 |
The SavingAdvice.com millionaire calculator is a fun way to see how long it will take for YOU to become a millionaire.
|
| Teaching you to Save Money |
|
|
|
| Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt |

09-29-2008, 01:06 PM
|
 |
$ Saving Jr. College Student
|
|
|
|
As of February it will be mortgage and student loans. Until then, its student loans and low interest credit card debt.
|

09-29-2008, 01:14 PM
|
|
$ Saving College Junior
|
|
Join Date: Mar 2008
Location: FL Panhandle
Posts: 1,338
Points: 6745.00
Donate
|
|
Quote:
Originally Posted by tripods68
Exactly how do you control your debt? Do you live below your means...or you have plenty of cash to payoff all your debt if you want to?
|
It's "controlled" in a few ways.... Most importantly, I have a stable job with a stable paycheck, I do live well below my means, and I am able to make all my debt payments exclusively from my monthly income. My monthly expenses (not including debt payments) are less than $1400. My debt payments are about $750/mo, though I pay about $1000 to pay it down faster. That leaves me just over $1000/mo to save and invest. Also, I am currently backed up with $3k in savings, plus another $21k in regular ($8k) and retirement ($13k) investments (which I could reach to if critically necessary), with more going to those every month.
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.
__________________
"Praestantia per minuti" ... "Acta non verba"
|

09-29-2008, 09:03 PM
|
|
$ Saving HS Freshman
|
|
Join Date: Mar 2008
Posts: 120
Points: 655.00
Donate
|
|
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.
|

09-29-2008, 09:24 PM
|
 |
$ Saving College Junior
|
|
|
|
I have been avoiding this question here, but I think it is time to come clean.
I owe about $5000 on my F-150 pickup. KBB has it worth between $5695 and $6520. Interest rate is 3.74%. I have another year of paying this off.
I have a student loan of $3143.44, with interest rate of 3.13%. Paying $50 per month on this.
I have a table/chairs that I bought on 0% interest until 2010 and I owe $428. I pay $27 a month to get it done a little early. Shouldn't have bought this, but hey, two years ago I had no idea that I was going to be a farmer.
We owe about $11,000 for cattle. That is all we owe on about 70 cow/calf pairs. The interest rate is 7.25% and I can write off the interest and I can depreciate the cows. Yearly payment of $6070 for the next two years on April 1 (after we sell the calves).
We owe $12,678 for a tractor and baler. Interest rate is 7.25%. We can depreciate the tractor and baler and write off the interest. Yearly payment of $4766, due Nov 15 for the next three years.
We owe ~$51,000 for a swather. Interest rate 4.25%. Yearly payment of $13,000 every February for the next 5 years. Again, depreciation and write off for this. Swather is worth about $65,000 (a guess).
We have a line of credit of $6700 at 7.25% (can write off this interest). We also have a 0% interest credit card of about $30,000. We used this for farm expenses. I wish we hadn't, but we did. I applied for another card that is 0% interest for a year, but i haven't heard anything from that yet.
We owe ~$14,000 on 80 acres of farm land. Land is worth at least $700 / acre means it is worth $56,000.
We owe $197,000 for 320 acres of pasture and a small amount of crop land. 5% interest. Bi-yearly payments of $9900, due Dec 1 and June 1. We just bought this. We bought it for $625 / acre. It is worth more than that, but we bought it from family, so they gave us a deal.
Total Debt $331,000.
Dang. I really didn't know it was that high.
|

09-29-2008, 11:57 PM
|
|
$ Saving Pre Schooler
|
|
Join Date: Sep 2008
Posts: 1
Points: 25.00
Donate
|
|
I think I'm in about $8000 of debt but I'm pretty happy with the way I spent the money. Travel.
|

09-30-2008, 12:00 AM
|
|
|
Quote:
Originally Posted by tripods68
Exactly how do you control your debt? Do you live below your means...or you have plenty of cash to payoff all your debt if you want to?
|
I usually say I am in controlled debt, as mentioned my cc debt is all covered on a zero percent cc the money sitting in ING earning interest. My SUV was a well planned out purchase, I have a 6 year loan that will be paid off in under two. I know I should have saved up for it, but one of the main reasons I did buy now is because of the deployment I am on now. The extra funds received for being deployed will pay for most of the vehicle. The month I leave this country the vehicle will be PIF. The there is the Mortgage.
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
|

09-30-2008, 12:01 AM
|
|
$ Saving Fifth Grader
|
|
Join Date: Jul 2008
Posts: 40
Points: 230.00
Donate
|
|
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.
|

09-30-2008, 06:44 AM
|
|
$ Saving Fifth Grader
|
|
Join Date: Mar 2008
Posts: 36
Points: 240.00
Donate
|
|
74k remaining on house loan
13k remaining on auto loan
$0 cc debt.
|

09-30-2008, 11:24 AM
|
|
$ Saving HS Freshman
|
|
Join Date: Apr 2008
Location: St. Louis MO
Posts: 136
Points: 730.00
Donate
|
|
$110K left on house loan.
|

09-30-2008, 12:39 PM
|
|
$ Saving Pre Schooler
|
|
Join Date: Sep 2008
Posts: 1
Points: 25.00
Donate
|
|
No debt here.
|

09-30-2008, 02:06 PM
|
 |
$ Saving College President
|
|
|
|
Quote:
Originally Posted by cptacek
I can depreciate the cows.
|
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.
__________________
Steve
Join the 2009 Ebay Challenge!
* 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.
|

09-30-2008, 09:14 PM
|
 |
$ Saving College Junior
|
|
|
|
Quote:
Originally Posted by disneysteve
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.
|
lol! Though, wouldn't it be a plaid cowboy hat?
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.
|

10-01-2008, 05:35 AM
|
 |
$ Saving College President
|
|
|
|
Quote:
Originally Posted by cptacek
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.
|
I figured as much. Makes perfect sense. Just sounded funny to this non-farmer person. 
__________________
Steve
Join the 2009 Ebay Challenge!
* 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.
|

10-01-2008, 06:25 AM
|
|
$ Saving HS Senior
|
|
Join Date: Feb 2006
Posts: 263
Points: 3756.80
Donate
|
|
I have a $107K mortgage and one credit card with a $1500 limit.
|

10-01-2008, 06:46 AM
|
|
|
Poor cows...I feel so bad for animals.
|

10-01-2008, 02:56 PM
|
 |
$ Saving College Junior
|
|
Join Date: Sep 2008
Posts: 1,001
Points: 5540.00
Donate
|
|
Quote:
Originally Posted by disneysteve
I figured as much. Makes perfect sense. Just sounded funny to this non-farmer person. 
|
DS
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
|

10-01-2008, 03:03 PM
|
 |
$ Saving College Senior
|
|
Join Date: Sep 2006
Location: Northern California
Posts: 1,891
Last Blog Entry: Feeling Down
Points: 9672.40
Donate
|
|
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.
|

10-01-2008, 03:10 PM
|
 |
$ Saving College Junior
|
|
Join Date: Sep 2008
Posts: 1,001
Points: 5540.00
Donate
|
|
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. .
|

10-01-2008, 03:23 PM
|
|
|
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
|

10-01-2008, 04:48 PM
|
|
$ Saving College Senior
|
|
Join Date: Nov 2006
Posts: 2,468
Points: 16851.50
Donate
|
|
Not really, I have more than that posted earlier in just my mortgage cee jay.
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -7. The time now is 10:11 AM.
|
|
|
|
|
|
|
|
Other Resources
Bad Credit Loans
Private Student Loans
Payday Loans
Student Loans
Online Shopping
Dell Coupons
Credit Card Processing
Back to School
Apply Now for Personal Loans
Credit Score
Payday Loan
IVA
Free Credit Report
uk health insurance online
CD Interest Rates
IVA Advice
Partners
Debt Reduction
Blogging Away Debt
Budget Stretcher
DivaTribe
Thrifty Fun
Money Talk
Online Personal Budgeting
Budget Dial
|