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| Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt |
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As of February it will be mortgage and student loans. Until then, its student loans and low interest credit card debt.
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So basically, while I do have alot of debt right now (spending almost 1/3 of my monthly income on debt would be far excessive for most people), my lifestyle allows me to handle that debt without worry. In the end, 5 years down the road I'll have all my debt paid off, and I'll have a significant amount of savings to boot.
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1st Mortgage $202k
2nd Mortgage $35k Car $12k Just paid off '07 truck, '07 and '04 motorcycles. First time I've ever had a vehicle paid for. I like the feeling bigtime. I will pay off the final car balance by christmas, and be left with only the 2 mortgages. |
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Hopefully the Mortgage will be the last thing I purchase on credit, I plan on saving up for every expense until I die. Even my next house. Of course I will use this house (Sell) to curb the cost of the new house, but I plan on saving up the money to make up the difference. The only thing that might not be considered "Controlled Debt" is the New (Yes new) SUV I purchased. No I must say it was well planned out, oh point of note, I have not had a vehcile payment for over 10 years. The last vehicle I purchased the same way (And I still have it and drive it to this day) in 1994 I purchased a brand new vehicle, paid it off during a deployment in under two years. Just my two phenning worth, Ray |
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17k school loans at 2.25% fixed
29k CC at 3% (Will be paid off in 15 months via snowballing) 34k auto at 1.9% fixed ---- 80k total So yep, unfortunately I am in debt. I hope to be debt free within 5 years, excluding a mortgage. |
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I don't know the first thing about farming, but I just found this statement very funny. I'm sure it is a perfectly normal concept for those in the industry, but for the rest of us, it creates all kinds of images in my mind. I just picture a USED COW lot somewhere with some guy with slicked back hair and a plaid sportcoat trying to sell depreciated cows. Hey, this one was only milked on Sundays by a little old lady.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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Actually, the purpose for depreciating the cows is exactly the same as being able to depreciate anything else...as they get older, they are worth less. As they get older, they are more likely to miss having a calf one year, they are one year closer to getting sick or dying, they produce less milk so the calves they have won't grow as big, etc. Eventually, you either sell them or they die. If you sell them and have depreciated the amount you bought them for, it is considered income. If they die, you lose out on anything you could have sold them for. |
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. |
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Poor cows...I feel so bad for animals.
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I'm LMAO at that. I live in ohio farm country where those aren't strange terms but can see where you would get the humor out of that. I've been out of power and a computer that was blown up a couple of weeks ago by a wind storm. Glad to see some humor like that. Thanks |
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Yup, dogs and horses I have seen depreciated as well. Not a lot of farm clients, but come across this stuff once in a while (breeding dogs and horse farms).
As far as my debt... $206k on the mortgage, as of today. We put 25% down on our home and have never borrowed against it. I didn't even think of it but I will be $10k in debt until next week. 0% credit card arbitrage over a period of 18 months. I wouldn't even have thought of it but for MrPaseo. That is my "controlled debt." Last edited by MonkeyMama : 10-09-2009 at 02:43 PM. |
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Guess I should be courteous to the OP as far as the original thread goes. I'm about 60k from complete debt freedom. All debt is mortgage and HELOC. You really can't say that though, because the"Boogie man" is always waiting around the next curve with a bill in hand to crush your plans.
Your savings are your "holy water" for the S.O.B. . |
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I can beat everyone who posted so far, I think (not a good thing, but I'm working on it):
Total credit card & personal debt $44,746 Total home debt (on 2 homes) $298,650 Total student loan debt (for 2 students) $74,855 TOTAL HOUSEHOLD DEBT (for 3 adults) $418,251 |
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Not really, I have more than that posted earlier in just my mortgage cee jay.
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