After 5 years.....

[Natoma]

and $70k debt (school loans/credit cards), my husband and I are, as of today, officially out of debt. No late payments, superb credit rating, and a renewed sense of optimism.

Hooray!

 

[blakjedi]

Congrats! I'm in the second year of my attempt of the same goal. I'm down to last twenty k (out of eighty! ) by 2008 i hope to retire at the ripe old age of 34!

 

[suryad]

Retire at 34? Did u hit the lottery? And congrats Natoma. I am lucky enuf to have a BS and no loans. My gf does tho but prob a quarter of what you have. So I hope to get a job soon enough and pay it off for her while she goes to grad school. I am so ready to start my life!

 

[digitalwanderer]

Congrats Natoma, that is a hell of an admirable achievement.

 

[poopypoo]

CONGRATS!!! now you just need to save for your parents' medical bills ^_~

OW! i was kidding T_T let the fools suffer T_T

 

[K.I.L.E.R]

Congrats!
Now can you buy me a new video card?
Thanks mum.

 

[Natoma]

Thanks everyone. It's been really tough the last few years to penny pinch so much, but it was well worth it.

 

[London Geezer]

Congratulations my dear!!
My debt is about 7 grand (UK money) so i feel kinda nice. Still, i'm not saving a penny, which is really bad.

 

[blakjedi]

Retire at 34? Did u hit the lottery? And congrats Natoma. I am lucky enuf to have a BS and no loans. My gf does tho but prob a quarter of what you have. So I hope to get a job soon enough and pay it off for her while she goes to grad school. I am so ready to start my life!

Yeah man! Retire! Not in the traditional sense of being 63 and not working anymore, but in terms of having enough passive income to support my lifestyle without having to work...

If I won a lottery I'd be RICH! (I'm not) At the point that I can retire with renewable passive income I'll be wealthy.

 

[drpepper]

5 years to pay off 70k? Good job! If only more people had the sensibility to pay off their loans sooner like you we wouldn't get the constant whining of people not being able to financially support their extravagant lifestyles.

I wish you well with your new wealth!

I'm lucky that I survived off of scholarships and government grants over my Bachelors that I'm debt free once I graduate from my Masters. But I'll be helping my girlfriend as well paying off her loans. Then I can buy a new car! Loans do suck...

 

[Natoma]

To be fair, we not only penny pinched, but we also had some rather large salary gains (almost quadruple in 5 years) that gave us the financial ability to throw wads of cash at our bills every month. There are people that are as diligent and we were, but just don't have the revenue stream to see any gains on their debt.

 

[John Reynolds]

I'm roughly $100k in debt, though that's largely thanks to a home mortgage. No credit cards, no car payments right now, though we're talking about getting me a new set of wheels since that '93 Honda Civic is getting a bit aged.

Congrats, though, Natoma.

 

[blakjedi]

I'm roughly $100k in debt, though that's largely thanks to a home mortgage. No credit cards, no car payments right now, though we're talking about getting me a new set of wheels since that '93 Honda Civic is getting a bit aged.

Congrats, though, Natoma.

Is mortgage still considered "debt?" I always thought an unpaid house was a "liability" as opposed to an asset but not a debt. If you sold your house today would you make money on it?

Thanks for the financial freedom thread btw Natoma. Optimism can overcome reality.

 

[digitalwanderer]

We're in the middle of getting rid of a credit card debt right now so I can appreciate the happy feel of getting rid of it.

Gimme a year and I'll be starting one of these, knock-wood!

 

[London Geezer]

Is mortgage still considered "debt?" I always thought an unpaid house was a "liability" as opposed to an asset but not a debt. If you sold your house today would you make money on it?

Thanks for the financial freedom thread btw Natoma. Optimism can overcome reality.

Personally i've always considered the difference between the balance and the value of the house, a debt. Meaning, if you sell the house and pay off the mortgage, that's your debt, and what's left (if there is anything left) is your money to do as you wish. Value of the house minus mortgage repayments left, to me is what "debt" is, when talking about mortgages.

 

[blakjedi]

Personally i've always considered the difference between the balance and the value of the house, a debt. Meaning, if you sell the house and pay off the mortgage, that's your debt, and what's left (if there is anything left) is your money to do as you wish. Value of the house minus mortgage repayments left, to me is what "debt" is, when talking about mortgages.

Ok I had the opposite view. If you buy a car for 30K when you drive off the lot its worth 22500. If you pay down 7500 you have 22500 in debt. Depending on you payment plan the car can devalue faster than you can pay off the debt on it.

I guess we're both right.

 

[London Geezer]

Ok I had the opposite view. If you buy a car for 30K when you drive off the lot its worth 22500. If you pay down 7500 you have 22500 in debt. Depending on you payment plan the car can devalue faster than you can pay off the debt on it.

I guess we're both right.

We can't be both right, mathetematics is not an opinion! I'm probably wrong, been working all day here... time to go!

 

[London Geezer]

and $70k debt (school loans/credit cards), my husband and I are, as of today, officially out of debt.

*waits for the unavoidable newbie to post "Natoma, you're a girl?!!!"... Then when you say "uhm...no i'm just a poof", them replying "you're...gay...?"...*

*they always do it to me when i mention my man*

*Oh it's been 5 months today! It's our 5 month-versary!*

 

[Mize]

Between house, revolving credit and a business I bought in December I'm only like...uh...about $1.8M in debt

The business is worth considerably more, however, and has about $1.2M in assets and receiveables...

 

[suryad]

Yeah man! Retire! Not in the traditional sense of being 63 and not working anymore, but in terms of having enough passive income to support my lifestyle without having to work...

If I won a lottery I'd be RICH! (I'm not) At the point that I can retire with renewable passive income I'll be wealthy.

Brilliant man!

I have an interview at Intel next Friday....*figners crossed*. I hope to use my income if I get the job there to possibly go to grad school...and save money of course. I am also hoping that my side business venture goes on well. Waiting to hear from Discovery.....and with income from these 2 places if things work out, it would be a bit like having 2 jobs but the money will be worth it.