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||04-01-2010 09:57 PM
I've got a dilemma.. but i don't know what to do..
I am receiving $1380.80 in income tax return.
Get myself a lawn vacuum to speed up my crazy cleanup calls that I am currently having and pay with my income tax money. The unit sells for 1499.95 so it would almost be payed off. I could also finance I assume this machine but I don't want another loan on myself. This is what i want to do
I would like myself a cell phone for better communication for my business. Currently, my phone is with another subscriber and I would have to pay the cancellation fee since I have 1 year left which is $240. I can get a blackberry for $19.99 the phone only and $50/month for a decent plan. I would also use the rest of the income tax money to pay off credit card/bills I have.
So what should I do......
||04-01-2010 10:26 PM
put it this way... If you spend it on your vacuum, how long til you recuperate the investment?... meaning from the speed it gives you how long will it take you to make $1500 in extra cash from using the machine?
I would personally use it to reduce my debt unless I could recuperate the investment in like 1 month and then I could do #2 on the list with that extra cash.
||04-01-2010 10:58 PM
I'd love to do both but I think I'll save up my money and pay bills and get my phone
I've sent this question to a financial planner that I know very well. I hope I get an answer tomorrow since I got to call my phone provider for my 30 day notice as I would like to have a new phone for May 1st.
||04-01-2010 11:18 PM
I think I agree. If you can make the money back quickly, then I would say buy the Vacuum. If not, apply it toward debt. However, I suppose Andy is the best person to advise on such a question...
||04-01-2010 11:28 PM
Gosh this is a tough one, I win a lot of business by having a Blackberry, all my emails come to it and I respond right away, I email pictures to clients of progress which they show to fellow office workers which has brought in business so in short it pays for itself, keep in mind the plans are somewhat of a gimmic, a Blackberry is going to run you around $140.00 a month by the time all is said and done.
Based on the time of the year here, I probably would not invest in a leaf collector, if you want to speed things up buy a smart sweeper by Agri Fab, you could use it for a season, will run you around $350.00 and when you go to sell you will get $250++, it will pay for itself very quick and you already have a tractor to pull it with, use the rest of the cash as working capital or what other services could you offer that you could invest in.
||04-02-2010 10:41 AM
I like the idea of paying off debt especially when the interest level is high. But the downside is that unless you can keep to a budget, you will quickly increase that credit card debt right back up again and all that money will be gone.
Buying equipment tends to be a crap shoot at times it seems too. Especially if it's not something you are going to be using daily.
Instead, why not bank as much of that money as possible. Get into the habit of saving money. Get used to having money in your bank account.
Rent any equipment as needed and schedule the jobs that need that equipment tightly together so you can get a bunch done as quickly as possible.
If a new cell phone with added features will help improve your communication and land you more customers, go with that too.
But try to save as much as possible.
|TWIN-CITIES GREEN TEAM
||04-02-2010 10:54 AM
I'd go w/ option two, unless like they said you can get your money back fast ,It's too early in the season for us to buy equip,however I'm looking for a stump grinder because I'm paying someone to come take them out and I get a lot of them and I'm giving that money away!!That for me would pay off (depending on price)quick!??
||04-02-2010 08:56 PM
I have decided to go with option 2 and wait until fall to see if I have the money to pay it off.
I also missed my day to call my current provider to give them 30 days noticed. I would of love to have my phone on May 1st but I guess I will have to delay it a few days since it's Good Friday and it was closed today. I doubt it is open on Monday also.
Oh well, If I get it for June 1st, i would save $20 on the cancellation fee lol
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