Is Your Reefing Paid For?

[Reefer Matt]

I’m curious if most Reefers pay off their reefing expenses or pay it down over time. This is for the physical equipment and livestock, not utilities to run a tank. Any advantages for either?

 

[JGT]

One and done baby. That’s how I roll.

 

[chooofoojoo]

Buy once - Cry once.

 

[BeanAnimal]

I am certainly not a financial advisor, but if you are financing your reef hobby to "afford it", especially if that involves interest of any kind, then I would assume Dave Ramsey would have some choice words for you and you are not making the best financial decisions (not that any of use always do).

If you can fully afford the hobby and use no interest financing just to feel better not seeing all at once.. then I get it even if it makes no difference in the big picture.

 

[Paul B]

I never financed anything including credit card interest in my life except my first house. If I can't afford something, I don't buy it.

 

[fishface NJ]

If I can't pay for anything in full, I don't buy it.

Own all my cars (no loans), homes never had mortgages, and no credit card balances. I don't like owing anyone anything.

 

[BeanAnimal]

I never financed anything including credit card interest in my life except my first house. If I can't afford something, I don't buy it.

That is certainly the best way forward.

 

[Boehmtown]

I try to get in the game. Cheap used diy whatever and then upgrade, trade, beg borrow steal and work on my tank and equipment over time. You'd be surprised how well a reef tank can do on basic equipment. Then I upgrade what it really needs or I just really want

 

[ThaBeast]

I definitely never finance hobby expenses

 

[KrisReef]

Anybody else rob liquor stores to finance their reefing habit? Asking for a friend.

 

[Bakedpwn]

you should try to always buy upfront in every life aspect. whole world got used to living on loans/credit

 

[Teri NewbieReefer]

I take my time and save up to get goodies for the hobby. I've been planning an upgrade for 2 years that has been delayed time and time again due to a fridge going out and needing to fix a furnace... Life happened and wiped out my fish funds. I'm just now starting up my upgrade, but I wouldn't do it any other way.

 

[VintageReefer]

Nothing on or in my tank cost more than 50$ Hehehe

Ok joking aside everything is paid for, but when I see the numerous people on here that have these 200+g tanks they are building and are like “I’m going to get 6 radions” I wonder the same thing myself.

If you need help with purchase you might be unprepared for, paypal has Pay in 4 where they take the total purchase and divide it into 4 even payments with zero interest.

 

[Uncle99]

I’m OK financing stuff when the cost of borrowing is low.
It’s not unusual in my area to see rates of 15%-25%, which is absolutely crazy IMM.

So I carry no debt.

 

[msloan21]

for my tank or other hobbies, I save up for whatever it is I want to buy.

 

[vetteguy53081]

Cash only
Financing reefing is not a purchase but often a gamble (problems that occur)

 

[Aquavaj]

For large purchases I buy used. For smaller purchases I keep it within my budget and pay cash.

But I do have to wonder on some of these large builds with all brand new equipment that are ticking upwards of $15k-20k in just equipment. Definitely are wealthy people out there but crazy to be able to drop that much.

 

[Itsadeepbluesea]

I prefer to get it done with. I don't like having extra payments.

 

[Paul B]

you should try to always buy upfront in every life aspect. whole world got used to living on loans/credit

I wouldn't even know how to pay something off on credit. I also never understood why people would buy something, then pay 5 or 10 times more for it over time. It just makes no sense to me.

If you don't have money, you will have much less money if you buy with credit. Especially something stupid and not needed like a fish tank.

 

[CasperOe]

Paid for? Yup..

Sadly, it's paid for by me..