Home Forums Hunting & Shooting Hunter's Campfire I’m Out of Consumer Debt

I’m currently 36 years old and am officially out of consumer debt as of 10 minutes ago. Doesn’t sound like a big deal, but considering I was over $75k in credit card and loan debt at 33 years old, its a big deal for me.

I had always opted for minimal health insurance and both my wife and I had medical issues that resulted in nearly $25k in hospital bills that got put on credit cards. Before that, I had replaced my old truck with a new truck and I bought a fishing boat for a total of $50k.

I admit to having used some of Dave Ramsay’s principles. I saved up about six months of mortgage payments, quit buying stuff, and debt snowballed. I worked a ton of overtime. All tax returns and extra money went to paying off debt.

One thing I can’t totally agree on is the idea that you live totally bare bones when you’re young to gain wealth for retirement. I love to fish and hunt and won’t stop doing it, especially when I’m young and able bodied. BUT, I should have did it smarter. If I had saved money for two years, I could have bought the boat with cash. Lesson learned.

Now, all I have left is my mortgage!

good for you! If you have kids, be sure and let them benefit from your wisdom by teaching them about debt.

Well done. You and your wife have just done the smartest thing you can for your financial future

Congrats. Never spend what you don't have. I've had credit cards all my adult life, and never paid interest cause I pay off what I charge each month.

Good job Gooch!! You have much to be proud of.

Wait till you pay that house off! Then you'll be happy!

It's a great feeling to be debt-free. I've doubled up on house payments and the house will be paid off in about fifteen months, and we have no car payments. I carry a little bit of credit card debt, but generally stay on top of it. The 401k is growing, and I will reach full retirement age in 2-1/2 years and will begin drawing SS. Things are a little lean right now on account of my accelerated mortgage payments, but I think I'll be in pretty good shape for retirement in about three years.

If I had it to do over again I'd start building retirement accounts earlier...I got a late start. When I was in my 40s I still felt like retirement was far distant, but I'll tell you younger guys: once you hit 50, the record that was playing at 45 rpm begins to play at 78 rpm, real sneaky like. Don't play too much when your young...it'll cut into your resources when you'll have all the time in the world to play.

Congratulations, now just attack the mortgage with the same drive.

Very Cool

I listen to Dave and I feel he keeps me in check a bit more than I would be if not
Hank

It is a good feeling.

That is great Gooch.

Credit is so easily obtainable that it lulls us into a sense of security and we buy way more crap than we need.




What's in your wallet? Cash is in mine.

You were headed for a van down by the river.

Most people on here have no idea who Dave Ramsey is, same bunch that's never stepped foot into a church, claimed they haven't been in a walmart in 35 years.

I've done the dave thing, but I started listening to him when he still had hair and broadcasted from Supertalk 99.7 Nashville. About 1999.

Ain't bragging but I feel like I've been light years ahead of most people. Worked a full time 2nd shift job, ran my contracting business 6am to noon, changed into my Superman clothes went to my worky-job, checked on my laborers while on my "3 oclock lunch hour". Worked my other business at night commercial clientel integrated pest management, mostly key and alarm code accounts.
Wife was the medical/dental field, real estate on the side.

Paid the cars, the land, some spec lots, our home and vacation property off at age 29-30.

welcome to 24 hour

Somehow you've missed getting verbally ass raped by the 70 year old drunks with chronic blue balls on here.

Congrats.
Get the mortgage done. Start saving at least half of it
when it's paid off. And don't be car poor.

We are 45 and 50, house paid off several years ago,
haven't borrowed since we did a 12 month no interest furniture
.deal in 2001. We haven't bought vehicles new, but 3-4 years old, cash.
You will find that you are now a freak. When we stopped mortgages
we played the same game everywhere we went.

"What do you owe beside utilities"?
"Nothing"
"What monthly payments will you make this month"?
"Phone, electric, rent, tv."

Exasperated now.
"Car payment, boat, motorcycle, 4 wheeler, personal loan, credit cards,
store line"?

"No, nothing?"

"Oh...well...That's goood?" (But you could tell they were looking for
our 3rd eye or something)

Go to buy a car with cash.
The dealers make a ton off loans, and don't like cash.
New car dealerships are almost hesitant to sell to you.
We bought a 2 year old minivan, the first thing was trying
to get us to let them finance. We said check. Finance
came up 3 or 4 times along the way, that day.
Picking it up the next day, $20k bank check in my hand,
they try to get me to finance.

Then, I go to the loan guy to do the paper work, he now has the check.
"Are you sure you wouldn't prefer to finance"?

Always remember, that money that they are trying to earn by
financing? It's your money. People don't see this for what it is.

Sounds like a big deal to me. Now get to work and put $75k in the bank.

its a huge deal, and you'll know it for sure soon enough.

once that house is paid off, money will start showing up in places and volumes you thought impossible before.

owing nobody but Jesus and the tax man is an excellent place to be.

I too am a Dave Ramsey disciple.

congrats. I know it's not easy, but it is WELL worth it.

Godspeed.

Praise the Lord. You have pulled yourself out of a trap. Now pull the other leg out of that home mortgage trap and you will really be free. Then you can can become a member of the group that collects rent on money instead of paying it. I don't know you but I am proud of you. I haven't paid a penny in interest in decades. It is doable.

Trick is to live on one income and save the other if you both work. Money adds up fast that way.


Considering I have a 3.75% mortgage apr and I can pay it by sending my wife out to work, I have been dumping all my money in things that pay 10%. Cash don’t pay right now either.

My wife has some friends who are retired with a very substantial income. They were both career military senior officers so they weren't rich but from the beginning, they set rigid budgets that included savings plans. Now they have homes in both AK and AZ and are fully enjoying life.

You’ve done well and as others have noted, retirement is closer than you think! Make sure you don’t obsess about the mortgage and start investing. At least an IRA for you and your wife and take advantage of any matching funds your company offerers in their 401K. (At least)

It’s highly satisfying to have the mortgage paid off but the benefits of long-term investing will dwarf doing that. Remember, you’ll still have insurance and property tax to pay (sorry to be a wet blanket. )

Investing-wise nothing exotic. Fidelity or Vanguard and an index fund will serve you well.

What Pugs said. Your mortgage is probably the lowest interest loan you could ever get. Put your extra money into investments that will earn more than the mortgage is costing you. You'll eventually have both the house AND a sizeable nest egg.

On your way to being a millionaire!