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Author Topic: Debt Free!  (Read 1335 times)

Offline Sundowner

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Debt Free!
« on: February 09, 2008, 10:25:59 AM »
Well, I made a trip to the credit union today and made my final car payment.
With this final payment all my outstanding debts are now paid in full!

My servitude to debt began in 1981 when I secured my first loan (manacle) for a Sanyo stereo system. For the last 27 years I have toiled under debt like most Americans.

As of today I have no car payments, credit card payments, house payments or installment payments of any kind.

All of my previous monthly payment amounts now go into our savings.

I've tried it both ways now: in debt and debt free.

I highly recommend freedom from debt to each and every one of you.
You won't believe the peace of mind you can have.

It's not easy (nothing worthwhile ever is).
But what you will get in return for your hard work is beyond words.


"The rich ruleth over the poor, and the borrower is a servant to the lender." Proverbs 22:7

Today I declare my freedom!

Regards,
Sun
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Offline texasmom

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Debt Free!
« Reply #1 on: February 09, 2008, 10:26:35 AM »
Congratulations! That's something to be proud of! :D
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Offline Meatwad

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Debt Free!
« Reply #2 on: February 09, 2008, 10:27:11 AM »
WTG! :)
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Offline JB88

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« Reply #3 on: February 09, 2008, 10:35:15 AM »
woohoo!!!!
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Offline rabbidrabbit

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Debt Free!
« Reply #4 on: February 09, 2008, 10:39:42 AM »
Money is liquid.  I have no debt beyond mortgage but it's costing me under 4% and the same money makes me a far better return in other places.  This "debt" is making me money.  Most other debts do indeed cost more than they return but don't look at it as an absolute.
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Offline DREDIOCK

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Debt Free!
« Reply #5 on: February 09, 2008, 10:51:39 AM »
Congradulations.
working towards the same goal myself.

As bad as credit cards can get. also try and stay away from overdraft protection. Even for business.

All too often the way you figure something will work ends up not working that way.

"Soon as I get the check I'll just pay it"
Then something comes up and you end up making payments.
Or you dont take into account the fees associated with it

First thing I learned is the first thing you have to do is stop the bleeding.
First thing I got rid of was the OD protection.

ONLY use credit cards for things that just arent practical to pay any other way. Or in DIRE emergancy.

Always make more then the minimum payment whenever possible.
Even if its only by $5
What I do when money is tight is round up to the nearest $10
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Offline WWhiskey

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Debt Free!
« Reply #6 on: February 09, 2008, 11:01:22 AM »
debt free is good! congrats.
 o but wait you still have taxes too pay
property taxes,
federal taxes,
 sales taxes,
 school taxes,
 sin taxes,
healthcare,
 car insurance.
sorry, but you were having way to good of a time, had too wake you up. lol



 really congrats. tho, it is a big step forward:aok
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Offline lasersailor184

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« Reply #7 on: February 09, 2008, 11:02:49 AM »
Congratulations.  I've got about 25-30 grand in student loans.  I'm not too worried about them.
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Offline Charon

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Debt Free!
« Reply #8 on: February 09, 2008, 11:05:41 AM »
Congrats. The best way to live life, IMO.

Our family believes less is more. We do quite nicely actually, and are debt free aside from a small and highly reasonable mortgage and my car payment, that I could pay off tomorrow if I wanted to. We could lease the Mercedes if we wanted to, but don't really mind the Hyundai. We are actually at the point today of building up more cash than we should. With the value of the dollar dropping that is worrisome and with the stock market volatile that is worrisome.

Charon
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Offline Sundowner

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Debt Free!
« Reply #9 on: February 09, 2008, 11:24:50 AM »
Quote
Originally posted by WWhiskey
debt free is good! congrats.
 o but wait you still have taxes too pay
property taxes,
federal taxes,
 sales taxes,
 school taxes,
 sin taxes,
healthcare,
 car insurance.
sorry, but you were having way to good of a time, had too wake you up. lol



 really congrats. tho, it is a big step forward:aok


property taxes
I own no property! (rent)
Plan to buy for the first time in the future,but for now--nada.

federal taxes
With my single income and five dependents (exemptions) I owe no federal tax!

sales taxes
Cant argue there. If I buy I pay sales tax, but this is not a debt owed.

school taxes
Er..I'm not sure I understand this one. Checked my checkbook register and cant find an entry for that one.

sin taxes
I don't sin.
(J/K I don't play the lottery but I guess I pay a sin tax on the occasional beer I drink.:))

health care
Paid for by my employer!:aok

car insurance
Yup, I pay that...but thats like utilities and groceries..no debt.

Regards,
Sun
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Offline Bodhi

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« Reply #10 on: February 09, 2008, 12:33:08 PM »
WTG Sundowner.  That is a great goal to reach.
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Offline WWhiskey

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« Reply #11 on: February 09, 2008, 12:41:48 PM »
school taxes come with the property you look too own
and i was just playin wihth you anyhow lol <>
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Offline Nilsen

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« Reply #12 on: February 09, 2008, 12:54:39 PM »
Congrats Sundowner!

I got debt free just over 10 years ago. I will be debt free for the rest of my life. Most people never realise how fast your savings will grow as soon as you learn to never ever borrow for things you dont need and stay away from credit cards. I have friends who make more than me but have ALOT less just because its so easy to borrow to get a new car when the old one still works or a bigger house when the place you live is good enough :)
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Offline AWMac

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« Reply #13 on: February 09, 2008, 02:22:55 PM »
Dam it...

House (Tents or Cardboard Boxes)
Kids with College Loans (Never Co Sign)
Cars (Ride bikes)
IRS (Will Someone Burn That Building?)
Credit Cards (Plastic is Evil)

When I die and am creamated they will take 21.5% of my ashes.

Mac
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Offline Nilsen

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Debt Free!
« Reply #14 on: February 09, 2008, 02:26:35 PM »
Sell it all and and move to Canada.

The IRS cant get you there can they?
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