• Same story, different day...........year ie more of the same fiat floods the world
  • There are no markets
  • "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Debt Free at last!

davycoppitt

Silver Member
Silver Miner
Site Supporter
Joined
Apr 1, 2010
Messages
506
Likes
850
#1
Two years ago the wife and I purchased our first home. We got a 15 year mortage with the plan to pay it off in 7 years. Well we did it in 2 years and one month. It took a lot of hard work, saving, and a little bit of luck. We both have been saving and I have been picking up all the overtime and on call I could. We also went down to one vehicle and I only have my work phone. We don't plan to live here for the rest of our lives, but we should be able to pick up our dream house for what we can get for ours. I'm finally in the club of those who are debt free. Did it before my 33rd birthday.

I don't think I would have done it without the lessons I have learned on this forum. Now the plan is to get into some sort of rental when the time is right or a deal comes along.
 
Last edited:

oldgaranddad

Gold Member
Gold Chaser
Sr Site Supporter
Joined
Feb 21, 2012
Messages
3,803
Likes
5,746
Location
On the top shelf.
#2
Awesome! I'll be there in September having the house paid off. I'll also have one kid out of college with no debt and with only one more to go.
 

Irons

Deep Sixed
Mother Lode
Site Supporter ++
Joined
Mar 30, 2010
Messages
25,730
Likes
38,997
#3
Fantastic Davy great job you two! Yeah it ain't easy but it is way, way worth it especially in the long run.

BECAUSE our home is paid for we both dropped down to working part time well below age 50.

BECAUSE we stayed debt free we have plenty of savings and do pretty much whatever we want.

If we had a pile of money land in our laps tomorrow we wouldn't do much of anything different. We are happy with our simple lives.

And the debt slaves hate it when you say this to them but if you ever want to feel the comfort of that bankers boot on your neck again you can pull a home equity loan for 125% of the houses worth! Yeah baby!!!

But you never will. . .
aarock.gif


:2 thumbs up:

 
Last edited:

Son of Gloin

Certainty of death? What are we waiting for?
Gold Chaser
Sr Site Supporter
Joined
Apr 6, 2010
Messages
3,896
Likes
7,412
Location
USA
#5
God bless ya! Being debt free is fantastic. Being debt free when you're young? I don't even have a word to describe that.
 

glockngold

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
3,002
Likes
3,376
#7
Dude you rock.
I remember when you were scrappin eyeglass frames on garbage runs.
You really stepped up to the plate.
 

Ensoniq

Midas Member
Midas Member
Sr Site Supporter
Joined
Apr 9, 2013
Messages
6,911
Likes
11,560
Location
North Carolina
#12
Awesome job

There’s nothing else one can do for their family that’s as important
 

the_shootist

Targeted!
Midas Member
Sr Site Supporter
Joined
May 31, 2015
Messages
20,832
Likes
22,470
#15
Two years ago the wife and I purchased our first home. We got a 15 year mortage with the plan to pay it off in 7 years. Well we did it in 2 years and one month. It took a lot of hard work, saving, and a little bit of luck. We both have been saving and I have been picking up all the overtime and on call I could. We also went down to one vehicle and I only have my work phone. We don't plan to live here for the rest of our lives, but we should be able to pick up our dream house for what we can get for ours. I'm finally in the club of those who are debt free. Did it before my 33rd birthday.

I don't think I would have done it without the lessons I have learned on this forum. Now the plan is to get into some sort of rental when the time is right or a deal comes along.
God damn, that's great! You are to be honored and commended sir! I still have a sizable mortgage for a man my age but I also started my second life with my current lady and best friend in 2007 after absorbing the pain of a 30 year bad marrage which netted me three of the greatest kids and 7 of the greatest grandkids I could ever have hoped for. I know your life with your bride is as happy as my life with mine because your lady sounds like such a great partner! You DO know she's a keeper, right??
 

Silver

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
3,368
Likes
4,487
#16
You're in a rare financial position at such a young age, congrats! My Son is 32 and they bought their first house last year, sorta in the same way as you - 15 year mortgage, that they plan to pay down as they can with extra principle payments.

Housing is a big piece of most peoples income, now you can divert that to other useful purposes. You will do well.
 

Uglytruth

Gold Member
Gold Chaser
Joined
Apr 6, 2011
Messages
4,909
Likes
6,729
#17
Kudos to you & yours. Your proud now but in 5-15-25 years from now you will be even prouder.

Oh yea one other thing.......... KEEP IT TO YOURSELF! The green eyed monster of jealousy from others will not sit well with them.
Like when you go to dinner & they expect you to pay...... or they ask why you don't buy this or that or go here or there..... cuz you can afford it........ enjoy the fruits of your hard work with your bride & have a wonderful debt free life!
 

Silver

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
3,368
Likes
4,487
#18
Kudos to you & yours. Your proud now but in 5-15-25 years from now you will be even prouder.

Oh yea one other thing.......... KEEP IT TO YOURSELF! The green eyed monster of jealousy from others will not sit well with them.
Like when you go to dinner & they expect you to pay...... or they ask why you don't buy this or that or go here or there..... cuz you can afford it........ enjoy the fruits of your hard work with your bride & have a wonderful debt free life!
He can tell them everything went to paying off the house and they can pay for their own tab.
 
Joined
Jan 10, 2016
Messages
228
Likes
201
#21
Totally awesome! Congrats! This site inspired me to get out of debt a couple of years ago and I did. It was funny, I just wanted to stack and everyone here said to make sure I was sound financially. I heeded their advice and I have been debt free since.
 

davycoppitt

Silver Member
Silver Miner
Site Supporter
Joined
Apr 1, 2010
Messages
506
Likes
850
#24
I’m impressed at your financial discipline. Congratulations.

Did you read any books that inspired you?
Actually it was this site that made it a passion of mine for the past 10 years.

The only people we will tell will be my parents which I already did. They were happy as could be.

Thanks for all the kind words guys. Now hopefully can keep saving and in 10 years start taking it a little easier. I don't ever want do be rich or powerful. I just want time for things I enjoy Like Irons always says.
 

Uglytruth

Gold Member
Gold Chaser
Joined
Apr 6, 2011
Messages
4,909
Likes
6,729
#25
Wonder how this dovetails when people had 7-15 yr home mortgages?
Wonder how this dovetails when people had no car loans?
Wonder how this dovetails when people had no credit card debt?
Wonder how this dovetails when people had no cable bills?
Wonder how this dovetails when people had no cell phone bills?.
Wonder how this dovetails when people had no internet & data bills?
Wonder how this dovetails when people did not eat out so often?
Wonder how this dovetails when people had gardens?
Wonder how this dovetails when people had no massive public debt.
Wonder how this dovetails when people had 7% returns on their savings.

Anyone else feel like a
1526039387557.png
?
 

oldgaranddad

Gold Member
Gold Chaser
Sr Site Supporter
Joined
Feb 21, 2012
Messages
3,803
Likes
5,746
Location
On the top shelf.
#26
Actually it was this site that made it a passion of mine for the past 10 years.

The only people we will tell will be my parents which I already did. They were happy as could be.

Thanks for all the kind words guys. Now hopefully can keep saving and in 10 years start taking it a little easier. I don't ever want do be rich or powerful. I just want time for things I enjoy Like Irons always says.
Unfortunately paying off your mortgage is a matter of public records. Get ready in a couple of months for the inundating come ons to refinance or some other scheme to separate you from your money. My bank already started in anticipation of the note being paid off. I had to tell them several times to stop.
 

Unca Walt

Midas Member
Midas Member
Joined
Mar 15, 2011
Messages
7,374
Likes
8,544
Location
South Floriduh
#27
Davy and Old G:

There is a hidden benefit you have not yet enjoyed -- but you most ricky-tick WILL:

After about two years (it takes about that long for your deep assessment of the situation to fully develop) you will suddenly have a rush as you realize you are a fish that is OFF THE HOOK.

The rush will re-occur with consistently strong pleasure many, many times as you enjoy the freedom so few have.***

I got out of the stock market by selling my $1 stock for $51. And several times a week I look around in wonder, thinking:

"Wow. This is neato... I owe nothing -- not to anyone."

***You have to live it awhile before it really sinks in and gobsmacks you with happy.
 

ttazzman

Midas Member
Midas Member
Site Supporter ++
Joined
Apr 2, 2010
Messages
4,881
Likes
4,377
Location
mid-usa
#28
congrats......now.......dont get a divorce :)

oldGrandad..........put two kids through college debt free.....its amazing the sense of accomplishment that i have in that both my kids have REAL degrees (accountant/engineer) and came out debt free....one of the best gifts i could ever give them....they are both now about 30 with 6 figure jobs and are quite thankful for the "leg-up"....one of the things in life i am most proud of
 

<SLV>

Gold Member
Gold Chaser
Site Supporter ++
Joined
Apr 1, 2010
Messages
3,169
Likes
3,746
#29
Good job! A worthy goal, and a liberating feeling!

So much becomes possible to you now that is impossible for most people because of their debt...
 

gliddenralston

Gold Member
Gold Chaser
Joined
Apr 1, 2010
Messages
1,270
Likes
1,118
#30
You my friend have brought tears to the bankers eyes!!!