How much money would it take for you to be 100% debt free?

[DB / HAV]

Zero$

 

[spectras only]

Me and wife, $0. However, she lost 20K from the 80K she gained in two months in one of her portfolio , right before the Corona virus fiasco.
So, she needs that $20K back.

 

[wet hull]

We have about $750k. That is across 2 mortgages. Main house in southern California and 2nd in Havasu. We rent Havasu out when we are not there. Cost us about $6k a year to have out of pocket. We have around $100k in equity there and $150k at San Diego house. All personnel cars and boat paid off. I own a buisness and always have some revolving debt and small company vehicle payment. We also have 401k, IRA and other investments. Plan is to own Havasu outright in 15 years or less, sell CA home and retire in AZ. We also plan to start adding more full time rentals to portfolio this year and next. Goal is 1-2 every 2 years. We are both 39 years old. Doing ok but can always improve. Other ideas include getting adopted by really rich people if you know any?

 

[Big B Hova]

0 debt when I elect Bernie Sanders.

Or 510k with house cars and rv loan

 

[Hava-Schiada]

 

[DaveC]

I am not going to say after reading this thread

lets just say its substantial. And I plan on paying it all off by the age of 65 or sooner

 

[TPC]

Debt free except $24 for the iPhone.
Paid the house off last year.

 

[WhatExit?]

Whatever the number is I’m not posting it on the internet

 

[RichL]

-$0-

 

[C08H18]

Basically debt free today, but i do use a VISA card to track consulting expenses i bill to the clients.

 

[C08H18]

I’m amazed at how many people have paid off houses in this thread. I see a lot of people saying $0

didn't pay off, just paid for. Makes closing quite simple.

 

[GRADS]

I find it hilarious that every time a mortgage/rate thread comes up everyone has an opinion or question but 90% of the people on here don't have a home loan.

 

[DRYHEAT]

I find it hilarious that every time a mortgage/rate thread everyone has an opinion or question but 90% of the people on here don't have a home loan.

So the 50 some odd people that answered on this thread constitute 90% of the site?

apparently you have math issues.

 

[C08H18]

i can't speak to mortgages, I don't qualify. Truth!

 

[spectras only]

I find it hilarious that every time a mortgage/rate thread everyone has an opinion or question but 90% of the people on here don't have a home loan.

Maybe you should get a good paying job so you could join the 90% ers who don't have a home loan

 

[monkeyswrench]

@GRADS , there are people here with debt, who's net worth is much more than others here with no debt. It all depends on how the individual or family chooses or chose to play the game. Equity in homes can be leveraged into income properties. Thus, creating more "debt", but also creating more cash flow. I like the idea of the cash flow, it would be great to have a newer boat or truck to pull one. I played the game kind of differently. I used equity in a home as an exit strategy, at a younger age. Having been in construction, and also having multiple surgeries, I didn't see chasing paper through manual labor being a good choice. My exit would have been either death, or a very broken body with no chance to enjoy what I paid off. Soooo, downsized and simplified.

Different people have different goals, and ways to attain them. As long as I get a chance to be around my kids now, and watch them grow up, it's all good.

 

[Duck'ed_Up]

Currently about 265k. We are going to sell our current home to our Daughter/SIL for what we owe which is about 250k, current home market value is about 700k so we're giving them roughly 400k in cash.
In turn they are paying cash for upgrades plus cash to our other home in Lakewood which is paid off.
They are selling thier condo for 350k...they owe about 75k...puts them in a good financial position and us as well...its all about family at this point in our lives.

Folks,

This is how you raise a family! Life is hard enough, but by doing this for your daughter/SIL you have now given them the ability to do the same for their children. If they are smart with their money they’ll be able to give the next generation a head start! Goodman socaldave.....


Sent from my iPhone using Tapatalk

 

[Carlson-jet]

50 trillion in Socialist dollars.

 

[SixD9R]

About 35k for a car loan.
The Trump economy has been good for me.

 

[River Runnin]

Well Fuk'n A! ...If you be writing the check! ... I'll post you the number!

 

[GRADS]

@GRADS , there are people here with debt, who's net worth is much more than others here with no debt. It all depends on how the individual or family chooses or chose to play the game. Equity in homes can be leveraged into income properties. Thus, creating more "debt", but also creating more cash flow. I like the idea of the cash flow, it would be great to have a newer boat or truck to pull one. I played the game kind of differently. I used equity in a home as an exit strategy, at a younger age. Having been in construction, and also having multiple surgeries, I didn't see chasing paper through manual labor being a good choice. My exit would have been either death, or a very broken body with no chance to enjoy what I paid off. Soooo, downsized and simplified.

Different people have different goals, and ways to attain them. As long as I get a chance to be around my kids now, and watch them grow up, it's all good.

I have plenty of money in investment accounts that I could easily pay off my 380K in debt....still doesn't mean I have no debt. I think that's what people aren't understanding.

 

[RodnJen]

Some people are stressed out by debt. Other people use it to build wealth. To each his own.

 

[LargeOrangeFont]

I have plenty of money in investment accounts that I could easily pay off my 380K in debt....still doesn't mean I have no debt. I think that's what people aren't understanding.

If that’s the case then it is your choice to live with the debt, which is perfectly fine. It is a completely different situation than being in debt and not having the funds to pay it off.

You of all people being unemployed, I would have thought would understand this concept.

 

[jet496]

205k until I make my next mortgage and card payment

Same here, around $250k

 

[jet496]

Some people are stressed out by debt. Other people use it to build wealth. To each his own.

True that, it all depends on what you want out of money. My thoughts, after decades of figuring out whether to carry loans or not, is "health is wealth", and stress is extremely unhealthy, plus debt can be risky.

It's kind of nice knowing shit can hit the fan & life will remain status quo. I sleep a hundred times better when I don't have much debt.

To each his own though. I have friends & financial professionals that beg to differ with me,.

 

[Bobby V]

2 more years of Trump.

Your debt. Not the USA debt...lol

@GRADS https://usdebtclock.org/

 

[monkeyswrench]

True that, it all depends on what you want out of money. My thoughts after decades of figuring out whether to carry loans or not, is "health is wealth", and stress is extremely unhealthy, plus debt can be risky.

It's kind of nice knowing shit can hit the fan & life will remain status quo. I sleep a hundred times better when I don't have much debt.

To each his own though. I have friends & financial professionals that beg to differ with me,.

This is my thoughts on the subject as well. I know according to my friends with investments and multiple mortgages, I should be doing things differently. When I was on that track, blood pressure was higher and sleep was rare. To each their own.

 

[LuauLounge]

While you were sleeping, your Uncle Sam went on a spending spree.
The United States owes $68,400 per citizen.
The United States owes $183,000 per taxpayer.
At some point, you're going to get the payment due notice.

 

[t&y]

Hmmm.. Well, I have more in home equity then all my mortgage and car/credit debit combined. So looking at it from that angle I have zero debt just like the rest of the ballers on here

But if totaling all loans, we are around $230kish 4 kids, 2 still in private school, one income. I think we are doing it right, but we are far from being ballers.

 

[RCDave]

I’m amazed at how many people have paid off houses in this thread. I see a lot of people saying $0

I find it hilarious that every time a mortgage/rate thread everyone has an opinion or question but 90% of the people on here don't have a home loan.

Yup.... those that stopped paying rent on borrowed money. Those are the ones that figured it out....think about that Grads

 

[waterhorse]

$185 K

 

[TITTIES AND BEER]

Yup.... those that stopped paying rent on borrowed money. Those are the ones that figured it out....think about that Grads

We found that it don’t take much to start going the other way then it’s just a snowball to good ness. I can say we really don’t want for anything and we buy what we want ( mark stop buying guys )

 

[Your ad here]

$124K on the house and $5K on credit cards... bought tires and did 5000 miles of travelling last month. Credit cards are paid off monthly. Only things I have ever finance in my 30 years was a BMW motorcycle and my house. Just an average blue collar worker that's been chasing the dollar right out of high school.

 

[mash on it]

Just about $29K. Four years left on the mortgage.
Boats and trucks paid for.
Ranch cabin will be paid off in July.

Dan'l

 

[2FORCEFULL]

there is only one way to be debt free....you have to die.... the other way is this... put all your car keys, your wallet, all your ID's on the kitchen table...next... you walk out the front door...and don't look back... you just keep walking...you now live like an animal... eat what you can..sleep when you can ..but... you never ever ever work... you don't lift a finger to help society's mess... you just put your hand out..try to position your self next to as many people on the system as you can … you know , the ones that jump into the hamster wheel every day and work to pay the system..don't tell everyone how easy this is as we need the hamsters

 

[2FORCEFULL]

this is where the problems occur.....hamsters don't like looking at debt free people..so they give them money with hopes that they will become dependent on income to survive...so what the debt free do is camp right in the middle of all the hamsters... the debt free have their hand out, and the hamsters keep giving them money... the debt free spend most on drugs so none goes back to the system... except for beer and cigs bought at the store..the debt free never go to the store to shop,... they just wait for you to go to the store, or to work.. then go shopping at your home... the debt free need hamsters to work and give to them, or else they have to go to work... and the problem is this.... more and more are wanting the debt free life....and less wanna be hamsters....2FF I try to give the least amount possible to uncle sam... and I don't give a penny to the debt free...

 

[GRADS]

Ok let me play like the rest of you.....if I add up all my assets and put them against my debt then I guess I owe $0...I feel much better now, kind of like a baller , like everyone else that said zero debt. But I still have an $1800 house payment at the end of the month.

 

[Carlson-jet]

Just so everyone knows. After bailing out the banks and other assorted financial institutions, 950 Billion of the National debt that has risen since that time is owed to the same banks we bailed out.

 

[Ziggy]

Everything I own is or was paid off but I took $100k loan by my own choice, I wanted/needed a write off on my 1040.

 

[t&y]

While you were sleeping, your Uncle Sam went on a spending spree.
The United States owes $68,400 per citizen.
The United States owes $183,000 per taxpayer.
At some point, you're going to get the payment due notice.

Pfffffttt. That 68k doesn't cover the cost of the Truck I need to tow my 183K boat.

 

[2FORCEFULL]

Ok let me play like the rest of you.....if I add up all my assets and put them against my debt then I guess I owe $0...I feel much better now, kind of like a baller , like everyone else that said zero debt. But I still have an $1800 house payment at the end of the month.

easy there killer...….no one is debt free that possesses any type property or any money in the bank..

what you should have asked, how many here pay zero interest...as in , how many here have zero loans out,...or how much would it cost to pay all your loans off...

 

[CoolCruzin]

Ok let me play like the rest of you.....if I add up all my assets and put them against my debt then I guess I owe $0...I feel much better now, kind of like a baller , like everyone else that said zero debt. But I still have an $1800 house payment at the end of the month.

Using this method of thinking
I like it. ........
I’m fucking rich . I’m lovin life . wow

 

[blue wonder]

Ok let me play like the rest of you.....if I add up all my assets and put them against my debt then I guess I owe $0...I feel much better now, kind of like a baller , like everyone else that said zero debt. But I still have an $1800 house payment at the end of the month.

Yeah that wouldn’t be smart, why on earth would you want no payments that incidentally your paying a bank interest on and instead take that money and invest it where your getting interest paid to you....some peoples kids I swear

 

[rivermobster]

Didn’t ask what you could pay off. If you have a mortgage that number is not $0.

Greg...

I'm guessing most people on this board have Far more equity, than they have debt.

It's all about how you manage your money.

 

[DrunkenSailor]

House is my only debt.

 

[Classic Daycruiser]

If you've ever own a home debt free, it doesn't mean it costs nothing.
Taxes and maintenance on a home are incredibly expensive.

I've lived in this home for 20 years. It was paid off at 13 years. The last 7 years I've spent $95k replacing the kitchen, roof, air condition, windows, flooring, insulation in the attic, and much more.

I just started remodeling the exterior of the house, replacing a worn-out (energy inefficient) pool, replacing the driveway and patio concrete with pavers, and updating the landscaping.

By the time the landscape is finished, I'll have averaged $10k a year ($200k), over the life of the home, in repairs & upgrades.

Those with a paid off home seem to be less transient, then those with long term debt.

 

[Your ad here]

Ok let me play like the rest of you.....if I add up all my assets and put them against my debt then I guess I owe $0...I feel much better now, kind of like a baller , like everyone else that said zero debt. But I still have an $1800 house payment at the end of the month.

Asset value is different then said item sold value.

 

[GRADS]

Greg...

I'm guessing most people on this board have Far more equity, than they have debt.

It's all about how you manage your money.

I get that, me too. But debt is debt. Maybe I should have rephrased the question as “how much do you owe on loans?”

 

[rivermobster]

I get that, me too. But debt is debt. Maybe I should have rephrased the question as “how much do you owe on loans?”

And the correct answer would be...

None of your fucking business!

 

[GRADS]

And the correct answer would be...

None of your fucking business!

Speaking of which, do you remember years ago I posted a thread “what is your mother’s maiden name?” And a bunch of people answered and then I started a thread “who has lowest social security number?”