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Finally 100% out of debt since I was 22

cadmancadman Home of the Gators Posts: 32,734 AG
This marks the first time I am 100% out of debt since I was 22 and bought my first condo. My house is sold, no mortgages, no car loan, no credit cards. It feels great!!

Mini Mart Magnate

I am just here for my amusement. 

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Replies

  • ferris1248ferris1248 Posts: 9,104 Moderator
    Congratulations. That's a monumental accomplishment in today's world.

    I've paid down a good bit in the last year as I get ready to retire. Our primary residence and some warehouses is all the debt I've got left but have strong equity in both.

    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)

  • kellerclkellercl Posts: 6,415 Admiral
    Excellent, well done sir.  I wish I could say the same, but I'm guessing 10 to 15 left on the house.  


    “When you're good at something, you'll tell everyone. When you're great at something, they'll tell you.”

    -Walter Payton
  • treemanjohntreemanjohn Posts: 5,036 Admiral
    Nice work. Now don;t let it happen again. Your life will be changed for ever
    We’re like the piggy bank that everybody is robbing, and that ends
  • cadmancadman Home of the Gators Posts: 32,734 AG
    edited March 2019 #5
    Too old to let it happen again. The recession in 2008 made me borrow some cash to survive that period. If we have another recession like that I will sell the business and retire on social security. I can off very little if need be. The health insurance premiums is the only reason I keep working now. In four years when I can get medicare I won't even care about that. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • Turner River TerrorTurner River Terror Posts: 8,026 Admiral
    This is where I'm at as well.
    Been Debt free for about 10 years , then bought a new Truck and Boat while I was still working and made sure they were paid off .
    That's done and now I'm sleeping late and only taking on jobs I feel like doing...it's freakin Great 
    Killin and Grillin :grin
  • Westwall01Westwall01 Posts: 5,453 Admiral
    Only debt I have left is my mortgage and that will be paid off early thankfully
  • Soda PopinskiSoda Popinski GrovelandPosts: 13,295 AG
    living the dream
    Like is like a Helicopter.  I do not know how to operate a Helicopter  
  • johnpowersjohnpowers BayPosts: 2,898 Captain
    It is a great feeling. 
  • SaltygatorvetSaltygatorvet TallahasseePosts: 5,808 Admiral
    Congratulations 
    You should have been here yesterday
  • mplspugmplspug Palmetto FloridaPosts: 12,617 AG
    This is where I'm at as well.
    Been Debt free for about 10 years , then bought a new Truck and Boat while I was still working and made sure they were paid off .
    That's done and now I'm sleeping late and only taking on jobs I feel like doing...it's freakin Great 
    You mean #winning

    Captain Todd Approves

  • mplspugmplspug Palmetto FloridaPosts: 12,617 AG
    Congrats to you all who are debt free.

    My high school econ teacher gave us bad advice.  He said die in debt and let life insurance pay it off or whatever...

    Captain Todd Approves

  • TarponatorTarponator Under a BridgePosts: 17,010 AG
    Congrats Cad! 
  • cadmancadman Home of the Gators Posts: 32,734 AG
    edited March 2019 #14
    I would hate to calculate all the interest paid for houses, cars, credit cards, other loans etc over the last 40 years. It would probably kill me to know how much. The interest on the mortgages were probably a couple of hundred thousand by themselves. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • kellerclkellercl Posts: 6,415 Admiral
    It is crazy how the interest compounds long term.  Our current house is a couple years old and we have sent in a few extra $$$ a month, nothing crazy, in the range of $50 to $100.  And we are already 4.5 months ahead in terms of where the principle should be.  


    “When you're good at something, you'll tell everyone. When you're great at something, they'll tell you.”

    -Walter Payton
  • GardawgGardawg Posts: 9,820 Admiral
    Out of debt is the new rich !


    “Today a young man on acid realized that all matter is merely energy condensed to a slow vibration, that we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.

    Heres Tom with the Weather.”
  • ANUMBER1ANUMBER1 Posts: 11,701 AG
    Congratulations, been that way 15 years or so except for a couple of 0% auto loans (I have the cash, just like to keep it)
    I am glad to only be a bird hunter with bird dogs...being a shooter or dog handler or whatever other niche exists to separate appears to generate far too much about which to worry.
  • Soda PopinskiSoda Popinski GrovelandPosts: 13,295 AG
    Gardawg said:
    Out of debt is the new rich !


    That was a huge factor in my boat purchase, put money down and have a payment, or buy used and have no payment.  We went used cash and i'm glad i don't have a payment. 
    Like is like a Helicopter.  I do not know how to operate a Helicopter  
  • mplspugmplspug Palmetto FloridaPosts: 12,617 AG
    cadman said:
    I would hate to calculate all the interest paid for houses, cars, credit cards, other loans etc over the last 40 years. It would probably kill me to know how much. The interest on the mortgages were probably a couple of hundred thousand by themselves. 
    Just think of all the wages you paid and feel good.

    Captain Todd Approves

  • AC ManAC Man Posts: 6,380 Admiral
    I was out of debt at 35 with a brand new 3000 ft home. However I borrowed to help my new business and buy three rental properties but was always to the good if I wanted to cash out. It wasn't easy. 

    I'm ready to retire. As long as my son can take over the company successfully, and my elderly mother doesn't run out of money I'll be ok.

    In the end, the joy is not being out of debt, it is out of debt and income to live on. There are no guarantees. Chit happens.i guess if I lost everything I will always have a paid off house and live on social security. Praying that doesn't happen.
  • King_MeKing_Me Delray Beach, FLPosts: 6,555 Admiral

    I always lived within my means even if it meant working two jobs.  I got lucky working as a programmer during the .com era.  Too busy to spend the money that I was getting as I was too busy working with the demand back then.  I knew eventually that the demand for the work would dry up and it did once the H1B visa immigrants flooded the market.

    Even with the market flooded with workers I was able to maintain a steady job.  Just got forced out back in August for a medical condition.  It was good while it last.  Now on a strict budget.

  • 1outlaw1outlaw Naples FLPosts: 1,419 Officer
    Congrats Cad!! Hope too 1 day soon know the feeling!
    Jason :USA
  • Billy No MatesBilly No Mates Posts: 3,187 Captain
    And teach your children to not get in debt. At least credit card debt. Spending money you don't have can become habit and will always be with you.
  • evernicevernic Posts: 797 Officer
    cadman said:
    This marks the first time I am 100% out of debt since I was 22 and bought my first condo. My house is sold, no mortgages, no car loan, no credit cards. It feels great!!
    If your house is "sold" where are you living?
    2802 Trophy WA, 2x225Merc EFI's...sunk unamed storm 12-09looking for boat #10
  • MelbourneMarkMelbourneMark Posts: 2,193 Captain
    Debt=the devil


  • cadmancadman Home of the Gators Posts: 32,734 AG
    evernic said:
    cadman said:
    This marks the first time I am 100% out of debt since I was 22 and bought my first condo. My house is sold, no mortgages, no car loan, no credit cards. It feels great!!
    If your house is "sold" where are you living?
    I have a house with my brother that is fully paid for. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • conchydongconchydong Pompano BeachPosts: 7,105 Admiral
    Nice. I wonder if your credit score will go down now that you are not paying interest to someone. I never figured how that worked. I would rather be debt free than worry about my score though.
    Congratulations.

    “Everyone behaves badly--given the chance.”
    ― Ernest Hemingway

  • cadmancadman Home of the Gators Posts: 32,734 AG
    edited March 2019 #28
    Nice. I wonder if your credit score will go down now that you are not paying interest to someone. I never figured how that worked. I would rather be debt free than worry about my score though.
    Congratulations.
    i am interested to see what happens. My credit score was pretty good already. Want to see if it goes up or down after 90 days. Might not change much at all. 

    Mini Mart Magnate

    I am just here for my amusement. 

  • Mister-JrMister-Jr Posts: 27,752 AG
    My goal is to die absolutely penniless.   
    Vote for the other candidate
  • Turner River TerrorTurner River Terror Posts: 8,026 Admiral
    Mine stayed super high...Didn't matter cause I' m Debt free and plan on staying there.
    Sure seems like everybody wants to sell me something or loan me money now...
    Killin and Grillin :grin
  • AC ManAC Man Posts: 6,380 Admiral
    edited March 2019 #31
    My 83 year old mother that lives alone in her house got a telemarketer call and he wanted to help her with her credit score. She told the guy I don't need credit I'm old and I have money. LOL. I worry about her being taken advantage of so this cracked me up. She has no debt and money in the bank, and at 83 I would hope so.
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