What is your "Debt Free Date"

[twinjayhawks]

I did some research on the internet on Percentage of Americans with Mortgages... I am not sure if this is correct but it's probably close:

1999 62% with Mortgages
2011 90% estimated with Mortgages

My father told me when he was a kid it was very rare for anyone to have a mortgage (1940's). I know he grew up in a rural area so that probably changes as you move to the cities.

Bottom line... I think with the way the economy is today and where it seems to be headed that being debt free is the only option. Our Debt free day is 1/1/18 if I don't pay any extra with the payments. I hope to make that date 1/1/15 if everything goes right. My debt is just for my land since I have built our home with cash.

What is your opinion on this and what is your "Debt Free Date"?

 

[nybirdman]

Congratulations on your restraint.Sounds like you have a plan..stick to it.
I haven't had a mortgage in eight years,paid it off early...it was only 15 years to start.Only debt we have is a car and that is done November 2012 if i don't go early on that.
As note:around here(northern NY) as long ago as the 1960's you could buy 100 acres and an old farm house for $10,000,and the banks wouldn't lend any more than that.Things sure change,our land is cheap compared to the rest of the country at $1500 an acre now.

 

[chopped]

Mine was 1980 Never carried any dept .not even a car loan lol

 

[scgargoyle]

Hopefully before the end of 2012. We are building on our rural property in SC, and doing it all out-of-pocket. If we can sell the FL house, we will be debt-free. If not, I guess we'll rent it.

 

[EddieWalker]

Mine was in 2005. I paid off the note for my land and built my house for cash. It's a small house, but I keep working on making in nicer every year. Being self employed, not having a mortgage is how I sleep at nights. Before paying off the land, I was in a panic more then once when work was slow or a deal didn't go through like it was supposed to. Now that was STRESS!!!!!!!

Eddie

 

[crash325]

My only real debt is the tractor & attachments. It will be paid off by march. :thumbsup::thumbsup:

Smooth sailing after that. Will only be doing what I can pay cash for.

 

[BandRRanch]

I became debt free August 2010, paid off my mortgage on my house in California. Than did what I had always wanted, went and bought acreage in my born state, Tennessee, near where my brother retired. 110 acres of hunting, haying, future crops when I get the time. Now, sadly, no longer debt free, but refi'd my place in California to buy it cash and get one deed, and took a 15. paying it off extra to get that down to 10.
The way I figure it, it is a lot better investment for my future than the stock market, and my mental health. :thumbsup:

 

[twinjayhawks]

Being self employed, not having a mortgage is how I sleep at nights. Before paying off the land, I was in a panic more then once when work was slow or a deal didn't go through like it was supposed to. Now that was STRESS!!!!!!!

I know how you feel. We are also self employed and the ups and downs is SOOO STRESSFUL. Having a small mortgage really helps. Being debt free would be even better.

We live in a vert affluent community and the thought of debt free is looked on as CRAZY. Everyone around us is building the biggest house possible to impress the other crazies. Sometimes it is good to be weird... debt free is weird to most today but that is what we feel is right. We might not have the nicest house but the bank can't take it either...

 

[EddieWalker]

I know how you feel. We are also self employed and the ups and downs is SOOO STRESSFUL. Having a small mortgage really helps. Being debt free would be even better.

We live in a vert affluent community and the thought of debt free is looked on as CRAZY. Everyone around us is building the biggest house possible to impress the other crazies. Sometimes it is good to be weird... debt free is weird to most today but that is what we feel is right. We might not have the nicest house but the bank can't take it either...

My first wife was a title officer and she used to specialize in refi's for the Doctors in a high dollar golf course neighborhood. They would refi just so they could skip a month or two of payments because they where so far in debt that they couldn't pay their bills with a $50,000 a month income!!!!!!!!!

Seems to me that when you have that kind of debt, it's time to cut down on a few of the vacations, brand new cars, parties and decorating. But then I'm making a living from those very people who feel obsessed with outdoing their neighbors and friends.

Eddie

 

[schoolsout]

I'm 29 and trying my best to save to put at least 35% down with a higher target of 50%

Slowly, but surely, the FIRE economy is whithering away...and that's a good thing, IMO.

Congrats to all those that have no debt and to those working hard to end their debt.

 

[TripleR]

Ours was May 2007, way ahead of what we thought it wold ever be and have not bought anything on credit since then, but we are pretty old, so being in debt at our age would be a bear.

I feel sorry for the younger folks as it is going to be harder for them to get debt free the way things are going with the economy and more and more places going to a solely self funded pension plan; won't even go into SS.

 

[RobertN]

Ours was ten years ago. Sold some stock, paid everything off. Job aint like it used to be, but we do not have the bills anymore either.

Well, I take that back; it is amazing, you pay everything off, and then see the other parts; insurance, taxes ect that still eat up the income.

 

[300UGUY]

We paid everything off about 2001. My wife really drove it more than me. I really didn't think much about paying off the mortgage, but after we did it, I'm glad we did. Not so much a financial issue, it just gives you a sense of freedom!

 

[300UGUY]

Ours was May 2007, way ahead of what we thought it wold ever be and have not bought anything on credit since then, but we are pretty old, so being in debt at our age would be a bear.

I feel sorry for the younger folks as it is going to be harder for them to get debt free the way things are going with the economy and more and more places going to a solely self funded pension plan; won't even go into SS.

And with wages as low as they are, I don't see how they can really accumulate enough to ever retire. The idea of retirement might as well not exist for a lot of folks.

 

[RickB]

I did some research on the internet on Percentage of Americans with Mortgages... I am not sure if this is correct but it's probably close:

1999 62% with Mortgages
2011 90% estimated with Mortgages

My father told me when he was a kid it was very rare for anyone to have a mortgage (1940's). I know he grew up in a rural area so that probably changes as you move to the cities.

Bottom line... I think with the way the economy is today and where it seems to be headed that being debt free is the only option. Our Debt free day is 1/1/18 if I don't pay any extra with the payments. I hope to make that date 1/1/15 if everything goes right. My debt is just for my land since I have built our home with cash.

What is your opinion on this and what is your "Debt Free Date"?

I think the info you gathered in your "internet research" is bogus. Nowhere near 90% of Americans own their own homes, not even 90% of households come close. So it is HIGHLY improbable that 90% of Americans have mortgages. Maybe 90% OF THOSE THAT OWN HOMES have mortgages??

 

[grsthegreat]

The wife and I became debt free in 2007. Man, is it a great feeling not to owe anyone anything. No car loans, no home loans, no tractor loans.

Its such a weight off of the shoulders.

 

[bearcreek paul]

We had refinanced in 05 to a 15 year.Shooting for 2015 to be debt free and retire.Sooner with any luck.

 

[twinjayhawks]

I think the info you gathered in your "internet research" is bogus. Nowhere near 90% of Americans own their own homes, not even 90% of households come close. So it is HIGHLY improbable that 90% of Americans have mortgages. Maybe 90% OF THOSE THAT OWN HOMES have mortgages??

Sorry, I meant 90% of those people that own homes will have mortgages.

 

[TripleR]

And with wages as low as they are, I don't see how they can really accumulate enough to ever retire. The idea of retirement might as well not exist for a lot of folks.

Sadly, I think you are right; my older brother and I were discussing it today as we both have children with no real retirement plan that will allow them to retire as we did. We help them as much as we can, but there is only so much to go around.

 

[grnspot110]

We paid our 12 year house loan in ten years, around 20 years ago. Haven't bought anything since that we couldn't pay for on the spot! ~~ grnspot