When Will You Celebrate "D-Day" (Debt-Free Day)?

Started by Malthus, June 07, 2012, 09:03:02 AM

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When will you celebrate your personal debt-free day?

I'm debt-free right now!
22 (45.8%)
Within the year
2 (4.2%)
Within the next 5 years
4 (8.3%)
Within the decade
5 (10.4%)
Within the next 25 years
6 (12.5%)
More that 25 years, but I'll get there
2 (4.2%)
I'll be a debt-serf 'till I die, if not longer
7 (14.6%)

Total Members Voted: 47

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Richard Hakluyt

#30
June 07, 2012, 10:27:59 AM
I still have a small mortgage on a house. I could pay it off early but would be foolish to do so as the interest rate is Bank of England base rate +0.9%, ie 1.4%. It is better to use the money to hold shares in safe utilities and reap the profits. So, unless the base rate increases rapidly, not debt-free until 2022. Unless we take a net debt view, in which case we have been debt-free for some years.

garbon

#31
June 07, 2012, 10:31:23 AM
Quote from: Valmy on June 07, 2012, 10:01:34 AM
Quote from: Malthus on June 07, 2012, 09:59:21 AM
Loans can be useful, as long as you make them for defined and controlled reasons. The problem people have is that they use loans to finance a lifestyle they can't afford.

Maybe DGuller just has lots of money.

Given his love of BK stackers and his residing in NJ, I'd guess that the just has very few expenses.
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

stjaba

#32
June 07, 2012, 11:01:07 AM
I will get my student debt paid off in a year of work. So, I will be soon be debt free, but only temporarily, until I buy a house.  <_<

DGuller

#33
June 07, 2012, 11:08:12 AM
Quote from: Barrister on June 07, 2012, 09:50:57 AM
Quote from: DGuller on June 07, 2012, 09:42:34 AM
Never had a loan of any kind in my life.

It's good to be sceptical of debt, but there's such a thing as being too sceptical.

Going into debt to buy a house is generally a positive investment.  You're purchasing an asset that will likely appreciate, will save you money on rent.  Student loans are similarily an investment in yourself.
It's not that I'm skeptical of debt, but I just never had a compelling reason to get into it.  I had full scholarship for college, I had enough liquid funds to buy off my car in full when its lease expired, and I don't have a home-ownership fetish that most Americans have.  If in future it would make sense for me to buy a house, then sure, I'll do that, and I'll get my mortgage, but I won't do that just because I can.

Ed Anger

#34
June 07, 2012, 12:39:36 PM
I'm free baby.
Stay Alive...Let the Man Drive

MadImmortalMan

#35
June 07, 2012, 12:45:32 PM
Never as long as there is a mortgage deduction in the US. My net worth will go positive in a couple years though.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

Habbaku

#36
June 07, 2012, 12:49:08 PM
Quote from: Grey Fox on June 07, 2012, 09:24:50 AM
29 years & 8 months left on my mortgage.

I have no other outstanding debt.

:hug:

Pretty much the same as me.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

HVC

#37
June 07, 2012, 12:54:33 PM
I have no debt. So technically now.
Being lazy is bad; unless you still get what you want, then it's called "patience".
Hubris must be punished. Severely.

Valmy

#38
June 07, 2012, 01:03:37 PM
Quote from: MadImmortalMan on June 07, 2012, 12:45:32 PM
Never as long as there is a mortgage deduction in the US. My net worth will go positive in a couple years though.

I do not understand why the mortgage deduction is a great deal.  Unless you are paying less money to the bank than you would be paying in taxes (and how is that possible?) it seems like you would come out behind.

I mean yeah it is great when you have to have a mortgage anyway but it seems like a silly reason to keep an unneeded mortgage around.
Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

Habbaku

#39
June 07, 2012, 01:09:03 PM
Quote from: Valmy on June 07, 2012, 01:03:37 PM
Unless you are paying less money to the bank than you would be paying in taxes (and how is that possible?

It's very possible, especially with the latest housing crash.  North Georgia is a major buyer's market at the moment--$150-200k houses are going for $50-75k, easy.  At that rate, it's entirely likely the mortgage is incredibly low while the person buying is making decent coin in Atlanta.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

MadImmortalMan

#40
June 07, 2012, 01:10:47 PM
Quote from: Valmy on June 07, 2012, 01:03:37 PM
I do not understand why the mortgage deduction is a great deal.  Unless you are paying less money to the bank than you would be paying in taxes (and how is that possible?) it seems like you would come out behind.

I mean yeah it is great when you have to have a mortgage anyway but it seems like a silly reason to keep an unneeded mortgage around.

If my income were so high that the offset is not significant, and interest rates were high enough that I could not safely take advantage of the leverage, then you would be right. If that is the case when my mortgage is paid off in 20 years, then I won't get another. If rates are like they are now, I'm taking out another at a tax-deductable 3% and buying REITs that pay 7% or making further real estate investments with it. Or something like that. Who knows what it will look like in 20 years though.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

alfred russel

#41
June 07, 2012, 01:29:47 PM
Quote from: Habbaku on June 07, 2012, 01:09:03 PM
Quote from: Valmy on June 07, 2012, 01:03:37 PM
Unless you are paying less money to the bank than you would be paying in taxes (and how is that possible?

It's very possible, especially with the latest housing crash.  North Georgia is a major buyer's market at the moment--$150-200k houses are going for $50-75k, easy.  At that rate, it's entirely likely the mortgage is incredibly low while the person buying is making decent coin in Atlanta.

Are you sure $50-75k houses aren't going for $50-75k?  :P
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.

There's a fine line between salvation and drinking poison in the jungle.

I'm embarrassed. I've been making the mistake of associating with you. It won't happen again. :)
-garbon, February 23, 2014

Neil

#42
June 07, 2012, 01:35:13 PM
Free.
I do not hate you, nor do I love you, but you are made out of atoms which I can use for something else.

Habbaku

#43
June 07, 2012, 01:36:12 PM
Quote from: alfred russel on June 07, 2012, 01:29:47 PM
Quote from: Habbaku on June 07, 2012, 01:09:03 PM
Quote from: Valmy on June 07, 2012, 01:03:37 PM
Unless you are paying less money to the bank than you would be paying in taxes (and how is that possible?

It's very possible, especially with the latest housing crash.  North Georgia is a major buyer's market at the moment--$150-200k houses are going for $50-75k, easy.  At that rate, it's entirely likely the mortgage is incredibly low while the person buying is making decent coin in Atlanta.

Are you sure $50-75k houses aren't going for $50-75k?  :P

:D  I think the real valuation of those $50-75k is closer to $80k, yes.
The medievals were only too right in taking nolo episcopari as the best reason a man could give to others for making him a bishop. Give me a king whose chief interest in life is stamps, railways, or race-horses; and who has the power to sack his Vizier (or whatever you care to call him) if he does not like the cut of his trousers.

Government is an abstract noun meaning the art and process of governing and it should be an offence to write it with a capital G or so as to refer to people.
-J. R. R. Tolkien

Richard Hakluyt

#44
June 07, 2012, 02:05:58 PM
Incidentally malthus, you said "at long last" you will pay off your mortgage, but IIRC it has only been 6 years or so  :hmm:

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