Loan for hunting

[Addicting]

I know you didn’t quote my post, but your original post asked if someone taking out a $30k loan for a hunt was “insane.”

A lot of feedback has focused on that, mine certainly wasn’t meant to be judgmental- just honestly answering your original question.

I think most all of the posts besides the weed whacking ones have been a good discussion which is all the OP was originally about. Like I posted earlier at face value it seems crazy but it may not be for everyone.

That other post struck a nerve, not 100% sure why but it came across as the poster is better and judging others for their decision.

 

[Deleted member 28227]

You may be onto something..

I feel like I’ve kinda created an alter ego of sketchy finance, the anthesis of David Ramsey… the black sheep of the Ramsey house hold.

Barry Ramsey?

So, per in the spirit the OPs question Barry will answer.

Student loans would not be my choice here for a couple of reasons. 1 it’s only 10k of forgiveness, 2 you can get a better interest rate with a HELOC. 3 they don’t discharge with bankruptcy.

You would need to file FASFA, and enroll in an accredited university to get the money. Schools almost always (now, though not always historically) paid your tuition first then dispersed the rest to the “student” for qualified expenses.

So you’d have to borrow more than 30k to pay for some class. If you’re crafty maybe you could get a loan for $35k.

Next timing. If forgiveness happens it’s one time only for 10k so you’d have to have started this process like 6 months ago.

So assuming you made this all work, you’d have 25k of debt at 5% if you had never gone to college and 6.49% if you had.

I think I’d take 30k and bankruptcy protection over 25k without.

Also I think forgiveness will be thrown out.

Last a moose hunt is definitely not a qualified educational expense so you may be in violation of some law, definitely in violation if you tried to write off the interest of said “student loan” on your taxes.

I wonder if you could get a small business loan as a “moose” broker with a business plan of getting folks to book hunts through you. No law against sucking at a business.

 

[geetar]

A whole lot of good points and opinions on here. I’ve been through alot of these scenarios in my head as many of us have wondering if we will ever be able to afford to do some of these things but the hang up for me is this. I think I would feel silly even after a successful hunt if I spent that much money and had to not hunt as much for a few years because I had blown it on one big thing. Wild sheep fascinate me more than just about any species but if I took out a loan and went to Alaska and shot one and a buddy called and said hey we are going elk hunting next year you wanna go? I don’t wanna have to say I would but I’ve got this sheep hunt loan to pay off. If I could afford to do both I probably wouldn’t need the loan in the first place and I don’t think that single Dall mount is gonna satisfy me as much the next year as being in the woods with a tag would. It’s probably best I stay in the year to year game and not spread paying for my hunts across time unless it’s saving up a little over time that doesn’t keep me from hunting at the same time.

 

[Treeshark]

I get it Addicting. Interesting discussion for sure.

I personally tend to overanalyze the opportunity-cost of every dollar. To me, my mind instantly goes to how that $30k invested now essentially funds a year of freedom (retire, scale back to work a passion project etc) later on in life. That is more attractive to me personally, but that is just my opinion and one that I realize walks a thin line of being so much of a tight-ass now that I will regret it later.

If only we had a crystal ball…

 

[Nick87]

No law against sucking at a business.

I've used to tell my accountant the same thing every year.

 

[Treeshark]

I feel like I’ve kinda created an alter ego of sketchy finance,

Picking up some strong Matthew Lesko vibes! Ha

 

[Treeshark]

I wonder if you could get a small business loan as a “moose” broker with a business plan of getting folks to book hunts through you. No law against sucking at a business.

I do have a small S-Corp and have thought through this angle as well (a lot of time on the road, you think of some weird s$&@ after a while…).

Regarding write-off capabilities, I do believe you do have to make a small amount of money to actually qualify if I recall correctly. My dreams of adding the “and Outdoor Pursuits” to my LLC name to pay less for new hunting and fishing gear never really materialized

 

[kiwi hunter]

My wife brought up the idea of her new car when we were talking tonight. I get a 30k trip and she gets a 60k Tahoe. Not sure this is a such a good deal anymore. Lol

Do we really need to build multi-generational wealth? I am almost 69 years old and I have over $400,000 in home equity. My kids could sell the house and enjoy that money when my wife and I are gone OR I could get a reverse mortgage and enjoy all that money myself right now. screw the kids! What to do? What to do?

I believe that one should give the kids a decent upbringing and teach them about finances. After that it's every dog for himself , if they didn't heed the learning than no matter how much money you throw at them it'll be a waste. Like how many people waste their lotto winning of millions within two to three yrs. Enjoy your hard work before it's too late.

 

[TwistedSage]

Wow crazy this hit 10 pages in a day. Me personally, unless I was borrowing from myself via 401k loan or the like I wouldn't do it. It's just way too much for an unsecured debt and too much to pay that kind of interest to a bank for an "experience". I've made any of bad choices tho in my early 20s I am just now recovering from 12+ years later, and borrowing or using credit and int turn paying interest for anything other than an emergency is against my new policy... but I am eyeing a camper so there's that lol but at least in my eye that is a secured debt.

 

[TwistedSage]

I'm not directing this at you, but to this idea. So please don't take offense.

But I would much MUCH rather take out a loan than do a side hustle. If you try to fund it by working more then you're not just taking time to hunt anymore, now you're taking time away from your family all year to pay for even more time away from the family.

When I hear about people working on the weekend or the evenings at their "side hustle" to fund their "fun" all I can think of is why did you bother with the family to begin with? Kids grow up fast enough why be even more selfish with your time?

There are definitely situations where I think it would make sense and situations I think it could be foolish. I'm not the best with finances so for me I think it would be risky and a burden I wouldn't want.

I do know multiple people disciplined enough that payed off 5 year and 15 hear loans off way early by sticking to the plan they set out from the beginning.

 

[Addicting]

unless I was borrowing from myself via 401k loan or the like

Need Barry to chime in on this. @wllm


Edit, also if you already had a guaranteed per month pension that covers living expenses separate from any 401k.

 

[TwistedSage]

Need Barry to chime in on this. @wllm

Not sure which other programs offer similar but I've borrowed from my 401k 3 times. Usually you can borrow up to 30% of you balance for terms/time you set. You pay it back with interest but your payments and the interest accrued all go back into your 401k. You pay interest to yourself not the bank.

 

[RemingtonRules]

I thought only Gen X thought like this but looks like they learned from their parents.

 

[Art Vandeley]

Man, not really the point of the thread but I’m just thinking for the cost of some of the Alaskan hunts, a guy could go to Kona with his wife and fish everyday for two straight weeks, eat delicious food every night and drink beer the entire time while trying not to catch a sunburn. Sounds a lot more enjoyable than spending 10 days in a tent eating dehydrated meals and trying to dry out wet gear… To each their own

 

[Addicting]

Man, not really the point of the thread but I’m just thinking for the cost of some of the Alaskan hunts, a guy could go to Kona with his wife and fish everyday for two straight weeks, eat delicious food every night and drink beer the entire time while trying not to catch a sunburn. Sounds a lot more enjoyable than spending 10 days in a tent eating dehydrated meals and trying to dry out wet gear… To each their own

You are not allowed to talked to my wife. Thank God she is not on HT.

 

[Addicting]

Not sure which other programs offer similar but I've borrowed from my 401k 3 times. Usually you can borrow up to 30% of you balance for terms/time you set. You pay it back with interest but your payments and the interest accrued all go back into your 401k. You pay interest to yourself not the bank.

I had a TSP I did this with, when I got the disability pension from the VA I did a bunch of Dave Ramsey things to get in the best spot we could for the pension amount.

 

[RealMuddyboots]

I just can't get this out of my head:

 

[LCH]

Man, not really the point of the thread but I’m just thinking for the cost of some of the Alaskan hunts, a guy could go to Kona with his wife and fish everyday for two straight weeks, eat delicious food every night and drink beer the entire time while trying not to catch a sunburn. Sounds a lot more enjoyable than spending 10 days in a tent eating dehydrated meals and trying to dry out wet gear… To each their own

I love my wife. I rented a cabin to spend New Years in with her. Cooked her every meal and washed the dishes. Drove her to every store she wanted today. Then got a 10 minute lecture on how I blow my nose wrong on the way back to the cabin.

Sometimes a feller needs some time alone in a tent.

 

[Southern Elk]

I love my wife. I rented a cabin to spend New Years in with her. Cooked her every meal and washed the dishes. Drove her to every store she wanted today. Then got a 10 minute lecture on how I blow my nose wrong on the way back to the cabin.

Sometimes a feller needs some time alone in a tent.

Just goes to show you can’t do anything right, so why even try.

 

[406dn]

I just can't get this out of my head:
View attachment 258588

True enough, but if you don't put money to work for you, early and often, then let it grow for a few decades, you will get to spend more time at the office.