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As of today, our household is debt-free

F

Fausto

Elite Member
...other than the mortgage, of course. We finally buckled down and paid everything off.

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Time to start saving an absurd amount of money to pay for college.
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highland145 said:
Come back when you've paid your mortgage off.()🙂

Edit:Grats.
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We plan to move in a year-ish, so no point in throwing any extra money at the house. I love it and the neighborhood, but it's too small for us and we want to move to a better school system once my son starts elementary.
 
I'm technically in the same boat (only no mortgage - renting) but its because I figured out a way to shift my car balance to a 0% credit card for 18mo. So it isn't that I don't have the money to pay it off, but whats the point when it is 0%? I see it as a free loan to me.

EDIT:

Maybe a better way to put it is that I don't have any debt that I don't absolutely love to have 🙂. If I was still paying interest on that balance, I would have paid it off by now.
 
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Yea thats all me and the wife have debt wise is the house. have that down to 17years but paying it off faster. hope to get it done in the next 5-7years.
 
Marlin1975 said:
Yea thats all me and the wife have debt wise is the house. have that down to 17years but paying it off faster. hope to get it done in the next 5-7years.
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I once made the mistake of adding up what we've spent on private school for the kids to date and it would have more than paid for our house. :\
 
Hey-.. me too! Except, I don't have a mortgage. So I am even further ahead than you!

No debt AT ALL and NEVER HAD DEBT. And I plan to keep it that way. Suck it.
 
Fausto said:
We plan to move in a year-ish, so no point in throwing any extra money at the house. I love it and the neighborhood, but it's too small for us and we want to move to a better school system once my son starts elementary.
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TBH, I just paid it off and I'm way behind on retirement. So that's where my extra $$ is going.

Edit: Private school. Yep. That's about $25K so far and another $35K to get him out of high school.
 
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:thumbsup: Not being debt slave gives you choices. That's a good thing. House, kid's college, and then early retirement. Im working on the early retirement part.
 
Fausto said:
Student loans are a mofo. It took me years to pay mine off and they weren't anything like 200k.
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I attack debt like crazy when it has interest, hence I don't have any debt with interest right now at 27. It took me about a year to pay off student loans, 18mos to pay off a car I bought when I was still leasing a 2nd. After I tackled that, I just have been able to cream my debt.

Bought a $30k truck and paid it off in 2 months. 8 months later bought a $24kish car and also paid it off within 2 months.

On the flip side I have very minimal savings, but the interest rates on the cars were much higher than anything I could invest in last year. So in reality it was cheaper just to knock out that debt.
 
highland145 said:
TBH, I just paid it off and I'm way behind on retirement. So that's where my extra $$ is going.

Edit: Private school. Yep. That's about $25K so far and another $35K to get him out of high school.
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Yeah aside from the extra space, schools are the primary driving force behind us looking at houses in the future. I don't mind investing in my kids' education but it's getting to where I am paying as much for them to be in private schools as I paid to go to a private university 20 years ago.
 
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