Hey Oilfield Guys!!

[denowt]

Hey Oilfield Guys!!

And this is why the thread originated was for people like this



No job and you go make a big purchase?







Thank you

A Dave Ramsey kinda guy



AKA someone with common sense and finances



TO EACH THEIR OWN.....BUT MAN THAT ISNT TOO SMART!

Thanks for the support.
I was starting to think maybe I was doing things wrong since people were defending the jobless guy's 15k ranger purchase.

[Neck]

Hercules Offshore is laying off 30% or roughly 670.

[denowt]

I sometimes get financing for things I could pay cash for. Its called liquidity.

I've done the same in the past, especially if the interest rate was very low.
I've always had income coming in to pay the monthly payment though.
I wasn't paying the payment out of my savings while I was jobless, with the hopes of obtaining another job before the savings ran out.
I guess some people are just more comfortable taking risks with their money and ability to support their families than I am.

[gingib]

Thanks for the support.
I was starting to think maybe I was doing things wrong since people were defending the jobless guy's 15k ranger purchase.

It doesnt make sense anyway you look at it! Even if she has a job you are down 30-60% of your income I assume. Even at a low interest rate you are tying yourself up for 3-5 years. It is still spending 15k anyway you look at it

[miket]

I've done the same in the past, especially if the interest rate was very low.
I've always had income coming in to pay the monthly payment though.
I wasn't paying the payment out of my savings while I was jobless, with the hopes of obtaining another job before the savings ran out.
I guess some people are just more comfortable taking risks with their money and ability to support their families than I am.

I was merely responding to that particular comment. I agree with pretty much everything else you have written. Personally I have postponed a large purchase due to low oil prices because of the risk even though I still have a job and really doubt I'll get layed off. ( but who really knows? )

[denowt]

I was merely responding to that particular comment. I agree with pretty much everything else you have written. Personally I have postponed a large purchase due to low oil prices because of the risk even though I still have a job and really doubt I'll get layed off. ( but who really knows? )

Cool, thanks for the clarification.

[boh347]

[txoutdoorsman24]

sitting at 53.12 right now!!!! Gonna be a good day boys

[Legdog]

It's hitting $60 on London mkt.

[txjustin]

Hercules Offshore is laying off 30% or roughly 670.

Link?

[ecallarman]

Link?

http://www.rigzone.com/news/oil_gas/a/137209/Hercules_Offshore_Cuts_Jobs_Salaries_To_Rein_In_Costs

[Tejas Wildlife]

My company cut our hours down to equal a 26% gross pay cut. Across the board for 550 offshore personnel. Knew it was coming since they don't want to lay anyone off. Also urine & hair testing over 3,000 worldwide employees in the group of companies that our parent organization has control over. Say GOODBYE to the Dopers!! Good riddance!

Been expecting this since oil started the slide. Good luck everyone.

[txjustin]

http://www.rigzone.com/news/oil_gas/..._Rein_In_Costs

Thanks!

Wow, not only cut 30% of their workforce, but stopped contributing to their 401ks!

[fbchunter]

This is all terrible. This really reminds me I sometimes take my job for granted(operator at a power plant), including my pay and benefits. Good luck to all being affected. Considered leaving for the oil/gas industry To get away from the shift work, but really am blessed I didnt get the jobs i applied for. Hope a happy medium can be found where everyone is happy but probably never will

[bphillips]

I've done the same in the past, especially if the interest rate was very low.
I've always had income coming in to pay the monthly payment though.
I wasn't paying the payment out of my savings while I was jobless, with the hopes of obtaining another job before the savings ran out.
I guess some people are just more comfortable taking risks with their money and ability to support their families than I am.

You don't realize that some guys who's rigs get stacked have been making over $1500 per day for the last several years.. I know many with 200-300k just sitting in bank accounts. Then it's smart for him to finance to minimize what he pays out of that before his job comes back. Not everyone out there makes $20/hr.

I didn't start this thread to warn all guys just most. I could lose my job tomorrow and not worry about buying a new house but I know many who can lose theirs and be worried about food next week so every situation is different.