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Financial Thread... How many of you have zero debt?
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I have to stop putting myself in debt. what I owe may not seem like a lot, but with the drop in my income this debt is killer, I'm working on fixing that though.ICQ: 16544251 - Skype: gator37 @ eastlink.ca - email: yngwie @ isys.caComment
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Guys making what Shap does, do not get to deduct their mtge interest. The equation then becomes can you make more on the money after tax then the mtge rate. Harder to do.Originally posted by AtticusFor the people who brag about paying off a mortgage in record time. As long as you have a decent to good rate, a mortgage is considered good debt.
You're borrowing money, but you're getting a tax advantage and can write off the interest. Since its an asset that's appreciating over time. Much better off to use the funds you are paying off the mortgage with on other investments.Comment
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I have little "debt". But I have millions in mortages, etc while my other $ is working for me. Smart $.Sig too big
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Your pool is kinda missleading. Had to read it twiceOriginally posted by rayadp05I rebooted, deleted temp files, history, cookies and everything...still cannot view the news clip. All I see is that fucking gay ass music video from "Rick Roll". Anyone else have a different link to the news clip?Comment
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I have ZERO debt. I cleaned up all debt and tore up all credit cards (except 1 for online purchases) when I left for the Philippines in 2003. Why? Because I had around 80K gradschool/prof school debt after I graduated. It sucks having such a big nasty cloud hanging over you. So thanks to the adult webmaster biz, I started clearing out debt with those fat ARS checks.
Debt free, IMHO, is the way to go. That way you completely OWN all your assets. Of course, there are SOME GOOD REASONS to go into debt see: http://webmasterlabor.com/articles/credit.html Regardless, I like the freedom of having no debt. Unless I can buy something with cash, I consider it unaffordable.
Next step: Getting more insurance (life and health) as a way to protect assets.Comment
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no debts here, just saving as much and investing as much as Ican.
Rule #1 ALWAYS keep at least 6 months worth cash as a reserve for emergencies.Odie
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I never knew you were married.Originally posted by RochardIn today's society you can purchase nearly anything with credit? Want to buy a car for $50k? No problem, get a loan.
For the most part I don't do credit. I own two houses, one I rent, and one I live in. I have a motorcycle that's paid for, and a truck that I just paid off a few weeks ago (two years ahead of time), and I just purchased a car and own $10k on that (which will be paid off in two or three months).
I also have an account with Kay Jewelers, but that's only because when I buy stuff for my wife I spend more than my ATM card allows me to spend in one day (which is $1k). This account is always paid off monthly.9 Years of SOLID payouts and conversions!

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the only debt i have is my credit card which gets paid off once a month. i have a mortgage for about 65% of the house im moving into is worth, and i own my house im living in now and a rental house free and clear. my rule is if you cant afford to buy something cash, dont buy it... with the exception of investments.I host with VacaresComment
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have zero debt
don't believe in credit , i believe that if i can't pay for it by cash then i don't want the item , i have a debit card linked to the visa network which only allows me to spend the cash that is in my bank account
don't have a mortgage , renting works out to be much cheaper and money saved can be invested into other interestsComment
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Zero debt right now, but leveraging credit got me here. Bought houses, paid them off, bought more, now paid more off....it's a never ending cycle....Plus being out of debt completely is really unAmerican!Comment
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I have 5 figures in student loan debt. One credit card with 0 balance. But I am getting ready to buy a new car.Comment
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I've been married for seven years as of last weekend, been with her for thirteen years now. She comes to shows and all.Originally posted by DatingGoldI never knew you were married.
This is her on the right getting felt up in Mexico....
Herschel Savage
Brooklyn, NYComment
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cc's paid for, car paid for, but plenty of mortgage on the condo.
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I've got roughly $60k in debt and my goal is to make it to $100k by the end of the year. Debt is a good gauge for just how much fun I had that year. Its not literal debt since I've got a couple hundred K in savings, but it is sitting on a credit card.
*edit* Purposely flippant response... if I reach 100k debt by the end of the year, I'll probably consider chewing on the end of a double-barrel.Last edited by High Plains Drifter; 07-31-2006, 05:01 PM.
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That's wild speculation at best. Guys "making what Shap does" may well use corporate structures and keep their personal incomes at a level that allows maximum deductions, tax-sheltered retirement savings, and other benefits.Originally posted by slapassGuys making what Shap does, do not get to deduct their mtge interest. The equation then becomes can you make more on the money after tax then the mtge rate. Harder to do.Comment
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There shouldnt even be such a thing as "credit cards", only "debit cards." Other than for investing, spending money one does not have is just plain stupid.Comment
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My Credit Cards and everything I own are 100% paid for.
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