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Old 07-21-2012, 01:42 PM   #1 (permalink)
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I am done with the soul sucking idea that debt is necessary...

I have given my household 17 more months to be debt free. I don't care what it takes, by Dec 2013 I am going to prove to my kids that the illusion that debt is necessary, is only an illusion. Not through words, but action. My household will not be Greece.

I grew up accepting certain things in this life as, well, that's just how it is, because that is what I grew up with. I want my kids to grow up with a completely different perspective. It starts now.
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Old 07-21-2012, 02:10 PM   #2 (permalink)
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I made a similar decision a couple years ago....unfortunately, my wife did not completely agree. My wife decided she just had to have a new mini cooper. So we have that, and living expenses (house payment and utilities, gas, etc)

my truck is paid for, as are my bikes and my corvette. I would rather save for what I want, then pay with cash, when I can afford it
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Old 07-21-2012, 02:19 PM   #3 (permalink)
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I am lucky to have a wife that is just as determined as myself. We owe $68k on the house yet, that is our last obstacle, and I am fed up with it. I am making the decision now, not to be the one to default on my mortgage when a job loss happens, or something else unforseen, in the future. Failing to prepare is the same as preparing to fail. Though I didn't always see this so clearly.
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Old 07-21-2012, 02:20 PM   #4 (permalink)
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I got suckered into the trap that is cheap debt back when I was a student, and have been struggling to get out ever since. It is my fault, I admit that, but I realise now that the "financial advice" given by our "trusted banks" was designed only to increase their own profits. I was ignorant, and naive, but they were unscrupulous and immoral. They took advantage, I fell for it.
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Old 07-21-2012, 02:21 PM   #5 (permalink)
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A mortgage is necessary for most unless you want to rent and that's just a debt of a different kind,

No other debt is necessary.
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Old 07-21-2012, 02:24 PM   #6 (permalink)
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Agreed, we were approved for something like $400,000 when we applied for a mortgage. ***, really? We built 4 years ago for $180k, the bank was leading us down a path of destruction.
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Old 07-21-2012, 02:29 PM   #7 (permalink)
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my first wife died, when she was 36 years old (diabetic complications). That left me in a bind, with what insurance did not cover. I had to sell my 67 ferrari dino, my porsche carrera, and my 70 chevelle 396 SS. I saw the real estate bubble bursting before it happened, and I was out of that market in time, but I had a lot of money in Lehman, when they folded, and my trust fund was in Washington Mutual. I lost more than enough to pay cash for a very nice home (and nice California homes cost a bunch).
This all hit me hard, because I had never known what it was like to be broke.
Now after Chase took over WaMu, part of what I had there is coming back, and I own quite a bit of land (free and clear). I learned that I do not want credit. I keep one credit card, just so I can rent a room somewhere, or other such stuff for traveling
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Old 07-21-2012, 04:01 PM   #8 (permalink)
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Without inflation or interest...

Rent or payments on property are made though the value of your own produce...

Debt that is inflation/interest accumulation on an amount owed is in reality only a creation by those who profit by it, not a necessity.

Our economies are structured by laws to ensure a perpetual cycle of debt is achieved.

I hope you break that cycle - best of luck!
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Old 07-21-2012, 04:11 PM   #9 (permalink)
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our national debt was originally created to make it easier to collect taxes.
The idea was that people were more willing to pay what is owed, then to pay in advance to run the government
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Old 07-21-2012, 06:13 PM   #10 (permalink)
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Ive never taken a loan for anything other than my house to this day and I'm 28. And I decided to buy a duplex and let the renters pay the mortgage. All I pay is my heat and electric, cable and vehicle insurance. The only reason we get debt pushed on us is so a bunch of middle men who never even get their ass out of a chair can keep skimming off the top of all these ****ed up debt securities.
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