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Stressed about my snap on credit balance..

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This topic contains 22 replies, has 11 voices, and was last updated by Avatar Tomas 1 year, 7 months ago.

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  • #658576
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    Chris saumur
    Participant

    Hey guys, I’ve been stressing about my snap on credit account. I currently owe 3600$ ( counting the interest its 4500). My minimum payment is 22$ a week, but I always pay 45-50$ a week.

    I have been working for the past year and this was all stuff I needed (mostly hand tools, a techwrench, some cordless impacts and a blue point cart. I only get what I need and I don’t always get stuff off of the truck either.

    I am just stressing because 4500$ seems like a high balance to me. Is there any way to stop stressing about it? I feel secure in my job and I always try to pay double on my account but I just can’t shake it…

    How do you guys deal with it?

Viewing 7 replies - 16 through 22 (of 22 total)
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  • #659967
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    Alexander
    Participant

    Tools will pay itself, over and over again, other hobbies are sink holes that you’ll never see a return.

    #659969
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    Andrew Button
    Participant

    I agree. People throw money into performance mods on their cars, never get the money out. That same money spent on good quality Truck tools has a return and its a lifetime investment. For what the average Joe spends on beer and cigarettes in a weekend, I can buy a quality Snap-on dual 80 ratchet that I will be giving my grandchildren…Hobbies, generally unless its collecting something of value, like coins, or tools or something other investment type of thing, is a huge waste of money.

    #659986
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    Chris saumur
    Participant

    Thanks guys for your input. Like I said it’s not an issue of making the weekly payments.. It’s the length of time that I will be making them. 5 years to me is a long time. I suppose it’s no different from making a car payment or the equivalent( I’ve never had a car payment lol). I am a entry level teck so I suppose it’s just something I have to get used to.

    #660629
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    Alexander
    Participant

    I say this to everybody who questions my tool buying binges:

    “There is simply no end to buying tools in automotive industry”.

    Live with it.

    #660666
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    Rene Perez
    Participant

    I feel your pain man. But how I go about it is, I just tell myself, the $40-$50 weekly payments I make now will double in a few years. You may end up paying your balance faster than you think. I will admit, I am always tempted to buy more tools. But there are always alternatives to buy tools. Buying the best of course returns your investment but like many others have said, start small and go bigger as you progress. I remember back when I was going to school, one of my instructors said that once you leave this building, be ready to commit to spending money on tools for the rest of your life in this career. But nothing the less, it sucks having any kind of debt. But they sure teach you a big thing or two. Look at it this way, you will ALWAYS owe money to someone if it’s not the man from the tool truck. Debt never gets paid off in this world.

    #660672
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    Its me
    Moderator

    I built my tool collection from flea markets and pawn shops. Great way to get snap on tools cheap… Also Ebay, which tends to be 50% less than new prices (used of course)….

    As we know there are different kinds of debt.

    Good debt (appreciable items like houses, when in the right time/environment financed for less than 10-15 years)
    Neutral debt (education for your future, tools, cars, etc) – Serve a purpose and have a value but will never get back 100% of what you put into it…
    Bad debt (eating out on a credit card and paying interest on a meal you ate 2 years ago)

    I have bought things on the truck, but have always paid cash… I have nothing against the Snap on guy. He is a working guy like everyone else and trying to put food on the table…. I strongly dislike when people have personal angst with tool dealers…. No one makes techs go on the truck and forces them spend money….

    Buying stuff on time that you absolutely need is fine.. and if your job requires it, so be it… I just only would buy something like a scanner on time… Not even a box… I think their tool cabinets are amongst the best, but I paid $3000 for a large, like new $12,000 Snap on Cabinet at a pawn shop…. The Cabinet prices are way too expensive… Craigslist has plenty of them at half or greater off…

    Just my two cents…

    -Karl

    #660880
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    Tomas
    Participant

    This can be a touchy subject. Tools are a necessary investment and $4500 is just starting out in this business. This amount will not even get you an empty professional toolbox, but if spent wisely can get you working independently and on your way. Do not plan on your payments going away or getting any smaller. Tool needs grow as you grow as a technician. Consider it part of the cost of doing business. Extortion by tool truck. Have fun shopping for a triple bay box, a scan tool and scope.

    These will all pay for themselves, but consider the cost when you are evaluating your career and earnings over time.

    There was a comment comparing education and tool costs with respect to return on investment. Don’t fool yourself into thinking an investment in tools, a material thing is going to give you a greater, or even equal, return than an investment in yourself. If you decide to drop the tools and get a degree in Native American Basket Weaving, the results will vary. Overall, results will vary regardless of where you invest, and the choice is personal. You cannot just pay for a degree, you must change personally and have the ability to earn it. Also, do not confuse an investment in tools with an appreciable investment like education or land. You are purchasing something to be able to work, like any small business. Tooling loses value over time. How is that Snap-On brick treating you these days?

    I spent about 10 years wrenching and came to a conclusion a few years in that there were two distinct paths for me to be successful and I was at the last intersection. You will either have $60,000 in tools or $60,000 in college costs. This can be applied to more than just automotive work, such as, construction or running some other small business. I was frugal on the tools, but now I have just over $70,000 in student loans. Either way, it takes money to make money.

Viewing 7 replies - 16 through 22 (of 22 total)

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