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

Amen. I laugh at my teacher friends who have loans at 1%-2%, lol. Luckily, I don't have student loans.

I have two friends who went back to school to be chiropractor's. They have a combined $425K in debt. They're planning on paying the bare minimum and hoping the government picks up the tab on the rest eventually

 

That's my dilemma. Stay in our current home, and have it paid off by 40-42, and then I can buy a vacation home and/or retire extra early, or build my true final home and extend my mortgage until I'm ~50.

 

Depending on where they plan to work, their plan may not be all that evil. If you work public health settings or non profit hospitals the government will forgive any outstanding school loans after 10 years of payments.... But you typically make a significant chunk less than your colleagues in the private sector. I am going this route myself. Ill start out at about a 30% paycut from what I could make elsewhere (maybe even more) but the loan repayment and 6 weeks of vacation vs 1-2 weeks was enough of a trade off for me to take it anyway.

 

Can I come? Unlike Fletch, I'm still convinced you are pretty awesome lol

 

His beer is awesome.

 

No, they plan to open their own practice. They just want the government to pick up the tab. I'm not familiar with what plans there are for debt forgiveness other than my wife's only opportunity working at a federal prison. The drive was too far, so she went the private route. We will actually make more in the long run and have the debt paid off earlier this way, anyways.

 

Other than my mortgage, (15 more years on that lol) Debt free here, for now anyway.....
34 family of 5

 

My Dad had good advice about money. If anyone ever asks you about it lie.

I hope no one cross references the debt thread with how many guns you have thread.

 

I think thats how these "kiddy's" are looking at the loans as well and thats why they rack them up so high. Money is money and I think these Big Educational Businesses" are taking these 18 & 20 year olds for a ride.

I don't have a degree but most of my laborers do:-/ I'm just saying...

 

Completely agree...I fortunately wasted my college tuition at a community style one I commuted to so lot cheaper but still...be nice to have the 8k I owe currently instead of not since I ain't using my college degree at all.

 

The average college grad makes a lot more $ than the average high school grad. Are their exceptions to this rule? Of course

There is also the matter of doing a job you like. There are many careers which require secondary education. If you want it...you need the degree...period

To each their own...there are many ways to become successfull in this country which is what makes it great

 

Yeah true...I think the biggest thing a ton of graduates get misled at is the idea "degree=job". The drive behind people is what makes them successful, not a piece of paper.

 

Don't get me wrong, I completely agree that a college degree is becoming the standard for a professional job, but as I previously mentioned, I went to a community college and paid in full each semester and completed without any loans. College doesn't have to equate to going to an expensive university that knocks you back $50k or whatever it costs these days. A degree that costs $50k is no more valuable than mine that only cost me maybe $5k-10k.

 

Yep...the job market in my neck of the woods is very competitive. This is partly due to having three Universities in a metro area of around 200k people. Having a degree does nothing to set you apart from most of the job applicants since they probably have one too. This makes if especially tough for recent grads. It often takes experience or connections to get hired.

 

My truck will be paid off in April and then I'll start hitting the student loans heavy. That will take me a couple of years, but when those are paid off I will be debt free.

My wife was in a pretty nasty car accident and we used part of her settlement money to pay off our mortgage. It is nice being 33 and not having a mortgage.

 

I agree 100%. I have (3) college degrees that I do not use directly, however I would have not met success without those degrees.

Also - I am a licensed apprasier & broker. I bought my first lake house when I was 25 back in 1999. I have been apart of maybe 40 or 50 lake house transactions and have seen why & how people do it. Sometimes waiting ten or fifteen years will end up being a "should have or could have". Not everyone I have worked with over the years could get it done. Life happens, job loss, cancer, deaths, kids college debt, etc. Not to seem doom & gloom, but there is a risk with waiting on the perfect time. It's kind of like those who wait to have children and then never get it done. Real estate is local and has value pockets at the moment. If I was in the situation I would evaluate your current ability because of fair market value, interest rates, current demand, etc. The contiguous lakes that we have lived at are currently undervalued and some by 50%. I am not saying jump if you see the same thing in your local market, but I am saying I would factor it in. If you guys ever have specific questions on lake homes pm me & I will try to help.

 

Maybe in your field, but this is not correct in most.

Your college resume is huge in getting that first job if you do not have any experience.

 

Trust me, I agree with everything you said, but I'm not looking to add a 2nd mortgage at the moment

I was just saying that it would be possible after I pay off my current house.

 

I owe 7k on a truck and 1k in student loans, other then that im debt free.

23 years old, no house, no wife, no kids.

 

We have the mortgage, one car paid off, and the other almost there. few hundred on the credit card. no student loans - between my academic scholarships, and working for my Uncle Sam, I had college paid for. We have pre-paid tuition programs for both kids, that should get them through school with no, or minimal, debt. It is a great feeling to be (mostly) debt free. I have been the other way, and it sucked.