What is your "Debt Free Date"

[Pilot]

Debt free since the mid '90's. Was about 53 or so when we paid off the house. Not all my doing as an inheritance helped out, but we were on track to pay it off in just a few more years.

You can make a big difference in paying off a mortgage early by doing just a couple things: 1. If you get a cost of living raise (or any raise, for that matter), increase your house payment by the same %. Cost of living raises have increasing housing costs factored in and if you just spend it you are blowing that portion of the raise. It should go to housing. 2. Pay an extra $50 a month or even just round the payment up to the next even number--$1,100 instead of $1052. 3. Refinance when rates are low.

We haven't financed a car since '67. My dear wife hated to make car payments, so after the '66 Nova was paid off, we bought all cars for cash, which meant we bought used. First brand new vehicle we ever bought was a '91 Ranger--for cash and on sale, of course. That was the first car we bought from a dealer in 20 years, which also saved money. And we sold all our old cars ourselves.

It also helps to be a cheap skate.

 

[Professor Marvel]

Actually I do not consider myself a cheapskate. I buy all kinds of simple stuff. I just buy it with money instead of credit. I watch my bank accounts and if they start getting lower I do not buy simple stuff for a while. As long as the accounts are gradually getting more instead of less I am doing ok in my mind. It is not that tough to not be stupid.

 

[Mickey_Fx]

Nice seeing some here are debt free. Last mortgage I've had was paid off about 30 yrs ago. Last time I borrowed any money was in 1990 when I financed half of a new car as I could borrow the money for far less than I was making on my investments. Have always tried to live by the principle of, if I can't afford the cash price I can't afford the deferred borrowed price. Has worked out well for me, but I reilize it is not possible for everyone but know far too many are living beyond their means.

 

[Beltzington]

December 2015

Great to see a few Americans are still working to be financially independent.

Happy Holidays!

 

[Tollster]

Monthly when I pay off my credit card, had a plan when I was young and stuck too it, I don't spend what I don't have....pretty simple plan to live by and its worked all my life.

 

[300UGUY]

Unfortunately, many who are debt free today are only one serious illness away from serious financial issues. I recently changed health insurance and we have formed an LLC and trust to protect some of our assets for our children; but who knows.

One of my family worked for a company that went out of biz years back. He got another job right away, but his wife was pregnant with his son. Before he got back on the insurance, his infant son got sick, spent 3 weeks in the hospital. About 60K later, he was broke and lost his house. The wife left soon after. Medical bills can eat you up.

 

[ozley]

Our debt free day was June 14 2002 moved Aug 2004 to Tenn paid cash for the house and land haven't been better. I remember we could only afford 1 pack of cig's a day. One day reg's next day buy menthol. The only thing my parents bought on time was a radio in 1938.

 

[MWRR]

I have never shied away from borrowing money. For the first five years of our marriage my wife and I bought either a new car, truck or motorcycle every year....borrowing money and making payments. Then when our first child was born, a son, we decided that it was time to settle down and plan for the future. I sold all my toys (three motorcycles and new truck) and was able to scrape together enough money to pay down on a piece of ground. For many years we continued to drive our cars till they were junk and not spend any money. A few years later another piece of property came up for sale that joined our property. I knew when I signed the loan papers that I had bitten off more than I could chew. I picked up a second and then a third job and I chewed (worked). A few years later we bought another piece of ground that joined our property. I continued to work two jobs and farm our ground. My wife remained a stay-at-home mother raising two great kids until the last child was in school and then she too went to work. In 1994 "I" built our current home on the last piece of ground we bought.
Most of the ground is paid for now. We still owe on one piece of ground and are planning to pay off the house in two years.
We are in our 50's now. I retired at 51. The ground we bought back in the '80s for what seemed like a LOT of money is now worth 10 times what we paid for it. We could never have saved enough money to pay cash for the ground. I have no regrets of borrowing money and will probably buy another piece of ground if the right property comes up for sale. And yes I will borrow the money.
I have a close friend that has always been one of those who only buys what he can pay cash for. He has a nice home, vehicles and toys plus the same retirement that I have. The only difference is that I have a net worth that even amazes me. I know that I have enjoyed accumulating all this junk. I hope my kids enjoy their inheritance!!!

 

[RickB]

I have never shied away from borrowing money. For the first five years of our marriage my wife and I bought either a new car, truck or motorcycle every year....borrowing money and making payments. Then when our first child was born, a son, we decided that it was time to settle down and plan for the future. I sold all my toys (three motorcycles and new truck) and was able to scrape together enough money to pay down on a piece of ground. For many years we continued to drive our cars till they were junk and not spend any money. A few years later another piece of property came up for sale that joined our property. I knew when I signed the loan papers that I had bitten off more than I could chew. I picked up a second and then a third job and I chewed (worked). A few years later we bought another piece of ground that joined our property. I continued to work two jobs and farm our ground. My wife remained a stay-at-home mother raising two great kids until the last child was in school and then she too went to work. In 1994 "I" built our current home on the last piece of ground we bought.
Most of the ground is paid for now. We still owe on one piece of ground and are planning to pay off the house in two years.
We are in our 50's now. I retired at 51. The ground we bought back in the '80s for what seemed like a LOT of money is now worth 10 times what we paid for it. We could never have saved enough money to pay cash for the ground. I have no regrets of borrowing money and will probably buy another piece of ground if the right property comes up for sale. And yes I will borrow the money.
I have a close friend that has always been one of those who only buys what he can pay cash for. He has a nice home, vehicles and toys plus the same retirement that I have. The only difference is that I have a net worth that even amazes me. I know that I have enjoyed accumulating all this junk. I hope my kids enjoy their inheritance!!!

Proof that debt is just like any other tool; useful when used properly.
Pay-as-you-go can work well, too.
Managing either philosophy is the key.

 

[forgeblast]

We were down to our last eggs she was a frozen for 6mts, and my mom was dieing of cancer, and did one last IVF it worked. She didnt get to hold her, but she did see her on the ultrasound. We have a great little 3 year old right now.
If you need a good dr please pm me. He does all his own research and really is amazing.