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Joined: Jan 2004
Posts: 10,314 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2004
Posts: 10,314 Likes: 3 |
We bought our house in 2010, shortly after the big economic fiasco.
Got a good deal on it and had it paid off in 2019(I was 41 years old). Keep in mind that we reside in one of the cheapest places to live in Montana.
Could easily sell it for over twice what we paid so that's my big brag for the day. That and we are debt free.
We were thinking about buying another house for my SIL and her kids to rent.. But I would rather her buy and get the equity ball rolling.
I think I will just continue to buy my way into the ranching side of our operation. Now is a great time to not be saving money....IMHO.
Good for you Sam on having no debt. Renting to family seems like a recipe for disaster. >>---> We've been debt free for about a year and a half now. Awesome feeling.
Black Cows Matter!
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Joined: May 2012
Posts: 1,216 Likes: 1
Campfire Regular
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Campfire Regular
Joined: May 2012
Posts: 1,216 Likes: 1 |
Recently retired at 59 1/2. Sold a bit of tax advantaged preferred shares and paid off the house and new truck. No other debt. Just insurance and basic expenses now. Been a long time coming but feels good.
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Joined: Dec 2008
Posts: 5,195
Campfire Tracker
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Campfire Tracker
Joined: Dec 2008
Posts: 5,195 |
Since 1990 at age 45. Thats when I built my second house that I still live in. Retired in 2000 at age 53. Purchased 140 acres of farm land and paid cash in 2010. Never made much money but grew up poor and learned from frugal parents. GW
If an injury has to be done to a man it should be so severe that his vengeance need not be feared. MACHIAVELLI
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Joined: Feb 2004
Posts: 19,220 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Feb 2004
Posts: 19,220 Likes: 3 |
We paid our house off about 3 years ago. This is the second house we have paid off.
kwg
For liberals and anarchists, power and control is opium, selling envy is the fastest and easiest way to get it. TRR. American conservative. Never trust a white liberal. Malcom X Current NRA member.
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Joined: Oct 2004
Posts: 50,169 Likes: 1
Campfire Kahuna
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Campfire Kahuna
Joined: Oct 2004
Posts: 50,169 Likes: 1 |
It was in 2006. Five hurricanes later...it's not.
The only thing worse than a liberal is a liberal that thinks they're a conservative.
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Joined: May 2010
Posts: 6,658
Campfire Tracker
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Campfire Tracker
Joined: May 2010
Posts: 6,658 |
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Joined: Jan 2018
Posts: 23,506
Campfire Ranger
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Campfire Ranger
Joined: Jan 2018
Posts: 23,506 |
Curiosity Killed the Cat & The Prairie Dog
“Molon Labe”
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Joined: Sep 2014
Posts: 21,853 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Sep 2014
Posts: 21,853 Likes: 4 |
Bought it In 2000, at 30, paid off 2016 or 17.
Last car loan was 1996, last loan of any kid was around 2003.
We live modestly, but own e everything we claim.
And have cash.
Often laugh, not much is for show, but we are in much better
shape than most.
Parents who say they have good kids..Usually don't!
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Joined: Jan 2021
Posts: 5,569
Campfire Tracker
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Campfire Tracker
Joined: Jan 2021
Posts: 5,569 |
I by no means have a $300k home & property but I have 5 acres, a 1000sf shop and all my vehicles, my meager home, and my mother's home is all paid for at 40yrs old. I'm 50 now and love the freedom of knowing it's all mine (as long as I pay the FEDERAL Rent "taxes" yearly)!
ΜΟΛΩΝ ΛΑΒΕ
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Joined: Jan 2021
Posts: 5,569
Campfire Tracker
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Campfire Tracker
Joined: Jan 2021
Posts: 5,569 |
Bought it In 2000, at 30, paid off 2016 or 17.
Last car loan was 1996, last loan of any kid was around 2003.
We live modestly, but own e everything we claim.
And have cash.
Often laugh, not much is for show, but we are in much better
shape than most. I'm with you brother. I have never lived trying to impress anyone (except my 3 ex-wives) but that schiff is all done with as well. I may not have the fanciest things but they're mine and like you I always have cash to buy my toys 👍
ΜΟΛΩΝ ΛΑΒΕ
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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
Barry this might be worth a thread of it's own?
Proverbs 13:7, Something like, The rich man pretends to be poor, the rich man pretends to be rich. I heard it slightly different...poor people stay poor by acting like they're rich and rich people stay rich by acting like they're poor.
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Joined: Feb 2003
Posts: 665
Campfire Regular
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Campfire Regular
Joined: Feb 2003
Posts: 665 |
I’m in my late 30s and have no mortgage. Bought houses since I was 23 when they would give mortgages to anyone. Flipped a few along the way. Bought a foreclosure in my early 30s. Remodeled it. Rented it for a few years when I lived overseas. And then paid it off. It’s a pretty good feeling. .
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Joined: Dec 2006
Posts: 4,116
Campfire Tracker
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Campfire Tracker
Joined: Dec 2006
Posts: 4,116 |
Have a mtg, but am growing cash in an “offset” savings account. When the accumulating cash equals the declining mtg balance, BAM! I’ll pay it off. Sure, I could just put the extra cash against the debt and save some mtg interest expense, but I just don’t think now is a good time to lose that liquidity. YMMV. I wish I had done mine this way. I dumped money to the house (still funded my retirement) when I could have invested it in mutual funds during the longest bull run in market history. Hindsight makes it an easy decision but I guess I am not complaining to not have the mortgage. Could have had it paid off sooner had I invested the extra instead of just putting it on the mortgage.
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Joined: Jan 2020
Posts: 5,175
Campfire Tracker
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Campfire Tracker
Joined: Jan 2020
Posts: 5,175 |
Been 25 years since I had a house payment. It sure is a good feeling when you get something paid for. Anyone who has the money to pay their house mortgage off and doesn't is a damn fool. There's nothing wrong with being debt free and owing no one besides the government.
Life is good live it while you can.
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Joined: Mar 2006
Posts: 20,905 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Mar 2006
Posts: 20,905 Likes: 1 |
I am 62 & just made my last mortgage payment last Friday.
"I never thought I'd live to see the day that a U.S. president would raise an army to invade his own country."
Robert E. Lee
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Joined: Apr 2003
Posts: 555
Campfire Regular
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Campfire Regular
Joined: Apr 2003
Posts: 555 |
Call me lucky or hard-working or whatever, but a home and 2 cabins on acreage paid off for the last 16 years. I’m approaching 60yo. But I have 2 aircraft that I owe money on, a Piper Navajo Chieftain and a C185.
Last edited by Alaskajim; 02/19/21.
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Joined: Dec 2016
Posts: 516
Campfire Regular
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Campfire Regular
Joined: Dec 2016
Posts: 516 |
Paid it off about 8 ears ago in my mid fifties. I love not having house, car, tuition or credit card debt.
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Joined: Feb 2009
Posts: 11,920
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2009
Posts: 11,920 |
House has been paid off since the mid 90's.
Freed up some money for other things for the family.
The funds were put to use getting a car or 2 over time then it got put up for when something big happens.
It was a great feeling that day.
And i was about 35 years old i think.
Last edited by plainsman456; 02/19/21.
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Joined: Jan 2007
Posts: 11,578 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2007
Posts: 11,578 Likes: 6 |
Land, cows , equipment, industrial equipment , everything paid for. Operate out of pocket ,great feeling .
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Joined: Jan 2012
Posts: 3,150
Campfire Tracker
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Campfire Tracker
Joined: Jan 2012
Posts: 3,150 |
Just turned 36. Mortgage is paid off. Working on looking for another.
Yup.
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