Shawn Moyer and the 20/10 Rule #2

Shawn Moyer and the 20/10 Rule #2
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  • The final sales price on Shawn's motorcycle after the 6.25% sales tax is  $22,312.50. He will need to take a loan out.
  • Reyom Bike Sales
  • Shawn dances out of the bank after borrowing $21,322.50. Breaking the 20/10 rule for the first time. Never borrow more than 20% of your annual net income ($31,000). He will pay it off over 7 years at a 6% monthly interest rate. He borrowed 72% of his annual net income.
  • Reyom Bike Sales
  • Shawn buys his motorcycle in full, shakes hands with the dealer and runs on out.
  • Shawn rode his motorcycle on out of the dealership without a care in the world and left the female dealer in awe with his cash surplus. His plan was already working.
  • After the high of having a new bike and impressing women went away, the reality set in. He has to make monthly payments of $325.95 on his loan for 84 months. He only can afford to make monthly payments of $258.33, breaking the other half of the 20/10 rule. This is gonna be a tough one to pay off.
  • Because of his bad impulse spending, Shawn has borrowed more than he can afford, broke both ends of the 20/10 rule, and if he doesn't live carefully or pick up an extra job, he will go to financial hell. His credit score will go down, his interest will go up, and his items will be possessed. Never break the 20/10 rule like Shawn did, because now he has no bike, no money, no furniture, and no women.
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