SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    Where Are You In Managing Your Debt?
Page 1 2 3 4 5 
Go
New
Find
Notify
Tools
Reply
  
Where Are You In Managing Your Debt? Login/Join 
semi-reformed sailor
Picture of MikeinNC
posted Hide Post
We have a credit card because we like to order stuff off the internet and to buy an airline ticket in case someone dies and I have to fly to FL. If we use it, it gets paid off at the end of the month.

Mrs. Mike has a credit card for her work travel.

Otherwise, everything is paid for except the house, and it would have been paid off in ten years but since I had to retire and am only getting disability the house will get paid in 18 years or so...



"Violence, naked force, has settled more issues in history than has any other factor.” Robert A. Heinlein

“You may beat me, but you will never win.” sigmonkey-2020

“A single round of buckshot to the torso almost always results in an immediate change of behavior.” Chris Baker
 
Posts: 11246 | Location: Temple, Texas! | Registered: October 07, 2006Reply With QuoteReport This Post
bigger government
= smaller citizen
Picture of Veeper
posted Hide Post
Wife and I only have the house as debt. Hoping to switch to a 15y soon




“The urge to save humanity is almost always only a false-face for the urge to rule it.”—H.L. Mencken
 
Posts: 9144 | Location: West Michigan | Registered: April 20, 2006Reply With QuoteReport This Post
Member
posted Hide Post
We are basically debt free
 
Posts: 997 | Registered: October 09, 2005Reply With QuoteReport This Post
Member
posted Hide Post
My house is paid for, my two cars are paid for. I pay my credit card off every month. I don't have much savings, as I lost my job a few years ago and wiped it out. Thank God my house and car was paid for or I would have been in real trouble.

Unfortunately. It looks like I'll be in some debt soon, as I am about to buy a new car. My two current cars are now a maintenance nightmare. To keep them running is almost a car payment.

After running the numbers the car I want I'll be better off buying new. I keep my cars long term so paying to get what I want don't bother me.

I'll slowly build my savings account and emergency funds up in the next few months.

The new car was planned for, but not as soon as I'm needing it. So not happy about that.

Financially I'm not in a great place, but I'm not in a terrible place. I have retirement account and I hope Social Security will be around.

I would like to start investing a little, something fairly safe.



ARman
 
Posts: 3146 | Registered: May 19, 2010Reply With QuoteReport This Post
King Nothing
Picture of SigSauerP226
posted Hide Post
Well only true debt I/we carry is the mortgage. Wife and I are 30, but both cars are paid off (11 year old Sentra and 8 year old Vue). Credit cards have always been paid off each month. Hell, our credit limits are less than we make in a month. I chose option 3 as I figured it was closest to our situation.

quote:
Originally posted by Deqlyn:
Just under 35; just have a mortgage. use CCs for points only and pay it off every month.

Thought abut upgrading the house but a $900 mortgage is just fine considering I am paying extra. Things are just things.


Eek $900? Wish that was my mortgage. Live in So Ca in a town home and total with HOA is ~$2400/mo. Once we can kick the mortgage insurance, it'll be ~$2300/mo Big Grin




...Then it comes to be that the soothing light at the end of your tunnel, is just a freight train coming your way...
 
Posts: 2433 | Location: Simi Valley, CA | Registered: September 25, 2007Reply With QuoteReport This Post
Member
Picture of billnchristy
posted Hide Post
House and 2 cars. One car has 0%, other is paid by company. We pay extra on the house monthly and have refinanced to half the interest and 15yr.

I pay the credit card off monthly.

2 years ago I had several k in student loans and as high as 12k in cc debt. Aggressive payoffs have fixed that.


------------------------------------
My books on Amazon: http://www.amazon.com/William-...id=1383531982&sr=8-1
email if you'd like auto'd copies.
 
Posts: 17916 | Location: Lawrenceville GA | Registered: April 15, 2012Reply With QuoteReport This Post
Puddle Pirate
Picture of kornesque
posted Hide Post
We've paid off over $50k since starting Dave Ramsey in January and calculate debt free early next summer. We took a huge pay gouge with this last transfer but we'll get it done. Ironic how now that I'm committed to not opening any credit lines that my credit score is >830. Roll Eyes Scumbags.


_____________________________________
“You can get much farther with a kind word and a gun than you can with a kind word alone.” -Al Capone

"Happiness is red and free."
 
Posts: 1794 | Location: Low Country, SC | Registered: October 24, 2008Reply With QuoteReport This Post
Shit don't
mean shit
posted Hide Post
We're 5.5 years into a 20 yr mortgage. I spent a little more than I wanted to when we bought it, but it was the perfect house for us. No CC debt, but we do have a small home equity loan we used to pay off wife's student loans (MBA).

Kids are in K & 1st grade. We have to pay $300 each month for full day Kindergarten. Thank goodness we are done with daycare. It was ~2k per month for a couple of years. I can't wait until next year when there's no school bill! Kids both have 529 accounts. Close to $20k (total) in those I think.

I wrecked my daily driver SUV in Nov 2015, and still have not replaced it with an equivalent. I drive a 93 Honda Accord we had as an extra car, but I work from home. I would really like to get a newer truck, but I just can't bring myself to drop that much cash on a vehicle.

Instead, I put 20% of my salary into 401k and wife puts in 18% of her salary. There are so many expensive toys I would like to have, but retiring early with a lot of money so we can live on an island for 4 - 6 months per year is taking priority. I can drive a fully loaded new truck when I retire.
 
Posts: 5734 | Location: 7400 feet in Conifer CO | Registered: November 14, 2006Reply With QuoteReport This Post
Official forum
SIG Pro
enthusiast
Picture of stickman428
posted Hide Post
Somewhere around half a million in debt. Good times!!!! Big Grin


~~~~~~~~~~~~~~~~~~~

The price of liberty and even of common humanity is eternal vigilance
 
Posts: 21075 | Location: San Dimas CA, the Old Dominion or the Tar Heel State…flip a coin  | Registered: April 16, 2007Reply With QuoteReport This Post
Cat Whisperer
Picture of cmr076
posted Hide Post
I left a 6 figure job 4 years ago to venture out on my own. My wife makes good money and has been floating us on and off for that period of time. I sometimes go months without paying myself, and some months I take home good money. We have a mortgage ($1500) and two car payments ($650 total). We do have a good bit of CC debt right now but I plan to have that paid off in the next 3-4 months. It's stressful, but I'm thinking long term (and I'm relatively young at 31)


------------------------------------

135
├┼┼╕
246R
 
Posts: 3901 | Location: SE PA | Registered: November 13, 2010Reply With QuoteReport This Post
Member
Picture of smlsig
posted Hide Post
When I was 40 I developed a goal that by the time I was 60 I would have put both of our sons through college and have our house paid off and be able to retire.

Then the great recession happened and really hit the construction industry hard. I read the book "The Millionaire Next Door" and realized it's not necessarily how much you make but how much you save that will matter in the long run.

To make a long story short we paid the house off when I was 57 and put both kids through college so they came out of it debt free (we literally had $20 left in that account!).
I'm 60 now and will work for another year or two but should be able retire then... All in all it has worked out for us and we have zero other debt.


------------------
Eddie

Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina
 
Posts: 6309 | Location: In transit | Registered: February 19, 2013Reply With QuoteReport This Post
Stay Classy!!
Picture of Crockett040
posted Hide Post
quote:
Originally posted by stickman428:
Somewhere around half a million in debt. Good times!!!! Big Grin


I am with you Stickman. Sold my soul to start my business.

1.5M in debt not counting the house. I would like to know of all the debt free people replying, Do any own their own businesses?
 
Posts: 397 | Location: Iowa | Registered: July 21, 2005Reply With QuoteReport This Post
SIGforum Official
Eye Doc
Picture of bcereuss
posted Hide Post
quote:
Originally posted by Crockett040:
quote:
Originally posted by stickman428:
Somewhere around half a million in debt. Good times!!!! Big Grin


I am with you Stickman. Sold my soul to start my business.

1.5M in debt not counting the house. I would like to know of all the debt free people replying, Do any own their own businesses?


Yes. I was just shy of 1M in debt 15 years ago.
 
Posts: 2927 | Location: (Occupied) Northern Minnesota | Registered: June 24, 2003Reply With QuoteReport This Post
Cat Whisperer
Picture of cmr076
posted Hide Post
quote:
Originally posted by bcereuss:
quote:
Originally posted by Crockett040:
quote:
Originally posted by stickman428:
Somewhere around half a million in debt. Good times!!!! Big Grin


I am with you Stickman. Sold my soul to start my business.

1.5M in debt not counting the house. I would like to know of all the debt free people replying, Do any own their own businesses?


Yes. I was just shy of 1M in debt 15 years ago.


I didn't know we were Counting businesses into this. Disregard my last post.


------------------------------------

135
├┼┼╕
246R
 
Posts: 3901 | Location: SE PA | Registered: November 13, 2010Reply With QuoteReport This Post
If the facts don't fit the theory, change the facts
Picture of GRIZZLYBEAR
posted Hide Post
70+ years old, retired with two pensions, social security for self and old lady...Forced by government to with draw from IRA Account.

Raised three kids they're out of the house and families of their own. Home paid for years ago, 4 vehicles paid for, no credit card debt (if we use a credit it paid off when the bill arrives). Have a savings and investments.
 
Posts: 1895 | Location: SOMEWHERE IN,, PA USA | Registered: May 08, 2001Reply With QuoteReport This Post
Lawyers, Guns
and Money
Picture of chellim1
posted Hide Post
quote:
Sold my soul to start my business.

1.5M in debt not counting the house. I would like to know of all the debt free people replying, Do any own their own businesses?

It's hard to start a business without debt.
If you have employees, they like to be paid regularly....

I do own my own business, but it's just me. I have no employees. I have no debt.
But.... I'm thinking about buying a building and expanding, so I may have some debt. We'll see.



"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown

"The United States government is the largest criminal enterprise on earth."
-rduckwor
 
Posts: 23945 | Location: St. Louis, MO | Registered: April 03, 2009Reply With QuoteReport This Post
Scientific Beer Geek
posted Hide Post
quote:
Originally posted by chellim1:
quote:
Nor do I don’t own any credit cards, which I realize hurts my credit rating. If I don't have the money for something, I simply don't buy it.

I use credit cards for convenience, not to spread out the payments or because I can't afford what I'm buying. I pay them off every month before the due date and pay no interest.


This is how I use my cards. I will not spend money that I do not have.

Mike


__________________________

"Beer is living proof that God loves us and wants to see us happy." - Benjamin Franklin
 
Posts: 2078 | Location: Philadelphia Suburbs | Registered: August 02, 2005Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by Crockett040:I would like to know of all the debt free people replying, Do any own their own businesses?


I do, but the net value of the business is positive despite a mortgage on that building.
 
Posts: 8944 | Location: The Red part of Minnesota | Registered: October 06, 2002Reply With QuoteReport This Post
Member
Picture of billfasttax
posted Hide Post
I, too, am amazed at the percentage of SF respondents that are debt free (58%). Include me in that group, too. I'm going to start another thread with a poll on age for the SF bunch. Maybe gun people are better money managers. In my case my wife is the money manager. I wonder if we, as a group, are older? Hell, I'm 75, ran our own businesses for 45 years, retired 10 years ago and have been debt free for 15 years. Still owe a tiny bit on a commercial property but that is because it has tax advantages.



Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming…......WOW! WHAT A RIDE!
 
Posts: 765 | Location: North of Atlanta | Registered: November 18, 2011Reply With QuoteReport This Post
Member
posted Hide Post
I've really gone through an evolution on this issue over the last few years. Until about 2013, our focus was to pay off the debt we had, which was mortgage, student loans, and a small car note.

In about 2013, we shifted to focusing on saving / investing our extra funds rather than paying off fixed rate low interest loans. We generally do not carry any credit cards balances, but we do use cards for points /miles / cash back.

This shift (and good investment returns from the stock market) has made our net worth grow at a faster rate than just paying off our debts. It also gives us the potential for more long term growth from the compounding effect of our investing.

Everyone's circumstances are different, and it is not always comfortable to have money owed to others, but I believe that the highest and best use of our dollars is growing our assets rather than retiring our debts. YMMV
 
Posts: 2169 | Registered: April 14, 2009Reply With QuoteReport This Post
  Powered by Social Strata Page 1 2 3 4 5  
 

SIGforum.com    Main Page  Hop To Forum Categories  The Lounge    Where Are You In Managing Your Debt?

© SIGforum 2024