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Joined: Dec 2004
Posts: 14,488
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2004
Posts: 14,488 |
I have been doubling up on principal payments for several years and have seven payments to go on the house. The timing looks great because not only will there be no more of that, but I'll also be able to start drawing my SS and continue to work without penalties until I've padded my 401k a bit. It has been tough and I've had to forego most hunting during this time, but it's gonna be sweet when I get through with my moves here.
One of the most disconcerting things I've dealt with in the last 14 years has been Bank of America's acquisition of our paper. I especially look forward seeing that sorry bunch of SOBs in my rearview mirror.
Don't be the darkness.
America will perish while those who should be standing guard are satisfying their lusts.
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Joined: Oct 2006
Posts: 4,236
Campfire Tracker
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Campfire Tracker
Joined: Oct 2006
Posts: 4,236 |
We have been following a "strict" budget since the day after our marriage 44+ years ago. Not because we were really planning ahead to save for retirement, but because of a limited income. In our early life together, after our recurring monthly commitments, we had about $60 for groceries per month. It was tough but we made it through those times. Eventually, I started getting some raises and my bride went back to work after both kids were in school. I pushed forward in my career, she went back to college while working full time and got her business degree. She got several nice promotions and we were both able to come close to maxing out 401k contributions. We re-financed our house in 2013 at 3% on a 15 year note. Made double, sometimes triple, principle payments and paid it off in early March this year. THAT felt/feels good. We are not deep in debt. and never have been, but by the end of this year we will be debt free outside of the recurring bills. We have 2 vehicles, both paid for. Bride retired in 2015, I did the same at the end of 2017. We both get an SSA check and have savings available if needed. We NEVER fell behind on any bills, recurring or not. We do not and have not lived "high off the hog", are now comfortable and can live at the level we want.
We have told our kids we are spending our savings as we wish to and there might be something left for them after we're gone.
Someday I hope to be the person my dogs think I am . . .
The only true cost of having a dog is its death.
Someone once said "a nation of sheep will beget a government of wolves."
Shiloh Sharps . . . there is no substitute.
NRA Endowment Member
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Joined: Sep 2011
Posts: 60,883 Likes: 10
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,883 Likes: 10 |
Good for you folks, stick to your guns.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Apr 2006
Posts: 9,548
Campfire Outfitter
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Campfire Outfitter
Joined: Apr 2006
Posts: 9,548 |
The vast majority of folks will never have any political clout of their own. The vast majority of people will never have enough $$ to buy political clout. The vast majority of folks will not have enough $$ to bend markets to their will. Being free from debt is the closest most will ever get to being "free".
If you own everything outright and your only obligations are Ins, Property Taxes, utilities, and groceries, you can get by on a WHOLE LOT LESS $$ than you ever thought possible. When you're debt-free, you can AFFORD to be principled.
I can walk on water.......................but I do stagger a bit on alcohol.
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Joined: Sep 2017
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Campfire Regular
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Campfire Regular
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The thought of the OP being a financial adviser is terrifying.
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Joined: Jan 2008
Posts: 15,751 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2008
Posts: 15,751 Likes: 1 |
Must be terrifying to not have everyone agree with your opinions. But I was fully qualified and tested. More than some of you opinionated arseholes can claim. And I was damn good at it.
And i got out of that business because of the difficulty and futility of arguing with idiots who will never understand common sense. Only so long you can stand dealing with idiots who WANT to fail.
Last edited by mjbgalt; 08/05/20.
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Joined: May 2004
Posts: 2,817
Campfire Regular
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Campfire Regular
Joined: May 2004
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wife and i have been trying to get out of debt and be good and do the right things but it was taking us forever. i was a financial adviser for years and i knew the right things to tell a client, but money is behavior, not math. we all know how to save money. but you have to DO the behavior to actually save it, etc.
so after several years of not much progress, our renter passed away while living in our small rental house in the city. we had to gut the whole thing and re-do basically everything, as she had let it get pretty nasty over the last year and a half since her health went downhill.
during the project we discussed ideas and decided we could get way ahead fast if we moved back into it, despite having much less room and being in a not so nice area.
so we listed our home, knowing the market timing was good. guy walked into our open-house and bought it within an hour. even offered 10k more than we asked.
we close on the 13th and this week has been a bit crazy...been 3 months of cleaning and fixing and painting and etc. every night after work and all weekend every weekend.
in short, i decided to take the advice i had been giving for years and live on less and accelerate our debt repayment.
with this sale of the house, we will wipe out more than half our debt, and it looks like 2 to 3 years in the little house will get us out completely. going from a 950 house payment to a 255 house payment, on the little 39k house i bought when i was single.
this is still the land of opportunity, and i am taking advantage of my opportunity. it also woke me up when corona virus hit and boss said 'you and you and you are not essential' and i ended up at home for 2 weeks. i worried like hell...how easily could he have said 'we are closing and you're unemployed' and i would have been in a very bad spot.
i don't make huge money as a QC manager, but i make enough that the two of us can be debt free in a couple years and then build our dream house in the country.
if i can do it you can too. rip off the bandaid and get 'er done. might be the best thing you ever do. Well done. Success is not about having more money, it’s having enough. More times than not this is the statement by someone who has nothing and never will Have anything. More Money offers more opportunity
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Joined: Dec 2013
Posts: 23,686 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,686 Likes: 1 |
wife and i have been trying to get out of debt and be good and do the right things but it was taking us forever. i was a financial adviser for years and i knew the right things to tell a client, but money is behavior, not math. we all know how to save money. but you have to DO the behavior to actually save it, etc.
so after several years of not much progress, our renter passed away while living in our small rental house in the city. we had to gut the whole thing and re-do basically everything, as she had let it get pretty nasty over the last year and a half since her health went downhill.
during the project we discussed ideas and decided we could get way ahead fast if we moved back into it, despite having much less room and being in a not so nice area.
so we listed our home, knowing the market timing was good. guy walked into our open-house and bought it within an hour. even offered 10k more than we asked.
we close on the 13th and this week has been a bit crazy...been 3 months of cleaning and fixing and painting and etc. every night after work and all weekend every weekend.
in short, i decided to take the advice i had been giving for years and live on less and accelerate our debt repayment.
with this sale of the house, we will wipe out more than half our debt, and it looks like 2 to 3 years in the little house will get us out completely. going from a 950 house payment to a 255 house payment, on the little 39k house i bought when i was single.
this is still the land of opportunity, and i am taking advantage of my opportunity. it also woke me up when corona virus hit and boss said 'you and you and you are not essential' and i ended up at home for 2 weeks. i worried like hell...how easily could he have said 'we are closing and you're unemployed' and i would have been in a very bad spot.
i don't make huge money as a QC manager, but i make enough that the two of us can be debt free in a couple years and then build our dream house in the country.
if i can do it you can too. rip off the bandaid and get 'er done. might be the best thing you ever do. Well done. Success is not about having more money, it’s having enough. More times than not this is the statement by someone who has nothing and never will Have anything. More Money offers more opportunity Money can't buy happiness, but it can buy you things that make you happy.
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Joined: Jan 2008
Posts: 15,751 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2008
Posts: 15,751 Likes: 1 |
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Joined: Jan 2002
Posts: 12,853 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,853 Likes: 4 |
wife and i have been trying to get out of debt and be good and do the right things but it was taking us forever. i was a financial adviser for years and i knew the right things to tell a client, but money is behavior, not math. we all know how to save money. but you have to DO the behavior to actually save it, etc.
so after several years of not much progress, our renter passed away while living in our small rental house in the city. we had to gut the whole thing and re-do basically everything, as she had let it get pretty nasty over the last year and a half since her health went downhill.
during the project we discussed ideas and decided we could get way ahead fast if we moved back into it, despite having much less room and being in a not so nice area.
so we listed our home, knowing the market timing was good. guy walked into our open-house and bought it within an hour. even offered 10k more than we asked.
we close on the 13th and this week has been a bit crazy...been 3 months of cleaning and fixing and painting and etc. every night after work and all weekend every weekend.
in short, i decided to take the advice i had been giving for years and live on less and accelerate our debt repayment.
with this sale of the house, we will wipe out more than half our debt, and it looks like 2 to 3 years in the little house will get us out completely. going from a 950 house payment to a 255 house payment, on the little 39k house i bought when i was single.
this is still the land of opportunity, and i am taking advantage of my opportunity. it also woke me up when corona virus hit and boss said 'you and you and you are not essential' and i ended up at home for 2 weeks. i worried like hell...how easily could he have said 'we are closing and you're unemployed' and i would have been in a very bad spot.
i don't make huge money as a QC manager, but i make enough that the two of us can be debt free in a couple years and then build our dream house in the country.
if i can do it you can too. rip off the bandaid and get 'er done. might be the best thing you ever do. Well done. Success is not about having more money, it’s having enough. More times than not this is the statement by someone who has nothing and never will Have anything. More Money offers more opportunity Money can't buy happiness, but it can buy you things that make you happy. Money can buy things that give you joy. Rosebud.......
Sic Semper Tyrannis
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Joined: Jan 2010
Posts: 10,731 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2010
Posts: 10,731 Likes: 1 |
Gee I wish the 2 real estate agents and the appraiser and the auditor all knew as much about the real estate valuations in my zip code as true grit...lol Pretty common around here for people to "bid "10k over asking, And money can't buy happiness,but it can buy you a nice yacht where you can pull up beside it.lol "david lee roth"
Last edited by rong; 08/05/20.
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Joined: Aug 2017
Posts: 9,068
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,068 |
Congrats to all of you achieving personal finance goals.
With our country's approach to printing money, I'm not sure how much our dollars are gonna be worth in the next few years. The "work hard so you can save" mantra may go right out the window, when your $20 bill can't buy you a loaf of bread in retirement.
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Joined: Feb 2013
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Campfire Tracker
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Campfire Tracker
Joined: Feb 2013
Posts: 6,457 |
Zero debt, feels good.
Good to OP for good plan.
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Joined: Oct 2004
Posts: 2,139
Campfire Regular
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Campfire Regular
Joined: Oct 2004
Posts: 2,139 |
The thought of the OP being a financial adviser is terrifying. The thought of the OP being a financial adviser is terrifying.
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Joined: Sep 2011
Posts: 60,883 Likes: 10
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,883 Likes: 10 |
Debt is not always bad, If I could buy good farm land at a good price, and, if it keeps going higher, I'd inherit $10,000 land with a $6000 mortgage.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Sep 2017
Posts: 2,795
Campfire Regular
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Campfire Regular
Joined: Sep 2017
Posts: 2,795 |
Must be terrifying to not have everyone agree with your opinions. But I was fully qualified and tested. More than some of you opinionated arseholes can claim. And I was damn good at it.
And i got out of that business because of the difficulty and futility of arguing with idiots who will never understand common sense. Only so long you can stand dealing with idiots who WANT to fail. When I hear a story as complicated as yours and you end up selling your main residence to solve it????
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Joined: Jan 2008
Posts: 15,751 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2008
Posts: 15,751 Likes: 1 |
My personal choices have nothing to do with advice I gave to clients.
And no one asked for your opinion. Learn to see things you don't like and keep scrolling.
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Joined: Jan 2008
Posts: 15,751 Likes: 1
Campfire Ranger
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OP
Campfire Ranger
Joined: Jan 2008
Posts: 15,751 Likes: 1 |
Was hoping to share inspiration and what it ended up with was opinionated hate filled jerks running their mouths with no information.
Welcome to the fire.
Don't blame those who have moved on. I am about to do so myself.
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Joined: Jun 2002
Posts: 11,952
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2002
Posts: 11,952 |
Debt has always made me uncomfortable. I think that's been a good thing. Anyone who remembers the 18% interest rates in the very early 80s should be uncomfortable with debt, esp stupid debt on toys and useless stuff. Lots of high debt folks lost their homes during that when they had to renegotiate the mortage. I paid off the house in Dec 2017. Two newer vehicles paid for, no consumer debt. I roll the old mortgage payment now into a savings account. Most of all we all have our health, the kids are all fine. That is our biggest blessing.
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Joined: Feb 2013
Posts: 21,786 Likes: 7
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,786 Likes: 7 |
Was hoping to share inspiration and what it ended up with was opinionated hate filled jerks running their mouths with no information.
Welcome to the fire.
Don't blame those who have moved on. I am about to do so myself. About half of us... maybe more... said Congratulations. Don't whine about the pisspots... half of America is a pisspot...
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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