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V_RocKs

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#1

Congratulate me... I have no debts! (except one)...

03-02-2006, 10:02 AM

I just paid off the last remaining debt I had today.

Now the only debt I do have is $10K car loan which I will keep and pay in order to show I can pay shit on time.

I got married in a shotgun style wedding at age 23. My wife became a drug addicted bitch from hell. She ran up our credit cards and caused damage to more than one apartment we lived in. Basically she ran up about $28,000 in debts before I divorced her.

I let the shit sit there for ever and a day... I had no money to pay off that kinda debt load. No way...

Then I became an adult webmaster and fuck... everything changed for the better. I paid off that debt and saved money (going to buy a house when the market and interest rates will feel better on my hinnie) and managed to have enough left over for some toys...

Today I paid the remaining $4000 and I never felt better... On the 15th my credit score should go up and I will flirt with the idea of owning my first home... For now, I need to find a 5 bedroom house for rent...

Thanks for you time and listening to my dribble...

Peace!
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#2

03-02-2006, 10:03 AM

feells good dont it? glad for you buddy
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#3

03-02-2006, 10:05 AM

Originally posted by V_RocKs

I just paid off the last remaining debt I had today.

Now the only debt I do have is $10K car loan which I will keep and pay in order to show I can pay shit on time.

I got married in a shotgun style wedding at age 23. My wife became a drug addicted bitch from hell. She ran up our credit cards and caused damage to more than one apartment we lived in. Basically she ran up about $28,000 in debts before I divorced her.

I let the shit sit there for ever and a day... I had no money to pay off that kinda debt load. No way...

Then I became an adult webmaster and fuck... everything changed for the better. I paid off that debt and saved money (going to buy a house when the market and interest rates will feel better on my hinnie) and managed to have enough left over for some toys...

Today I paid the remaining $4000 and I never felt better... On the 15th my credit score should go up and I will flirt with the idea of owning my first home... For now, I need to find a 5 bedroom house for rent...

Thanks for you time and listening to my dribble...

Peace!

Awesome! Congrats on sticking it out and never wavering on your goals!
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#4

03-02-2006, 10:07 AM

Very nice bro congrats
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#5

03-02-2006, 10:10 AM

Congrats!
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Sosa

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#6

03-02-2006, 10:10 AM

Congrats man. I was debt free from everything a few months ago. All student loans, Truck, everything paid off. Then I went out and started building a house lol! No more debt free for me.
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#7

03-02-2006, 10:11 AM

Wicked ;)

But based on your posts you should had been able to had paid it longer ago no ;)

Good stuff
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#8

03-02-2006, 10:11 AM

It's a nice feeling, isn't it? The only bill I have is my $1600 house payment. School loan paid off, both new cars, the bike, all paid off.

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V_RocKs

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#9

03-02-2006, 10:35 AM

Originally posted by Rui

Wicked ;)

But based on your posts you should had been able to had paid it longer ago no ;)

Good stuff

Yes, I could have done it quicker... But I try to keep a lot of cash available because I aquire a lot of business oriented things that need to be paid for in cash and at a moments notice... ie, when someone says, Domain sale or Selling my sites I am leaving the business...
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V_RocKs

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#10

03-02-2006, 10:35 AM

Originally posted by RocHard

my $1600 house payment

Haha... PRICK!
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#11

03-02-2006, 10:38 AM

Originally posted by Sosa

Congrats man. I was debt free from everything a few months ago. All student loans, Truck, everything paid off. Then I went out and started building a house lol! No more debt free for me.

Student loans are a killer. That's what I'm working on now. When I get enough together I'm going to try and just settle them for (hopefully) pennies on the dollar.
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#12

03-02-2006, 10:41 AM

Originally posted by G-Rotica

Student loans are a killer. That's what I'm working on now. When I get enough together I'm going to try and just settle them for (hopefully) pennies on the dollar.

I paid the min on mine while I was paying off my Truck. Truck got paid for and then I paid the student loan off in the next 4 months. Nice to have it all took care of. Now it is just going to be a house payment
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#13

03-02-2006, 10:44 AM

Congrats, it is a good feeling.

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#14

03-02-2006, 10:45 AM

Originally posted by V_RocKs

I just paid off the last remaining debt I had today.

Now the only debt I do have is $10K car loan which I will keep and pay in order to show I can pay shit on time.

I got married in a shotgun style wedding at age 23. My wife became a drug addicted bitch from hell. She ran up our credit cards and caused damage to more than one apartment we lived in. Basically she ran up about $28,000 in debts before I divorced her.

I let the shit sit there for ever and a day... I had no money to pay off that kinda debt load. No way...

Then I became an adult webmaster and fuck... everything changed for the better. I paid off that debt and saved money (going to buy a house when the market and interest rates will feel better on my hinnie) and managed to have enough left over for some toys...

Today I paid the remaining $4000 and I never felt better... On the 15th my credit score should go up and I will flirt with the idea of owning my first home... For now, I need to find a 5 bedroom house for rent...

Thanks for you time and listening to my dribble...

Peace!

Now that is what i call a Happy Ending

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#15

03-02-2006, 10:49 AM

congrats man, thats a big step for you.
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#16

03-02-2006, 10:51 AM

Congrats man! Enjoy your new house when you get it.
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V_RocKs

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#17

03-02-2006, 10:51 AM

Student loans...

I never understood them... I consult on a lot of things in the industry and never went to a 4 year college. I dropped out of a 2 year when I decided making more than most doctors doesn't require me to be there.

As for how to void them... A friend of mine has some MIGHTY big ones... Like $35,000 or so I believe... and you cannot claim them in a bankruptsy... BUT!... BUT you can refinance them into a personal loan and you can claim that loan... ;)

I don't condone claiming bankruptsy... I think it is a pansies way of doing things... But if your loans are large... and you don't mine fucking your credit up...
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#18

03-02-2006, 10:55 AM

Congratulations

I don't endorse a god damn thing......
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#19

03-02-2006, 11:03 AM

well u learnt stuff on ur own for sure
hehe, silly tips

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#20

03-02-2006, 11:06 AM

Kickass! I always find hearing about hard work paying off inspiring and motivating..

Congratulations man!

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#21

03-02-2006, 11:14 AM

Good job on digging yourself out of that hole! May you enjoy the rewards!
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#22

03-02-2006, 11:31 AM

Good to hear dude
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#23

03-02-2006, 11:38 AM

Awesome dude!!
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#24

03-02-2006, 11:41 AM

You paid off all your debt yet you have $10k in debt?

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V_RocKs

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#25

03-02-2006, 12:07 PM

I paid off my bad debt...

The 10K is good debt. I have paid that bill on time and often over the amount due... Having no debt at all is worse than having debt and paying it on time. If you have no debts what so ever you have no history and therefor nothing to gage your ability to repay a loan on.
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#26

03-02-2006, 12:48 PM

Congrats, man! That's really nice!

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#27

03-02-2006, 12:51 PM

Awesome job of sticking with it until the end. I know that has to be a huge burden lifted off of you.

Congrats!

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#28

03-02-2006, 12:52 PM

who gives a fuck about debt. I owe several millions to various places and don't plan on ever paying ANY of it off.

Your debt is erased when you fucking die you know.
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#29

03-02-2006, 12:55 PM

http://www.daveramsey.com/

Guy is a millionaire and doesn't even have a credit score 'cause he doesn't use credit cards -- cash and debit card only.

If he wants something, he buys it.

I'm trying to get to living that path now.

Fuck credit card companies. They offer 0% when you don't need it... and 25% when you really do.

Cash is the way to go anymore.

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#30

03-02-2006, 01:25 PM

There is nothing inherently wrong with debt. But it must be managed properly. You must take a high level of responsibility for your debt and always be mindful of it.

Congrats V Rocks! That's great to hear.

You deserve to make more money. I'll help you do that.
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#31

03-02-2006, 01:30 PM

Congrats man...

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#32

03-02-2006, 01:38 PM

Congrats, V. I've been debt free since 2000 (the year I started adult webmaster work). For personal finance, IMHO, debt-free is the way to go. There IS some value for debt in the business arena but it needs to be managed well: http://webmasterlabor.com/articles/credit.html Congrats again, man!

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#33

03-02-2006, 01:40 PM

who said porn cant bring happiness. Good for you

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V_RocKs

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#34

03-02-2006, 04:03 PM

Originally posted by Amp

who gives a fuck about debt. I owe several millions to various places and don't plan on ever paying ANY of it off.

Your debt is erased when you fucking die you know.

Negative.. it is transfered to your estate.

I guess you aren't planning on leaving anything behind.
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V_RocKs

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#35

03-02-2006, 04:05 PM

Originally posted by grumpy

who said porn cant bring happiness. Good for you

My grandma..

Shh.. don't tell her I am here!
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V_RocKs

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#36

03-02-2006, 04:08 PM

Originally posted by $5 submissions

Congrats, V. I've been debt free since 2000 (the year I started adult webmaster work). For personal finance, IMHO, debt-free is the way to go. There IS some value for debt in the business arena but it needs to be managed well: http://webmasterlabor.com/articles/credit.html Congrats again, man!

Great article!
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#37

03-02-2006, 04:10 PM

Congrats, that's awesome. I can't wait for the day for myself. I don't have too much left either.

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#38

03-02-2006, 04:13 PM

Congrats man, that was a great success story

hopefully i can keep plugging away at this shit and do something good for myself too

I like turtles.
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#39

03-02-2006, 08:13 PM

Originally posted by V_RocKs

Great article!

Thanks, man!

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#40

03-02-2006, 08:40 PM

Must be a load off your back, grats.

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#41

03-02-2006, 09:30 PM

Wow, congrats on than! There's nothing like going to sleep and not thinking any of those financial liabilities anymore..

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#42

03-02-2006, 09:34 PM

Originally posted by $5 submissions

For personal finance, IMHO, debt-free is the way to go.

Debt can actually save you money if you don't have the cash to pay outright. For example, any extra payments I make into my home loan are effectively untaxed interest earnings, because every extra dollar offsets the interest bill. Putting it another way, by saving on the 6.82% interest bill I'm really earning more like 15% after tax.

$100k loan
$10k additional funds
= interest on $90k only
the saving is effectively earning you untaxed interest on the $10k
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#43

03-02-2006, 09:45 PM

congrats man.. keep up the hard work and treat yourself to something nice (pay cash =P)

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#44

03-02-2006, 09:47 PM

Originally posted by rowan

Debt can actually save you money if you don't have the cash to pay outright. For example, any extra payments I make into my home loan are effectively untaxed interest earnings, because every extra dollar offsets the interest bill. Putting it another way, by saving on the 6.82% interest bill I'm really earning more like 15% after tax.

$100k loan
$10k additional funds
= interest on $90k only
the saving is effectively earning you untaxed interest on the $10k

I am aware of the tax benefits of the home mortgage deduction. I do see your point and agree that debt can be a tactical advantage when it comes to taxes. However, from a purely personal perspective though, nothing beats the feeling of being free of any debt. I was balls deep in grad school/school loans of $85K before 2000. After that, I resolved to stay debt-free. Should the need arise for debt-based tax protection, I'd look into the mortgage deducation scenario you raised but I prefer the sense of psychological liberation that having no debts gives me.

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#45

03-02-2006, 09:49 PM

Thats awesome . Keep up the debt free lifestyle
feels good
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V_RocKs

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#46

03-02-2006, 10:24 PM

On the home loan over payments thing...

I practice that quite a bit... I learned from me pops... He is a good teacher in this kinda shit... So when I bought my used Jeep (I find it difficult to buy a new car... waste of dough...) and paid $8500 for it they wanted to collect $2700 in interest will extra long payments and bullshit...

So I decided I wanted to pay it off right away... Kinda a mistake because paying it off in 8 months didn't do my credit any good...

So I bought a used Suburban for $10,500... They eventually think they will make $4000 on me.. again, low payments over 5 years... So I decided I wanted to pay it off in 2 years... Added up the interest on one payment, then reversed the counting.... So I am counting back two years and adding interest for each payment. Then paid a few grand immediately so I can basically pay only the interest I need to in order to keep the loan alive, but not a penny more...

Kinda stupid really... Its like I have to PAY to get my credit back... this system is so bent in the favor of the creditor that I am now thinking my first mainstream business should be loaning money to people I know can't pay it back.
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