Are you COMPLETELY debt-free? | Personal Finance & Lifestyle | Yakezie Forums

I am all but a mortgage. Paid off the student loans and car loan. No credit card debt. Put down 30% on the condo and just broke the $100,000 mark on paying it off.

We were thisclose, but have veered off our original mortgage payoff plan to have our dream home built.  So, we have a current mortgage of $25,000 left and will be taking on an additional $200,000 mortgage in September.  But we'll have the current mortgage paid off by the end of 2013 and are aiming to pay off the new house within 5-10 years too (this one will take 6-ish years).  So we should be completely debt free no later than age 39.  The extra rental income will help and we have a long-term renter lined up. 

Housing prices in Canada are quite high at the moment, so not yet. I'm actually not that worried about becoming debt-free; i'd be happier with higher levels of income and savings so that the debt doesn't feel like it's as big of a burden.

can you ask this again in a few months? :)

Invest It Wisely said:

Housing prices in Canada are quite high at the moment, so not yet. I'm actually not that worried about becoming debt-free; i'd be happier with higher levels of income and savings so that the debt doesn't feel like it's as big of a burden.

That would explain why there are so many Canadian buying homes in Arizona because prices are low here :) 

Eric – NarrowBridge.net said:

WellKeptWallet said:

Eric, that is awesome! Do you have plans to pay the mortgage off early?

Of course. Already cut off over 6 months.

Sweet, we're doing the same thing. The less interest we can put in somebody else's pocket, the better. 

I once was a slave to debt and paid off $15,000 in less than two years by: multiple roomies/subsisting on p&j, Ramen and Cheerios/allowing my anger at the prospect of renting my life instead of owning it (indentured servitude) filter through, which propelled me into aggressively tackling all outstanding balances.

Very proud now to be debt-free.

Money Reasons said:

I'm totally debt-free, but I'm thinking hard about rental property, so I might not be for long… Especially if a great deal pops up in my city's backyard.

 

I've been totally debt free for a few years now, and it's great!

 

Ironically, I recently posted about the benefits that nobody thinks about here: Paying Off Your Mortgage Is Like Having A Second Job Income Without Working

 

It's really does take a load off of one's mind… :)

That is awesome! I bet it does feel great. All that extra income every month and not having to make a payment to a mortgage company, I guess that would be like having income from a second job without working :) 

Call Me What You Want Even Cheap said:

I paid off my mortgage in December 2011 and am planning with future hubby to buy another home. We currently live in Canada and plan to move to Atlanta in a year. Our goal is to buy a house with cash once we get there. I can't wait!

That is amazing! Atlanta, huh? I go there about once a year for business. It is a great place but the humidity can really get to me in the summer. Sounds like you have a great plan though!