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Money and Finance Because you have to save money to spend it on new paintball stuff!

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Old 05-24-2016, 01:28 PM   #11 (permalink)
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Grats! I'm there right now, but soon to be back in debt once I figure out what car I'm buying. I don't mind debt, so long as it's for something useful.
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Old 05-24-2016, 02:09 PM   #12 (permalink)
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Congrats I love the feeling of being debt free.

The next goal you should try to get to is being cash flow positive without a job. That is the ultimate feeling for freedom( I am still working on that).
Rental property? Dividend paying blue chips? That's my longer term goal as well and love discussing potential plans.
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Old 05-24-2016, 02:51 PM   #13 (permalink)
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For the past 8-10 years I focused on rental properties, land and stocks. This was due to the low interest rate and cheap(and available) houses and stocks were on sale. I have paid off a few of the rental houses and have converted 90% of the stock back to cash July of 2015. I plan on revisiting the stock market after the new year. It will be a good test to see which way the market goes (specially with China being such a unsure basket case right now).

For the first part of the year, I invested in oil with 2x leverage funds and have done very well.

But going forward next 3 years I am actually going against the grain. I plan on liquidating the land and using the 1031 exchange for 5 rental houses in vacation place of our choice but only put down 20% on each. I plan on doing this to hedge against the policy induced inflation that is coming. I think once the Federal Min wage starts rising, having fixed loan amounts will help you gain tons of capital and quickly.
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Old 05-24-2016, 02:54 PM   #14 (permalink)
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BTW I don't do stocks trading outside of my 401k/Roth account, as all gains for us are taxed around 27%.
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Old 05-24-2016, 04:16 PM   #15 (permalink)
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It does feel good. I wonder how long till the wife wants a new house?
Took 3 years, so good luck. We were debt free for three years then the need to buy a new house became an imperative >.< Though we have some debt now we only have the mortgage and a small one at that which we are working on paying off as early as possible. It is amazing how much money you can build up with no debt and still keeping expenditures to the minimum. The money we saved during our 3 years debt free allowed us to buy a home without selling the one we were living in until after we were settled into the new one. Then we did the one time refinance with no closing and used the proceeds from selling our previous house into paying off a lot of principle in the new house.

We now are doing this for the second time due to me having to move for work but hopefully within a few years we'll be back to completely debt free.
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Old 06-24-2016, 07:23 PM   #16 (permalink)
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Been Debt free for 4 years now,I took the $ 13,000 I was paying yearly on the mortgage and have been putting it it into bank funds and averaging a 13% return. It's allowing the wife and I to build up extra for retirement.
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Old 08-15-2016, 05:19 PM   #17 (permalink)
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Currently working on this! Cant wait...
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Old 08-15-2016, 07:37 PM   #18 (permalink)
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I've been in this boat for about ten years, but don't own a house, which is very close to a wash between rent vs. property taxes, upkeep, and homeowner's insurance (at least where I live and in my situation).

My only real problem for that time has been the income mentioned above. I can get by and invest (too little) into my retirement accounts, but can't get ahead enough financially to really make some of the big steps forward some of you all have discussed. I tip my hat to those who have managed to genuinely get ahead since 2008.
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Old 08-16-2016, 09:54 AM   #19 (permalink)
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I've avoided debt like the plague. I've saved up for everything up front. The truck I paid $1k for 6 years ago just blew up last month, as anticipated, and I was able to buy a 2013 recertified used from the dealer with the cash I had saved up over that time for the inevitability of needing a new vehicle. I basically ended up paying almost 2/3 sticker price with free four year/100k mile warranty and maintenance because I literally had cold hard cash in my hand and was ready to roll out to the next dealer if they didn't bite.

I don't have a house of my own and I will never have a mortgage. At the rate I've saved so far, in ten years I'll be able to build a modest dwelling on the top of a mountain all on my own. I don't make a lot of money, I pay rent for a CHEEEEP apartment, and I basically wear my raggy work clothes everywhere. People probably look at me and think I'm especially poor, or at least they did when I would pull up in 18 feet of Ford that sounds like the end of the world when it moves, but in reality my bank account and credit is better than most people's, and I'm completely debt free. Going to school for business analytics helped a lot, and I could go on for hours about credit in general because of that, but basically I've been fortunate as well as smart enough to avoid school, transportation, housing, or any other debt scenario. The only thing I have going for me is that I'm really good at being poor, but it saves me an insane amount of money for the day I finally get to spend it. Debt is basically paying more just to buy something you can't afford. This ties in with how time = money, given that $20 paid over 20 years is less desirable than $20 paid over a period of 20 seconds- so the value of money is not linear, large amounts tend to grant more leverage simply because of this fact.
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Old 08-16-2016, 02:03 PM   #20 (permalink)
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If you're saying you don't have a mortgage because it's the best financial option, you're either in a highly depressed part of the country (from a housing standpoint) or you don't actually understand how debt works. The situations in which renting is better for any period of time are limited (because by necessity the landlord needs to pay for all the same things a homeowner does and turn a profit). The real estate question is ultimately one of stability versus risk, as the only other viable option is to put it into stocks. Bonds, money market accounts, and savings accounts are all worse options that real estate at the moment (with the caveat that there are always bubbles, somewhere in the country).

Debt is not bad if it's working for you. If you can't pay it down because you have too much it's not working for you, which is usually peoples' problem. But a modest amount of debt is reasonable and ultimately works for you.

I too buy cars in cash -- but in the first couple years of this decade that was actually a bad call at times, because automakers were giving out 0% APR loans on vehicles to keep their factories running.

Your credit score is only useful if you use it, usually for a mortgage. If you're the kind of person who buys cars on credit it applies there too. For some people it may come in handy for a small business loan (which are often backed directly by the borrower). There's no value to having a high credit score if you aren't going to take on fairly large quantities of long-term debt with it.
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