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Post by Deleted on Jan 24, 2016 20:43:25 GMT -5
Debt free people are certainly allowed to be proud of accomplishing their goals. Just because someone else makes a different choice doesn't make them jealous or unsuccessful, or wrong, However.
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gregintenn
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Post by gregintenn on Jan 24, 2016 20:45:28 GMT -5
We have not had debt in forever and back then maybe only a few dollars. We just don't do debt, if we can't pay for it we don't buy it. We also have a pretty high net worth, but you never know what life can hit you with so hope we can weather whatever comes our way in the future. We may live a long time and we want to make it last and hope to leave son some when we leave this world. He is also a proponent of not having debt, he learned that pretty well and his wife is the same. I'm thankful. You're the sort of person I looked up to while I was paying off debt. To see it can be done was a big inspiration to me.
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gregintenn
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Post by gregintenn on Jan 24, 2016 20:46:03 GMT -5
Debt free people are certainly allowed to be proud of accomplishing their goals. Just because someone else makes a different choice doesn't make them jealous or unsuccessful, or wrong, However. Who the hell said any of that other than you?
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Post by Deleted on Jan 24, 2016 20:47:20 GMT -5
Debt free people are certainly allowed to be proud of accomplishing their goals. Just because someone else makes a different choice doesn't make them jealous or unsuccessful, or wrong, However. No, the part about making snide comments to the debt free folks is the part that makes folks jealous and unsuccessful. I haven't seen one debt free person say a thing about the people that still have debt. The folks with debt on the other hand...
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Deleted
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Post by Deleted on Jan 24, 2016 20:55:59 GMT -5
You're right. You want to point out how being "debt free" makes you smug and superior to others and I've pointed out how being debt-free isn't everything it's cracked up to be.
But carry on!
That's not fair. This is something they've worked towards and accomplished. They are allowed to brag about it and not be subjected to the jealousy of those that have not been so successful at it. You're being petty. Uhm... Later said it...
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Deleted
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Post by Deleted on Jan 24, 2016 20:58:45 GMT -5
That's not fair. This is something they've worked towards and accomplished. They are allowed to brag about it and not be subjected to the jealousy of those that have not been so successful at it. You're being petty. Uhm... Later said it... I'm not debt free.
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SVT
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Post by SVT on Jan 24, 2016 21:06:24 GMT -5
I've been debt free for a few years now. But I don't have a house.
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gregintenn
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Post by gregintenn on Jan 24, 2016 21:06:38 GMT -5
Umm....checkmate?
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Works4me
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Post by Works4me on Jan 24, 2016 21:06:54 GMT -5
Yes, I am - why do you ask?
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gregintenn
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Post by gregintenn on Jan 24, 2016 21:07:26 GMT -5
I've been debt free for a few years now. But I don't have a house. I didn't mention a house. You're debt free!!!! Way to go.
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gregintenn
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Post by gregintenn on Jan 24, 2016 21:08:25 GMT -5
Yes, I am - why do you ask? I wanted to cheer for you! Congratulations.
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Post by Deleted on Jan 24, 2016 21:10:03 GMT -5
How does that change the fact that you are the one who called people jealous, unsuccessful and petty, and that I responded to you? That was the question Greg asked... Who said those things? And that was the question I answered.
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Post by Deleted on Jan 24, 2016 21:10:23 GMT -5
We have been since 2012 at the age of 31. DW and I got together in 2009 after each divorcing a financial albatross and went into super saver/strict budget mode for three years to get enough money to sell her former house (she even went on a civilian tour in Afghanistan for 6 months to get the $$$ to bring to the table to sell), pay off our cars and the mortgage of what was previously my house. It helped having a pretty cheap townhome, very modest cars and two professional incomes.
Life is a whole lot easier debt free.
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justme
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Post by justme on Jan 24, 2016 21:12:06 GMT -5
I think being able to be debt free is great when the interest rates are 7+%. I'm using debt now at lower percentages to get me in a place where I can be debt free when interest rates get that high.
But there's plenty of reasons to have debt free as a goal. Some can't use debt correctly. Some just don't want debt.
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gregintenn
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Post by gregintenn on Jan 24, 2016 21:14:31 GMT -5
Yeah...that's probably it. But you know, he might have wanted to give others the chance to brag a bit as well, and be a bit of inspiration to people who are working toward that goal and aren't quite there yet. Thank you for your charming assessment. Go pay those debts off and get back with us.
*Quote was removed because the post quoted had been removed - mmhmm, Administrator*
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busymom
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Post by busymom on Jan 24, 2016 21:15:11 GMT -5
We're not debt free. Yet. But, we pay our credit card bills in full now, as they come in, & we helped DD pay college tuition for the LAST time Fall semester (DD has all of her credits to graduate), so, with no more tuition to worry about, we plan to accelerate payments on our house & car. Our goal is to be completely debt free before retirement, & throw extra into the retirement fund.
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SVT
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Post by SVT on Jan 24, 2016 21:16:45 GMT -5
There are many considerations for the have debt and invest vs pay off debt debate. I used to be firmly in the take low interest debt and invest the rest but not quite like I used to be.
Liquidity is something to consider but also the risk vs return of what you're doing. Paying off debt is risk free so it makes sense to consider the fact that you're getting a risk free rate of return equivalent to the interest rate of your debt by paying it off and use that as part of ones bond allocation, among other considerations.
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swamp
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Post by swamp on Jan 24, 2016 21:19:55 GMT -5
Nope.
We have a mortgage on the house, 3.5%. Owe 6 more years. I have a loan on the van. 1.9%. 3 more years DH has a loan on his truck. 2.99%. 2.5 more years 0% on the tractor. I think that's 3 more years. I really don't know.
Thats it.
We we could pay off most if the debt but I dont really see why I should.
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Post by Deleted on Jan 24, 2016 21:26:53 GMT -5
How does that change the fact that you are the one who called people jealous, unsuccessful and petty, and that I always responded to you? That was the question Greg asked... Who said those things? And that was the question I answered. Are you off your meds lately? Go back and reread the comments.
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Post by Deleted on Jan 24, 2016 21:28:26 GMT -5
How does that change the fact that you are the one who called people jealous, unsuccessful and petty, and that I always responded to you? That was the question Greg asked... Who said those things? And that was the question I answered. Are you off your meds lately? Go back and reread the comments. Later: That's not fair. This is something they've worked towards and accomplished. They are allowed to brag about it and not be subjected to the jealousy of those that have not been so successful at it. You're being petty. Oped: Debt free people are certainly allowed to be proud of accomplishing their goals. Just because someone else makes a different choice doesn't make them jealous or unsuccessful, or wrong, However. Greg: Who the hell said any of that other than you? Oped:,Uhm... Later said it... Later: No, the part about making snide comments to the debt free folks is the part that makes folks jealous and unsuccessful. I haven't seen one debt free person say a thing about the people that still have debt. The folks with debt on the other hand...Oped: How does that change the fact that you are the one who called people jealous, unsuccessful and petty, and that I responded to you? That was the question Greg asked... Who said those things? And that was the question I answered. And that leads us to the above personal attack... Yet again.
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cranberry
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Post by cranberry on Jan 24, 2016 21:32:34 GMT -5
I'm debt free now and have been for most of the last 15 years. But in a couple weeks, I will be taking on a mortgage. I've thought it through and even though I would rather not have debt, this is the plan that works best for me right now.
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gregintenn
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Post by gregintenn on Jan 24, 2016 21:34:57 GMT -5
I'm debt free now and have been for most of the last 15 years. But in a couple weeks, I will be taking on a mortgage. I've thought it through and even though I would rather not have debt, this is the plan that works best for me right now. Technically, you ARE debt free. There's a farm adjacent to my property that is about to go up for auction. Depending on how much I have to pay for it, and what the stock market looks like at that time, I may decide to take out a short term loan myself.
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Post by Deleted on Jan 24, 2016 21:43:09 GMT -5
I have a mortgage but consider myself debt-free. Under your terms, you couldn't be under contract to anything including cell phone service, home security, satellite, health club, etc. ETA: In fact, if you have anything but a month-to-month lease on an apartment, you aren't debt-free since you must pay that amount for X number of months.
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Deleted
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Post by Deleted on Jan 24, 2016 21:45:44 GMT -5
.....is it safe?
Raises hand..
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Works4me
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Post by Works4me on Jan 24, 2016 21:47:14 GMT -5
Paid a small mortgage off within a few years in the early 1990's as well as CC's and love the feeling of being able to live cheaply and tell the world to go to hell too much. As a single adult, it is just too much fun to be able to do what I want when I want to be tied to debt. Also I had to retire early due to lupus and I would have been royally screwed if I had what is considered to be a normal debt load of mortgage and car payments.
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ken a.k.a OMK
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Post by ken a.k.a OMK on Jan 24, 2016 21:50:56 GMT -5
Not debt free here. Dh and I both retired from the military in our 40's, but we currently have a 3.25% 30 year fixed rate mortgage that we are not paying a dime more than needed on. We have more than enough in investments/savings to pay it off, but we like the low rate, and believe we will come out ahead in the long run by not paying it down early.
No other debt than our mortgage, which was our "debt free" mark, but I understand that others may feel differently.
Personal finance IS personal, after all! Thank you both for your service.
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ken a.k.a OMK
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Post by ken a.k.a OMK on Jan 24, 2016 21:57:54 GMT -5
Debt free here. Retired. Haven't touched any retirement funds. I think what got us here was: 1. Pay yourself first. Meaning save any unexpected income. 2. Pay off credit cards and don't keep charging. 3. Money makes money and compound interest is important. At least it was when banks paid interest.
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justme
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Post by justme on Jan 24, 2016 22:11:01 GMT -5
I have a mortgage but consider myself debt-free. Under your terms, you couldn't be under contract to anything including cell phone service, home security, satellite, health club, etc. ETA: In fact, if you have anything but a month-to-month lease on an apartment, you aren't debt-free since you must pay that amount for X number of months. BOOM! <mic drop>
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Baby Fawkes
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Post by Baby Fawkes on Jan 24, 2016 22:30:00 GMT -5
Good for you. This thread is about being debt free. You're right. You want to point out how being "debt free" makes you smug and superior to others and I've pointed out how being debt-free isn't everything it's cracked up to be.
But carry on!
I'm debt free because I currently rent. However, I'll happily take on a mortgage when we decide to buy. Debt-free is nice, but I'm in tha camp that says the ultimate goal is to be in a situation where we could be debt free and pay off everything but choose to make the best use of debt. Leverage and debt are great tools if used wisely.
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giramomma
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Post by giramomma on Jan 24, 2016 23:09:20 GMT -5
We have been since 2012 at the age of 31. DW and I got together in 2009 after each divorcing a financial albatross and went into super saver/strict budget mode for three years to get enough money to sell her former house (she even went on a civilian tour in Afghanistan for 6 months to get the $$$ to bring to the table to sell), pay off our cars and the mortgage of what was previously my house. It helped having a pretty cheap townhome, very modest cars and two professional incomes. Life is a whole lot easier debt free.I think it depends.. If we paid off our mortgage tomorrow (which we could do), that would free up $400/month in terms of cash flow. That's it. $400/month is not a game changer for us. In order for our life to be a whole lot easier or to have a marked improvement, we'd really need about an extra 1K/month..1500 would be even better. At 1500, we could buy services to save us some time: house cleaner, outdoor maintenance folks..But, we'd still lose a bunch of time because we would have to be dual professional. I'm not sure how "easy" it is to have two professionals working full time, deal with three active kids that don't have their drivers license, and also help aging parents. I'm not sure how living debt free helps you when you are in this situation....You can't buy more time.. I know folks that are well off. I'm not privy to their financial situation, but I'm assuming they don't have a lot of foolish consumer debt. They still worry about their finances...
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