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Are you COMPLETELY debt-free?

UserPost

1:51 pm
December 3, 2012


WellKeptWallet

Member

posts 207

JT_McGee said:

I'm debt free. Hope to stay that way through undergrad, and graduate with cash in the bank. Feels good! Cool

I just now saw your reply JT, that is awesome!  Way to go! I wish I would have done that but like they say, hindsight is 20/20.

1:17 pm
December 8, 2012


Anna @AndThenWeSaved

Denver, Colorado

Member

posts 4

Yep, totally debt-free!

2:18 pm
December 19, 2012


WellKeptWallet

Member

posts 207

Anna @AndThenWeSaved said:

Yep, totally debt-free!

That is amazing! How long did it take you? Anything that you can do now that you couldn't do when you were in debt?

8:03 am
December 20, 2012


OneCentAtatime

Florida, USA

Member

posts 1778

I am debt free and staying debt free since I took birth Laugh My OCAAT 'about' page has more details about it. I am also saving to buy our first home without mortgage.

SB

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7:35 am
December 23, 2012


WellKeptWallet

Member

posts 207

OneCentAtatime said:

I am debt free and staying debt free since I took birth Laugh My OCAAT 'about' page has more details about it. I am also saving to buy our first home without mortgage.

SB that is awesome! Would you be interested in doing a guest post on Well Kept Wallet? I would love to get your story on the site to inspire my readers. Just shoot me an email at deacon@wellkeptwallet.com if you are interested. Thanks!

8:13 pm
December 23, 2012


Cents To Save

Member

posts 435

Not debt free yet, but working on it!!

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10:33 am
December 24, 2012


michael @ financial ramblings

Member

posts 196

Yes, completely debt free. Never had consumer debt or car or student loans. Paid off mortgage two years ago.

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12:13 pm
December 28, 2012


Jasaglimbeni

Member

posts 28

I have Auto and Credit Card debt that equal about $20,000, but am planning to cut it in half by the end of 2013 and I have a mortgage a bit north of $100,000 and currently am not focusing on it simply because the rate is around 4.25% and I believe I can earn a rate of return from my investments that can beat that.

Joe

10:51 am
January 2, 2013


WellKeptWallet

Member

posts 207

michael @ financial ramblings said:

Yes, completely debt free. Never had consumer debt or car or student loans. Paid off mortgage two years ago.

That is stellar! The same offer applies to you that I mentioned to SB above. If you would be up to writing a guest post about how you became debt free and what life is like without debt, that would be awesome. Drop me a line at deacon@wellkeptwallet.com if your interested,. Thanks!

10:56 am
January 2, 2013


WellKeptWallet

Member

posts 207

Jasaglimbeni said:

I have Auto and Credit Card debt that equal about $20,000, but am planning to cut it in half by the end of 2013 and I have a mortgage a bit north of $100,000 and currently am not focusing on it simply because the rate is around 4.25% and I believe I can earn a rate of return from my investments that can beat that.

Joe

Joseph!

Glad you have a plan to cut your consumer debt in half. Have you heard of the Debt Movement that Jeff Rose put together? I just joined and I think you might be interested if you are planning paying down your debt a priority in 2013. Find out more below:

 

DebtMovement.com

12:25 am
March 2, 2013


Money Soldiers

Member

posts 16

At this very moment, I'm debt-free but I won't stay that way for too long because I'm about to start a mortgage for my condo.

Money Soldiers

Helping you fight your financial battles

12:07 pm
June 20, 2013


bobrichards

Member

posts 10

You DONT want to be debt free.

There are financial reasons, see http://retirement-income.net/b…..test-idea/

and there are also risk reasons.  Example, say you own a home, no debt.  It is exposed to

–economic decline (lots of people walked away from mortgages and left the bank holding the bag in the last few years and you cannot do that when you bear 100% of the loss)

–earthquake (most people don't have insurance for that and again, it becomes the banks problem if they own most of your house)

–flood (most people don't have insurance for that and again, it becomes the banks problem if they own most of your house)

There is a book Missed Fortune 101 that discusses this (I don't agree with everything in the book but this part makes sense)

1:44 pm
June 20, 2013


krantcents

Member

posts 909

I never had consumer debt, but I had many mortgages when I owned income property.  I think it is a great way to buy income producing assets using leverage.  It helped me achieve financial freedom in my late thirties.

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6:24 am
July 27, 2013


sajjadaxe

Member

posts 3

Post edited 7:13 am – August 26, 2013 by LaTisha @YoungFinances


Well Kept Wallet , this is really good information. :-)

 

I used to be debt free 2 years ago, as time passed and things went to worse situation. I got into a mess of debt. I took personal mortgage advice from a lot of brokers and now my credit score is in green.

 

The  litton loan servicing  is the broker who helped me with my mortgage and i still owe 80k to banks. Pls advice me some cool ways to get my credit score better.

 

Wish me luck i get debt free soon. :-)

2:31 pm
July 28, 2013


FI Fighter

Member

posts 53

I am absolutely not debt free. Actually, I'm working on accumulating more debt through leverage. If I can get to a million dollars in debt, I'll be happy! Laugh

With interest rates being so low, my plan is to borrow as much $$$ as the banks will give me. Then again, my plan isn't for most people. I have rather high tolerance for risk/reward.

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7:09 am
August 9, 2013


fipilgrim

Member

posts 15

I'm not quite debt free yet, but I'm almost there. We've shifted some major things around in our lives over the last 4 years in order to shoot for a debt-free life, and despite having two kids and a wife who stays home with them (the toughest job with the least pay, IMO) we are still on track to have our mortgage paid off early in 2015.

I like the article that MoneyReasons linked to, I'm looking forward to earning "second job" income without working more hours for it. My kids (and my wife) need those extra hours!

10:50 pm
August 22, 2013


WomanWithAPlan

Member

posts 8

I'm completely debt-free, including house.  We actually have it turned into a rental property right now and will be renting for the next few years as we are temporarily living in another city.  I detailed how we paid off our $111k mortgage in 14 months on this post.  In short, we found every possible way to cut our budget and track all our money.

Blog: http://www.changetherace.com

Email: womanwithaplan@changetherace.com

Twitter: @changingtherace

3:07 am
August 25, 2013


Kylie Ofiu

Member

posts 65

I am debt free. I did have a mortgage but sold it earlier this year when I got divorced (sold the day it was open for inspection and $10k above asking price, Australian property is all over the place and way expensive).

I have never really had a lot of debt. Did have $15,000 at one point when married. I am looking at investment properties next year (Australian tax system means you get tax breaks for investment properties, not your principle place of residence, so more sense to buy investments til I build up a portfolio).

LOVE being debt free. I do pay rent, but am investing more in other ways than I was with my mortgage plus I have been able to do some peer to peer lending which has been great and working well. 

Kylie Ofiu

I will show you real ways to make money!

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4:32 pm
August 28, 2013


brian_debtdiscipline

NY

Member

posts 113

My family and I have paid ff over $75k of our consumer debt in the last 3 years!

7:03 pm
September 27, 2013


kmaroni

Member

posts 20

We are close to paying off our debt and have done so by continually finding new ways to reduce our cost for traditional living expenses. We moved from a nice apartment to an older manufactured home and cut our rent in half. We have about 14,000 left on our combined student loan debt and it will be gone by March of 2014. We may also have the possibility that we may never have a mortgage. My wife is working on her masters of higher education and wants to get into working in a residence life department at a university. One of the perks of that type of work is that your living expenses are covered as long as you can handle living with college students. I think we can handle a whole lot of that if those expenses are covered. 

Krista and Jon Maroni – 2 Copper Coins

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