What is your "Debt Free Date"

[ultrarunner]

Debt is overrated.

Money is a tool, and the good thing is, it is all yours to control.

No one has any say in anotherç—´ lifestyle.

No one shares anyone elseç—´ burdens.

The opinions on the board and positions AMAZE me.

I take issue with not having a say in another's lifestyle when it directly impacts me and my family...

We once had drug house next door... the old guy couldn't get around much anymore and was in a wheelchair... his step grandson moved in after getting out of prison and soon nothing was safe in the neighborhood...

Turned out he and his friends were Meth Heads that would steal to support their habbit.

I and everyone else spoke loudly about the lifestyle...

At one time I managed a fair number of apartments... some were subsidized... the ones that were subsidized had another layer of bureaucracy as part of the rental agreement...

Some used the subsidy as intended and others abused it by moving in boyfriends and their baby's daddy... not reporting the household income which would have affected the rent portion the family paid...

 

[EddieWalker]

Debt is overrated.

Money is a tool, and the good thing is, it is all yours to control.

No one has any say in another痴 lifestyle.

No one shares anyone else痴 burdens.

The opinions on the board and positions AMAZE me.

The reason we are in this economic mess if because of out of control debt, specifically the housing crisis.

Like any tool, it's only as good as the person using it. Doesn't matter if it's money or a power saw. A person who doesn't know how to use it is going to cause a lot of problems for themselves and everybody around them.

Government is all about controling other peoples lifestyle. The biggest difference between Liberal and Conservitive is to what degree they want to tell you how to live.

Your statement AMAZES me. I hope it was sarcasm and you are not this niave.

Eddie

 

[grsthegreat]

I used to keep my cash available and had everything mortgaged and loaned to the max. Thought i was doing great.

Nice write-offs, etc.

The reality hit and i actually sat down with an accountant and looked at what all this debt was costing me and how much i was actually saving on taxes, etc.

Bottom line, i was losing money like mad. The tax savings were a real joke compared to the amount of interest i was paying.

No matter how much the wife and i tried, we never were able to save up anything substantial.

So we re-did everything we thought we knew about buying and started to pay off everything. The high interest credit cards first, then the auto loans, and finally the house/property.

Now even after paying property taxes, we are saving an amazing mount of $$$ every month. We plugged the leak.

right now im only working 2 days a week on average, as construction has tanked so bad. If we had all the old debt over my head, we'd have surely lost our place by now.

Now no matter what happens, the house is safe. We have full health insurance thru the wifes work thank God.

 

[ultrarunner]

I used to keep my cash available and had everything mortgaged and loaned to the max. Thought i was doing great.

Nice write-offs, etc.

The reality hit and i actually sat down with an accountant and looked at what all this debt was costing me and how much i was actually saving on taxes, etc.

Bottom line, i was losing money like mad. The tax savings were a real joke compared to the amount of interest i was paying.

No matter how much the wife and i tried, we never were able to save up anything substantial.

So we re-did everything we thought we knew about buying and started to pay off everything. The high interest credit cards first, then the auto loans, and finally the house/property.

Now even after paying property taxes, we are saving an amazing mount of $$$ every month. We plugged the leak.

right now im only working 2 days a week on average, as construction has tanked so bad. If we had all the old debt over my head, we'd have surely lost our place by now.

Now no matter what happens, the house is safe. We have full health insurance thru the wifes work thank God.

It's a good feeling to have one's expenses in check...

A nurse I know is married to a Doctor... I asked her why she doesn't retire and she said her husband won't let her because she has a great health plan at work that covers the entire family and he has not health plan...

 

[EddieWalker]

Excellent point about using a mortgage to get back more on your taxes. I worked with all sorts of guys who thought that it was smart to have a mortgage so they would get a bigger refund on their taxes, but they never did the math on what they where paying on interest for that loan every year compared to how little that adds to their return. It's simple math, but for whatever reason, nobody wanted to run the numbers.

Eddie

 

[mcd176]

Thankfully I only have a mortgage and a SUV payment, The SUV is paid off next year and hopefully it lasts a few years beyond that, I used to have some high credit card debt in my younger years and learned my lesson, I do however feel that there are just sometimes that you will have a loan to pay on, Rather it be a new vehicle (or a new to me vehicle, I never will buy anything brand new, you just save way too much $$ buying quality used vehicles or tractors) or if your building a home and dont have all the cash on hand, I just believe in living within your means and as others have said dont try to keep up with the Jones's.

 

[Gale Hawkins]

Excellent point about using a mortgage to get back more on your taxes. I worked with all sorts of guys who thought that it was smart to have a mortgage so they would get a bigger refund on their taxes, but they never did the math on what they where paying on interest for that loan every year compared to how little that adds to their return. It's simple math, but for whatever reason, nobody wanted to run the numbers.

Eddie

That logic is alive and well but like you say they just do not do the math.

 

[KennyG]

It probably would seem nuts to a lot of people, but I have three 30 year mortgages I recently took out. I will be 91 years old when I'm debt free (fingers crossed). In my tax bracket, my 4% mortgages are effectively about 2.8%. I'm guessing that, over the long term, my money is better off in stocks and bonds. Of course, I could be really, really wrong, but I've done the math and made my choice.

Of course, as a backup I've got enough in "conservative" investments to cover the mortgage payoff and I've got one property on the market, just in case the real estate market wakes up.:thumbsup:

 

[Gale Hawkins]

It probably would seem nuts to a lot of people, but I have three 30 year mortgages I recently took out. I will be 91 years old when I'm debt free (fingers crossed). In my tax bracket, my 4% mortgages are effectively about 2.8%. I'm guessing that, over the long term, my money is better off in stocks and bonds. Of course, I could be really, really wrong, but I've done the math and made my choice.

Of course, as a backup I've got enough in "conservative" investments to cover the mortgage payoff and I've got one property on the market, just in case the real estate market wakes up.:thumbsup:

Where there is the money setting to pay off a mortgage that changes everything. That is a net worth kind of thing. It is net debt that can bite.

Debt can be a tool but it can also be a cruel tool if not managed.

 

[two_bit_score]

It's a good feeling to have one's expenses in check...

A nurse I know is married to a Doctor... I asked her why she doesn't retire and she said her husband won't let her because she has a great health plan at work that covers the entire family and he has not health plan...

If he's like most doctors I know he's probably thinking, too, that as long as she is working she is not out spending money.