afishynado Posted December 21, 2022 Share Posted December 21, 2022 (edited) So a buddy asked me to help with this decision, to buy or not to buy. He found a gently used Gibson 250 Monarch. He has $50,000 in debt and makes 50k a year and has two kids in elementary school. Has 50k in his retirement fund. Is 10 years away from retirement. House payment and taxes and utilities are currently $1500 per month on an adjustable rate mortgage. Has 5k in personal savings and like 2k in checking. His wife doesn't work. He resides in the central U.S. It sounds like the seller would entertain an offer of 7k. Should he buy it? Sgt. Pepper will be ignored Edited December 21, 2022 by afishynado Quote Link to comment Share on other sites More sharing options...
Sgt. Pepper Posted December 21, 2022 Share Posted December 21, 2022 2 minutes ago, afishynado said: So a buddy asked me to help with this decision, to buy or not to buy. He found a gently used Gibson 250 Monarch. He has $50,000 in debt and makes 50k a year and has two kids in elementary school. Has 50k in his retirement fund. Is 10 years away from retirement. House payment and taxes and utilities are currently $1500 per month on an adjustable rate mortgage. Has 5k in personal savings and like 2k in checking. It sounds like the seller would entertain an offer of 7k. His wife doesn't work. Should he buy it? At the end of the day it his choice. He has to weight his debt to living expenses vs does he need this guitar? Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 21, 2022 Share Posted December 21, 2022 (edited) Off point but easily the ugliest guitar ever made. 7K buys a lot of guitar. More tone, less bling. Edited December 21, 2022 by jedzep Quote Link to comment Share on other sites More sharing options...
Twang Gang Posted December 21, 2022 Share Posted December 21, 2022 No, he shouldn't buy it. With the amount debt he has, a wife and two young children the last thing he needs is a $7K guitar encrusted with diamonds and other gemstones. 1 Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 21, 2022 Share Posted December 21, 2022 (edited) Economists are saying hold off on big buys right now. I've often not followed this advice in the past when it comes to guitars, based on the swap-out factor if I need to back peddle. In the vintage world, I think the re-sale move is much harder in the current financial climate. Edited December 21, 2022 by jedzep Quote Link to comment Share on other sites More sharing options...
afishynado Posted December 21, 2022 Author Share Posted December 21, 2022 37 minutes ago, jedzep said: Economists are saying hold off on big buys right now. I've often not followed this advice in the past when it comes to guitars, based on the swap-out factor if I need to back peddle. In the vintage world, I think the re-sale move is much harder in the current financial climate. If he buys anything, he is gonna have to hold it at least until the economy turns up. This isn't an attempt to flip. Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 21, 2022 Share Posted December 21, 2022 Yes, I felt, from your description, he wanted it to play. Just thinking about possibility of the payments becoming a burden if schit happens, then needing to get cash back. Quote Link to comment Share on other sites More sharing options...
afishynado Posted December 21, 2022 Author Share Posted December 21, 2022 This 250 doesn't look ugly to me.... 1 Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 21, 2022 Share Posted December 21, 2022 Yeah, some love the bling and odd bridge, and then others... Quote Link to comment Share on other sites More sharing options...
northcntryblues Posted December 21, 2022 Share Posted December 21, 2022 (edited) In his family and financial situation, imo there is absolutely no way he should be considering buying a 7k guitar. Edited December 21, 2022 by northcntryblues Quote Link to comment Share on other sites More sharing options...
afishynado Posted December 21, 2022 Author Share Posted December 21, 2022 Quote Link to comment Share on other sites More sharing options...
philfish Posted December 22, 2022 Share Posted December 22, 2022 Adjustable rate mortgage 7K guitar Sounds like a fiscal down fall. Hell its only money Quote Link to comment Share on other sites More sharing options...
fortyearspickn Posted December 22, 2022 Share Posted December 22, 2022 It would be irresponsible for him to spend that much on a high end anything - guitar, watch, computer, etc. He has champagne taste and a beer budget. Needs to be happy with an Epiphone and set a good example for his kids. Quote Link to comment Share on other sites More sharing options...
Dave F Posted December 22, 2022 Share Posted December 22, 2022 I couldn't afford anything near half of that until my daughter finished college and got married. IMO, he needs to rethink his priorities. Quote Link to comment Share on other sites More sharing options...
Jinder Posted December 22, 2022 Share Posted December 22, 2022 Your friend’s financial situation is not mine to judge, but I know that if I was in his shoes and 50k in the hole, the last thing I’d be thinking about is dropping a further 7 on a high end guitar. I’d buy an Epi IBG SJ200, play the snot out of it and sleep a lot better at night knowing I wasn’t blowing a relatively vast amount of money I didn’t have on something I didn’t need. My priorities are my family-providing for them comes before all else, and a big purchase like this which I would arguably be unable to responsibly make would be too much of an anxiety-inducing roll of the dice for me. 1 Quote Link to comment Share on other sites More sharing options...
QuestionMark Posted December 22, 2022 Share Posted December 22, 2022 1 hour ago, Jinder said: Your friend’s financial situation is not mine to judge, but I know that if I was in his shoes and 50k in the hole, the last thing I’d be thinking about is dropping a further 7 on a high end guitar. I’d buy an Epi IBG SJ200, play the snot out of it and sleep a lot better at night knowing I wasn’t blowing a relatively vast amount of money I didn’t have on something I didn’t need. My priorities are my family-providing for them comes before all else, and a big purchase like this which I would arguably be unable to responsibly make would be too much of an anxiety-inducing roll of the dice for me. This sounds like sound advice to me. QM aka “Jazzman” Jeff Quote Link to comment Share on other sites More sharing options...
zombywoof Posted December 22, 2022 Share Posted December 22, 2022 Souds like a question on a High School Economics 101 test. Quote Link to comment Share on other sites More sharing options...
the other side Posted December 22, 2022 Share Posted December 22, 2022 (edited) NO! He shouldn't buy, hes broke! That guitar at this point is a toy! Another thing, why is he asking others for an opinion? He should be asking his wife! Edited December 22, 2022 by the other side Added a statement Quote Link to comment Share on other sites More sharing options...
gearbasher Posted December 22, 2022 Share Posted December 22, 2022 If he buys it, he can play it on the corner with a tin cup. If he wears shades and acts blind, he might make a few more $$$. Quote Link to comment Share on other sites More sharing options...
Holiday Hoser Posted December 22, 2022 Share Posted December 22, 2022 Jesus that is one ugly axe$$$$$$ Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 22, 2022 Share Posted December 22, 2022 Yeah, I always wondered what the interior decor of Ren's house looks like, based on his propensity for gaudy guitar bling. Quote Link to comment Share on other sites More sharing options...
kidblast Posted December 22, 2022 Share Posted December 22, 2022 If I was in this situation, no way At the end of the day it's his decision to make though, as unwise as it would be. Quote Link to comment Share on other sites More sharing options...
jedzep Posted December 22, 2022 Share Posted December 22, 2022 Yeah, thinking about it, I realize wtf am I giving financial advice for. I'm paying down a Martin Custom Shop order, semi-retired, holding a $48K mortgage struggling to keep my oil tank filled. Wait time at Martin CS is around 11 months, so I might be dead when it's ready, or worse yet, forget I ordered it. Quote Link to comment Share on other sites More sharing options...
Murph Posted December 22, 2022 Share Posted December 22, 2022 You, and your friend, and some others on this forum need to google a guy named Dave Ramsey. And study diligently. You can't build wealth properly if you are carrying debt. He has 2 kids in elementary school and is going to dump his entire savings AND checking accounts on a guitar? It's a shame they don't teach capitalism in school, rather than socialism. Actually, our leaders should study up on these principals as well, has anyone seen the debt clock lately? We're running out of other people's money. 2 Quote Link to comment Share on other sites More sharing options...
G Man Posted December 22, 2022 Share Posted December 22, 2022 If his end goal is to live on the streets as a divorcee, then yes, by all means, he should go for it. He might even be able to sell it at a loss when it's time to raise funds for child support. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.