How much debt do you have?

[QuarterMillionMan]

Mortgage?

Student loans?

Car loan?

Credit cards?

I paid off my mortgage recently so $0 for me.

[Singuy]

0 debt club as well

[Jluke]

I have no debt except for the car loans* below:

Car loan 1: 6500, 1.9%. $500/month. 13-14 payments (max) remain

Car loan 2: 14000 (bought yesterday, 08-Jul). 0.9% for 48 months, $300/month

*note: inside joke being everyone always says "I have no debt except for a mortgage. "

[MonkeyMama]

Mortgage: $160,000

We've never borrowed for anything else, and no plans to.

[kork13]

Our only debts are a mortgage on each of the two homes we own. $90k on the rental, $317k on our current home. $407k of debt is daunting and almost a bit overwhelming to see every time I check my accounts.... It helps to know that those homes are worth about $185k and $425k, and we're slowly trimming down those mortgages.... but those are still really big numbers in the debt column that make me really uncomfortable.

We've had car loans before for a dearth of cash on hand (somehow we always need to buy a car at the same time we need to buy a new house) & my wife still had student loans when we got married, but we always eliminated those very quickly.

[disneysteve]

Mortgage: $32,408.37
Parent PLUS: $6,742.69
____________________
Total $39,151.06

Portfolio balance as of 7/3/17: $930,659.53

I'm not particularly concerned about the debt.

[MonkeyMama]

Mortgage: $32,408.37
Parent PLUS: $6,742.69
____________________
Total $39,151.06

Portfolio balance as of 7/3/17: $930,659.53

I'm not particularly concerned about the debt.

Yeah, by itself, debt balance is a pretty worthless measure.

[QuarterMillionMan]

Disney Steve why not write a check and pay off the mortgage?

[disneysteve]

Disney Steve why not write a check and pay off the mortgage?

I figured someone would ask that question.

Right now, we're still in college-mode. DD is entering her senior year and the 529 is pretty much drained (there's $2,500 left in there) so we need to pay for year 4 out of pocket. Once we are past that, we'll work quickly to pay off any parental student loans (higher interest than the mortgage and not deductible). After that, I'll have to take a good hard look at where things stand. The mortgage rate is pretty low (and deductible) and we may relocate within a few years and sell the house anyway, but at some point, I may just write that check and get rid of it.

[creditcardfree]

$0 debt, but we currently rent.

[Thrif-t]

Zero debt

DisneySteve motivated me to calculate our portfolio balance $450K. I'm pretty proud of that accomplishment for us, we aren't a high income earning family, we gross 82k and that's the most we've ever made. Yay, us

I credit my first boss I had when I got a job out of college, he got me started on saving and investing. I never had a lot of money at 21, I'd save $25 a month. Compounding really works!!

[disneysteve]

DisneySteve motivated me to calculate our portfolio balance $450K. I'm pretty proud of that accomplishment for us, we aren't a high income earning family, we gross 82k and that's the most we've ever made. Yay, us

Compounding really works!!

Congrats! That's excellent. And yes, compounding does wonders. I'm quite sure we haven't actually invested anywhere near 900K. I was just looking at one mutual fund statement. Our cost basis is about 73K and our balance is about 156K so more than double what we put in.

[FLA]

0 debt

I own 1/4 of this house, plus another half that is in a trust, house is worth 400k

560k in retirement, plus a small defined benefit plan

20k in emergency fund

paid off 2012 Accent

however my income is less than 22k due to being disabled so I live life very close to the bone

[greenskeeper]

Disney Steve why not write a check and pay off the mortgage?

yeah if I was in his position I'd write that check, get the deed to the house, have a party, and then set up a money market account to pay the taxes when due.

[QuarterMillionMan]

Agreed 100% greenskeeper, I would pay it off and be done with it and stop dancing around it. The mortgage interest deduction is probably insignificant as well at maybe $150 a month in interest so for 1 year at a total of $1800 write off, the standard deduction starts at $6500 so you'd have to add charitable contributions, work related expenses, etc, to itemize deductions. What I'm saying is it might be best to get it over with and be free and clear even if the interest is 5% or even 3%.