billvon 2,463 #26 March 22, 2006 > How did you do it? Worked hard. Invested. Didn't skydive/fly much until I could afford it. Quote Share this post Link to post Share on other sites
lawrocket 3 #27 March 22, 2006 It's amazing, how I am inmore debt now than I was in before, but in much better kind of debt. Two and a half years ago, I was in dreaded credit card debt in excess of $15k. I got it all paid off about 18 months ago, which was a nice feeling. The wife and I lived lean. I'm looking at the debt I have now, whic is pretty neat-o. $4k left on my car $30k left on wife's car $105k on student loans (law school - no college loans left to pay) $100k on wife's studen tloans $5k on floors (0%) $1.5 on furniture (0%) $35k on SBA loan $470 on house But it's nice to see that the wife and I don't have $25k in credit cards, anymore. I personally think that student loans and home loans are pretty good debts to have. Hopefully in 10 years, I'll actually have a net worth. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
swedishcelt 0 #28 March 22, 2006 Quote> How did you do it? Worked hard. Invested. Didn't skydive/fly much until I could afford it.I wish I understood the whole investment thing... Quote Share this post Link to post Share on other sites
briguy 0 #29 March 22, 2006 Quote $4k left on my car $30k left on wife's car couldn't you guys carpool? you'd drop a car payment. not to mention insurance, gas, maintenance....... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Quote Share this post Link to post Share on other sites
PLFXpert 0 #30 March 22, 2006 QuoteDidn't skydive/fly much until I could afford it. This is important to note. My boyfriend and I share different views on this. We have been together 5 1/2 years and this is a perfect example of why we balance each other out so well. He would say "But you have to have fun" and skydiving to him (and me) = fun but also costs money. Me? I'd stick to the only fun things (though not NEARLY as fun) that didn't cost any $$$ until I coudl afford to. We're both a little extreme in that sense. I'm a royal saver/planner/early retirement in-placer. He is the oppositte--more live for the day, though he understands the importance of how I am and vice versa. So with him, I'm able to live a little more for the day, but also remain smart about it (b/c I can't help myself) and he gets to have a retirement plan w/out actually having to plan one. Literally, he asks me to make his budget--he likes just knowing how much he can spend and still have his bills paid and money in the bank for savings. His main concern is the "spend" category, but he doesn't spend it on things that I would (bags & shoes) he spends it on taking us out. It works b/c he gets to pay for all our fun together--trips, dinners, skydiving. I get to make sure all the bills are paid. It sounds like I got the raw end of the deal, but I LOVE it this way and vice versa. So when I say my only debt is my mortgage, I should have said "our" only debt is my mortgage. My point is you have to decide for yourself how extreme you want to be in order to meet your goal. You can meet it in less or more time depending on how many "extras" you are willing to cut out for the time being. Me, I just remind myself "it's for the time being" and not forever. But, then my boyfriend would say "Yea, but what if I die tomorrow?" So, I have to accept that everyone is different and believe if one truly has a goal to get out of debt, you absolutely can, no matter what your debt and what your income. It's just up to you to decide.Paint me in a corner, but my color comes back. Quote Share this post Link to post Share on other sites
loves2jump2 0 #31 March 22, 2006 When my sister was in debt actually I should say deep debt, we looked over all her spending habits. We found ways for her to cut some of her expenses, i.e. cell phone plan, her cable bill (did she really need over 300+ channels?) I had her start making her breakfast, lunch and dinner at home, found a less expensive place for her to live, and got her into a loan as to where she paid off all her credit cards (department ones too, she nearly went into shock) we closed all the credit accounts and yes, make sure you do this because you don’t want revolving accounts on your credit. Little by little her debt was going down. Now 5 years later she owns her own home, her car is paid off and she actually has money in her savings account. As for me, I don’t consider having a mortgage as a debt. Its an investment for me and my future. I have worked my ass off, invested and I learned by watching some of my friends get trapped by debt. I am blessed to have a great job and my education was paid for by scholarships. My best advice is to check into a debt consolidation loan so you are not paying a bunch of different interest rates. One payment, one interest rate. Quote Share this post Link to post Share on other sites
HUSHPUPPY 0 #32 March 22, 2006 Other than my mortgage, 4 more car payments and that's it!) It took living as cheaply as possible for about 4 years to reach this point, but was worth it! "You made my panties wet!" Skymama (Fitz 09) "Never argue with an idiot. They will bring you down to their level and beat you with experience." Quote Share this post Link to post Share on other sites
stoneycase 0 #33 March 22, 2006 Quote ... I'm looking at the debt I have now, which is pretty neat-o. $4k left on my car $30k left on wife's car $105k on student loans (law school - no college loans left to pay) $100k on wife's studen tloans $5k on floors (0%) $1.5 on furniture (0%) $35k on SBA loan $470 on house ... well, your list is longer than mine, but i think you've at least "got a plan". i've got a hope, prayer, and a hell of a lot of hard work ahead of me. i'd say i'm about $40-$45K in, at age 25. solid $30-$35K in student loans that i pay monthly now (10 year plan @ <2%) and $10K in credit cards. my problem is this: while i pay, i can't save. since i can't save, i never have money for "unknowns". its inevitable that i will run into "unknowns" in the future, and have to put them on the card(s). as a result, i'm never really out of debt on schedule, the schedule keeps slipping out, as i encounter more "unknowns" i'm paying the student loan, and paying far more than the minimum on all the cards (there are 3). i do the 0%/bal trans/etc tricks. i've leaned the skydiving waaaay back (sucks, bigtime). hell, i've even stopped eating lunch and breakfast (that's the plan atm, looks like its gonna run for a few months...) but w/e you don't want to hear this shit ;) at least i don't have to dodge calls. fuck that. i just want to own a home...Does whisky count as beer? - Homer There's no justice like angry mob justice. - Skinner Be careful. There's a limited future in low pulls - JohnMitchell Quote Share this post Link to post Share on other sites
outlawphx 1 #34 March 22, 2006 I have a mortgage, but I own both of my cars outright and don't have any short term debt. My wife and I got here by cutting back on expenses, big and little. If you start writing down everything that you buy (from soda's from the vending machine to dinner out to ???), you'll get a good idea of how much money you could really save. The thing to remember is most people don't suddenly come into windfalls of money, so the best approach is to look at where the money you do earn goes. Quote Share this post Link to post Share on other sites
Flygurl 0 #35 March 22, 2006 Quote How did you do it? I'm really sick of it. Yes. I am debt free except for one remaining student loan which I won't pay off ahead of schedule since I can make more money investing the funds than I will spend in interest on it. I became debt free by: 1. Don't carry your credit cards. It's more tempting to spend money you don't have if the cards are with you. 2. Don't buy things on credit and think "I'll just pay off the extra next month". If you don't have the money, you don't have the money. 3. It may be wise to shift your credit card debt to a low or no interest card. Be careful not to close your long standing credit accounts, even if they're empty. 4. Budget your expenses and figure out how much you can afford to pay toward your credit card debt. Make the largest possible payment every month. 5. Pay out your debt payment first so it doesn't get used for other things. I suggest making the largest payment on the card with the smallest balance and making the minimum payment on the other cards. You'll notice faster results this way. 6. When the first card is paid off, you can add the minimum payment you had budgeted for it to the lump sum for the card that's next in line.________________________________________ "One out of every four American's are suffering from some form of mental illness. Think of your three best friends. If they're okay, then it's you." Quote Share this post Link to post Share on other sites
simplyputsi 0 #36 March 22, 2006 QuoteBut doesnt that hurt your credit, to have too many revolving accounts open? I suppose it does hurt the credit somewhat, but not as much as one would think. They don't really look at what you are doing with your money, rather are you paying monthly bills and how much. I'm not positive about that though. When I was buying my house I had a lender tell me they look at how many active accounts you have and if they are in good standing. So If I have 1 card that has 0% and when it is up stop using it and put the money on another card that was active at a nice 3.99% nobody will care much. You just have to make sure you never, ever, ever ever ever miss a payment or are late. That voids many of the 0% deals or even the fixed low rate for life of balance deals.Skymama's #2 stalker - Quote Share this post Link to post Share on other sites
outlawphx 1 #37 March 22, 2006 Quotewell, your list is longer than mine, but i think you've at least "got a plan". i've got a hope, prayer, and a hell of a lot of hard work ahead of me. i'd say i'm about $40-$45K in, at age 25. solid $30-$35K in student loans that i pay monthly now (10 year plan @ <2%) and $10K in credit cards. my problem is this: while i pay, i can't save. since i can't save, i never have money for "unknowns". its inevitable that i will run into "unknowns" in the future, and have to put them on the card(s). as a result, i'm never really out of debt on schedule, the schedule keeps slipping out, as i encounter more "unknowns" i'm paying the student loan, and paying far more than the minimum on all the cards (there are 3). i do the 0%/bal trans/etc tricks. i've leaned the skydiving waaaay back (sucks, bigtime). hell, i've even stopped eating lunch and breakfast (that's the plan atm, looks like its gonna run for a few months...) but w/e you don't want to hear this shit ;) at least i don't have to dodge calls. fuck that. i just want to own a home... I'd recommend any of the books by David Bach. A no bullshit approach about building wealth, even when starting from deep in debt. You don't even need to waste money to buy the book. Do like I did and rent the book-on-CD from the library and listen on your drive to work. http://www.finishrich.com/books/startlate_brandhome.php Quote Share this post Link to post Share on other sites
yardhippie 0 #38 March 22, 2006 tell me about it. just hatin it right now. new house, moving, etc... now were focused on budgeting our $$ and trying to eliminate some of that debt. problem is Im sure it will affect my jumpy this season. Goddam dirty hippies piss me off! ~GFD "What do I get for closing your rig?" ~ me "Anything you want." ~ female skydiver Mohoso Rodriguez #865 Quote Share this post Link to post Share on other sites
thegreekone 0 #39 March 22, 2006 no credit card debt whatsoever "my little way of stickin it to the man" 15K student loans rental property mortgage (positive cash flow of 1k month) primary residence mortgage not bad. not wealthy but no bad. hope to start seriously investing since work is going pretty well. Something solid...like the lottery. Quote Share this post Link to post Share on other sites
racer42 0 #40 March 22, 2006 QuoteHow did you do it? I'm really sick of it. I'm about 60 days away from zero balance. On the other hand my oldest starts college in the fall. At least I'll be debt free in June.L.A.S.T. #24 Co-Founder Biscuit Brothers Freefly Team Electric Toaster #3 Co-Founder Team Non Sequitor Co-Founder Team Happy Sock Quote Share this post Link to post Share on other sites
simplyputsi 0 #41 March 22, 2006 QuoteSomething solid...like the lottery. I believe that is the best choice out thereSkymama's #2 stalker - Quote Share this post Link to post Share on other sites
tso-d_chris 0 #42 March 22, 2006 Except student loans, I have zero debt. I consider those to be an investment in myself, though, different than consumer debt. I seriously doubt I'm ever going to regret getting an education. For Great Deals on Gear Quote Share this post Link to post Share on other sites
lawrocket 3 #43 March 22, 2006 QuoteQuote $4k left on my car $30k left on wife's car couldn't you guys carpool? Nope. It's tough when she's got court at 8:30 in the next county. It is cheaper and more productive for us to have two cars than one, because the time spent waiting for each other would probably cost us a car payment every day. She's been in court all day today, and I've been at the office since 6:30 a.m. Another reason is our setup - Today I leave work early to be with our son. She'll be at the office this afternoon and tonight. It'd be wasteful to be at each other's beck and call. Some fields work fine for carpools. Unfortunately, our schedules clash every day. It's the nature of our work. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
Bolas 5 #44 March 22, 2006 Other than the house, yeah. But I'm getting ready to buy a new gear and a computer.Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
HeatherB 0 #45 March 22, 2006 Another option is to have your credit limits lowered. It won't hurt your credit, unlike closing a bunch of cards can. It should actually help your credit, since you won't have so much credit available to you. That ratio of used vs open credit is important. And then, most importantly, you won't be able to overspend so easily! (I used to work for a credit card company) Certain companies raise credit limits on revolving accounts like they're going out of style....because they know people will keep spending and they'll be more likely to default. Defaulting = higher APRs = more $ for the cc companies in the end. Quote Share this post Link to post Share on other sites
Muenkel 0 #46 March 22, 2006 I used to be really stupid when it came to finances. In 2004 I had about 40K in credit card debt, yet at the same time I had many investments. So I cashed in some stock and paid off all the credit cards. Now I just use my debit card. I still have investments and savings for retirement. The only debt I have now is a car loan which is at 1.9% interest, so it didn't make sense to cash in more stocks to pay for the car cash. I also have fairly high medical bills. They're not debt as I pay them off immediately, but they do chew up a lot of cash each month. Less each month for saving/investing. Chris _________________________________________ Chris Quote Share this post Link to post Share on other sites
TheBachelor 5 #47 March 22, 2006 Credit cards (big interest $$$) can get you in trouble in a hurry. In all the years I've had credit cards, I think MAYBE once I didn't pay off the entire balance when it was due. If you can't afford it, then don't buy it. I too left college with loans, but as soon as they started charging me interest, I made it a priority to pay them off. I paid as much as I could each month, not just the minimum. Ever since that, I've paid cash for everything except for my house. Cars, rigs, etc... When I had extra cash each month, I threw some of it at my mortgage, and invested some. In 10 years I had paid the house off and had well over in the bank/stock market. Bottom line: Stay away from credit card debt (interest). Make extra payments on your existing debt to get rid of it ASAP. Differentiate between NEEDS and WANTS when buying things.There are battered women? I've been eating 'em plain all of these years... Quote Share this post Link to post Share on other sites
Brains 2 #48 March 22, 2006 Hey Kitty, i know how fireflytx paid off her debt, but somehow i don't think you would be interested in doing that. Never look down on someone, unless they are going down on you. Quote Share this post Link to post Share on other sites
wingnut 0 #49 March 22, 2006 not me, but i'm working to ge there..... one of the reasons you didn't see me in dublin.... ______________________________________ "i have no reader's digest version" Quote Share this post Link to post Share on other sites
misskriss 0 #50 March 22, 2006 Sold my house when I moved to Orlando and paid off everything. Quote Share this post Link to post Share on other sites
