VIDEO ON MSN MONEY
Ok I want to know where you can earn 10 percent at if you save 4k on your car, apparently someone knows where you can earn 10% at. Seriously make your point without throwing around senseless numbers - maybe back before Obama took office! I doubt you could earn 4% Now!
In our town, furnikture, lawn euipment, bicycles, metals and all sorts of big items are put out the curb on Sunday after everyone's yard sales have closed since Monday is trash day (or Monday nights for Tuesday trash pick-ups). Kids get bikes-asking if it is really meant for trash of course, and make it a project rebuilding them-a hobby of my grandson. Others pick up the metals to recycle for cashlarge things aren't picked up by the trash people, so it is a recycler's dream. My husband has a customer that this is his sole occupation - picking up discarded items and recycling them. People pick up furniture to refurbish, use or resell. Of course people still donate to the Goodwill, Salvation Army and small planet places, but large pieces in need of repair might end up waiting for a home. One caution, is that now that the bed bugs have come into even sleepy small towns, think really long an hard about furniture rentals and padded things brought to the curb. In order for things to be picked up by the trash people, calls have to be made and a fee paid, so most opt toward curb repurposing. The city tolerates it for one the trash night but nothing can be left for long periods or the city picks it up for a very hefty fee. Keeps neighborhoods clean, yet recycled.
Whoever wrote this article is an idiot. Buying furniture used is also a risk - pet dander for those who have allergies, fleas from the former owners pets, and bedbugs. I noticed you said check out college dorms when they clear out for bargains. Have you ever been in a college dorm room? Needless to say most of the furniture is JUNK! Used clothes are fine but better be able to wash immediately or dry clean (if called for). About the only things for babies and kids include clothing and toys. Before you report it - do some actual fact checking.
I had to laugh when I saw the first example, buying the car used. It was said that the 4,000 that was saved could be invested at 10% per year, and then gave a figure what it would be worth. I am in the financial business. I would like to know where anyone can invest money for a guaranteed 10% return for the next 20 years.
As I posted in another article, the editor placed elements in this article written to touch various "hot buttons" with its readers.
And if you wonder why they publish this article in a "slide show" presentation? You may notice that with each "slide" there is a different Ad placed on the same webpage. So, this gives "msn.com" an avenue to sell a dozen website Ads, with using the "slide show" presentation mode, instead of a single Ad with presenting the article in a conventional mode.
I would not buy used electronics. There's something questionable about "refurbished" electronics. Why is it that a relatively new device has already failed, requiring repairs? It sends a message to me that there could be faults with the design, quality of parts, or workmanship of the electronic device. In other words, buying refurbished could be throwing good money after bad.
Would a quality electronic device require "refurbishing" when it is relatively new?
Which planet are you on? With all the 0% financing deals on new cars and special low-lease rates, buying a used car is NOT the wise decision. I used to own a 1999 Ford Taurus. Paid $27000 for it new. 10 years later had to scrap it. Annual cost excluding new tires, oil changes and tune-ups: $2700/year. With the tires and tune-ups and repairs and oil changes probably ~$3000/year.
Leased a brand new Honda Accord for my daughter in 2007 for 3 years. $2000 down, $200/month. Annual cost: $3066. But no repairs, no hassles, brand new car-experience.
Never buy used furniture or clothing unless you know who/where it came from. I've had scabies brought into my apartment from a roomate that bought infected thrisft store clothes. And I know of someone that brought home bedbugs in a chair. The ick factor keeds me from buying these items used anymore.
Well let see at the current rate of growth for investments and savings accounts that $4k would be worth about $4,080 in 20 years. It may be a long time before we see 10% earning on anything again.
Although there are some good points in the article it is mostly another one of MSN fluff n stuff.
Why do these "savings" articles always tell you how much you will save over 10-30 years using unreasonable numbers? For example -- "If you can save $10,000 every year by buying used, then compound that money at 10%, in 30 years you'll be $1.8 million richer than someone who buys the same things new". No one is going to save $10,000 per year using the principles mentioned in this article, and since when can you make 10% on your money every year for 30 years. What a crock of crap.
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Start of summer already? Better get shopping. But give the grills and new electronics a miss for now, according to the experts at Dealnews.