Just wondering how you got to be debt free and what it's actually like. I don't count people with apartments as debt free so homeowners only please. I'm about to head down the boring road of just paying off debts instead of accumulating more. I don't have a need of having more income monthly I just would like to see what it's like to be debt free. Something to strive for. What kind of sacrifices were made? Is it like a weight lifted off your chest?
Did you have kids through all that? I don't think many are willing to work crazy hours and miss out on their life, which is the whole point of all this (unless you don't like kids). Cutting expenses here and there while being "safe" at their job is as good as it gets for many.
I do not see the purpose of being debt free. If our representatives in D.C. can amass a huge debt then so can I. And if they can go to the grave knowing they left a sizable debt then so can I.
Yes. I tried to make time if it was something important. My wife stayed at home so she handled the house while I concentrated on work and money. I don't feel like I missed much. My daughter is in middle school now so she's still young.
i've never owned a credit card or anything.
The difference is they can print more money to pay the huge debt. Do you have a printing press that prints money?
But would you actually take out a mortgage on a house to use the money to invest?So, only homeowners without mortgages?
Sometimes debt is good. Given the choice between a big mortgage at under 3% and using investments to pay off the mortgage, I'll take the mortgage.
Like many things (think: drug addiction, bad relationships) the key is not getting into debt in the first place.
But would you actually take out a mortgage on a house to use the money to invest?
But would you actually take out a mortgage on a house to use the money to invest?
My parents tried something like that. Take 100k loan to invest the money. Was a financial advisor's idea, he said it was risk free. I was still living with them at the time and it sounded like a neat idea to me, almost did it myself but think I was too young at the time anyway.
My parents now owe 100 and something grand to the loan company.
"But would you actually take out a mortgage on a house to use the money to invest?"
Welcome to the 1990's.
It works great, until it doesn't.
If it makes you feel better my sister and her husband are 1.085mil in the hole thereabouts. Between med school, pharmacy school, and a house from 2007 in bubbletopia suburbia that they refuse to sell at a loss so why not get a new $500k one built that actually suits their needs because who needs to retire at 95 anyway. amirite?Between my wife and I were are about 550k in (graduate school debts are the largest component) and we are not yet homeowners. It's exhausting.
But hey, both of are credit scores are 820+... So one day it'll be awesome. One day.
Yea but so do west virginians in their $19k trailer and 1995 Dodge ram 1500 V8 power stroke turbo diesel. You make it sound like after 29.9 years of making payments you finally paid it off but it honestly seems more like a 15 year mortgage your parents helped you get and pay down while in school or something and then you got a job and finished it off. Wowee I bet the real challenge was keeping track of all the money transfers and using the $60 your mum gave you for "bananas" for booze instead.Funny timing on this thread, I just paid off my morgage this month!
Car was bought cash.
No other debts.
Yea but so do west virginians in their $19k trailer and 1995 Dodge ram 1500 V8 power stroke turbo diesel. You make it sound like after 29.9 years of making payments you finally paid it off but it honestly seems more like a 15 year mortgage your parents helped you get and pay down while in school or something and then you got a job and finished it off. Wowee I bet the real challenge was keeping track of all the money transfers and using the $60 your mum gave you for "bananas" for booze instead.