Debt Free at Last!

reply to post by tjack


CONGRATULATIONS! I'll be there in 4 years.

Unfortunately, we all still have a thing called property taxes. I don't know about you, but it's steadily rising where I live and it's getting obscene. Property taxes feel like mortgages now! People are struggling just to make the payments.

As long as there is money it is always a possibility that you can become hundreds of thousands in debt overnight. Just look at the people who do not have medical insurance, or the insurance does not pay 100% of the costs.

for people that think they own there home just read the first couple of lines of your deeds it describes you as the tennant THE TENNANT all you own is the air inside ....? blacks law 1933 edition a human being is defined as a beast that is not fit to own property think off the sex pistols song god save the queen shes not a human being ?????? look into a strawman or in the uk freeman on the land

Huzzah!!

Gigantic congratulations to you sir, that is a wonderful accomplishment!

(Need emoticon for round of applause!)

reply to post by WeRpeons







Yes thats true...But when you still have your mortgage you are also paying your property

tax. So at that time you have two 'bills' to pay PLUS interest rates on your mortgage!


The payments that frighten me are the 'energy' bills mine have gone up 100% in the last

four years and still rising at a rate well above inflation!

Stellar effort bud. Good for you. I hope to be there soon too.

Too all the naysayers, shame on you. Of course the govt will own us through taxes etc it's called life as we know it.

Try being happy for someone for a change.

FFS some people amaze me.

reply to post by tjack

Congratulations! Now you should work on spending less than you earn and building your savings. Further down the line you can start to invest and build wealth, I have been debt free for 12 Years and haven' t owned a credit card in all that time. I am much better off now than I ever was when I was saddled with debt. Debt is the major obstacle to any individual being able to build wealth and it's no surprise that TPTB put obstacles in the way of those who do not want to live under a burden of debt.

Congratulations!

I myself am about to do the same thing and it's so ironic that you and I have come to the same conclusion.
I recently separated from the US Navy and got a big severance check. Alot of my friends were telling me not to pay off debt and invest it.

I did my own research and after long thought came to the very same conclusions you did. I have roughly 10k credit debt, and 23k on my car. I don't own a home yet but that will be my next purchase after I pay off what debt remains.

I think we are on the right track here. Why invest in a broken system? I'll just take my property and hard currency (ie gold, silver and copper) and live life free of the debt scheme. I too am looking at modest home (I make good income but it is just me, my wife doesn't work right now) that we can afford comfortably with single income. If she goes back to work, the more the merrier right?

I really think people undervalue being debt free. You are no longer a slave to the debt machine that currently runs the cycle of waste that this country uses. I am going to save up my money when I want something - not use credit - my credit card bills will never get this high again (and 10k is modest apparently).

Good for you and next week when I get paid I will be there too!

Good for you and your decision is a sound one for sure.
After my Mother passed away about 10 years ago we inherited just enough money to pay off our Mortgage and that is just what we did.

Our payments were about $455.00 every two weeks( we chose the accelerated payment plan) so paying off our Mortgage freed up almost $1000.00 per month which we put aside today just like we are still paying the Mortgage.
We also had tons of free advice and almost all of it was directed at investing it. We both were raised in loving homes but we shared the same money situation as kids, we got hand me downs and never a new bike.

I still wear T shirts and stuff the wife buys at the second hand store and have no problem doing so.
So since 10 years ago we have banked over 100 K and never have felt the "squeeze" that some of our friends feel right now.

One 10 year old car and one Truck that is 5 years old and we bought them both used and with cash.
We use one credit card (ESSO Visa) simply because we get a 5% discount on all our gas purchases.
This card is paid off in full every month and we don't fear the mail man


Looking at the financial markets today compared to 10 years ago I don't believe that us investing the money would have turned out all that great, I doubt very much that we would have over 100k in that account today.


Just last month we needed a new roof badly so we got 5 quotes and picked the one we liked.
Got the roof put on the next week and paid full in cash and went to bed that night and slept great as usual.
No stress no dealing with payments through the roofing company or the bank......Hell that felt good.


Our deciding to continue the putting aside of the money after the Mortgage was paid in full came naturally to us both and took no discipline at all.

I do realize that a lot of people would go right out and buy a new car/boat whatever and that is just fine but you have got to look down the road in our opinion.

Anyways we hope you enjoy your soon to be new life that is sure to be much less stressful.

Regards, Iwinder

I paid off my first house in 5 years. I sold it later when the kids got out of school and we moved and bought 2 houses and 2 cars with the money. We just paid off the 3rd house last year and still have the 2 vehicles from 15 years ago.

There is nothing like the security of owning your own home. Just the simple pleasure of blowing your whole paycheck when you need to and not worrying about the mortgage is worth it.

I really think only soft-minded people believe debt is a good thing. A mortgage that is front loaded is a scam just as much as a builders loan or balloon payment. Banks scam people for a living so they are really good at selling terms to morons who don't understand the lingo.

I always laugh when someone brags that they own their house, but they are still making payments. They think that since they made a down payment they "Own" it, but of course the Bank owns it until the clear deed is transferred.

If the bank goes under they can demand you pay in full or they will take your house as collateral. No refund of any kind if you or your bank default. That would suck pretty hard if you had a 30 year mortgage and had paid all the interest for 20 years and only 15% of the principal. You would still owe 85% of the original cost of your home in a balloon payment if the bank defaults.

Debt is the biggest scam ever envisioned. Insurance is a close second and religion 3rd IMHO. Pay it off when you buy it. If you want something new save for it. I never buy anything new. I buy used and fix it if needed. I own everything I have and nobody will ever come to my house telling me I owe them and they are taking my stuff.

You can't replace that piece of mind.

Only 24K left to go for me! Chances are I will choose homelessness or simply gaze at the heavens and pray for global annihilation. All that can save us, big waves everywhere.

There is no getting out, even with wealth were mentally belted. I personally hate work, if a President was actually for the people, he would be like screw this! Nobody works, under 35! Your working, get credits for your retirement or volunteer work after your 35 for bonus life points. We could all enjoy life, health, our resources. I would vote for that guy. Nope, I get Nazi's and slaves that willing sign up to do the devils work, the best part they all get ego's while doing it. Mystery schools got it on lock. Do yourself a favor, save cash and get out of here. Costa Rica, Pura Vida brah...

reply to post by tjack


I am happy for you.

getting out of debt raised my living standards and I no longer have any stress worrying about affording bills or what will happen if the washing machine brakes down etc.

I cannot stress enough the importance of getting out of debt regardless of income brackets.

when i get stopped by credit card salesmen now who sometimes hover around shopping area's I let them do their thing, so they will say something like "you can have up to £1,000 to spend now and you would pay xxxxxx interest until you have paid for what you have spent" I then point out the stupidity of it by saying "so essentially you are charging me for spending my own money that i have not earned yet?" then I will say "if i save £1,000 pounds and then spend it would save the bother of interest and therefore I would have more money than if i accept you £1,000 now? followed by "i' have a deal for you, I'll give you £50 and in exchange you give me £100, a fair deal by your standards"

people need to see credit for what it is and understand what they are prying on. it's a scam that pry's on peoples inability to wait. it might seem like a good idea at the time and the cash may well come in handy but 3 years down the line your income has been reduced and you actually are unable to afford the stuff you once was able to.

Originally posted by Expat888
you may have paid off the mortgage... but the bastards will still extort property taxes and anything else they can think of out of you... in western countries you never fully own anything...

Absolutely! Pay off the banksters and you still owe property taxsters.

OP I am really happy for you, it makes me glad that you are glad. I hope you have low, low property taxes and that you can cut back and work just when you have to and spend the majority of your time doing things that give you joy. I wish you and yours much joy my freind. I wish you and everyone reading this Joy, peace and much love. Good for you OP and thanks for sharing your good fortune with us, may you always have abundance.

reply to post by tjack


Now you should move out of the assets that are dependent on the value of the dollar, it is prone to fall and it will be an huge devaluation. If not now due to the debt and the "qualitative easing" in a very near future as it stops being the reserve currency.

The time to invest in gold is over, you should have some but a better investment would be land property (it has always been so), not as straight forward but with the right strategy always a good foundation. Strive for self-sufficiency...

The basic pillar of power and economic structure of the Roman society was the Roman villa. Roman writers refer with satisfaction to the self-sufficiency of their villas, where they drank their own wine and pressed their own oil, a commonly used literary topos. An ideal Roman citizen was the independent farmer tilling his own land, and the agricultural writers wanted to give their readers a chance to link themselves with their ancestors through this image of self-sufficient villas. The truth was not too far from it, either, while even the profit-oriented latifundia probably grew enough of all the basic foodstuffs to provide for their own consumption. One must also consider that ownership of land (and state taxation) had been one of the major motivators for Rome expansionism.

From Remembering the Templars

reply to post by tjack


Congrats for getting out from under tthe bansters thumb.

Congrats OP and all you others who have focused and held fast to your dreams, hard work and doing without! I was also told by a relative who was a real estate broker to invest extra funds and not pay off my house because of the loss of a tax write off. But like the OP, I just didn't see that any investments I could make would make me more money than the money I would save in interest by paying off my house. I have 10 months to go to pay off the house I am living in. Hopefully, I won't lose either of the two jobs I am working at. Fortunately, my total property taxes on all three houses, isn't more than $1,800.00 a year which I can thankfully afford. My youngest just recently graduated from college and is earning her own money and paying off her student loans. I also drive old cars, just try and maintain them to be at their best. I chose affordable housing and don't spend money on frivolous items. I plan to live in my current house on 9 acres until I am no longer able to be independent.....then I'll move into my "retirement" house in town where I can be closer to assistance if need be. If it all goes to hell in a hand basket tomorrow.....well, I will appreciate the time I had that was stress free. There is a peace of mind that many won't understand until they feel that calm that comes from no worry about a roof over your head and no debt to pay. For those of you clamoring about property taxes....well, that's a given whether your house is paid off or not so it’s definitely not a deal breaker. To try and put a grey cloud over someone who is elating on being debt free…...just doesn't work. Also, I gladly pay my property taxes. They support the police, fire dept, schools, and city work. I won't bitch unless I see waste, which I don't.

I fail to understand why this is a big deal - or any thing to speak of at all. Congrats to the Op because he has some breathing room he didn't have before but let me explain.

I have been debt free All my life. I never buy anything that I cannot afford with cash. I don't have a credit card or a bank account. I have a wife, no kids, a home that I own outright.. paid for that I bought not handed down to me. ( I didn't buy a house until I was sure I could pay for it with cash - no mortgage) A vehicle, computers, TV, etc... all the things you need to live in the modern world..

I have no bills that lock me into a contract that will ask for money in the future I cannot be sure I will be able to pay for. This is the normal way to live I was taught as a young person growing up. I'm 44 now. Over the years I see people from all walks of life get screwed over using banks and credit cards. I Never sign Anything. I see people who appear to be rich, have lots of cars, fine things and some money in the bank yet they owe out the wazoo. They owe everyone, banks, credit card companies, tuition for the kids expensive education, medical bills - and they take risks with their hard earned money as if they can afford it, when they can't.

This is the way most people live. They are constantly borrowing to live a lifestyle that they don't deserve to have and they owe for it. Even the lower class poor people are stupid enough to buy into this trap and think they have it made. They think they have arrived. People talk of trading freedom for security and get upset about it, when in reality, you are doing the same things with your lifestyle and your money. Your giving up one false sense of security for another and most of you cannot see it. Where does your debt come from? The choices you willingly make. It's that simple. Stop telling yourself you need the the things beyond your means and learn to keep more of your money instead of promising it away.

reply to post by JohnPhoenix

It's not that it is a bIg deal, it's more about a member expressing their happiness at overcoming a personal challenge in their lives.

Whether it is right or wrong is not the point although you seemed to think it was wrong they were in debt in the first place. You decided to comment on someone's life choice without knowing the members position.

Sure the are better ways we all can approach finances and I will go as far as to agree with most of your points.

Our instant gratification lifestyles lends itself, no pun intended, to a life of debt.

I personally had to take a loan to buy my house because the thought of renting or living with others until I could afford 100% of the value the house was counter productive given my house prices in my area have gone up about 30% in the time I have lived here (3.5 years). That being said we like others made sure 1 wage could make repayments as a minimum.

Anyhow, it's not a one size fits all world but I would definitely recommend people do not over extend themselves. Debt is a bitch.

Peace

reply to post by tjack


Congratz to you!

You are a smart person, enjoy being free and having a roof over your head at the same time!

The Rat.

Avoiding debt is easy.

Don't borrow money for things you can't afford.

You can't afford them for a reason.

Done. Debt free. You're welcome.