Hadn't seen it, but I sure hope people are going into debt for coaching, the latest gear, and destination races. There are plenty of threads that show you can race competitively in the local space on mid-range equipment. The responses to the post provide plenty of examples of how to race triathlon without mortgaging the house.

I don't. I buy in cash. If I can't buy it in cash. I do not buy it. THAT being said if I see something I need in the future, there is a 95% probability I will have the money by the next charge card cycle, there is a wicked killer deal that would save me 40+%, and if for some reason I cannot take care of the bill then i can still handle the tacked on interest (say unexpected medical bill or truck in the shop), then I will buy it on the card.

I am still young-ish and saw a great deal on a felt IA. I had sold my other bike a few years back. I had cash in the bank. Was saving every month. I just have trouble buying "toys" that cost extensive money. My old man called and said do it since I can afford it, have the cash, wont notice that cash is gone since it just sat in an account, and if for some crazy reason sh*t hit the fan, I have some liquid assets I could get rid of rather quick.

THAT being said - I also bought a boat in straight cash (got it for 50% of its market value - currently prepping to sell it for double what I paid for it 2 years ago - thank you inflated used boat market). NEVER EVER buy a boat. Make a friend who has a boat. You think triathlon is expensive? try owning a boat. haha

Substitute any hobby or non-essential spending for "triathlon" and the conversation is the same.

It's now rare that I buy something that I cannot pay cash for if needed.

In recent history, I went to Hawaii last October because I qualified for the Xterra WC. I put most of it on my CC and had it paid off by Jan 15th, I felt bad about paying Dec and Jan's finance charge but is was a trip that was hard to pass up.

BOAT = Bust Out Another Thousand

That being said, not a chance I would run up debt for anything other than an asset worth well more than the level of debt (house, primary car, etc.). Even a boat would be a no-go for debt.

Wow... never gone to debt for any hobbies... well for anything other than a house... If I can't pay for it right now I obviously can't afford it. And if you're having mixed emotions... maybe there's something there you need to confront and clear up.

Reading that post reminds me of the main cause of divorce in general.... financial issues.... If her husband thinks spending in tris is expensive enough, once he gets into a nasty divorce he'll wish he dropped the spending and even some or most of the events a long long time ago...

One word. Prenup

I'll dip into my "emergency" savings if I know I'll have the money to replace it soon, but I also have a pretty significant emergency savings (like a year's worth). I've never gone into debt though. I have taken 0% financing deals, but I don't consider that the same as other debt when I have the cash to pay it off, but just taking advantage of the offer.

Right now I have a Felt IA I bought at a good price and am upgrading to Di2, getting new cockpit, brakes, etc.. I dipping into that emergency savings a bit while I still have my other bike for sale. But that's about as far as I go. I've actually quit buying parts until the bike is sold because I'm ~$800 past where I told my wife I'd go, haha.

How true do we think this statement is :

A 2015 survey conducted for the World Triathlon Corporation — the Tampa, Fla.-based organizers of Kona and other Ironman races — found that the average annual household income for Ironman participants is $247,000. USA Triathlon, the largest multisport organization in the world,


Sounds incredibly high from here in the UK - my Ironman pals are wide mix and I could only think of one or two who might be in that bracket. We also had students - so on less than a 10th of that 'average'.


Sounds like the husband is a bit of a fool to me.

Complete misnomer.

I bought a used 19' Maxum (bowrider) 19 years ago for $8500. It's on a lake and stored indoors over the winter. All I've ever put into it is new batteries and an occasional prop.

Spent countless hours with my two boys kneeboarding, skiing and fishing over the years. My 21 year old just took up wakeboarding behind it last weekend.

Sure it's weathered, but besides Netflix, its the second best investment of my life ;)

Agree 100%. Most of the gear they try to sell us is all garbage anyways. $32 for a tub of salt? Thousands of dollars for a new bike with an 11th cog on the rear and electronic shifting? No thanks, give me a real game changer (like aerobars) and I'll open my wallet and buy one either used or on sale. I'm in the upper echelon for both income and net worth for my age and I race on a 2012 Cervelo P3 that I bought used from ST classifieds, with race wheels I bought used from ST classifieds, with an aero helmet I bought from ST classifieds and I choose races within driving distance that I can drive to in my 2011 Honda Civic. When I shell out the big bucks it's for income generating assets (real estate, stocks) that earn me money while I'm training....that's right, I'm getting paid while I'm swimming/biking/running and I'm not even fast!

To the original post, she needs to divorce that guy before he puts her in the poor house for life. If it's not triathlon, he will find another way to run up debt.

Why no mention of gofundyourself? #dreamsrpesky

hahaha! exactly, right? no boat for me in the future.

I hate you. I have a 2008 boat and motor. Knew the prior owner (wealthy guy and he took GOOD care of it). I do most all the mechanical work myself but good lord - maybe it is the salt water ocean that it is in and things just corrode and go to sh*t but ive put thousands into that thing haha

I am taking a VERY long time to prep and sell it haha I really don't want to get rid of it. I can afford it but it just makes logical financial sense to part with it and get another later down the road when I make more.

Yeah, no, I try to buy used, deals, I don't generally do more than 2 or 3 tris each year... so I try not to go overboard. I just got myself a Felt IA10 frame (used) and I sold a couple guitars and currently selling my other tri bike to make it up for the cost. I try to be very careful of not spending money that is needed for my family and essentials.

She asks "Question is, is this normal in this sport? All his friends make a significant salary so I don’t really believe him when he says this is normal. Any insight would be greatly appreciated."

I think it's normal behavior for selfish, ego-driven assholes, and triathlon has it's share of those. As do all sports, of course.

I'm amazed she has accepted it this far!
Who is stupid enough to go into debt for tri? Especially someone that is clearly not gonna accomplish anything!

I can't believe I'm saying it, but I actually now really believe that the figure of mean $127,000 (somewhere like that) annual income for the typical USAT triathlete, is an accurate number.

I can almost guarantee it's a LOT higher for IM participants as well - would love to see that figure!

I have mixed emotions every time I buy something discretionary, triathlon related or not. Is triathlon expensive? Yes, but I spend a lot less on other nonsense (booze, eating out, etc.) than my peers as a result.

This woman's husband is foolish. You don't go into debt to buy toys, whether you are married or single. He is also doing it all wrong. Are massages essential for triathlon? YES. You travel to a race and your spouse meets your every need for the weekend and then cheers you on for hours during your race. You then treat them to a massage (or something to that effect). If you cannot afford the race AND the treat for your spouse you can't afford the race. It is married triathlete 101.

I agree that it's stupid to go into debt for tri. But, so many people go into debt for trivial things that it's not a surprise this guy is doing it. Go to your bike or tri shop - they all offer financing now. Go to your dentist - s/he offers financing on your dental work. I'm looking at buying an Amazon Firestick ($30) - guess what? Financing offered!

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Attacking this day with enthusiasm unknown to mankind.

I’m not going to go so far as to say that people shouldn’t finance tri stuff, but try to keep yourself out of major debt. Sounds to me like this guy is constantly going overboard. You hear a lot about “if you can’t afford it in cash” but this generally comes from people whom have a significant amount of cash to spend. In short it’s all about scale. If you finance a $2500-$3000 bike and ride it for ten years that’s probably cool. Even if you add on some flos and an IM every year. Not all of us can throw around thousands like it’s cool. But if you start going into the $5k range on a pair of zipps with coaches, 2+ IMd a year then it gets out of hand.

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I still lapped everyone on the couch!

Justification for single life.

I'm at the point in my life that I can buy what I need to race so it would be easy to judge. When I was in my 20's putting a tri bike on a credit car and paying it off is something I would have done. It sounds like this guy is all in with IM races and travel and massages etc. No way I would continue to accrue debt like that, even when I was a kid. He could get by much cheaper than he is which is what makes it all seem so unreasonable. He has a bigger issue in that his wife sees it as a problem and he doesn't seem to be owning up to it.

300 dollars a month on coaching, means people are sacrificing paying down mortgages

I would believe that figure.

At a lot of races there is the crowd of young folks who make a very little but enough to get by (think just out of college type) but then I see a good deal of retired older people who were one doctors, lawyers, big business, or business owners. I think a lot of us are in the $70-$100 range though. That, to me, seems the most prevalent.

I heard a great boat quote “You can ALWAYS buy a boat, you can’t always sell a boat”.

It's purely an uncontrolable obsession. The guy has issues.

Tri doesn't have to be expensive, unless you have very specific FOP goals.

I spent less than $2000 to cover equipment, and that includes everything. Tri suit, tri bike, aero wheels, aero helmet, tri bike shoes, everything, even the treadmill and trainer. Sure, my treadmill is old, but it's a commercial behemoth that will do 10mph at 15% forever. My trainer's dumb, but it makes my legs hurt when I need to as much as anything else. I'm riding a 15yo tri bike, but it's cleaned up with decent wheels, low crr tires and latex tubes. Everything was in EUC or NOS but the tri suit.

Who really needs a coach? There are tons on plans everywhere for everything. I have only paid to get faster in the pool, and some massages every now and then.

Sure, I would like to get all the cool stuff, but it's not really needed. I make a pretty good salary, but I'm putting three kids through private school, I like to travel, and don't want to retire at 70 with a mortgage. It's all about your priorities in life I guess.

I've always said I'll treat myself to a nice fast bike when I can do a 40k tt in an hour, and I'm getting there, but it doesn't make much sense. I'll most likely be disapointed in the performance gains, but it'll sure look nice.

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____________________________________
Pain is inevitable. Suffering is up to you.

Anyone who goes into debt to fund any portion of a hobby is an idiot. Hobby expenses should fall completely under the discretionary income category.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

I have a nautique GS22 most frivolous and awesome purchase I ever made. No regrets.

anyone with a coach and a mortage is going into debt by not paying down their house faster.

I wish I could come up with a snappy acronym for the money pit that's horse riding or golf.

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Next races on the schedule: none at the moment

These types of people would be in debt no matter what they do. I don’t earn much but i limit my spending. I use trainer road for my training and only buy new electronics when i need it, stuff like watches and so on. I have a nice bike that i paid cash for, Felt IA 10, i took the di2 off it so it was 2k cheaper, previous bike was a second hand bargain superbike.

Same for anyone who has a mortgage and eats every day!

having a tri coach is a life essential?

I'd spend peanuts if I didn't have to fly to join races (based in Hong Kong). It's my only vice though, so I can live with it.

Just thrown down over EUR500 for Roth 2019, but that will be a summer holiday/bucket list event (I'll never get to Kona, so this is my Kona).

With two school aged/about to go to Uni kids, I shouldn't really do it, but I keep telling myself it's what keeps me sane.

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My race site: https://racesandplaces.wixsite.com/racesandplaces

Let's see.......If I have $30K performing for me at 7%.......and I need to purchase a vehicle (insert any expense)......and I can get an interest rate of 1.9% financing.......I'm supposed to pull the money out of the 7%, so that I can avoid the 1.9% interest (and be able to tell everyone 'I only pay cash')?

Debt is not a dirty word. Not being able to manage debt is a different animal.

What you said made perfect sense.

Perhaps I should have said triathlon related expenses or any other hobby related expenses.

Noooooooo.

No matter what your life is financially, live within your means. A bigger mortgage doesn’t make you happy, or a more expensive bike.

A friend told me you always have a dream. Once it’s realized, you find a new dream. Sometimes, it’s easier to leave a dream a dream. (Talking about wanting things)

A Wave-runner makes you happy...

Ever see anyone frown on a Wave-runner?

stevie g wrote:

anyone with a coach and a mortage is going into debt by not paying down their house faster.

Did you mean to write this in pink? If you have a mortgage, you're already in debt. That's what a mortgage is.

You could say this about any non-essential spending. That restaurant you went out to? Skip it next time, could've been an extra principal payment. That toy you bought your kid? Return it, you can own your house 15 days earlier. Live a little.


The interest rate on my mortgage is 2.8%. I would never take money out of the market to pay down a rate that low.


By the way - "Mortgage" Origin: late Middle English: from Old French, literally ‘dead pledge,’ from mort (from Latin mortuus ‘dead’) + gage‘pledge.’

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Strava

+1, not everyone understands the distinction. If you already have the capital, it is a simple math problem and with low interest rates, debt is a smart financial decision.

However, if you DON'T have $30k in the bank, you should probably not buy a depreciating asset even at 1.9%... buy an used reliable car and invest your spare cash in that 7% growth asset

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Strava

Yeah, when they are being dragged back in after 400 meters of an Ironman swim!

you don't have a coach? you're doing it wrong.

I can afford a coach but have only paid for one last year for my first and potentially only IM. I have been self-coached at all other distances. I wanted to make sure I did not overtrain for my IM and wanted somebody to push me to get the most out of myself for that one IM. But I don't feel like I can justify a coach year after year as a MOPer and with my very relaxed goals. I think for big events like an IM or if I do something like DK I'm happy to pay a coach.

Paying a coach is not going into debt unless you’re using credit cards to pay for the coaching and then not paying off the credit card.

I hope you meant to say that paying down your mortgage instead of paying a coach is the wiser financial decision. Paying a coach in lieu of paying extra on the mortgage is not going into debt. The debt is the mortgage.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

what's the difference between a dream and a goal?

definitely live within your means. I'm a MOPer and bought a 2014 Cervelo P2 early 2015 for like $2800. Looking back part of me wishes I would have bough a giant trinity for like $900 less as that would have been fine but I like my P2 and look at as the only tri bike I'll ever have. if/when it breaks if I'm still doing triathlons I'm sure I'll just buy a used tri bike or something less than $2000. and we all know you can spend far less than that. I could just use my road bike and put some clip on aero bars on it. triathlons don't HAVE to be crazy expensive.

My mortgage rate is similar to yours. Bought this house three years ago. Plan on selling it in 5-6 years when I retire. Not putting a penny of extra money into my mortgage because I couldn’t give a rat’s ass about paying it off and the smarter move right now is to plop money into investments for retirement.

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Favorite Gear: Dimond | Cadex | Desoto Sport | Hoka One One

The thought of retirement for someone my age (not yet 30) is totally non existent. My dad retires this month. everything paid off. cars, both houses, etc.

I look at my $70,000 student loan debt for gradschool at 7.8% interest (thank you for raising that from 3% to 7.8% government) - decided my father should use that money for retirement and not to help me - and current housing prices, fed interest rate hikes, cost of used cars, cost of gas, then the cost of all the things that my parents never had to worry about when they were young (internet, cell phone service, computers, actual cell phones, cost of microsoft office), price of going to a movie, hell going on dates, cost of groceries, etc, cost of health care, price of rent, the probability the social security will not exist when I am 60.

figure I will be working until dead. I also make good money too. Most of my friends feel the same way. Granted - I am on track to make superb money in 10+ years so grad school was an investment rather than a potential loss - but retirement is not a thing with my generation. Sure I am going to save for it (IRA, 401K, and separate equity account) best I can but it is not a reality with my generation. The numbers do not work out.

People get a warm feeling from paying off a mortgage although financial advisers will tell you that it just locks up your money; and may not be the best use of it if you can earn a higher return elsewhere. I've had my house 16 years and it will be paid off in about 5 years, but only because I converted to a 15 year mortgage 10 years ago. I haven't put any extra principal into it since there are better investments. I might downsize some year, but then again, I might not.

I believe the same. Shouldn't be expensive.

I'm about to be 31 and I'm right there with you on everything you wrote.

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

I'm building exactly an IA10 right now, also took off the Di2 in exchange for a 105 (used) group. I will post pics as soon as I can!

Hell the cost of housing and the price to raise a kid from 0-18 years old - has led me away from getting married and having a kid. I have a masters in finance and make decent money - so I have NO idea how people making much much less are handling this.

Don't put off marriage and kids because you are scared of finances. You will always find a way. At least that's what my parents say. I'm not married or have any kids.

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

haha that last part was funny. Ya - well I am not even in the realm of considering the option yet. Kind of have to get a girlfriend first...and I race triathlon...so i will probably be single until I die. Which I am ok with. They will make me a glass top casket and put me in it in a speedo so when they view me they can say "Man, Twinkie was an a$$hole and he died so young - but jesus - look at those abs. That has to be 5% body fat. and them quads! he def biked and dropped the hammer"

least thats how I picture it in my dreams

unless your spouse is also a triathlete, pooling your resources via marriage works out nice. It's when you abandon the double income no kids status that you screw yourself

Triathlon won't make you single! Some girls like it! Not talking to girls....well that will make you single.

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

Most people who are in a financial position to consider this discussion aren't the ones using debt to pay for hobbies.

That being said, there is something really nice about not having monthly payments that goes way beyond math.

Girl: So do you want me to stay over
Me: Ya sure. I have to get up at 5am though for a group ride
Girl: how long will you be gone?
Me: Until about noon
Girl: Really?
Me: Ya
Girl: What are you doing after?
Me: I have a swim/run brick
Girl: Seriously
Me: Ya
Girl:What are you doing tomorrow?
Me: That is long run day

Girl: Have fun sleeping alone
Me: Your sister is coming over later. She doesn't mind. I wont be alone
Girl: *SLAP*
Me: (on phone) "Hey mom - ya no that whole girl thing didn't really work out. She was too clingy"

Unless you are a pro making serious money in triathlon, take time to hang out with girls.

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Make Inside Out Sports your next online tri shop! http://www.insideoutsports.com/

This problem is not really caused by triathlon that can be practiced competitevely on a quite reasonable budget. Problem is the economy we're living in that always need growth, and the huge commercial bashing to support it.
If one is not strong in his mind there are so much incentive to buy new gear and stuff many people without the money will do it and be in debt. The financial system want its peasants to be in debt. This way they have to pay banks money for the right to be in debt, giving the system even more money. It also prevent people from going in strike for better wages because they have loans and debt.
Everything is fine...

^ I work at a bank. Please use your credit cards more, so we make more money, so my bonus is bigger, so I can pay off my student loans faster. Just swipe those suckers. Burn a hole in them. Thanks

Also just bought 2 movie tickets. It cost $27.50. smh

If you have a gun, you can rob a bank. If you have a bank, you can rob EVERYONE!

If you pull in $2000 a month after tax, but want to take out a loan that cost $3000 a month...who are we to tell you that you should learn how to do math? I'm not your math teacher nor your babysitter.

that being said; there are 4 things a person should never trust.

A drug dealer
A used car salesman
The French
and the banker for all 3

The reddit post sounds like simple trolling. There is probably no indebted triathlete or wife writing on internet about it.

Also it's a bit strange. Triathlon is not the best place to flash money you don't have in order to impress people you don't like. You can do it way easier with a motorbike or a boat or even just nightclubs. You don't have to train 10 times per week for years for that.

Just a microcosm for society as a whole going into debt for the latest stuff, houses, cars, tri stuff, TV, etc.

Be smart with the money and it won't be an issue.

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Ryan
http://www.SetThePaceTriathlon.com
http://www.TriathlonTrainingDaddy.com
I got plans - https://www.trainingpeaks.com/...dotcom#trainingplans

Aha ha you sweet summer child, you.

Going into debt for a hobby is stupid. People should enjoy their leisure time, absolutely. By finding a cheaper hobby, if they are funding it on their credit cards. Geeze.

Yep. Older Americans have NO IDEA how hard is it to be young nowadays. I'm almost 50 but I get it. And yeah everything paid off, no debt (I never had any school loan debt to begin with), and looks like I'll go into retirement at 60 with more than enough to cover life expenses + travel, which is really all I want to do anyway.

Crazy thing is that since Reagan people volunteered by voting for this nonsense. Remember that in the 40s taxes on society were in the 50% range. Economy was more than fine.

Back when I started work in the 1990s I promised myself that the day I ran a 34.xx 10k, I'd buy a $5,000 bike. Not before. To avoid unnecessarily expensive bike:engine mismatch.

20 years on, still haven't bought that bike.

Same here, if I want extra bike stuff, I put in extra time evenings and weekends to pay for it.

Got a wicked deal on an IA10 frameset so worked my buns off to pay for it.

Never taken on debt for bikes :p