but if need be, we have the option to carry a balance in a real pinch.
I just filled out a one page form at the credit union. It was back in 2006ish. Its always there for when unexpected things that pop up.
 
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