Comments on: Do Not Get Into Any Debt?

By: Why You Don't Have Money to Invest

Why You Don't Have Money to Invest — Thu, 07 Jul 2011 05:46:05 +0000

[...] Be patient. Don’t give up on the plan just because it takes time. Everything will take time, and you can either spend your time saving money for investing or you can spend your time wasting money and falling into debt. [...]

By: Toystory3

Toystory3 — Tue, 16 Mar 2010 02:18:12 +0000

I can tell you from experience…. that the $$ grow much faster in your account when there is no debt – Hubby and I have had a mortgage or two, because of necessity at earlier times in our lives – but we made a plan to pay them off (15yr fixed in 5 for example and we were able to do it in 3 because it was a priority). Once we had the first house debt free, we loved the “freedom” and would never chose to go back. We bought the house we currently live in for cash (380K) from the money we saved in the 15 years we lived in the house paid off above. And then we still had the paid off house to sell to put back into our savings. We have never had a credit card balance and get free trips, gas, and hotels from the cards we do have, we use coupons, and other things to cut our costs wisely. We save up for something if it’s a large purchase. We even paid cash for our cars (2005 350Z, 2002 Lexus 430LS). Additionally, in 1985, we started a business and made it a “rule” that we would have no debt, and after 25 years in business, we still have no debt. It can be done. You do give up a few things here and there, you settle occassionally, you watch what you spend and when – you watch interest rates, and go for the free checking, etc. but there is peace in not owing anyone in my eyes.

By: myfinancialobjectives

myfinancialobjectives — Sat, 13 Mar 2010 14:41:32 +0000

I bet that is going to be an amazing feeling, paying off the last of your wife’s student loans AFTER paying off your 2nd mortgage! Sounds like this is going to be a GREAT year for you! Two big debts paid off!

Unfortunately many years ago my recruiter left out some really great information about tuition repayment, tuition assistance, etc. Now I get is the Reserve G.I. bill, which is essentially gas money, not even.

By: Jeffrey Kosola

Jeffrey Kosola — Sat, 13 Mar 2010 14:02:07 +0000

The company paying sure was a blessing. We still have one student loan left for my wife though. Her’s will be paid off later this year after our 2nd mortgage is paid for. The Navy eh? I have quite a few co-workers that used the Navy to help fund their school.

By: myfinancialobjectives

myfinancialobjectives — Sat, 13 Mar 2010 13:55:33 +0000

10 years, no debt, I’ll take that!!! My expected payoff on some of my loans is 2019!! Well, I will obviously be paying those off MUCH sooner. My point is that the fact that you have no student loans is HUGE! Just about every PF blog out there has student loans as a central item. Also your company paying for school sounds like such a blessing! If only I could get the Navy to pay for more of mine!

By: Jeffrey Kosola

Jeffrey Kosola — Sat, 13 Mar 2010 13:26:52 +0000

Nice job on the internship. All the kids I work with at the pizza joint are going to community college first. I think it’s a great move.

It took me 10 years to finish college, but I did it with zero student loans. My grades were not good enough to get into the 4 year program I wanted so I choose the enroll in their 2 year associates degree program in hopes of transferring later. I ended up having a job in my field after my freshman year. I finished my associates degree and went to work. I ended up at another company that paid for the rest of my degree at a private college. Yeah it took 10 years but I had ten years experience to match the degree and no debt. Too bad I didn’t remain debt free in the rest of my life haha!!

By: myfinancialobjectives

myfinancialobjectives — Sat, 13 Mar 2010 00:38:28 +0000

Being as student loans consume my personal debt ATM, I particularly liked that portion. I have a personal example:

My internship my senior was for SEVEN credits, and paid $10 an hour for 30 hours a week. I did a good job, got experience and a great reference, and received an A for the course, that’s an A for seven credits, nice little GPA boost (not that I needed it… I kid, I really needed it lol)…

Also something I think more and more people are doing now is starting at community colleges and then transferring to a larger university their Sophomore or Junior yrs.. I would have saved a LOT of money if I would have done that

Great points!

By: Oscar At Real Life Money Management

Oscar At Real Life Money Management — Fri, 12 Mar 2010 03:28:58 +0000

I really like you ideas. Too many people think they are impossible but they are it just takes some patience and perseverance. The problem with so many people is that we live in a I gotta have it now society. Unfortunately our government isn’t any better. Hopefully with sites like this one it will set the example for people to follow.

By: Mr Credit Card

Mr Credit Card — Tue, 09 Mar 2010 23:54:08 +0000

Bucksome, here is the thing. If you make up your mind that you do not want to have a mortgage but would rather save and pay cash for a home, it will force you to seriously think about things like where you should live (obviously lower cost areas) and what career can you feasibly have in those areas.

By: Bucksome Boomer

Bucksome Boomer — Tue, 09 Mar 2010 23:50:08 +0000

I agree with most of your points with the exception of buying a home without a mortgage. This is possible in many parts of the country, but would be prohibitive for most people in high-cost areas (like San Diego). Even a 1-bedroom condo would be close to $200K.