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Veteran
Posts: 197
 
Location: Where God has placed me | Hi guys! Just curious as to who is debt free. I am just needing some encouragement to stay the course. I want to hear your stories. |
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 Born not Made
Posts: 2931
 
Location: North Dakota | Haha, I'm still digging my hole deeper and deeper. 
Going to be purchasing land in a month and I am danged excited!
But someone, it will be so nice to be debt free!
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Extreme Veteran
Posts: 477
Location: Lost in the swamps | Lol! I'm 32,hubby is 34. All we owe on is our house(mobile home) that will be paid for in 3 years. Our vehicles are paid out, we have no credit cards balances,tore up store cards, ext (mainly because growing up my mother had spending issues and I never wanted to be like her)we do have a credit card for emergencies only, when car breaks ect. I'm a firm believer if we can't pay for it out right we can't buy it! Within the next 5 we are planning on purchasing our own property and building because we lease land. So we won't be debt free much longer. |
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 Expert
Posts: 2097
Location: Deep South | My hubby and I only owe on our mortgage, and we're both only in our early 20's so we're ok with that at this point in our lives. I entered the relationship debt free, it was a lonnnnnnnng road getting him there. But he finally did it and now lives a completely different lifestyle than he did before. He just was not taught sound financial principles or raised to live within his means.
Our vehicles are by no means the newest nicest models out there, but they're not junk either and they are paid for.
We have 6 months living expenses in the bank. We are able to take one big vacation a year, with a few small trips sprinkled throughout. When we really want something we are able to buy it. BUT, we budget, we meal plan, we rarely eat out, we watch our small $5-$10 purchases here and there very closely, because those add up when you're not paying attention.
It is so worth it once you get there! So many of my friends stress themselves to death over money. They either have plenty to blow or they're flat broke, and funny how life likes to kick you when you're down. The emergencies always seem to happen when you're flat broke. Having an emergency fund takes away all that stress, which to me is the ultimate goal of being debt free. You can't save much if you're constantly trying to pay something off. Keep up the good work! You'll be there before you know it!
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 You get what you give
Posts: 13030
 
Location: Texas | Oh I am so far from debt free....I have one credit card and a ton of student loans. |
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 Veteran
Posts: 234
Location: Oklahoma | I WISH!! With my Student Loans I don't think we will ever be debt free!!! |
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 Ima Cool Kid
Posts: 3496
Location: TN | I am except for one more year at 0% on a car. I work part time (2days) so i can ride and go to shows.
I missed out for years. I don't buy stuff unless its on my list. Avoid going to town but once a week. The less I spend the less I have to go to work 
Its worth it in the long run |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | Not yet; trying to get there...fell off the bandwagon this month...didn't go into debt but spent some money I saved on stupid stuff. I am such a spender it's crazy. |
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 Am I really the Weirdo?
Posts: 11181
Location: Kansas | I was doing good at this until I decided to pursue teaching as a career and had to take classes to complete program entry requirements last spring. Now I'm in 6 hours of graduate courses (internship) this semester, 6 more of internship next semester and I have a handful of other classes to take by May 2017 to complete my alternate route teaching licensure program and be a fully licensed English teacher.
Thankfully, I got a credit card offer with 0% interest on purchases for 18 months about the time I enrolled in the first courses, so while I'm making payments on my tuition, I'm not also racking up interest charges. School is expensive! |
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| No one is ever debt free and never really own their property ...
You will be leasing your place from the county tax collector as long as you live and your fear of loss will make you continue to buy outrageous insurance on your house and barns .... and cars, trucks and equipment ... plus all kinds of license fees etc etc ..
Run up a total on all of your health to house insurance, car tags, property taxes etc etc etc ..... and you will fall over when you notice they take more of your money than it takes to provide for your entire family ... it is that ingrained fear of loss that makes everyone pay forever .... same as the crazy idea that you must break your neck to answer your phone ...
my friends are astounded when they hear my phone ringing in the truck and get a case of anxiety if I don't answer it or beg to go answer it for me ... lol
When you buy property ... pay attention to the property taxes .... they can eat you alive if you are still living there when you retire ... one county can be 2-3-4X than the county next door ... |
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Elite Veteran
Posts: 1131
| I'm only an 18 year old college freshmen, but I'm debt free and will be graduating debt free as well. No student loans for me. |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | We are debt free and own our land and home, yep we pay taxes once a year on land but we are debt free and own all our trucks and tractors |
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 BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | So I guess owing nothing except taxes and insurance means we are never debt free, according to some experts. In other words, strictly speaking, there is no such thing as living debt free, according to them.
I guess that makes this thread moot. Right? |
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Extreme Veteran
Posts: 464
| I guess there is enough ananimity here to talk this way. Me and the wife achieved debt free status at 33. We're 44 now. It was the most freeing feeling in the world. From that day forward, I enjoyed work much much more. I felt like I was working, and actually achieving something. I have a nice brick home, and 260 acres of land. Both of us grew up (especially her) in a very deprived home. I really think one thing that helped us get there was totally refusing to borrow money for a vehicle. We drove an older car, and truck we could afford to pay cash for. Stayed 100% away from credit cards. Forwarded what should have been 2 vehicle payments to home/farm mortgage. For the last 11 years, we have lived on one paycheck, and saved the other. We have 3 kids, and thoroughly expect to retire at age 49 (both school teachers). |
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 Loves to compete
Posts: 5760
Location: Oakdale, CA | me........................... working on my property.............. |
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Loves to compete
Posts: 5760
Location: Oakdale, CA | rodeowithjoker - 2015-11-19 4:03 PM I was doing good at this until I decided to pursue teaching as a career and had to take classes to complete program entry requirements last spring. Now I'm in 6 hours of graduate courses (internship) this semester, 6 more of internship next semester and I have a handful of other classes to take by May 2017 to complete my alternate route teaching licensure program and be a fully licensed English teacher.
Thankfully, I got a credit card offer with 0% interest on purchases for 18 months about the time I enrolled in the first courses, so while I'm making payments on my tuition, I'm not also racking up interest charges. School is expensive!
I would consider that good debt! |
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 Mature beyond Years
Posts: 10780
Location: North of the 49th Parallel | NOT! Student loans, a pretty high CC bill right now thanks to wiping out my savings after major knee surgery, not being cleared to work until now and some major vet bills from this past summer I'm going to need a new to me horse trailer soon so that will be another bill but I'm putting that off until next summer so I can get these CC bills paid off and put more down. |
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 BHW's Lance Armstrong 
Posts: 11134
Location: Somewhere between S@%&# stirrer and Saint | I am. No debt. No CC. No house payment. No vehicle payment, zilch. When the economy went to crap back in 2006-2007 I decided to pay everything off and no credit on anything. I decided to use my mom and dad's philosophy if you can't pay for it don't buy it. |
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 I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | bccanchaser16 - 2015-11-19 7:57 PM NOT! Student loans, a pretty high CC bill right now thanks to wiping out my savings after major knee surgery, not being cleared to work until now and some major vet bills from this past summer I'm going to need a new to me horse trailer soon so that will be another bill but I'm putting that off until next summer so I can get these CC bills paid off and put more down.
Did you have Canadian health insurance for your knee?
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | Nevertooold - 2015-11-19 8:17 PM
bccanchaser16 - 2015-11-19 7:57 PM NOT! Student loans, a pretty high CC bill right now thanks to wiping out my savings after major knee surgery, not being cleared to work until now and some major vet bills from this past summer I'm going to need a new to me horse trailer soon so that will be another bill but I'm putting that off until next summer so I can get these CC bills paid off and put more down.
Good question, actually, unless she had it done in the states. |
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 Porta Potty Pants
Posts: 2600
| Someday ... not sure when ... but someday! |
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Mature beyond Years
Posts: 10780
Location: North of the 49th Parallel | Nevertooold - 2015-11-19 6:17 PM
bccanchaser16 - 2015-11-19 7:57 PM NOT! Student loans, a pretty high CC bill right now thanks to wiping out my savings after major knee surgery, not being cleared to work until now and some major vet bills from this past summer I'm going to need a new to me horse trailer soon so that will be another bill but I'm putting that off until next summer so I can get these CC bills paid off and put more down.
Yes I do. I wasn't able to go on EI or short term disability because of my contractor status with my job. This was my 4th major knee surgery and the only thing I've paid for out of pocket was the HA injections and PRP. I didn't exactly have much in the way of savings (thanks vet bills) as they basically called me and I had surgery the next week so what I did have is/was covering rent, etc. |
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 I Sell Dreams
Posts: 1654
Location: Freestone TX | Debt free on everything. |
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 Expert
Posts: 1384
Location: Kansas | Except for the house payment I am, the house is 3/4 paid off. I also have enough in savings to purchase a new vehicle if needed
It took several years to get to this point.
I don't have a lot of fancy equipment/tack/clothes that others have. I can't afford to go to all the major shows, but that is okay with me.
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Veteran
Posts: 180
| I currently am. I'm in my second year of college with no debt thanks to taking quite a few college credits in high school and receiving a scholarship. I also just paid off my car and own my trailer outright. I am estimating around $10k in student loans when I graduate. Could be worse I guess
Edited by gypsykalgirl 2015-11-20 12:24 AM
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Elite Veteran
Posts: 618
| We have a small mortgage on our 3 br, 2 bath simple brick home and 1 acre. We own the other 15 acres. We are ag exempt so taxes are not expensive. It is 50% paid for, we are going to refi to get a lower interest rate, shorter term and payment will actually be less. I have one cc I charge about $50 a month on buying something I have budgeted for anyway ie fuel or feed and then pay it off. I do this to keep my credit moving. We pay for my daughter's college every semester. She has 3 semester left and will graduate with a teaching degree for less than 25k and debt free. She works and pays for fuel, her horses and fun stuff. She lives at home, attended jr college and now attends Tarleton but still commutes. We own all our vehicles(4), our horse trailer, we have a nice nest egg. I am able to work part time(to pay for my horses), ride and a full time mom to my son. I don't get to go to all the races I want, I have to save for tack or other wants. |
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 To the Left
Posts: 1865
Location: Florida | Being "older" I was raised to always be debt free. With help from my large family I build my own home, nail by nail. I paid cash for the first 2 acres of land, then gradually bought up all the land around me, a couple of acres at a time. I paid my own way through college like most people in the 60's and 70's BUT, the cost was so much less. I remember my first 2 years at a junior college cost $296 per semester unlimited credits. The next 4 years weren't that much worse. The books cost as much as the tuition. I drove my last two trucks for 15 years each and saved up money so I could buy the next one with cash.
I am glad I am not trying to start out now. I could even live on my own with animals working at minimum wage. Sure couldn't do that now. |
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Am I really the Weirdo?
Posts: 11181
Location: Kansas | got boost? - 2015-11-19 7:43 PM rodeowithjoker - 2015-11-19 4:03 PM I was doing good at this until I decided to pursue teaching as a career and had to take classes to complete program entry requirements last spring. Now I'm in 6 hours of graduate courses (internship) this semester, 6 more of internship next semester and I have a handful of other classes to take by May 2017 to complete my alternate route teaching licensure program and be a fully licensed English teacher.
Thankfully, I got a credit card offer with 0% interest on purchases for 18 months about the time I enrolled in the first courses, so while I'm making payments on my tuition, I'm not also racking up interest charges. School is expensive! I would consider that good debt!
Oh yeah, I'm not upset with my current financial situation. I left a job with a community newspaper to come teach and literally almost DOUBLED my monthly income. Granted now I am paying rent for myself, a dog and 4 horses, plus buying my own grain and some hay to supplement what I've hauled up here from Dad's hay barn, but I'm no longer freaking out about how I'm going to pay the next bill that comes along. (Other than the one 3-hour class that costs $880 to take.....that one is freaking me out a bit.) I just wish I had more hours in the day so I could get everything done like I want but I guess I'll have to be more productive next summer. :) (yeah right, I'm going to be rodeoing while everyone else is working! LOL) |
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 Elite Veteran
Posts: 617
Location: London Ontario | Nope but we are working on it! I own my own house at 21, If all goes well and we don't wreck it I will be able to make a decent amount of money on it when we sell, I got a killer deal on it. My student debt will be paid off by Jan 1st. I will then have some credit cards to pay off and a line of credit. We own both our vehicles, my horse, all my tack and our horse trailer. Not the nicest by any means but they aren't costing us any!! As much as people say if you don't have the cash don't buy it, that's not always the case. Emergencies come up and they happen so don't feel too bad. Remember folks, you cant take it with you when you die!!! Don't stress:) Keep at it! |
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 Worst.Housekeeper.EVER.
Location: Missouri | Not even close. But, I've paid off enough debt to be a bazillionaire. Does that count? 
I know you asked for encouragement, my advice is not to let finances define you. Depending on choices you make in life, sometimes it's not possible to be debt-free and that's not always a bad thing. |
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 Texas Lone Star
Posts: 5318
Location: where ever my L/Q trl is parked | Me- have no debts except my mobil phone and auto insurance... |
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 Expert
Posts: 2457
| Ok - you're looking for encouragement ... you CAN do it!
My BFF has paid off over 50k in student loans in a little less than 5 years while also paying off her pickup and moving three times. She is dedicated and living out her dreams with two horses, a dog, a ton of cats, and a random group of chickens too! It hasn't been easy, but getting her spending under control and "telling" her money where to go every month has changed her life for the best!
The hubs and I took the Dave Ramsey thing to heart, we've paid off over 60K in the last two years together and saved 25K for a down payment for our farm (80 acres) that we just bought in June. We have one credit card, as I'm a miser and refuse to get rid of it even though we never use it. We sit down once a month, add to our spreadsheet of expected bills, decide where the money should go and just do it! We have a healthy bank account for our emergency fund, we have a farm account to cash flow the row crops and livestock, and we're both working full time. The farm is our only "liability" right now but with our plan we'll have it paid for in 15 years.
It takes dedication but getting your money under control can bring so much less stress to your life!! You can do it - it is hard, but SO worth it!! |
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 Scorpions R Us
Posts: 9586
Location: So. Cali. | I was until my old man decided to go into the hospital for a week and still counting.
I'm very ontop of my banking and credit cards, I check my bank account daily just so I have the regular reminder of what my funds are looking like, I plan out my weekly expenses and anything extra I may have I try to designate to my savings.
I do not own a home yet so I have it a bit easier than most. And no car payment or student loans.
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 Own It and Move On
Location: The edge of no where | Someday! We're working at it......we're going to have a mortgage for another 11 years, I don't know how anyone buys land without going into debt. We're south of Fort Worth and land is so high. I try to follow Dave Ramsey's plan on a lot of things....but I am going to go run my horse and enjoy it! I'm ok with a truck pmt and mortgage - but really want everything else paid off. |
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 Shelter Dog Lover
Posts: 10277
| We are close, we have 6 years left on a 10 year note at 3.5% for our land, no car notes, paid cash for the house we just built. |
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Extreme Veteran
Posts: 490
| I wish. I was doing great until I got married and we bought a place. Had my truck and trailer paid off. All I had was monthly bills and student loans. THEN being an adult happened. Bought a house and property, no big deal. Paying extra on it and paying the 30 year note off in 15 years. We were rocking along. Then my paid off truck crapped out on me. And the cost of the repairs was more then the truck was worth and I needed a dependable vehicle to get me to and from work. Got my first truck note at 27. I have been paying weekly so the interest is staying down. I am hoping to sell one of my barrel horses and pay it off plus put a good chunk towards my student loans. I HATE having debt and Im trying to get out as fast as possible. Too bad I cant get my husband on board. Any tips for that? |
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 Take a Picture
Posts: 12838
| I am but I plan to buy a new truck next year. i will plan to have a big enough down payment thats I will only have to finance it for 4 years. My truck is 16 years old and I just think it is time to get a new one. |
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Veteran
Posts: 197
Location: Where God has placed me | Bear - 2015-11-19 6:38 PM
So I guess owing nothing except taxes and insurance means we are never debt free, according to some experts. In other words, strictly speaking, there is no such thing as living debt free, according to them.
I guess that makes this thread moot. Right?
In my definition, taxes and insurance are merely living expenses. I define debt the Dave Ramsey way: credit cards, student loans, mortgages, car loans, etc.
Edited by southern belle 2015-11-20 12:13 PM
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | I'm a farmer, my middle name is Debt.  |
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I Prefer to Live in Fantasy Land
Posts: 64864
Location: In the Hills of Texas | We have been since my husband turned 50. I really don't know how people do it today. Pretty sad when health insurance costs more then a mortgage. |
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A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | Three 4 Luck - 2015-11-20 12:42 PM I'm a farmer, my middle name is Debt.
Awwwww  |
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 The BHW Book Worm
Posts: 1768
| Other than my home yes I am debt free. I have nice horses..I start all of them....my truck is old, my trailer is old, my tack is quality but not the $700 tack sets. I slowly upgrade ...even though I may break my usual mold and take out a little money for a bigger trailer. |
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 Warmblood with Wings
Posts: 27846
Location: Florida.. | Me.. I paid cash for all my farms , vehicles , horsetrailers or whatever else or I dont get it.. my parents told me Id be glad and I am. Im Blessed as well to be able to do so. |
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 Expert
Posts: 2128
| My husband and I started with nothing (early and mid 20's). We bought a place, and have since both gotten used vehicles and a used LQ trailer. I have no credit cards and we both put a lot in savings. Aside from our jobs we buy prospects and train/haul them. When we sell a horse the majority goes in savings and some goes toward buying more quality prospects. By doing this we hope to have our place, vehicles, and horse trailer paid for within just a few years. We also plan to put 30-40% down on building a home on our property. Then, all we will have is a mortgage. Will use the same plan above to pay it off early. |
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 I Don't Brag
Posts: 6960
| We deliberately carry a small percentage of debt to keep our credit score up. I know there are some that think credit cards are the devil but a credit score allows us to finance big purchases at a lower interest rate. Not many can pay cash for a pickup truck, let alone a house/property.
At one time I had over 125K in credit line on various cards (not including hubby's cards) and owed zero on them, paying any balance, using their money for almost 2 months.
Anytime I DO finance, I get the lowest interest rate and a long payoff to keep payments down, then I pay off early, reducing the interest paid and raising credit score. Example. Buying a pickup....used to buy new, using relatives A or Z plan, buying a 10% below dealer cost ( so no depreciation when I drove it off the lot) and low interest rate. Would finance for 5 years, putting enough down to keep payments around $350 for 5 years. The made $500 a month payments, paying off in 3 years. If there ever was an emergency I was only obligated to pay the $350. With today's $60K trucks and all of the EPA crap they hang on them, I don't ever see buying new again.
I agree with the never really owning anything with property taxes....sigh and insurance we are FORCED to buy, we will never really be debt free. Just trying to keep the costs down as much as possible. |
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 Ms. Poutability
Posts: 2362
Location: In my own world | My husband is 42 and I am 35 and we have no debt. I will not dazzle you with "buckling down and pinching pennies" talk because we were farmers before that and like every farmer we were up to our eyeballs in debt, working sun up to sun down and then some. Praying Mother Nature was nice to us. After loosing both my husband parents he said he was done. So we sold the farm and got out. Our farm set the state record for the highest land sold in MO and ranked very high even on a national scale for farm land. Which is why we are "retired". Truly we were just blessed. Owe it all to God and well we like to think my husband's parents were watching over us the day we sold our farm
Farmers are a tough breed and I admire those that do it |
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Expert
Posts: 1255
| I am because I've never been able to get anything on credit I applied for credit card years and years ago and was told I'm a non existing person so never tried again |
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 Can You Hear Me Now?
Location: When you hit the middle of nowhere .. Keep driving | I was until my father's death... Estate stuff came out of my pocket because I was determined to keep the farm. I have a small mortgage ($60,000 CDN locked in at 2.89% for 5 years) for reno's on the farm (windows, furnace, barn, floors, etc) and to get a low interest rate for the little bit of estate stuff and I plan on having it paid off in 5 years. I own 2 vehicles I paid cash for, all my horses, etc, and in the process of purchasing a small trailer as well; along with a 403 acre farm. I don't count my taxes they are peanuts.
Edited by ndiehl 2015-11-21 8:45 PM
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Who's debt free?