Debt Free at Last!

Congrats to the OP.

Mine was paid off 15 years ago. I know the feeling.
I also made the last payment on my children last year too. It's nice to get the pink slip on them.

To all those out there who are living in fear of credit. You are fools (moneywise).

Credit gives you leverage. As long as you understand it and use it correctly.
A few years ago i purchased a new truck. I was going to pay cash (check) but the factory offered and additional $1500 off if I took a loan through them. So I read the contract (rare I know). All that I was required to do was keep the loan for 30 days. So one interest payment ($135) and the other $1365 was free cash.

My credit card gives back cash. Not much, less than 1% unless I buy a lot over the course of a year. But I use it for the daily required purchases. Gas-food-Lowes etc. So over the course of one year I get back about $200. And If I put it towards thier special programs I get a $45 Lowes (or other) card for $40. Also this year they have special programs where it you 'click' you get %3 back on their monthly offer. Last month it was gas purchases.

You cash only people miss out on free money.


Plus quit griping about property taxes. They go to your local community not the Feds. If you want to live in a low tax area you have two choices.
The slums. Where you can wake up with a knife at your throat as your nice tv walks out the door.
or
100 miles from civilization where you spend more for your goods. You drive much farther and burn more gas.

Use credit to your benefit not theirs.

Being debt free is great. Unfortunately I have now landed my self in £1600 worth of overdraft.

Apart from this I have no debts.

Well done of getting your mortgage paid off

reply to post by tjack
I would not invest in stocks for the foreseeable future, put excess money you have saved into tangible assets: land, collectables, commodities, even Gold and Silver still have some upside left (but higher risk). Don't leave your money in the bank: you may end up getting an IOU from the Government one day.

Originally posted by JohnPhoenix
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.

edit on 10-9-2012 by JohnPhoenix because: sp

No, this isn't the way MOST people live. And good for you....you should be happy but yet you are a negative.....too bad you can't be happy about your situation.

Originally posted by samkent
Congrats to the OP.

Mine was paid off 15 years ago. I know the feeling.
I also made the last payment on my children last year too. It's nice to get the pink slip on them.

To all those out there who are living in fear of credit. You are fools (moneywise).

Credit gives you leverage. As long as you understand it and use it correctly.
A few years ago i purchased a new truck. I was going to pay cash (check) but the factory offered and additional $1500 off if I took a loan through them. So I read the contract (rare I know). All that I was required to do was keep the loan for 30 days. So one interest payment ($135) and the other $1365 was free cash.

My credit card gives back cash. Not much, less than 1% unless I buy a lot over the course of a year. But I use it for the daily required purchases. Gas-food-Lowes etc. So over the course of one year I get back about $200. And If I put it towards thier special programs I get a $45 Lowes (or other) card for $40. Also this year they have special programs where it you 'click' you get %3 back on their monthly offer. Last month it was gas purchases.

You cash only people miss out on free money.


Plus quit griping about property taxes. They go to your local community not the Feds. If you want to live in a low tax area you have two choices.
The slums. Where you can wake up with a knife at your throat as your nice tv walks out the door.
or
100 miles from civilization where you spend more for your goods. You drive much farther and burn more gas.

Credit is a slave........ NO IF's AND's or BUT's about it.

Originally posted by samkent
Congrats to the OP.

Mine was paid off 15 years ago. I know the feeling.
I also made the last payment on my children last year too. It's nice to get the pink slip on them.

To all those out there who are living in fear of credit. You are fools (moneywise).

Credit gives you leverage. As long as you understand it and use it correctly.
A few years ago i purchased a new truck. I was going to pay cash (check) but the factory offered and additional $1500 off if I took a loan through them. So I read the contract (rare I know). All that I was required to do was keep the loan for 30 days. So one interest payment ($135) and the other $1365 was free cash.

My credit card gives back cash. Not much, less than 1% unless I buy a lot over the course of a year. But I use it for the daily required purchases. Gas-food-Lowes etc. So over the course of one year I get back about $200. And If I put it towards thier special programs I get a $45 Lowes (or other) card for $40. Also this year they have special programs where it you 'click' you get %3 back on their monthly offer. Last month it was gas purchases.

You cash only people miss out on free money.


Plus quit griping about property taxes. They go to your local community not the Feds. If you want to live in a low tax area you have two choices.
The slums. Where you can wake up with a knife at your throat as your nice tv walks out the door.
or
100 miles from civilization where you spend more for your goods. You drive much farther and burn more gas.

Use credit to your benefit not theirs.

Cash is much more "friendly" and it doesn't cost you a thing! No headaches, no problems, just relief. No paying this to pay that to pay this bull crap. Some people don't want to play the game. They just want to live simply.

anyone who says not to pay off a mortgage early is clearly someone you know to never take advice from.

You'll save more in interest than you'll make in interest investing it. Every penny you invest should go into silver, never a stock market in these days.

reply to post by xstealth

You'll save more in interest than you'll make in interest investing it.

It didn't used to be that way. There are still a few stocks that pay over 11% in dividends. There used to be more.

Do the math:
11% div minus 3% loan equals 8% profit

If I had a home loan and the job outlook was great guess what I'd be doing?

reply to post by Gridrebel

Cash is much more "friendly" and it doesn't cost you a thing! No headaches, no problems, just relief. No paying this to pay that to pay this bull crap. Some people don't want to play the game. They just want to live simply.

Credit cards are much more friendly and doesn't cost me a thing. No headaches, no problems, just relief. No paying this to pay that to pay this bull crap.
Just one bill to pay 30 days later.
No trips to the bank at all. (direct deposit)
Easy to order things on line.
Extra layer of protection for purchases.
Double the warranty for some purchases.
Cash back or credit to my bill or gift cards at a 10% discount.
$50 max loss if I get mugged. $0 if I call in within 24 hrs.
No cash laying around the house to disappear.
I can see where every dollar went.
And you can't get simpler than one card for all occasions.

Some people don't want to play the (cash) game. They just want to live simply.

congrats OP my wife and I just did the same thing in May. Not a better feeling in the world knowing that if the economy collapses we at least have a dry place to sleep. Our story was such a roller coaster that several friends convinced me to write a book about our journey, almost done with it.

I agree with all your points in the first post especially the part about the tax credit for interest. I've had that argument with people and actually had to write down the math on paper for them to figure it out.
keep it up, theres no better feeling than having a plan, sticking it out, and reaping the rewards.
best of luck in the future

Thanks for your replies everyone, I've really enjoyed reading them all!

Gridrebel nailed it with this statement:

To try and put a grey cloud over someone who is elating on being debt free…...just doesn't work.

Ain't THAT the truth!
The check goes out overnight today, and it's a done deal. I'm MAJOR stoked!