How much debt do you have including mortgage etc..
Replies
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Student debt. However Will probably rent to the grave. My own piece of the earth...albeit six feet under.3
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amorfati601070 wrote: »Student debt. However Will probably rent to the grave. My own piece of the earth...albeit six feet under.
Nothing wrong with renting.....its a cheaper more fluid existence.10 -
your_future_ex_wife wrote: »I’m grateful for all of you sharing right now. I was beginning to feel alone out here. I’m going to deal with this *kitten* the same way I dealt with being overweight. Track everything. Be consistent. Be realistic
Don’t indulge in too much shame and guilt. Everyone’s circumstances are unique. Some would likely look at my situation and get a chest pain. Or worse, judgmental. That’s okay, I don’t owe everyone an explanation. I know the whys and hows and have tos, even if others are just shaking their heads 😄5 -
30 y/o, married, one child. Total debt ~$130k, $125k left on our house and the rest on one vehicle, another is paid off. I've thought about trying to pay down our house faster but we got a nice interest rate when we bought it '13, it's already valued at 140% of what we paid for it, and the extra flexibility in cash flow is nice. Student loans were gone a few years ago but they weren't that high to begin with.
I've also never felt the need to set a monthly budget; subsequently we examine each buying decision rather than having a allocation we could spend each month. Overall, we make sure we live within our means, and stash a decent bit away for savings/retirement. It helps that we live in the midwest where cost of living is advantageous ($1.13/$1 compared to national average per 2016 research).1 -
Housing costs vary across the country greatly. Our property tax bill is potentially as much as or more than some people's mortgage.
Jobs have always been volatile so we've never exceeded our personal debt / risk tolerance (which is very low) knowing at any moment we could be living on one income at any time. This, along with property taxes, has helped to ensure we never stretched too far for housing. No upscale neighborhood / home for us.... ever. House has been paid off for a while so it helps to know unless we don't pay the taxes, we have a roof over our heads.
We have tracked every penny in/out for decades so it's merely second nature at this point and couldn't do it any other way.
Have never paid a single penny in interest to a credit card company... ever.. Use one all the time however for the benefits.
At the moment = zero debt.3 -
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.1 -
rfitnessmfplulz wrote: »Zero debt. No cards, no car payments. Own my house. I'm nowhere near retirement age, probably 20+ years away.
Dave Ramsey might be annoying, but it works.
Monthly spending is pretty much whatever I want. I save large amounts toward retirement and have a bunch left over for discretionary spending. Family of six.
I'm obsessed with Dave Ramsey right now. I'm listening to the Total Money Makeover audiobook for the second time and listen to his show on YouTube pretty much every day. It is motivating and it works and I can't wait to be debt free. I just wrote out my monthly budget down to the penny and am about to get gazelle intense, lol.
My husband and I in total have about $33K in credit card debt and $216K on the house and that's it.5 -
I have been debt free since 2008. For years post-college I had a ton of consumer debt, credit card bills at one point around $80,000 and when you earn $24k as I did at the time, that's pretty daunting. I basically lived as frugally as I possibly could for many years and then managed to pay it all off. I got in the habit of paying more to Discover card than I paid for rent, and said never again!
My husband paid off all of his student loans in 2012 (shortly before we were married) but has never been in any serious debt aside from that. We're fine with going into debt for an inexpensive new vehicle when our older ones finally die, but will likely buy a late model used car outright instead.
Mortgage doesn't count, to me. We live in an area with low COL and our remaining balance is under $100k, very easily doable, especially with a little over 20 years until retirement. I have paid off two houses already because of circumstances outside my control like a natural disaster and a divorce...which makes my credit better than it might be otherwise. I know a woman whose net worth is easily ten times my own, but I have a better credit score...to me that proves how bizarre the whole system of scoring is!
This may all sound great, and we live happily & beneath our means...but to be honest, we're constantly terrified of unforeseen medical bills thanks to the horrible healthcare situation in our country. And we squirrel way as much as possible for the future/retirement. Ugh, I hate thinking too much about finances even though we're "in good shape"!8 -
Phoenixsunflr wrote: »And what’s your monthly spending on bills food and other essentials?
I could tell you but then I'd have to kill you.3 -
Well I’m paying off 8 years of University, and I just bought my house less than a year ago, so my answer is a lot.
But I live within my means and make debt my first priority outside of regular monthly expenses.3 -
I have a small mortgage and student loan. but the main issue was the credit card debt. when my husband died i had to get creative till i got back on my feet. i'm on my feet. but barely. but it's getting better10
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Interesting question lol. I owe about $100k on my house, no other debt besides credit cards which I use for everything and pay off every month to get points. So I don't consider that to be real debt lol. I don't care to pay my mortgage off early. I was very fortunate in that most of my college was paid for with grants and my grandpa. I only had a small loan that is paid off now. My car is pretty old and has over 200k miles, so I live a pretty mediocre lifestyle. I don't really want to share what our monthly spending is though, that seems a little personal. We have soon to be 3 kids so it's a lot more than I would like it to be.1
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..... still just trying to pay off that three million dollar bail bond.
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I have a mortgage (around $180k) and car (will be paid off in 11 months), no other debt. I was blessed that my parents had a college fund for me so I picked a university that would fit the amount I had without having any debt afterwards (I also worked part-time for living expenses). I landed a great job after I graduated and have moved up in my field in the last 12 years and make a great salary. I'm single, divorced with 3 kids and support myself and kids 99% on my own (1% comes from a very small child support payment). I save 12% towards retirement and have since I was 21 years old. I hope I can follow in my parents footsteps and retire in my 50s.6
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I have a mortgage that is well below my means. I have 2 paid for vehicles, one is a hoopdy that I provide for my teen to drive. No consumer debt and aside from a month or two earlier this year while waiting for reimbursement from work for travel expenses, I haven't carried a credit card balance in over 10 years. I am also a Dave Ramsey person, not because of the religious aspect, because not using debt fits within my risk tolerance.2
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I have zero debt. My home is paid for and i dont finance anything. Well i do use credit cards but pay them in full every month.i flip 3 to 4 houses a year but buy them cash and dont finance them or the rehab costs either. I grew that part of my income organically over the last 17 yrs or so. I financed my first one through investor money and then used only the proceeds from sales to grow from there. It took a few years to get rolling but once it did it really took off. I just follow the discipline if i cant buy it outright, then i just dont buy it.11
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29 years old
Single income family (but 2 adults)
One 6 year old child
93k mortgage
17k car
7k line of credit from recent home and car repairs I couldnt cash flow due to being on medical leave. Quickly paying it down.
No credit cards.
No student loans.
450/mo on groceries including dog food for a Lg and XL breed puppy.
250/mo on gas
120/mo for hydro
100/mo "blow" money
700/month for sinking funds such as home and car maintenance, gifts, clothing,christmas, vet Bill's etc2 -
I am not giving specifics because you don't live where I live or do what I do for a living so those specifics matter none in my opinion. Here are my tips:
Don't buy *kitten* you don't need
Make extra payments on anything if and when you can.
When you pay something off pretend that you didn't. Put that money in a savings account that you don't touch (or pay off something else with the extra "cash flow") and use it the next time you have a big purchase. For example: Payoff a $300/mo car? Put that $300 in savings every month and then buy your next car with cash.
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