Posted: 9/5/2008 9:02:58 AM EDT
| Paid off the last of my debt this week. It was planned debt so it's all good. I am now debt free until I buy a house next year. It feels great. |
Freaking awesome! Congratulations. All we've got is the mortgage but there's a ways to go on that yet - wife stopped working in January to raise our toddler daughter full-time and now we're expecting our second (a son this time) around Thanksgiving. Barring Powerball, I suspect it'll be awhile before I get to start this kind of thread. 
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Been part of this 'debt free' club since Feburary and it feels awesome! I actually smile when I don't get a Credit card bill in the mail, and if I DO use it, I'm able to pay it off at the end of the month and instead of giving them interest, I get rebate dollars! HA! It takes will power not to get into debt, it's so easy these days it's amazing. My motto is since then, "if I don't have the cash to pay for it, I don't really need it". But, I've seen some people get out of debt then fool themselves that they're doing okay, then go out and buy something else that just puts them into debt again. |
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Thats the only way we buy furniture. 12 months same as cash. That way the money sits in my bank drawing interest, not the furniture stores bank. |
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It is a great feeling - now start putting money in the bank. I'm a bit older and I didn't work for a living until age 44 (24 years in the military) so I didn't start making money until recently. Both of my new cars are paid off, no credit card debt, I'm 14 years ahead on my mortgage, and still putting 15-20% of my salary into a third retirement fund (military pension, CalPers). Easy credit is the devil. Too many people have been raised spoiled by their parents and now live on credit to maintain that spoiled life style. |
| i already put 2k a year into retirement. i have since i was 16 plus i have another $8k in two other retirement accounts. I have 4k in bonds collecting about 12% interest. Life is good. not to sound like a braggart but my dad inherited some money and is buying me a new car after i graduate from college. i told him to hold onto it for when i need a car, not when i want one. |
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Welcome aboard. Paid off the house in 2001. Killedn the truck loan in 2006 Son has a $164 a month car payment that I cover if he maintains good grades and works a part time job for his spending money. IF I use a CC, I put the cash in an envelope and hand it to Wifey with the item listed on the front...buy nothing you can't afford. Congrats!!! Pete |
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If you can't afford it, you don't need it. Most people have way too much money sunk into a depreciating asset (cars), and not enough in an appreciating asset (investments). “The paid off home mortgage has taken the place of the BMW as the status symbol of choice" - Dave Ramsey |
AMEN...fellow Ramseian...now live like no one else
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I was essentially debt-free before my divorce. Legal fees and other costs for that totaled about one full year of take-home income. It will be a few years before I recover.  ETA - her costs were about the same. My son just turned 15. All the $$ saved for his college are long gone.  |
Debt free as well with 2 fairly new vehicles paid for but no house yet. Got the down payment under the mattress waiting to see what happens with the market. We became debt free by selling our home last year and then the market went south so we are renters for the first time in many years. We could fly the coop at any time without hesitation which is very liberating although I am anxious to get into a home again.
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Congrats. I've been debt free for a few months now (no house, so I still have bills). Feels great! Unfortunately I have to pay tuition in a few days, and will have about $1800 of debt again  . Oh well, it'll be paid off in a few months, barring any emergencies (I have the cash to pay for it now, but then my emergency fund is gone).
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| We were mortgage only for a while, then got into some stupid shit (dogs, vet bills for dogs, fence for dogs...) and an unneeded family trip. Just got that squared around. We'll see if we can keep it up. Our mortgage is about to pass a milestone on the road to paid off, but still a DAMN long way to go. |
I just got debt free in July myself.  It is a wonderful feeling to not owe anyone anything, besides utilities of course.I had owed a credit card debt for years & finally took out a consolidation loan to be able to have a set date to when I would be free of debt. I ended up paying it off almost a year early, thanks to a lot of OT offered at work. Now I'll actually be able start a savings account, as long as I can curb the BRD.
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