100% out of debt!!!

[i386]

Re: 100% out of debt!!!

Congrats ezbtr!

My truck will be mine sometime around May. Of course, then it's time to get her a new car.

 

[skargo]

Re: 100% out of debt!!!

Congrats! Sure is a secure feeling isn't it?

 

[ezbtr]

Re: 100% out of debt!!!

Congrats ezbtr!

My truck will be mine sometime around May. Of course, then it's time to get her a new car.

Ohhhhh boy!!!!!!!!!!!!!!!!!!! LOL

 

[ezbtr]

Re: 100% out of debt!!!

yeah feels great although I drive the Camry 95% of the time, but hey cheaper ins. now and saving $400 a month on the double payments I was doing!

 

[ezbtr]

Re: 100% out of debt!!!

mortgage again next, yikes!!! But actually I can get what I want (3 bed 2 bath townhome) for under 170K and still pay it off before 30 yrs, my goal is 10-15

 

[npd4432]

Re: 100% out of debt!!!

mortgage again next, yikes!!! But actually I can get what I want (3 bed 2 bath townhome) for under 170K and still pay it off before 30 yrs, my goal is 10-15

Sounds good.... Interest rates are great right now...

I just built my home 5 years ago and took out a 30 year mortgage at 5.6%
I now did a re-finance for 15 years at 3.85% and saved 10 years of paying and my payment only went up 10 bucks a month. I am just as happy and will have it paid off in hopefully 9 more years!!!! hooray

 

[ezbtr]

Re: 100% out of debt!!!

Sounds good.... Interest rates are great right now...

I just built my home 5 years ago and took out a 30 year mortgage at 5.6%
I now did a re-finance for 15 years at 3.85% and saved 10 years of paying and my payment only went up 10 bucks a month. I am just as happy and will have it paid off in hopefully 9 more years!!!! hooray

thats what im talking about!!!! amazing!!! congrats!

 

[57whitehouse]

Re: 100% out of debt!!!

We payed off everything this year (except the house) and it is freeing!!

 

[Fly Rod]

Re: 100% out of debt!!!

Congratulations!!

 

[642mx]

Re: 100% out of debt!!!

Congrats! Debt sucks... I owe on my house, and that is it. I'm hoping to pay it off in a few years.

 

[FBPirate95]

Re: 100% out of debt!!!

Congrats! I admire you greatly!

 

[joepierce1988]

Re: 100% out of debt!!!

Nice! Good for you! I sure enjoy my lack of car payments as well. The houses, well, thats another story!
__________________
A boat is a hole in the water surrounded by wood into which one pours money

Debt Problems

 

[Fly Rod]

Re: 100% out of debt!!!

yeah but a house is presumably good debt

The only people that believe that, is the lender holding the mortgage and collecting the interest.

 

[jkust]

Re: 100% out of debt!!!

Congrats to you. You will probably enter the best buyers market ever. Looking at houses around my neighborhood and town, the glut of $900,000 homes that we all knew were overpriced when they were built are now selling for $600,000. I almost feel bad for all the people so far underwater. I've always had the idea that new cars are for rich people or people who must do better than we do so we haven't ever had a car payment. I don't think I'll ever get to the point buying a new car no matter what the circumstances.

 

[Fly Rod]

Re: 100% out of debt!!!

bein debt free to me would be not owing any money. Yes you still get monthly bills such as utilities and quarterly property tax, but you pay them when due.

A single family home is not an investment if you owe more then the property is worth.

A multi-family is an investment as long as you are not contributing out of pocket to make it work. If you are taking in more money per month or per year then that is an investment.

 

[dingbat]

Re: 100% out of debt!!!

I'll be 100% out of debt, including the house by next June. Paid it off in 14 years. Time to dump this house and move up.

 

[JasonB]

Re: 100% out of debt!!!

Congrats!

We've been mostly debt free for 12 years. The exception is the house. We currently have it on the market so we relocate a couple miles + buy a house we can bay cash for. I haven't made a car payment in 13 years and we have no desire to start any time soon. Our last house was paid for, but we decided to move an hour away to get closer to family when our first child was born. All this has allowed us to keep my Wife at home with our kids. I can tell you that 6 years after we sen the last payment on the previous house, I can still remember how it felt not financially owing anything to anyone. We still have nice stuff, it's just older stuff with a few miles.

No matter how you slice it, I believe the borrower is slave to the lender.

 

[skargo]

Re: 100% out of debt!!!

We know that amazing feeling when you pay off your primary residence, the shackles come off it feels.
We also do not have a car payment, and haven't for a long time. A vehicle is an appliance, at least a daily driver is. We have some old hot rods that are good for the soul.
We do carry debt on our rental properties, but that doesn't count since all of our properties cashflow well, so the tenants are paying 100% of that debt, plus providing us with monthly income.

Good luck to everyone, I love hearing about people achieving financial freedom!