Vash - congrats! For the vast majority of people, debt free is a great way to go if possible.
Originally Posted by bigx5murf
(Post 809280)
I'm 28 with 7 figures of debt... yes, that's not a typo... thanks mom & dad! :)
Originally Posted by bigx5murf
(Post 809298)
they left me more equity than debt... barely
I'm not asking for specific numbers or personally identifiable details, but you can't throw that teaser out there and leave it completely unexplained!
Originally Posted by dc2696
(Post 809299)
Good job mang, now get with the program and buy a house! lol
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Congratulations Vash. Join the exclusive club of those that pay their own way, and don't owe anyone anything.
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Congrats Vash!
Originally Posted by Braineack
(Post 809244)
was six figures deep in debt in Jan of this year. We could technically be 100% debt free today...will be soon.
Myself, I will (hopefully) never be in debt. If I want schooling, the it will be payed for. Another excellent reason to join the military. :brain: |
(Sent from phone via capitalism)
Originally Posted by Gearhead_318
Congrats Vash!
Originally Posted by Braineack
(Post 809244)
was six figures deep in debt in Jan of this year. We could technically be 100% debt free today...will be soon.
Myself, I will (hopefully) never be in debt. If I want schooling, the it will be payed for. Another excellent reason to join the military. :brain: |
Sorry to hear that. That situation would really piss me off.
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Congrats, I hate you now, but congrats. Its just bitter jealously. :) |
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Wish I were in the same position. :sad2:
congrats to you! |
Originally Posted by kenzo42
(Post 809306)
$420,000 in school loans. 8.xx% Grant Plus.
Payoff - 30 years. lol. Starting new business 6 months ago, I am virtually debt free there, and we just refi'd from a 30yr to a 15yr @ 3.25% - and paying LESS than what we were on the 30... Congrats Vash on the freedom! |
Originally Posted by kenzo42
(Post 809306)
$420,000 in school loans. 8.xx% Grant Plus.
Payoff - 30 years. lol. |
Originally Posted by Vashthestampede
(Post 809202)
Just got my final payment for painting the shop and went right to my bank today and paid off the remainder on my loan! Thats a $350 a month payment gone for good!
No more credit cards, no more loans and everything I own is mine! :bigtu: Feels fucking fantastic. Same boat myself, with exception to the house. I do use the plastic, but I pay it off each month. Cards can offer additional protections against using cash plus you get points. Any purchases made on revolving credit are paid off that month, then the points are accumulated and eventually redeemed. There is no extra cost to me, and we get something cool out of it over time. It takes a lot of will power to make sure I don't charge over my ability to pay off that month. The way I do it is I have a rule of 3, meaning I must have enough available cash to purchase 3 of the item I want at that time. If I can't buy 3, then I can't buy 1. I'll also sometimes make large purchases on plastic if there is a 0% long term finance option. This is rare, but I've done it. I'll pay it off at minimum 1 month before end of term. Example, say I buy a new appliance for $1k with 18 month same as cash terms. First, I make sure we have $3k available as liquid cash. If I do and go through with the purchase, I make sure that that the payments are paid on time and finished by month 17; that's $59/mo in this example over 17 months. This keeps my cash available and it's also really good for the credit score. That's a more complicated issue though, and has other factors. |
I'm hoping to build rather than buy. I've actually already played around with blueprints in hopes that I can go that route.
The loan was a consolidation of all my credit cards that I got carried away with at one point. Lesson learned. I wish I cared this much about money 5 years ago before I went through it like water. lol Today was a good day. :) |
Originally Posted by Scrappy Jack
(Post 809311)
I am totally lost. How do you have $1,000,000+ of debt after your parents left you with more equity than debt? Did they leave you a $1 mil mortgage on property worth $1.1 mil or something? I'm not asking for specific numbers or personally identifiable details, but you can't throw that teaser out there and leave it completely unexplained! |
Originally Posted by GeneSplicer
(Post 809410)
student loans do not go away in bankruptcy from what I understand
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Originally Posted by Braineack
(Post 809391)
(Sent from phone via capitalism)Sold a house.
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Originally Posted by Vashthestampede
(Post 809426)
I'm hoping to build rather than buy.
For a data point, we finally got everything paid off on 9/11/09 (42 years old) so you are definitely well ahead of where I was. Fantastic job!
Originally Posted by 18psi
(Post 809217)
welcome to the .000058%
http://ninjageneration.com/wp-conten...artoon-Big.jpg http://investing.curiouscatblog.net/...sus-saving.png (the steep drop on the red line is people defaulting on their loans) |
141K more and I'm with ya........stupid house.
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At least with a house theres equity.
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Originally Posted by Vashthestampede
(Post 809202)
Just got my final payment for painting the shop and went right to my bank today and paid off the remainder on my loan! Thats a $350 a month payment gone for good!
No more credit cards, no more loans and everything I own is mine! :bigtu: Feels fucking fantastic. |
Hey, now that you are debt free don't forget about investing some money. You have a fantastic opportunity now to build a nice nest egg. The market will take off again in the near future and the more you initially have in there the more it will grow.
This chart does not have the years marked on it but the last green period ended in '99. http://www.mywealth.com/blog/sites/d...es/100YEAR.JPG |
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