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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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