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View Full Version : Money I am now 100% Debt free


R8RFAN
04-29-2009, 08:43 AM
:D
http://i40.tinypic.com/2yvoqoo.jpg

Brock
04-29-2009, 08:45 AM
Thank you. /IRS

KC Jones
04-29-2009, 08:47 AM
Congrats!

I'm about to refinance and stretch my debt out another 30 years.

:doh!:

Sure-Oz
04-29-2009, 08:48 AM
I was close to paying off all my bills till some dumbshit 17 year old nailed my car and now ill have to buy another one.

wutamess
04-29-2009, 08:48 AM
Congrats!

I'm about to refinance and stretch my debt out another 30 years.

:doh!:

Oh brother! Some people are conditioned to be in debt for the rest of their lives.

Oh yeah... congrats R8r

Mr. Flopnuts
04-29-2009, 08:52 AM
You made the right decision. Congratulations.

talastan
04-29-2009, 08:55 AM
Congrats and great time to not owe anything. Take that money and get some saved back. I'm working my way there! :thumb:

KC Jones
04-29-2009, 08:55 AM
Oh brother! Some people are conditioned to be in debt for the rest of their lives.

Oh yeah... congrats R8r

Heh, if that's what you want to believe. It is actually a financially beneficial action which is why we're doing it. Our monthly payment drops $320 and for an extra $90/month we stay on the same schedule/pay off date as our current mortgage. So keep the same payoff date and have $230 more in the bank each month. Besides, we'll be out of this property long before 30 years is up.

Mr. Plow
04-29-2009, 08:56 AM
Unfortunately, I can't see your personal information or the account #. Would you please post one without all the black marks so that we can verify that this transaction really did take place.

R8RFAN
04-29-2009, 09:07 AM
Thank you. /IRS
Actually I put so much down when I bought it to avoid the PMI stuff, I got the payments too low and could not even deduct any interest
Congrats!

I'm about to refinance and stretch my debt out another 30 years.
If it's over 1% difference and you are going to continue to make the same payment at the least that you are now and are planning to stay there and the difference you save on the close will be paid off in a year, then it's a good move
:doh!:

I was close to paying off all my bills till some dumbshit 17 year old nailed my car and now ill have to buy another one.
Get a cheap one.... pay cash for it F car payments
Oh brother! Some people are conditioned to be in debt for the rest of their lives.

Oh yeah... congrats R8r

Thank You

You made the right decision. Congratulations.
It will be painful to see the bank statement, but the house payment was due 05/01, guess I can just bank that $$$
Congrats and great time to not owe anything. Take that money and get some saved back. I'm working my way there! :thumb:
good luck to you, you will get there

Unfortunately, I can't see your personal information or the account #. Would you please post one without all the black marks so that we can verify that this transaction really did take place.

Umm ... No

Donger
04-29-2009, 09:12 AM
Congratulations! I'm one nice oil run away from paying off my mortgage.

wutamess
04-29-2009, 09:13 AM
Heh, if that's what you want to believe. It is actually a financially beneficial action which is why we're doing it. Our monthly payment drops $320 and for an extra $90/month we stay on the same schedule/pay off date as our current mortgage. So keep the same payoff date and have $230 more in the bank each month. Besides, we'll be out of this property long before 30 years is up.

Excuse me for reading that you're going to stretch your debt out another 30 years. Then to retract that and say you're going to keep the same payoff date and save $230/month.

sparkky
04-29-2009, 09:13 AM
congrats! great feeling isn't it?

NY CHIEF
04-29-2009, 09:18 AM
Join the club.......its great not making the payments,:clap:

dtebbe
04-29-2009, 09:21 AM
Unfortunately, I can't see your personal information or the account #. Would you please post one without all the black marks so I can transfer US$15,000,000 to your account from my Nigerian uncles estate.

I fixed this...

Congrats dude! I know it has to feel great!

R8RFAN
04-29-2009, 09:22 AM
congrats! great feeling isn't it?
I will tell ya 05/01 :D
Join the club.......its great not making the payments,:clap:
It's gotta be

Congratulations! I'm one nice oil run away from paying off my mortgage.

I thought about the stock market then I said hell no, I am gonna pay off my house first, save up again and then maybe

R8RFAN
04-29-2009, 09:23 AM
Join the club.......its great not making the payments,:clap:

how long have you been mortgage free?

Fat Elvis
04-29-2009, 09:25 AM
Join the club.......its great not making the payments,:clap:


Here...here...cheers!:BLVD:

R8RFAN
04-29-2009, 09:33 AM
Think I will go get a 12 pack and take the boat out for a while and let the wife drive

KC Dan
04-29-2009, 09:42 AM
Fantabulous!!!!!!!!! Enjoy not paying the master's anymore!

wutamess
04-29-2009, 09:43 AM
I'm truly jealous as that's been my goal for a while.

gblowfish
04-29-2009, 09:56 AM
How'd you like to make $14 the hard way?

It's easy to grin
When your ship comes in
And you've got the stock market beat.
But the man worthwhile,
Is the man who can smile,
When his shorts are too tight in the seat.

Mr. Plow
04-29-2009, 12:49 PM
I fixed this...

Congrats dude! I know it has to feel great!

That was better.

SenselessChiefsFan
04-29-2009, 01:07 PM
:D
http://i40.tinypic.com/2yvoqoo.jpg

I will be soon.... bankruptcy.

LOL.

rocks
04-29-2009, 01:54 PM
Way to Go!! That is a great move!

KingPriest2
04-29-2009, 02:23 PM
I will tell ya 05/01 :D

It's gotta be



I thought about the stock market then I said hell no, I am gonna pay off my house first, save up again and then maybe

Congrats.

Well you should invest in the stock market. Everything is CHEAP now. Look at long term don't look at short term
Posted via Mobile Device

Valiant
04-29-2009, 02:28 PM
Grats it is a good feeling...

crazycoffey
04-29-2009, 02:42 PM
congrats, did you do it by assembling CD cases at home?

Lzen
04-29-2009, 02:50 PM
Speaking of debt free, anyone going to see Dave Ramsey in KC this weekend? I plan to be there Saturday.

vailpass
04-29-2009, 03:01 PM
Not commenting on this particular poster's situation but it sounds as if some of you don't realize that debt is a powerful tool when used correctly.

BWillie
04-29-2009, 03:06 PM
Excellent choice

R8RFAN
04-29-2009, 03:49 PM
Speaking of debt free, anyone going to see Dave Ramsey in KC this weekend? I plan to be there Saturday.

Thanks to all the replies above
Bought a trailer in 93 (girlfriends (now wifes) credit) 14x70... Payments 179.99 per month + 100 dollars lot rent payment, lived in it til 2003, 5 years longer than I had too.

I am basically self taught on money management, lost everything I had at 23 (bad divorce in 89) went bankrupt, had 0 money said that's enough, vowed to never go that route again, was scared to death at first, I was like OMG I have no credit, how will I survive.
Saved up, bought a 200 dollar car that looked like crap but ran good, drove it 3 years, before long I had saved 3000 bucks.

Then before long I had 10k, then it became addictive... got up to about 45k cash, put almost 30k down cash on my house.


fast forward almost 6 years close to 6 figures cash + a 6 figures 401k with this one bill that everybody expects to pay in their 60's... Looked at the money, looked at the bill, talked to many friends and many of you guys here... weighed everything I was told and read every response here and decided I would rather be debt free before I am 43 than have a big 6 digit bank account making 50 dollars a month on interest.

I got low 5 digits cash to fall back on, a paid off house and plenty of things I can sell if needed (motorcycle ATV extra car) My cars are good and paid for, 1 with 17k miles and another just tripped 30k so unless I just have crappy luck I should be ok there for a while.

I was banking over 2 k a month before I paid it off, I will bank 2k + the house payment now, I usually don't work but 3 or 4 days a week plus my trucking website, I can increase my days at work virtually at any time.

I thought I would be nervous when I did it, and was last night, but I have been very calm since the transaction was completed and I actually have a calm feeling that has come over me.

I have a health issue I have to care for and now I don't have to worry that my family has a roof over their head they can afford, I have good health insurance.

I figured up every dollar I spent last month and I have to work 4 days a month to pay my bills now without the mortgage.

To those that want advice, all I can tell you is if you live your life to build a credit score, you are only falling in the trap to be in debt all your life.

Some people say I have to have credit to get things like a cell phone, or turn on the lights unless I give them a deposit, but you get the deposit after a year. If you have no bills you can easily put up the deposit.

Never get a credit card, never buy a house with a payment over 25% of your NET income per month and never buy a new car (I didn't follow my advice and it set me back)

New 30k car depreciates 100 dollars per week for the first 4 years you own it, add collision and a 500 dollar car payment and that car costs you 1000 per month.

None of us deserve anything we can't pay for, our sense of entitlement in America is killing America and families... the #1 thing that will break your family up is money and it's not worth it...

I argue alot with you guys about football and basketball but I live on the East coast and I can relate to you people with life issues than those California people, the only thing I like about the state is the Raiders...

Anyhoo, thanks for all the grats.... and I hope every last one of you find the peace I have.

ChiefaRoo
04-29-2009, 04:54 PM
How'd you like to make $14 the hard way?

It's easy to grin
When your ship comes in
And you've got the stock market beat.
But the man worthwhile,
Is the man who can smile,
When his shorts are too tight in the seat.

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KC Dan
04-29-2009, 05:00 PM
Not commenting on this particular poster's situation but it sounds as if some of you don't realize that debt is a powerful tool when used correctly.
That's what all of the housing speculators thought. It is far to dangerous unless you have the disposable cash to throw away if need be. The average consumer is not attentive enough to ensure never failing and even a 1% failure chance should be too high if you are not 100% on the ball. If you have a family, you are risking even more.

Stewie
04-29-2009, 05:12 PM
That's what all of the housing speculators thought. It is far to dangerous unless you have the disposable cash to throw away if need be. The average consumer is not attentive enough to ensure never failing and even a 1% failure chance should be too high if you are not 100% on the ball. If you have a family, you are risking even more.

But vailpass can buy a house for 170K and turn around and sell it for 225K. It's amazing that the market in his neighborhood/town/city isn't involved in the downward spiral in RE. It appears people can't afford 170K one week, but there are suddenly buyers at 225K. It's a perfect storm, really.

prhom
04-29-2009, 05:23 PM
That's what all of the housing speculators thought. It is far to dangerous unless you have the disposable cash to throw away if need be. The average consumer is not attentive enough to ensure never failing and even a 1% failure chance should be too high if you are not 100% on the ball. If you have a family, you are risking even more.

The key word in vailpass's post is "correctly" as in NOT being too leveraged such that you own 8 houses and have at most a 5% equity stake in them. That's what the speculators did because that works as long as the market is strong. Warren Buffett said it best: "It's only when the tide goes out that you know who's been swimming naked". Turns out most people were skinny dipping.

Bottom line is only use debt to buy things that make you more money than the debt costs. Cars don't make you any money so don't use debt to buy them. Houses don't make money either unless you get a good deal or the market is going up. However, you have to live somewhere and rent is an alternate expense so my rule is don't have a mortgage that's higher than rent would be.

Those are just my thoughts on the matter...

KC Dan
04-29-2009, 05:26 PM
The key word in vailpass's post is "correctly" as in NOT being too leveraged such that you own 8 houses and have at most a 5% equity stake in them. That's what the speculators did because that works as long as the market is strong. Warren Buffett said it best: "It's only when the tide goes out that you know who's been swimming naked". Turns out most people were skinny dipping.

Bottom line is only use debt to buy things that make you more money than the debt costs. Cars don't make you any money so don't use debt to buy them. Houses don't make money either unless you get a good deal or the market is going up. However, you have to live somewhere and rent is an alternate expense so my rule is don't have a mortgage that's higher than rent would be.

Those are just my thoughts on the matter...
Fully understand and agree with your post. Keep mortgage total monthly outgo to <25% income (preferred) not to exceed 30%. Anymore than that without adequate capitol reserves is silly and dangerous. Though tents are fairly cheap right now...

Fat Elvis
04-29-2009, 05:30 PM
But vailpass can buy a house for 170K and turn around and sell it for 225K. It's amazing that the market in his neighborhood/town/city isn't involved in the downward spiral in RE. It appears people can't afford 170K one week, but there are suddenly buyers at 225K. It's a perfect storm, really.

ROFL

Earthling
04-29-2009, 06:02 PM
Most excellent! Grats!!!
Been debt free myself for the last year and a half with the last mortgage payment made at that time. Good times :)

KC Dan
04-29-2009, 06:22 PM
Most excellent! Grats!!!
Been debt free myself for the last year and a half with the last mortgage payment made at that time. Good times :)
Wierdo! :thumb:

JASONSAUTO
04-29-2009, 06:35 PM
congrats man, you made a good decision IMO, now just bank what you can and your bank acct. will look the same soon

Pestilence
04-29-2009, 06:43 PM
Thanks to all the replies above
Bought a trailer in 93 (girlfriends (now wifes) credit) 14x70... Payments 179.99 per month + 100 dollars lot rent payment, lived in it til 2003, 5 years longer than I had too.

I am basically self taught on money management, lost everything I had at 23 (bad divorce in 89) went bankrupt, had 0 money said that's enough, vowed to never go that route again, was scared to death at first, I was like OMG I have no credit, how will I survive.
Saved up, bought a 200 dollar car that looked like crap but ran good, drove it 3 years, before long I had saved 3000 bucks.

Then before long I had 10k, then it became addictive... got up to about 45k cash, put almost 30k down cash on my house.


fast forward almost 6 years close to 6 figures cash + a 6 figures 401k with this one bill that everybody expects to pay in their 60's... Looked at the money, looked at the bill, talked to many friends and many of you guys here... weighed everything I was told and read every response here and decided I would rather be debt free before I am 43 than have a big 6 digit bank account making 50 dollars a month on interest.

I got low 5 digits cash to fall back on, a paid off house and plenty of things I can sell if needed (motorcycle ATV extra car) My cars are good and paid for, 1 with 17k miles and another just tripped 30k so unless I just have crappy luck I should be ok there for a while.

I was banking over 2 k a month before I paid it off, I will bank 2k + the house payment now, I usually don't work but 3 or 4 days a week plus my trucking website, I can increase my days at work virtually at any time.

I thought I would be nervous when I did it, and was last night, but I have been very calm since the transaction was completed and I actually have a calm feeling that has come over me.

I have a health issue I have to care for and now I don't have to worry that my family has a roof over their head they can afford, I have good health insurance.

I figured up every dollar I spent last month and I have to work 4 days a month to pay my bills now without the mortgage.

To those that want advice, all I can tell you is if you live your life to build a credit score, you are only falling in the trap to be in debt all your life.

Some people say I have to have credit to get things like a cell phone, or turn on the lights unless I give them a deposit, but you get the deposit after a year. If you have no bills you can easily put up the deposit.

Never get a credit card, never buy a house with a payment over 25% of your NET income per month and never buy a new car (I didn't follow my advice and it set me back)

New 30k car depreciates 100 dollars per week for the first 4 years you own it, add collision and a 500 dollar car payment and that car costs you 1000 per month.

None of us deserve anything we can't pay for, our sense of entitlement in America is killing America and families... the #1 thing that will break your family up is money and it's not worth it...

I argue alot with you guys about football and basketball but I live on the East coast and I can relate to you people with life issues than those California people, the only thing I like about the state is the Raiders...

Anyhoo, thanks for all the grats.... and I hope every last one of you find the peace I have.

Congrats man.......

I know you didn't really post this as advice (more as your story) but I'm taking it as advice. I'm working right now to pay off all of my debt and try to never get in that situation again.

R8RFAN
04-29-2009, 06:43 PM
Thanks all,

When people tell you people like us will always have a car payment and a mortgage, tell them BS BECAUSE IT'S NOT TRUE...
I am just a dumbass truck driver with nothing but a GED, if can do it on one salary, anybody can can do it on 2

KC Dan
04-29-2009, 06:47 PM
Thanks all,

When people tell you people like us will always have a car payment and a mortgage, tell them BS BECAUSE IT'S NOT TRUE...
I am just a dumbass truck driver with nothing but a GED, if can do it on one salary, anybody can can do it on 2
Did Al Davis croak? Faider fans CANNOT be this smart! Can't be....LMAO

R8RFAN
04-29-2009, 06:47 PM
Congrats man.......

I know you didn't really post this as advice (more as your story) but I'm taking it as advice. I'm working right now to pay off all of my debt and try to never get in that situation again.

you will never go back once you start feeling the euphoria of being able to take off from work anytime you want without wondering or feeling guilty about wondering if you will make your bills next week as a result...

Good luck to you

R8RFAN
04-29-2009, 06:48 PM
Did Al Davis croak? Faider fans CANNOT be this smart! Can't be....LMAO

I told you I am on the east coast :thumb:

alnorth
04-29-2009, 06:50 PM
Just a little FYI for those who dont know, credit scores are used for more than debt. Home and car insurance is now rated by virtually everyone based on credit score. (Except in California) Most states require that someone with a no hit or no score be treated neutrally, but if you dont have credit, then half of the people with your same record, claim history, etc are paying less than you. The discounts and surcharges arent insignificant, either. This isnt widely advertised, but I happen to know that for almost every home and car insurance company, the spread from best to worst credit is literally about double.

If you want to be debt free, fine knock yourself out, but assuming you have any discipline at all, it doesnt take much effort to maintain a good credit score. Keep a significant revolving credit line, and use it for insignificant purchases every month or two that you immediately pay off.

Saul Good
04-29-2009, 06:53 PM
Congrats. I seem to remember a thread a couple of months back in which you were debating whether or not to pay off your mortgage. Sounds like you made the right choice.

If you decide otherwise, you can always mortgage your house again and speculate with vailpass.

Saul Good
04-29-2009, 06:55 PM
Not commenting on this particular poster's situation but it sounds as if some of you don't realize that debt is a powerful tool when used correctly.

So is cash.

alnorth
04-29-2009, 06:57 PM
So is cash.

I'll borrow your cash for 1% APR.

Saul Good
04-29-2009, 07:39 PM
I'll borrow your cash for 1% APR.

Will you borrow it for more than my mortgage rate with a 100% certainty of being able to repay it?

alnorth
04-29-2009, 07:42 PM
Will you borrow it for more than my mortgage rate with a 100% certainty of being able to repay it?

nope, just wanted to point out that a completely blanket suggestion that "debt is bad" isnt always smart. (not saying you are saying that, but some morons like Dave Ramsey basically say that)

Saul Good
04-29-2009, 07:51 PM
nope, just wanted to point out that a completely blanket suggestion that "debt is bad" isnt always smart. (not saying you are saying that, but some morons like Dave Ramsey basically say that)

Debt is good in the same vein that the lottery is good.

Dave Ramsey is a great model to follow. It's not the only way to prosperity, but it is probably the best way for 90%+ of the population.

Really, I'm okay with mortgage debt to the extent that it should be paid off as quickly as possible. Unsecured debts are asinine. There is almost no excuse for them. Borrowing on depreciating assets such as cars is a good way to struggle for the rest of your life, but it beats credit cards.



Debt for the sake of investing is dumb as well. It can be done successfully, but so can blackjack. More people fail than succeed when they do it.

R8RFAN
04-29-2009, 08:00 PM
I just saved 93k by paying it off in 6 yrs vs 30
I will take my chances

Saul Good
04-29-2009, 08:05 PM
I just saved 93k by paying it off in 6 yrs vs 30
I will take my chances

If it ever truly hits the fan, you've got the roof over your head. That's a pretty good place to be. Totally debt free is about as close to off the grid as we can ever hope to be without going to some extremes.

R8RFAN
04-29-2009, 08:15 PM
If it ever truly hits the fan, you've got the roof over your head. That's a pretty good place to be. Totally debt free is about as close to off the grid as we can ever hope to be without going to some extremes.

and if I died tomorrow, my family has a home and no bills

CrazyPhuD
04-29-2009, 08:19 PM
Thanks all,

When people tell you people like us will always have a car payment and a mortgage, tell them BS BECAUSE IT'S NOT TRUE...
I am just a dumbass truck driver with nothing but a GED, if can do it on one salary, anybody can can do it on 2

Congrats....and I doubt you're just a 'dumbass truck driver' even if you are a Raiders fan. :p And take if from one who knows....education doesn't mean anything...it's how you use it. ;)

Hope the website traffic picks back up once the economy gets going.

Saul Good
04-29-2009, 08:20 PM
Congrats....and I doubt you're just a 'dumbass truck driver' even if you are a Raiders fan. :p And take if from one who knows....education doesn't mean anything...it's how you use it. ;)

Hope the website traffic picks back up once the economy gets going.

What makes you think that he doesn't drive a truck?

CrazyPhuD
04-29-2009, 08:22 PM
What makes you think that he doesn't drive a truck?

LMAO hey I said 'JUST' I didn't doubt he was a truck driver...nor did I doubt he was a dumbass(I mean he IS still a raiders fan). I just said he's not ONLY a truck driver or ONLY a dumbass! :harumph: