I have decided to pay off ALL my debt(excepting my mortgage) in 2015. I'm considering selling a LOT of my hunting/fishing gear if I need to to make that happen. Right now I have a 30-06, .308, .300 Win Mag, .270, 8x57(barreled action) and a donor action Mauser; 2 12 gauges and 3 .22s.

I figure if I go that route, I'll take it down to a CZ-550 .270 a Ruger 10/22 and an old Coast to Coast 12ga pump. Have yet to decide on a "debt deadline" to get it paid off before selling the guns...

I could get by just fine on those three and never miss a hunt, just don't really want to(I have my reasons for those choices). Has anyone else here had similar thoughts? Seems like more and more this world is coming to borrowing money you don't have, to buy stuff you don't need, to impress people you don't even like...and I'm done. Anyone else feel the same way?

You need to see a doctor.

you have 9 complete guns? doubt it'll make much of a dent either way..

Just keep the guns u will regret it if you sell

The peace of mind of being debt free is not crazy.

sell what you have to.

I'd rather be debt free than gun heavy.

Unless the debt is crushing you I would look to make cuts elsewhere.

Maybe those guns were built by David Miller or Darcy Echols?

Maybe he is already close to being debt free.

Guns are about the only thing that haven't lost value in the past 10 years. Except for azzholes investing in $2,000 AR's.

You can only shoot one at a time and there's so much redundant schit it won't matter anyway.

Sounds like a good plan, when your goals are complete you can always add again if you wish.

Guns are the easiest things to replace. Get rid of everything until you are debt free. Then as funds allow, buy a handful of good guns to replace them. It'll be the best thing you ever did.

Becoming debt free is to regain lost freedom. Best of luck to you.

You've lost your friggin mind. Charge up more debt buying more guns. Even if your bankrupt, you can still kill stuff.

Get your priorities straight!

This.

Additionally, write down you plan for debt elimination. Seriously, write it down. Putting a plan on paper has a very real psychological impact.

Good advice!!!! I'd rather have one gun then have creditor parasites to pay!!!

Been there done this...
don't get rid of anything sentimental, all others can be replaced once things get back in order.

But remember all debt is not bad debt...
It takes money to make money.

Been there, done that. I don't feel selling your toys is the answer. Once you sacrifice your toys to the debt demons & your debts are over, you may be sorry you did it. You'll likely want those same toys again.

Debt retirement is big commitment that must drive you to the end goal. Liquidating your assets is not always the right choice.

Those toys were my only source of sane recreation during my 32 month debt retirement watching every spare dime of those many paychecks going to somebody else's account besides mine. It's over now, my gun safe is fat & I'll never be in controlling debt again.

I'd keep two of the centerfires and sell the rest. Once the debt is paid off, I'd celebrate by taking each of the guns I kept on a hunt for a critter I've never hunted with that gun or in a place I've never hunted.

I made my last house payment almost a year ago. And owe nothing on my Jeep.

It is nice to have no major debts.

That said, some guns are better than money in the bank, and most all are worth at least something. I have a bunch of vintage Winchesters (and a couple others)that I could easily get double what I paid for them. The only way I would let them go at this point, is if I fell on hard times.

But I cannot speak for anyone else. A man could certainly make due with a .22LR, a 12 guage, and a 270 ( I would require a 223 as well ). I just sure as he11 don't ever want to be that man.........

I don't know what dept is. I've always saved and paid cash for anything I've got. In 4 months I'll be paying cash for another place I'll be buying. I figure I've saved to the tune of $180,000 dollars in interest and that buys a lot of guns and pays for a lot of hunts. I don't really make that much money so the $180,000 dollars I didn't give to creditors goes a long ways.

Shod

Like most of you, I have more guns than I need,but only hunt with a few,and the rest can be a pain in the azz.I catch myself dragging them out,and wiping them down,and putting them back ,and that's all the action the majority of them see.I used to enjoy being able to put them in my gun cabinets,but nowdays you gotta keep them in a safe,or at least well hidden,so I say you would be wise to sell the ones that aint getting used ,but I would either sell right now while folks have tax refund cash,or wait till fall .I trade around on guns sometimes,and around here decent guns with decent glass aint appreciated by this 30 something generation.They would rather buy a plastic gun,and throw on a tacky,huge azz chinese scope .I just sold a 308 to a guy that had his tax refund burning o hole in his pocket.He asked what else I would sell.I show him an old,but nice 77 with 2-7 Redfield,and he just commented "Nice gun,but I hate the scope",then he started bragging about some chineese scope with electric zoom that he got on Ebay..

It can be a PITA. And I have thinned the herd quite a bit.

I still probably have 50-60 guns within 20 ft of me right now....

20 something's driving $40k trucks and living with mom & dad sell the lowest and buy the highest.

I've done it before. Just make just you don't turn around and get yourself back in debt again and have nothing to sell the second time around. I've seen that happen more than a few times. If you can get yourself out of debt without selling them you're even better off. Guns in the safe are somewhat like money in the bank.

More power to you Cowboy. Cash is king and always will be. I thinned out my guns a few years ago as well. I realized I don't get all woozy about having rifles to look at that I never use. I have zero regrets.

Didn't get a single rise out anyone here on the 'Fire. You guys are getting good at ignoring the idiots!

Peace of mind is a priceless thing.

Selling those guns that don't get hunted might affirm to yourself that you'll really get the debt disposed of. As was said, there may not be an awful lot of dollars that come from the sale, but the symbolism of making that choice may well steel your resolve to see it all through.

If they're not family heirlooms, or outright tack drivers, I see more upside than down in selling them. And once you've tackled the debt, you'll feel like a king if/when you decide to replace them, 'cause you'll do it with cash.

Keep us updated on the journey. I'm thinking you need to host a party for us once you've paid it all off!

FC

A party for this group would drive him further into debt than he already is.

Understatement of the year.

I did a lot of drinking in Wisconsin. Would have no trouble doing it again

Time for a quick shot, and out to snow blow I go

One of the best financial decisions I've made was to remain single for the last 6 years after my divorce.

I doubt I'll ever get married again.....

If I meet a woman who is financially intelligent and is a contributor not a burden, I would consider it.

The Moral of this story is if you have a girl friend you may be able to keep your rifles if your willing to get rid of her.

Shod

IMHO...Get debt free ASAP!!!! Then build your dream Firearm collection because you are DEBT FREE!!! ScottyO.

This ^^^^^


And this ^^^^^

I am down to one .22LR, one shotgun, and 4 centerfire rifles, of which 2 are looking for new homes...

Albeit by choice or not, I'm sure..........

The only one I have any sentimental attachment to is the 10/22(my first real rifle, Dad gave it to me when I was 12). Looking at selling my Model 99, Mark VII, Uplander and 452 for now. My 30/06 is my loaner rifle and a buddy that can't afford a rifle is using it(I may sell that and loan him the 99).

Anyway I'm under 8000 in consumer debt right now. I figure that I could get about 2000(roughly) by selling some guns that would completely pay off 2 debts and let me pay the others off faster. My TOTAL debt is around 68,000 right now. I'm making a budget and a plan to pay it off over the next 24 months along with an aggressive savings plan to help fund an early retirement in 15 years.

You're right, it isn't so much about the money, it's about the commitment to making my money work for me not the other way around. After all "Money is a terrible master but an excellent servant." - PT Barnum

I only have 2 rifles that are absolutely not going anywhere, the rest are disposable...

Hey....I resemble that remark!

Shod

+1,000

It's just stuff. Sell them and get out of debt. The peace of mind is well worth it.

With all the new rifles hitting the market, selling your rifles, getting debt free, and starting over again might be the best move you could possibly make. Get debt free and in the 1st year get a Kimber Montana. Year 2 get a Forbes. Year 3 get a full custom. Done and you'll have a better battery than most.

This is so true and great advice. I did a similar thing a few years ago. Sold all but the few guns with history and sentimental value. Paid down debt and got our financial house in order. Then, over time, bought/built a smaller battery of nicer hunting rifles than I had before.

Zero regrets. Financial peace of mind far out ways a few possessions.

Good luck on the plan! I hope it works out.

Luckily the wife and I never bought anything we hadn't saved up for.

Any debt would probably give me an ulcer.

Maybe put em up here, some folks would likely like a shot at "helping you out"

Jeff

Selling the herd is not the answer, managing your debt and eliminating other bad habits on how you spend your income is. Best of luck at any rate. Magnum Man

Getting to be debt free was one of the best things I ever did. Do what you have to do to get there and you will never regret it.

agree with rosco1..

On a pure numbers basis, probably true. Taking action on his goals and getting some quick progress can have a large psychological effect.

Saleing the herd sometimes may be a good answer. For instance if you've reached a point in your rifle loonyism that you've acquired a bit of a finer taste in rifles saleing to get out of debt is a good way to get rid of what you've eventually learned doesn't fit your finer taste in rifles.

Also if you are married or otherwise when the dept is paid you have an excuse to purchase some finer firearms as a reward and the Misses will likely agree because of the former sacrifice that has been made.

In the end you end up with some really fine rifles that exceed your previous herd.

Shod

Exactly, when it's all said and done, the consumer debt is paid off and I have liquid assets equal to/greater than the mortgage(which will be accelerated at that point)...I'll still have a PRISTINE GEW.98(DWM 1917) action that is already drilled and tapped bolt forged and has a 2 pos M70 safety. Think I can come up with a pretty fair custom with that, paid with CASH of course.

I was very fortunate to marry a very smart, money conscious woman. If not for her I would have lived a life in constant debt. Thanks to her I learned that you don't know need everything you want all the time and that the buy once cry once mentality can save you much money in the end. At this point I have consolidated my big game rifles to one. A Forbes 308, while not a high end custom it is a gun that would have been a dream a few years ago and one that I have even more proud in because I know that buying it took nothing away from my family.

Debt free is truly worth and in the end will give you even more options in future purchases.
Nick

I think ou have an excellent plan. I too am thinking of a similar move but for a different reason. As I reach retirement and look at traveling with my wife it doesn't make much sense to have all the guns I have sitting back home to worry about. Keep a couple of my favorite shotguns , a decent rifle a rimfire rifle and pistol and a pistol for the nightstand and dump the rest.

That $180,000 could likely be $1,000,000 if one invested prudently. Pay 5% on a loan and earn +20% with the cash.

"The Herd", That was my bad habit. About 5 or 6 years ago I decided to end it. I sold off some where in the range of 200-225 fire arms. Guns that just sat in the safes. I did not even remember buying some of them. Down to about 15 now, and if pushed I could keep maybe 6.

Setting a goal is good, debt free is really good. Not from selling the herd, but it helped.

Must have picked the right ones to sell, had interest in 3 out of 4 already and I haven't even listed them yet(just mentioned what I was thinking to a couple of buddies, evidently they mentioned it too). Probably list the 452 here in the classifieds GOOD .22 bolts are a hard sell around here.

Gotta start somewhere right?
2 CZ-452 for sale.

Those CZ 452's are very nice guns.

+1 I find myself agreeing with you more all the time. Great minds? Or just scary? No matter. "redundant schit" Amen!

Scary...

I've adopted a one bolt face policy.

223
260
7RM

And a 270 Win w/130 NPT's tucked away as a loaner. Or when I get really bored and ditch the 260 & 7RM.

Another vote for debt free, been there for 5 years, its a great feeling. I've never carried a credit card debt. We owe nothing, credit cards, house or vehicles. Let your money work for you instead of you working for it.

No question, there is great wisdom here. I too am purging. Less in guns- more into life, and hunting.

Purge the rifles, and treat yourself to a couple hunts, and the freedom of putting more cash in your pocket and less in "theirs"

Sold the Uplander today locally for $350...going right down on the Visa bill.

I agree....If I knew how to reliably do that sort of thing I would.

Shod

By the time you figure in your cost basis on the loan and the volatility of the market...better off getting debt free THEN investing aggressively spread out over 4 good growth funds with solid track records over the long term...that's my take anyway, and how I am approaching this.

Yep, and when one finally reaches there destination then you die! This whole set yourself up for the future that is only 70-80 years short tends to get a little out of balance sometimes. (Not saying you are out of balance Tim) It just does happen often and to many.

I'm basing this reply from the comments made to me by 4 older gentlemen I was very close to all whom offered words of wisdom before passing.

Live simple and for the important things that matter most and it won't take much money to live to the fullest.

Shod

Well I've sold 2 so far(Stoeger Uplander, and CZ-452), with the extra cash along with what I set aside from my paycheck I've knocked out $2200 in debt so far. Damn good start if you ask me. Think a guy I work with is going to by my M98 30-06(getting sick of buying 338 ammo and doesn't reload)...that just leaves my Mk.VII in .300 win mag.

Agree. I almost always grab the same guns each time while the rest sit unused. I would much, much rather be debt free.

Aside from my mortgage, we actually are. We don't have uber fancy vehicles but they are all paid for and we owe nothing on credit cards. There is some peace of mind to that.

Debt free is a Priority,Keep only the guns you will regret selling...ScottyO.

Just got the MO for the 2nd gun...and made my LAST car payment!!! It's pay cash from here on out for cars...

Well done. I'd rather drive around in an old car than have a vehicle payment.

You know gains can be erased rather quickly though. 20% is nowhere near sustainable.

Congratulations. That's really something to be proud of and you're setting a good example for others. We've been debt free for 3 years. No mortgage, car payment or credit card debt. Any charges on a credit card are paid in full at the end of the month.
It's very liberating not having the chain of debt around your neck each month.

I think its a great idea and did much the same thing, except I didnt hit the gun cabinet as hard as I hit other areas (optics, musical equip, fishing reels, sporting goods, household stuff...)

No new hobby $ unless its funded by selling old/other stuff. Period.

I am still following my plan, and have been making solid gains in debt reduction. I didnt have stupid debt, but I also dont make much and the current climate means I likely wont be seeing big gains. I decided not to pursue a (more lucrative) career change, since i not only love my job but i am rather good at it. So, if I was to stay in a great job that offers mediocre pay, I'd have to be OK with some lifestyle adjustments...

in addition to selling off stuff that was just "stuff", I altered my behaviors as they relate to food/eating and some other habits. THIS is where the greatest gains come from. Phone bill/internet bill/utility, prop taxes, car ins, PMI, cable, lunch, breakfast, beers, booze... refi... There is money to be saved if you change your habits and lifestyle a little.

I am driving a 14 year old car thats paid for, I brown bag it every day, said FU to cable TV of any kind, I shamelessly obtain movies and shows from the net, eat healthy but smart breakfast at home instead of continuing being a regular at 3 local diners, and I basically never buy myself any clothing.

I sold off and continue to sell off stuff I dont use. So yes, I think yours is a good idea so long as its implemented with some wise lifestyle adjustment (above).

Here's some advice- I decided NOT to sell the 03 springfield and some other guns that my dad gave me. I am very glad i didnt.

Good for you, and good luck with it. Just dont sell heirlooms or stuff that has sentiment.

Congrats Tim! You are focused like a laser and keep up the good work. Take every tax return, every bonus, and any "found money" and put it down on the mortgage or save it. Great feeling to get all that debt gone.

That is great! Way to go.

I would have suggested keeping the guns, and trying to get some side work in the evenings or weekends to make up that $2000. The extra work can be fun when you are on a mission. It really doesn't matter though, because when you are debt free, you can buy the guns back (replace) if you want to. Congratulations on your journey. Many people in my area are using the Facebook groups and classified adds on Facebook to ask for side jobs like lawn mowing, firewood stacking, help moving etc. There are tons of people that will pay decent money for someone to help them move, or to plow the snow off their driveway. You can move the needle a lot quicker with a additional income!

Well that's a good idea, but I'm already working concrete out of town and DJing on the weekends and now the state here has decided that they need to mess with my livelihood(Carpenter Local 314) by pushing Right to get Bennies without paying for them, er I mean right to work through in an "emergency" session...makes me nervous about the YEARS I've been paying into that pension...

Since my country only allowes 6 hunting weapons per hunter, its pretty easy to not "overspend" on rifles.

But its pretty annoying not beeing able to get what you want.. I want 10 more rifles.. its my biggest expense by far!

My credit card balance is now $0.00...(Next up the wife's card!!!), progress is slowed down considerably(laid off, but it happens for a month or so about every spring so I expected and prepared for it), but is still being made.

Good for you, Tim. Here's hoping you get back to work soon.

Well doing concrete in Wisconsin you get to expect a bit of time off from when you get the stuff that absolutely has to be done NOW in the winter until the ground thaws out. No biggie...

Tim,
Congratulations on your progress, and best of luck to you. This is the first time, in this thread, that you have mentioned that you have a wife. She is obviously on board with your plan, or you would not be having such success.

Having a good partner is a huge help in keeping your finances under control. Being encouraging to each other is very important.

This thread brings to mind a now-deceased friend of mine that lived a very frugal life. Too frugal for my taste, but I did learn a few things from him. He was educated and had a good long career. After college he went into the Air Force for a few years. When he got out he stayed in the Reserves for 20 years and acquired a retirement pension from the Air Force. The money that he got for his drill weekends went straight to savings. He didn't consider that pay as part of the regular family budget. He said the military pension was his extra insurance to fund his retirement if his regular career didn't work out too well.

He had saved enough, living frugally, while in the military to put down a very large down payment on a very modest house, that he paid off within ten years. His wife did not work outside the home, but was an excellent, and thrifty, mother to their four boys. They lived the rest of their lives in the same house, for decades after it was fully paid off. Any onlooker would have thought the family was rather poor, looking at the house and old cars. He didn't care what anyone else thought.

Ed, (his name) worked for a large corporation for thirty years, earning a very generous pension, on paper, that he never got. Three years before he was due to retire, his company went bankrupt and liquidated everything. The pension plan was wiped out and Ed got pennies on the dollar, made worse by the fact that he was still three years short of full retirement.

Ed did fine, and went ahead and retired, because he had a personal portfolio of at least a couple of million dollars, in addition to the military pension.

A couple of the tricks that Ed used were buying used vehicles and, of course, paying cash for them, and then driving them forever. Remember the lowly Chevy Vega? That was Ed's commuter car for many years. I think he had one of the last ones still on the road. He didn't scrimp on maintenance, but the paint and upholstery were sad-looking.

Another trick: When Ed got a raise at work, he didn't necessarily give himself or his family budget a raise. Other than well-considered cost-of-living increases to the family budget, any excess went into the retirement fund portfolio and savings. His wife wasn't interested in the family bookkeeping, and I remember once Ed said that sometimes he didn't even mention a raise to his wife. He just upped his allotment going straight to savings.

Now, I am not saying that we should all try to live like Ed, but he did provide for his family and protect them from unexpected contingencies, like losing most of his company pension. He told me that any job could end at any time and he lived his life with that in mind. That is another reason he stayed in the Air Force Reserves all those years, to have a backup. Many of his peers had very little savings and were planning on that company pension to fund most of their retirement. Ed would never count on having all of his eggs in one basket like that.

The epilogue to this story is that Ed only enjoyed a few years of retirement. In his mid-sixties he went with a friend to a reunion in Las Vegas. They went by car. On the way home, late at night with the friend driving, and Ed likely dozing in the passenger seat, the driver presumably fell asleep. They were both killed instantly in the crash.

But even with his passing, he had left his family very well provided for. Ed enjoyed his life, his family, his service to his country, and his work very much. I do miss him. Rest in peace, Ed, my friend.

Thanks for sharing nifty-two-fifty. Most frugal people like Ed love being frugal. He gets a lot of points in my book because he kept momma home with the kids, was able to weather a financial disaster with the pension, and left momma and family very well off after the tragedy. Truly a wise man.

I paid my mortgage off this year, I am down to only 2 payments remaining, my 2 vehicles. I sold off most of my collection last year to help finish paying off the mortgage. I had no problem doing it, for the simple fact that I think I enjoy looking and digging for good buys more than I do actually owning them, and the past 4 months as I get some free money I have been rebuilding my collection. I think you are smart to try ad become as debt free as possible, paying off my mortgage, which took me 9 years on a house my wife and I had built in 05, was one of the best feelings ever. Best of luck to you.

Debt free - is living free - of worry Never a bad thing.

I would like to link to a few websites I follow.


http://earlyretirementextreme.com/ : A very smart website, that started it for me. I dont expect to many to be able to follow the theme of the website. Its written by a PHD in Astrophysics, so the "language" may be difficult for some.

Its basicly, live very frugaly and save and invest the rest. Learn to do things, instead of buying services from others. Live like your grandpartens did in the 1920-1950. You are now living in unimaginable surplus compered to them, but are squandering it by buying to much s**t and/or living on credit(cards).


http://www.mrmoneymustache.com/ : A more main stream website. Has lots of good advice, and a larger following due to easier methods and easier language.


I`m able to retire very comfortable at age 40 witout ever working again.. but am aiming for 36, with a "semi-retiermt", where I will be employed doing what I find interesting.


I like living frugaly..

I recently had surgery that had me off work 3.5 months. Prior to this time off, I decided to seriously sell down on big game rifles, most of which I wasn't using anyways. Proceeds were used to pay down a few small debts that normally wouldn't be a problem. The only debt I now have is my mortgage.

I did pretty well and got it down to ...

1. 308 760 Carbine (family gun that won't get sold)
2. 7/08 M700
3. 257Roberts M700
4. 358Win M700

Nice work. You obviously narrowed it down to what type of action/manufacturer that you like best. I cannot seem to get past that hurdle in the first place.

Just an update on this thread. Since I started it 5 months ago I have paid off most of my consumer debt, in fact in 2 weeks the only debt I will have is about $60,000 left on my mortgage. I will be free of al1 my other consumer debt by August, then I redirect my focus to building for retirement and what I call getting into the black(having easily convertible liquid assets greater than my debts and a 2 year cash buffer if anything would happen at work)....

These seem like good choice keepers, you can still have a lot of fun using. It can be costly tweaking various calibers.

Looks like you're making lots of progress towards your goal. Nice work, and good luck!

Paying off debt is always a good decision. Thinning the rifle herd is a debatable decision. Selling guns to buy cocaine and hookers may seem like the right decision at the time, but it nearly always ends up being a poor decision.

...depends on the hooker...

The easiest savings I ever did was really quite simple, when I would get a salary increase I would bank the amount of the increase. I literally went decades with no real increase because I banked it immediately, usually by an automatic withdrawal so I would never see it on a paycheck. Ditto with not making payments on items, if you have to make payments you probably don't really need it or can't afford it anyway.
It is amazing how easy it is to save money when you never get used to having it. I know countless folks who immediately bought something or took on another payment the moment they got a salary increase, I never understood that philosophy.

drover

beat me to it.

How many hookers can you dudes look back on and honestly say, yep, she (or he, I'm not judging) was definitively worth the money?

You are a rare bird my friend....good for you

You would be surprised how much money you can put in your pocket if you just eliminate a car payment...carry liability insurance only.. I have not had a car/ truck payment since I payed off my 93 Chevy pickup...has 300k and is still running good...

To be debt free is the best feeling one can have...almost

The guns are money in the bank. The way the dollar is headed, probably better. That's one thing I would hold.

I would get shed of my Hatteras Yacht and Lamborghini however!

I have never been able to 'thin the herd.' I suffer from a several disorder called empty rack syndrome. I have this absolute need to keep the safe full. The problem is, when it gets full, I seem to just purchase another safe.

Lots of things would go before my guns.. They will be the means to a safe future.. Of course we never bought boats, atv's,motorcycles, etc.. that many consider necessary to life itself..

Sorta this... Keep 2 CFs & 1/ea shotgun & RF.

Then do what he said ^ !!!

Fortunately, we could write checks to finish the mortgage and both car payments ( interest is zero on one and almost nothing on the other).

My small arsenal is financially much better than money in the bank. Guns have been good to our family. They educated our three kids debt free. I think we will hold on to those remaining. Not to say that there might not be a swap or two and perhaps an addition here and there.

Jack

So CT - got a status update?

I have been thinning my collection too. Just to have emergency cash on hand and I am not using most of the stuff. My wife is even telling me not to thin anymore and I am a long ways away from 9 pieces. She fears I will replace everything again (she may be right...)

Part of my motivation is to minimize up keep of the guns and I'm tired of "stuff" as I clean up my parents estate . My thought is... will I need all this stuff when I retire in 15 years?

We all have our motivations. I see selling guns to pay for a tractor to improve my hunting land may be a better deal.

I didn't realize how broke I was until I paid my debt off.

As long as you're spending other people's money (credit cards) you never run out.

When it came down to spending only what I had, that's when reality set in.

Just made my LAST non-mortgage loan payment...paid up the LAST of the(current) hospital bills, my credit cards all have a ZERO balance....first time without consumer debt since I was 19(21 years!!!!)....feels great!!!

Congrat's !

We have enough guns to pay off the house and car (our only debts). As I see it we gain nothing. Loose debt but also loose assets. I like our guns.!

Jack