What is your "Debt Free Date"

[kenmac]

Been debt free for about 8 yrs now. Amazing how much cash you can aquire when you don't have debt

 

[TripleR]

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.

 

[qstott]

I became debt free in July 2009. My wife and I both work. Unfortunately, the good ol' days when you could just sit on your retirement money and watch the balances increase seem to be a thing of the past. The State Employee credit union is paying the best interest rate at just a touch over 1% and stocks are risky. She has been able to put all of her salary in savings for a while. That's the only way we can increase our retirement fund. As someone said, credit cards should be named debt cards. I carried a large amount of credit card debt for years, and finally got rid of it. It is amazing how much more money you can keep, if you pay cash, instead of financing an item at a high interest rate. Why is it the banks pay you 1%, but the credit card they offer you carries a 24.9% or higher interest rate? We can finally say we don't owe anybody anything. But the everyday bills still eat up your income. I don't know how some people can make it when I see them buying $60,000 trucks and 300,000 to 400,000 dollar houses. (Some of these people I have known all my life, and have a good idea how much money they make.)

 

[JimRB]

We have about 4 years left on the house note and the used truck note should be gone about the same time. We were a bit late starting as we built the house in 1997 when I was 47. We had a note on the property for 8 years before that. We soon have to start scrambling for retirement as that is just another 20+ years away.

 

[Larry Caldwell]

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

About 30% of homeowners own their homes free and clear.

 

[gilbertmsg]

Doubt that I ever will, I'm 51 and only owe for my home. Still have 24 years left on the mortgage. I'm in the military and wife does not work, health issues. But we're very happy, have 10 acres, horses and something to do each day. Money is not everything, I have put two (2) daughters thru college, have a 16 year old wanting to attend vet school and I will pay for that somehow. Still enjoy going to work each day. Born middle class and will die that way.

Merry Christmas!!

Eddie

 

[twinjayhawks]

About 30% of homeowners own their homes free and clear.

You may be right, as I said I was not sure about the accurate number for today. I know it is a lot...

Is anyone really free and clear these days? Taxes keep us tied to something for the rest of our lives.

 

[TripleR]

Doubt that I ever will, I'm 51 and only owe for my home. Still have 24 years left on the mortgage. I'm in the military and wife does not work, health issues. But we're very happy, have 10 acres, horses and something to do each day. Money is not everything, I have put two (2) daughters thru college, have a 16 year old wanting to attend vet school and I will pay for that somehow. Still enjoy going to work each day. Born middle class and will die that way.

Merry Christmas!!

Eddie

Thank you for your service and you are right, money isn't everything if you are happy doing what you love.

 

[Larry Caldwell]

My debt free date was 8/1/2004. I kept right on making the mortgage payment, except to myself instead of the bank. At the moment it amounts to about $260k in savings, not all of it my money. I bailed out of the markets when gas hit $4 a gallon because I figured it would tank our consumer economy. I waited until stocks dropped 50%, then bought back in, and due to broker delays, managed to hit the absolute bottom of the market.

The key to affluence is the same as it was in the 1950s: Spend less than you make.

 

[Larry Caldwell]

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.

Unless the Supremes decide Obamacare is unconstitutional, those millions of medical bankruptcies will eventually become a thing of the past.