How much debt do you have including mortgage etc..
Replies
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I don’t have a mortgage because I rent, but I do own a Mercedes Benz AMG GLA 45 4MATIC SUV.7
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I live in CT with a stupid high COL. Even my electricity is 21 cents/kWh. A mid sized house here (3 beds) is about $500k with $12k/year in property taxes.
However, I do have a good job/income and am managing debt while investing a large portion of my income including maxing out my 401k.4 -
I have zero debt. Having come from cash economy countries prior to settling in the USA.
I co-rent with my sister and our sister friend, so my share are as follows as we go thirds for bills monthly, so my personal expenses are :
Rent- $877
Water- $50
Electricity - $50
Bottled water - $15
Gas - $10
Trash - $11
Cable/WiFi - $54
HOA - $40
Phone - $100
Netflix family plan - $5
Food - $200
Insurance and business expenses are deducted from and paid by my family trust/business.4 -
No debt for me.
I worked in Hotels most of my life, learning the different departments along the way. 25 years ago I stumbled across a run down mountain lodge and restaurant near a National Park and convinced my 2 brothers to go in on it with me, as silent partners.
We bought it for a song and put every dime of profit into improvements for several years.
I worked 70-80 hour weeks for 12 years during which I dramatically increased occupancy, paid it off, upgraded nearly everything and sold it for much more than we had invested.
With my share of profits I bought rental houses and was able to comfortably retire in my early 50's.
I have always lived below my means and continue to do so now.
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You guys are awesome thanks for sharing it makes me feel less alone and that everyone else is going through this too and some of you have managed to climb your way out of it which is inspiring. Those of you who are still in the game I feel ya.. keep grinding you’ll get through it.. remember every dollar counts as long as you’re chipping at it away.
I’ve heard of Dave Ramsey and have looked him up on YouTube . I think his methods are brilliant and he’s helped so many with his baby steps program!
And no I’m not a loan shark.. I wish I had that much money to loan to people but I don’t. I’m living as a minimalist right now and it is absolutely freeing but I do worry because I’m not making enough money to cover my basic expenses.. I’m breaking even every month. No debt yet not making enough 🤷♀️3 -
Phoenixsunflr wrote: »You guys are awesome thanks for sharing it makes me feel less alone and that everyone else is going through this too and some of you have managed to climb your way out of it which is inspiring. Those of you who are still in the game I feel ya.. keep grinding you’ll get through it.. remember every dollar counts as long as you’re chipping at it away.
I’ve heard of Dave Ramsey and have looked him up on YouTube . I think his methods are brilliant and he’s helped so many with his baby steps program!
And no I’m not a loan shark.. I wish I had that much money to loan to people but I don’t. I’m living as a minimalist right now and it is absolutely freeing but I do worry because I’m not making enough money to cover my basic expenses.. I’m breaking even every month. No debt yet not making enough 🤷♀️
He also has a good podcast if you're interested. I listened to him years ago.
You've got this. Once you start, the success in paying off debt becomes addicting much like seeing one's body progress while losing weight or building a physique.
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thereshegoesagain wrote: »No debt for me.
I worked in Hotels most of my life, learning the different departments along the way. 25 years ago I stumbled across a run down mountain lodge and restaurant near a National Park and convinced my 2 brothers to go in on it with me, as silent partners.
We bought it for a song and put every dime of profit into improvements for several years.
I worked 70-80 hour weeks for 12 years during which I dramatically increased occupancy, paid it off, upgraded nearly everything and sold it for much more than we had invested.
With my share of profits I bought rental houses and was able to comfortably retire in my early 50's.
I have always lived below my means and continue to do so now.
Love this1 -
I think there are some cool parallels between fitness and finances.Phoenixsunflr wrote: »You guys are awesome thanks for sharing it makes me feel less alone and that everyone else is going through this too and some of you have managed to climb your way out of it which is inspiring. Those of you who are still in the game I feel ya.. keep grinding you’ll get through it.. remember every dollar counts as long as you’re chipping at it away.
I’ve heard of Dave Ramsey and have looked him up on YouTube . I think his methods are brilliant and he’s helped so many with his baby steps program!
And no I’m not a loan shark.. I wish I had that much money to loan to people but I don’t. I’m living as a minimalist right now and it is absolutely freeing but I do worry because I’m not making enough money to cover my basic expenses.. I’m breaking even every month. No debt yet not making enough 🤷♀️
He also has a good podcast if you're interested. I listened to him years ago.
You've got this. Once you start, the success in paying off debt becomes addicting much like seeing one's body progress while losing weight or building a physique.
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your_future_ex_wife wrote: »
I think there are some cool parallels between fitness and finances.Phoenixsunflr wrote: »You guys are awesome thanks for sharing it makes me feel less alone and that everyone else is going through this too and some of you have managed to climb your way out of it which is inspiring. Those of you who are still in the game I feel ya.. keep grinding you’ll get through it.. remember every dollar counts as long as you’re chipping at it away.
I’ve heard of Dave Ramsey and have looked him up on YouTube . I think his methods are brilliant and he’s helped so many with his baby steps program!
And no I’m not a loan shark.. I wish I had that much money to loan to people but I don’t. I’m living as a minimalist right now and it is absolutely freeing but I do worry because I’m not making enough money to cover my basic expenses.. I’m breaking even every month. No debt yet not making enough 🤷♀️
He also has a good podcast if you're interested. I listened to him years ago.
You've got this. Once you start, the success in paying off debt becomes addicting much like seeing one's body progress while losing weight or building a physique.
Definitely agree.
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Bottom line is no matter where you start... think outside the box. You will never be debt free just paying what you can and working at regular job. No one owes you anything; a living, a house or anything else. You get what you can afford.1
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mattig89ch wrote: »I have more in debt, then I do years on this earth. Though not by much.
I live with my parents, have a single car, and I live in the 3rd most expensive place in the continental USA. I don't even have a large enough nest-egg, to live on if I lost my job tomorrow. NY sucks folks, plain and simple.
What do you do? if I can ask that, oops I just read your answer. I too was in IT in NYC (lived in NJ). IT is def vague. A person could be a print room jockey and still be "in IT". NY is one of the highest paid for IT. NJ has even higher property tax than NY so I left. Retired at 30 and living the dream in Maryland
house prices on my street are 600k so theres that
Fair enough. I have 2 degrees with computer networking, and I currently work in a Network Operations Center.
I'm currently applying to IT related positions in TX, TN, Kentucky, Penn., VA, & NC. We'll see if I get any call backs...I'm guessing no. I'm trying to move away from helpdesk related positions, but if they pay 60k a year (or 33 an hour), I'm turning in an application. Helpdesk or no.2 -
Zero credit card debt because I pay the balance in full every month.
Car is paid for.
Mortgage is super cheap & I pay extra towards the principle every month.
I am proud to say that I finally paid off my student loans! 🎉🤗
TL;DR-My mortgage is my only debt. 🏠4 -
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I'm truly blessed.
I got paid on Friday and didn’t even know it till I looked in my acount tonight. But i worked my *kitten* off to be this way, learning every step. Thats all I'll say.3 -
The monthly hush money expenditures are killing me.4
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Can the church say amennnnn !!!!! Lol !!! Debt doesn't happen in one day . Neither getting free of it will take one day. But diligently working on a debt resolution does pay off. Being an independent business owner my husband and I incurred some debt that we have now overcome.( hasn't always been easy but necessary !) Having a rocket scientist of a son at Vanderbilt and another living his dreams motivated us to get debt free as to be able to enjoy our latter years and enrich their lives one day when we are no longer here.4
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mattig89ch wrote: »mattig89ch wrote: »I have more in debt, then I do years on this earth. Though not by much.
I live with my parents, have a single car, and I live in the 3rd most expensive place in the continental USA. I don't even have a large enough nest-egg, to live on if I lost my job tomorrow. NY sucks folks, plain and simple.
What do you do? if I can ask that, oops I just read your answer. I too was in IT in NYC (lived in NJ). IT is def vague. A person could be a print room jockey and still be "in IT". NY is one of the highest paid for IT. NJ has even higher property tax than NY so I left. Retired at 30 and living the dream in Maryland house prices on my street are 600k so theres that
Fair enough. I have 2 degrees with computer networking, and I currently work in a Network Operations Center.
I'm currently applying to IT related positions in TX, TN, Kentucky, Penn., VA, & NC. We'll see if I get any call backs...I'm guessing no. I'm trying to move away from helpdesk related positions, but if they pay 60k a year (or 33 an hour), I'm turning in an application. Helpdesk or no.
Best of luck on your search. Basic BS degree is really all that is necessary, hopefully you are getting your certs that's where your money comes in. Know your field; not sure how old you are or years in but 60k is entry level for sure. At that price you should be moving jobs every 2 years at most. Sadly, gone are the days of moving up within an org. Also gone are the pensions, and employer matched 401ks. My company had both luckily. Young people today need to invest to secure retirement. Without a plan... you plan to fail3 -
Zero, but I rent. When I got divorced 5 years ago my ex and I made quite a lot on selling our home (we lived in San Francisco where real estate is insane). With that, we paid off all debts and had some left over for a nice "rainy day fund." I paid off my car and since then have been debt free. I pay my credit cards off every month, and live within my means. It feels great. I highly recommend a financial advisor if you don't have one.1
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Motorsheen wrote: »The monthly hush money expenditures are killing me.
LOL0 -
JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid. On a side note... if you leave no one anything then debts are absorbed and if you have no life insurance you will be buried. They don't just leave you in the street 0 -
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JustReadTheInstructions wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid. On a side note... if you leave no one anything then debts are absorbed and if you have no life insurance you will be buried. They don't just leave you in the street
Just throw me in the trash
Nah, I'mma stuff you and put you in my museum.2 -
RunHardBeStrong wrote: »JustReadTheInstructions wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid. On a side note... if you leave no one anything then debts are absorbed and if you have no life insurance you will be buried. They don't just leave you in the street
Just throw me in the trash
Nah, I'mma stuff you and put you in my museum.
I’m enjoying the dark comedic turn this has taken.3 -
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JustReadTheInstructions wrote: »RunHardBeStrong wrote: »JustReadTheInstructions wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid. On a side note... if you leave no one anything then debts are absorbed and if you have no life insurance you will be buried. They don't just leave you in the street
Just throw me in the trash
Nah, I'mma stuff you and put you in my museum.
That's actually a thing you can do. It's called plastination.
I love all your random facts!1 -
GymGoddessGoals wrote: »Student loans and mortgage is all that is left now. 10yrs left on the house and I figure the student loans will be paid off sometime around age 73 or 74. Student loan debt is almost 3 times the amount of the balance on our mortgage. No car payments in 15+ yrs and no credit card debt. Our daughter gets married next June; the wedding is almost completely paid for already. Will we retire at 65? Probably not, but we live well. Our monthly budget? There is plenty leftover after the bills are paid.
If there's "plenty left over" after the bills are paid, why don't you throw it at your student loan debt?1 -
tinkerhellraiser wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid.
wow this is really super not true
life insurance is separate from the estate
without a Will yes you are correct, if you have a will and name that person then it is different
it also varies by state0 -
tinkerhellraiser wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid.
wow this is really super not true
life insurance is separate from the estate
without a Will yes you are correct, if you have a will and name that person then it is different
With a will yes estate pays bills.....but not with life insurance. They are two separate things.4 -
tinkerhellraiser wrote: »tinkerhellraiser wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid.
wow this is really super not true
life insurance is separate from the estate
without a Will yes you are correct, if you have a will and name that person then it is different
nah life insurance is separate from estate
a will got nothing to do with it
It's been my experience that the banks always get paid.0 -
tinkerhellraiser wrote: »tinkerhellraiser wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Actually, if you die and you plan to leave something to someone... ex life insurance they can't collect on the estate until the bills are paid.
wow this is really super not true
life insurance is separate from the estate
without a Will yes you are correct, if you have a will and name that person then it is different
nah life insurance is separate from estate
a will got nothing to do with it
It's been my experience that the banks always get paid.
Not from life insurance they wont.....unless the beneficiary chooses on their own to do so.5
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