Debt Free

A place to discuss everything else
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Re: Debt Free

Post by RayTL » Sun Mar 24, 2019 7:57 am

Ware wrote:
Mon Mar 04, 2019 9:37 pm
I made my last mortgage payment today. :beer:

This topic is to discuss becoming and staying debt free.
Congrats @Ware !! I dream of this day! :thumbup:
Last edited by RayTL on Sun Mar 24, 2019 8:12 am, edited 2 times in total.
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Re: Debt Free

Post by SCGrassMan » Tue Mar 26, 2019 8:26 am

So one of my current projects is getting out of the payment on two iPhones I had signed up for employees of mine. Long story short they’re gone but the payment is here to stay.

And how Verizon works is I can’t cancel the line without paying for the phone in full, or have somebody take over the payments.

So for two lines I’m paying:
43x2 phone payment
13x2 insurance

Or $220 some odd dollars a month EXTRA.

So I have an ad up to let somebody else take over the payments just to get out of it. I have one person interested in one phone, and a 12 year old kid ask me if I would just give him one so his friends won’t make fun of him any more. 🙄
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Re: Debt Free

Post by 440mag » Sat Mar 30, 2019 2:56 am

Ware wrote:
Tue Mar 05, 2019 2:56 am
[*]All of these bullets start with “we”. It would have been much more difficult, or impossible, if our financial goals were not aligned.
iFisch3224 wrote:
Tue Mar 05, 2019 3:56 am
I'm 31, about to be 32, and ... I've been debt free for about 4 years now, and plan to be, for as long as possible. I am doing this on one income - single, never been married, so I'm ultimately doing this for my freedom.
My income is now about 3.5x my mortgage, instead of about 6x my mortgage, but I also paid cash for my vehicle last year, and the only bills I have are utilities, cell phone, etc. During the summer I can swing double payments, then revert back to saving/paying once during the fall/winter when work slows down.

I'm on a 30 year note, but have already paid down $11,000 in my balance, and ,,, have the next 10, 15, 20 years to sock away for retirement, and likely retire early (earlier) than expected.

The journey is real, and I can almost taste the end, the freedom.
Both of your posts struck a chord with me because, as so many I encountered during my 30 years in law enforcement found out the hard way, THE SINGLE BIGGEST ATTRIBUTE - or DEVASTATION - to financial independence is whether or not, - AND THEN WHO - one takes on as “a partner in life”

Fisch, you sound sooooooo much like me, it is eerie (in a good way) but, I will tell you that, growing up between Baltimore, MD and DC it took years of gals I was friends with referring to me as “the bowling pin” before I asked one of ‘em, “What’s up with that?”

I’ll never forget the gal who finally warned me, “Honey, you don’t know it but, you have a BIG ‘OL TARGET ON YOUR BACK! You have no children, no alimony from prior mistakes of passion, you’re earning good money, saving, - you are what about 3 out of 5 gals, especially single moms like me, look at as, a Free Ticket out of life that has turned out to be less than they wanted life to be!”

Long story short, I didn’t father any children and waited 40 years to get my oats sewed before settling down with a woman only after I was dee-double lickety split positive, beyond any scintilla of doubt, that she was even more financially disciplined and responsible than I was / am.

Keep up the great work (but, don’t ever think you don’t HAVE A TARGET ON YOUR BACK, ALSO! :thumbup:

Now, back to our good natured and mutual revelry and back-slappin’! :thumbup:
When it comes to everything, anytime I edit anything it is always because I forgot something! ;)

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Re: Debt Free

Post by massgrass » Wed Apr 03, 2019 12:14 pm

I've never been debt averse like the Dave Ramsey folks, but the tax law changes have started to push me in this direction too. We're about halfway through our 15 year mortgage and are now taking the standard deduction, so not much help with our effective rate of borrowing. We're in great shape with regard to retirement and college saving/investing, so there isn't really much reason to keep it unless I can get my hands on a 5% CD. ;) We could pay it off now if we wanted to, but I'll likely work on it over the next 2-3 years with occasional lump sum payments.

I don't buy new cars very often, but have had luck with interest rate arbitrage since it's some of the cheapest money you can borrow. I refinanced my wife's car @ 1.49% while I had cash sitting in a 3% CD and refinanced my car @ 1.99% and now have cash sitting in a 3.5% CD. I'm in no rush to pay the remaining loan off at this point though.

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