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Old 09-02-2012, 11:54 AM   #101 (permalink)
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Yes, but will you send those 2 children to college?
Easily. We dont preach debt free, only to leave our children with debt as thier only option when they first begin thier lives. Becoming debt free in our home has not resulted in ceasing college savings or retirement savings. Becoming debt free is as much about changing our childrens lives as it is about changing our own.

We defer $4000/mo to our mortgage payment alone, without sacrificing retirement savings or college savings. In 16 months, we wont have the $4000/mo payment... where will it go? Well, when our lives are changed, we can donate more than we already do, to hep those who NEED it. That is where wealth is worth while, when it is shared.
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Old 09-02-2012, 01:41 PM   #102 (permalink)
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Gold is a world standard precious metal...paper is paper.
...whose value is set in dollars...
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Old 09-02-2012, 01:48 PM   #103 (permalink)
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Gold, platinum, and silver will hold value as long as they are desireable and rare. There's an old saying that an ounce of gold has always been enough to buy a good suit of clothes.
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Old 11-03-2012, 11:05 AM   #104 (permalink)
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14 months to debt free. The closer we get, the easier it is to say, meh, we could blow a grand over here and just not pay that on the house this month. I mean we are so close, right? NO! We cannot delay our freedom any longer! I can delay material gratification to have life long freedom and satisfaction. One year, more or less, to prove to my kids that excuses to be riddled with debt, are only excuses. It isnt necessary... But self control is.
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Old 11-03-2012, 07:21 PM   #105 (permalink)
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14 months to debt free. The closer we get, the easier it is to say, meh, we could blow a grand over here and just not pay that on the house this month. I mean we are so close, right? NO! We cannot delay our freedom any longer! I can delay material gratification to have life long freedom and satisfaction. One year, more or less, to prove to my kids that excuses to be riddled with debt, are only excuses. It isnt necessary... But self control is.
So, just a thought... mortgage rates right now are at or below historic inflation. Which means you actually save money refinancing rather than paying off your mortgage.

In other words, if you took that $68k you still owe on your house and refi'd at 3% over 15 years, you could take the $68k in cash and, assuming you don't use it to light your fireplace but do something halfway decent with it, you'll make far more than 3% on it in the same intervening 15 years. And you'd end up ahead.
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Old 11-03-2012, 08:06 PM   #106 (permalink)
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You can leverage debt to a financial gain at interest rates much higher than 3%. Compound vs simple interest is a big win, yes. We in fact subscribed to this mentality for about 5 years...

However, I am in a position where I could lose my job at any time, really. I cannot take my expertise and experience to another employer and make even 20% of what I currently make now. I am an airline captain, and if I had to go somewhere else, due to the glory that is unions, Id start at $30k/year and work my way back up. Even an emergency fund cant save your ass when you have to start your career over again. With 2 young children, for us it is more about being responsible and providing security.

You CAN leverage debt to a financial gain. MOST people who are in debt, dont do that however. I refuse to let other people own my stuff, debt isnt necessary, that is my point... it never has been, it never will be.
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Old 11-04-2012, 08:52 AM   #107 (permalink)
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it's more than a debt - its a lien on your house. I'm ( the bank) holding a paper that lets me throw you and your family out and take your house and resell it.

What's that worth? What would you pay to rip up that paper? A lot.

To me debt is another issue. There are all kinds of debts. Proving something to your kids? I dunno. Some debts are useful and get you further ahead. I doubt that message would apply in every time and every situation.

But -- a lien on the family homestead is still definately worth getting rid of and paying it off does add to your security. Hold on for the next14 months, stay at your current job and youwill be doing great!
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Old 11-04-2012, 09:40 AM   #108 (permalink)
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I am in a position where I could lose my job at any time, really. I cannot take my expertise and experience to another employer and make even 20% of what I currently make now. I am an airline captain, and if I had to go somewhere else, due to the glory that is unions, Id start at $30k/year and work my way back up. Even an emergency fund cant save your ass when you have to start your career over again. With 2 young children, for us it is more about being responsible and providing security.
I understand. Best of luck holding on to that captain's position.
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Old 11-04-2012, 09:45 AM   #109 (permalink)
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it's more than a debt - its a lien on your house. I'm ( the bank) holding a paper that lets me throw you and your family out and take your house and resell it.

What's that worth? What would you pay to rip up that paper? A lot.

To me debt is another issue. There are all kinds of debts. Proving something to your kids? I dunno. Some debts are useful and get you further ahead. I doubt that message would apply in every time and every situation.

But -- a lien on the family homestead is still definately worth getting rid of and paying it off does add to your security. Hold on for the next14 months, stay at your current job and youwill be doing great!
Hey, if you are wealthy enough to purchase a house with cash, more power to you. But that doesn't apply to most people. For most, the house you can afford with a mortgage is far preferable to the one you can afford with cash. Yes, there's a lien against it -- but the bank doesn't get to live in it, you do. That's worth a lot. 10,15,20 or 30 years of living in a nice house and (often) raising your family in it. That's worth quite a bit, too.
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Old 11-04-2012, 10:39 AM   #110 (permalink)
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Living debt free is an awesome idea but not really achievable for the average Joe, not picking on anyone here but you pay a 4,000$ mortgage payment yet some here don't even make 4,000$ a month, but hey more power to you, sounds like your doing something right.
And I agree with SpeedyCaptain wealth is good if you share It!

I mean after all you can't take that money with you where we all are going in the end. Spend it, share it, live a little and be happy.
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