Who has been (or is currently) debt free (minus mortgage)?

I was Blessed to have a great job working for myself since I was 18 until about 4 years ago. Got tired of being gone all the time, so I quit, sold my Bucket Trucks and got a job where I can be at home with my family every night. Thats means more to me than anything.

 

My wife and I are both 33. As far as credit debt and auto loans, we are free of it. The mortgage is an exception with 12 years left on it.

I have however racked up a decent debt in medical bills since December 2010 and the debt is about to get a lot higher in two weeks

 

It doesn't happen overnight but I made some solid moves in real estate, flipped 2 houses while we lived in them. Also refinancing twice on my current house I went from a 30 year @ 6% to a 20 year @ 4% then a 10 year @ 2.25 in all I'll have the house paid off in 15 years. In all that is a lot of interest saved.

 

I'm thankful for everything I have. I'm 30 my wife's 27. The only thing I owe on is my two mortgages, house and 15 acres hunting property. I have been debt free every since 2010. I have about 130k in assets including cars, truck, boat, cash, ect. That includes about 50k in equity in my home. I'm very thankful i had much appreciated help from my parents getting me started. They helped with my first car and insurance untill I was out of school. My only advice is dont buy anything if you can't do it with cash money. Any cut credit card up!!!!!!

 

Good for you! Happy for everyone doing well. Usually it's the result of smart choices.

I just hate debt. My wife had zero help with college. Aside from a few oddball grants and the money she saved being an RA, we were left with the balance of a 6 year private school loan. Necesaary evil. She has a great career because of it, but I also wish I could be further ahead while I'm still young.

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Hope everything is alright, Scott.

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Debt free of everything except our mortgage on our home. We would cringe to take out any more car loans or credit card debt at this point. We are 37.

 

Thanks. After March 3rd I will be laid up for a few months... So prepare for me being around here a little more

 

And a LOT of long hours and hard work...lol. Like said above, it didn't happen over night. My wife is a school teacher, but you know she don't make much...lol. My plan is to retire between 45-50 yrs. old. Thats only 15 more years at most. That is if the wife will let me...lol.

 

I'm looking at about 7 years to go and be completely debt free. That being said, its not necessarily my goal. Not all debt is bad. If it creates wealth, I have no problem with debt. There is debt that goes backwards, and debt that creates dead equity and there is debt that can be used to increase net worth. I have had debt of 7 figures and I have been nearly debt free. I was worth more when I had the huge debt than I was prior and nearly debt free. If the right land or business opportunity opens a door, I will not hesitate to take on more debt again. It takes money to make money and sometimes it makes sense to borrow it. Right now, money is extremely cheap. Dont cheat yourself out of returns by paying off very low interest loans early when you could be doing better things with it.

 

I'm 46 and going backwards.

Three years ago I was debt free, except for a small mortgage, very low intrest and $60K equity.

Now I have two mortgage payments and three car payments. I didn't get divorced either, lol...not yet

 

Two years ago I paid off my home, last year my clothes washer & dryer went out at the same time. I got a one year same as cash loan to buy a new washer & dryer. (I had the cash but after taking it out it is hard for me to put it back) Now that is paid off & the savings is going strong. It seems that in this lifestyle every time I get free from debt something breaks & puts me back in debt, it is a endless cycle.

 

25 Married, currently one income.
$20k in Loan Debts ... I hope to be Debt free in the next 5 years... But unfortunately, It will probably be time for newer vehicles by then.

 

I'm debt free minus school loans (would have made the downpayment on my first rental property this year had I not been hard headed and bought a 13 Tacoma in cash).

At 23, I'm feeling pretty decent about where I'm at. I know your wifes pain with the private school doctorate program loans. lol I had a full ride with a surplus for my 2 years of undergrad thankfully so I was actually being paid to attend college at first. Now a few years later and I'm staring down the barrel at around $150k+ in debt upon graduation with (as you mentioned) ZERO equity. Kills when you have to use loans for tuition AND all of lifes expenses such as housing, food, gas, etc. Would have eclipsed $200k probably had I not made some substantial payments towards it back when I had the mowing business and sold it. I plan to work military/government in low income/high need areas in exchange for loan repayment (to the tune of $20k/year until they are gone). I sometimes envy my classmates who's families were in the financial situation to pay for their college in full (and at a private Baptist college there are PLENTY in that situation haha) but in the end I think I will be glad I'm paying my own way through. Should build a much higher appreciation for what I have achieved if nothing else.

I SHOULD be completely debt free by 30 unless I finally settle into one area for the long term and decide to then purchase a home. No homeownership in my near future due to the fact I'll likely live in 3-5 different states over the next 7 years... Around 30 is when I hope to begin purchasing 1-2 rental homes a year in my hometown to build upon what my parents own until I retire in my mid to late 40s. Will hit the 20 year mark at age 43 for the standard military 50% retirement, but will likely stay on longer to earn the extra 2.5%/year especially if a promotion comes around that time.

I guess I'm rambling by this point but it's good to look ahead to formulate a plan of where you want your life to be headed...

 

Dept free for about 10 years now and just paid off our mortgage last year on our home. Great feeling of freedom. One of the reasons is I'd been in dept a few time and the last time was for over $200k in credit cards and equity loans. Swore when I got myself out of dept I'd never do it again and we haven't.
Have an investment home we have a mortgage on and buying another one just as a retirement plan but plan to have those paid off by the age 60 and I'm 51 next month.

Go for it guys. Once your dept free and a few dollars in the bank loans are easy to get when needed and rates are the lowest. I also work on getting my credit score up and even though my wife had a bankruptcy from a previous marriage, both our credit scores our now over 800:-)

It's the American dream.

Ps the one investment house I own is just now what I paid for it in 2005:-/. I had to suck it up it not give it back to the bank but it should pay off big in the future.

 

Nope not me....by design.

 

Both about to be 30 and we just bought a new vehicle for my wife. So besides the mortgage and new vehicle, we have no additional debt.

 

Wow. I feel for you guys and your student loans. That's big money:-/

 

Yeah, I never understood the whole school loan thing. I went to community college that cost probably 1 semester worth at any big name school and I make the same or more than any other college graduate. The problem with our education system is, in school you learn the material and then take the test but in life you take the test and learn the material. If you learn something but don't know how to apply it to every day use, then it just becomes useless information. I would have gone to college longer but I was too busy learning.

 

It all depends on what degree you go after. I too would choose the cheapest route to get the degree you want (why I stayed home for first two years of college). But once you start looking at graduate degrees where there are only 50-100 programs nation wide offering it... You typically have to pay to play.