Debt Free!

[rutgers07]

Paying off my car took a couple months longer than expected but it finally is which means I'm debt free for the first time in my life. My savings has dropped a lot but I can replenish that quickly. This has come at a good time as I'm burnt from all the OT I've been working so I can slow down a bit.Thanks for all the help from everyone on the forum!

[mollardr1]

Woot

Good for you!!! Keep it up!

[Retired To Win]

What's Your Next Step?

So, now that you don't have to make payments on any debt, have you got a plan on what to do with your "surplus" money? Are you trying to build up a stash so as to set yourself up to get free of the need to hold a job?

Retired To Win

[rutgers07]

Planning to max Roth next year, up 401k to 10% and save for a house down payment.

[dczech09]

Planning to max Roth next year, up 401k to 10% and save for a house down payment.

Congrats! I just paid off my student loans a little over a week ago, so I too have just entered the land of debt freedom!

I took a different route than the Dave Ramsey baby steps. I invested 15% of my salary for retirement while paying off debt. So the Roth is maxed and the 401k is at 6%! Sounds like you are on a good plan though!

Are you going to save for a 100% home purchase, or what type of down-payment are you saving up?

[bjl584]

Congrats!

[btctony]

Congratulations!!! It certainly is a great feeling to be free of monthly debt payments, so that you can begin throwing so much more money into savings and retirement investments.

[rutgers07]

Congrats! I just paid off my student loans a little over a week ago, so I too have just entered the land of debt freedom!

I took a different route than the Dave Ramsey baby steps. I invested 15% of my salary for retirement while paying off debt. So the Roth is maxed and the 401k is at 6%! Sounds like you are on a good plan though!

Are you going to save for a 100% home purchase, or what type of down-payment are you saving up?

I did something similar as I also maxed out my Roth this year plus 6% for my 401k. My EF is at only 2k though so priority is that. Congrats to you too!

[rutgers07]

Congrats! I just paid off my student loans a little over a week ago, so I too have just entered the land of debt freedom!

I took a different route than the Dave Ramsey baby steps. I invested 15% of my salary for retirement while paying off debt. So the Roth is maxed and the 401k is at 6%! Sounds like you are on a good plan though!

Are you going to save for a 100% home purchase, or what type of down-payment are you saving up?

I did something similar as I also maxed out my Roth this year plus 6% for my 401k. My EF is at only 2k though so priority is that. Congrats to you too!

At least 20% for the house. Houses around here can go for 120k-150k o won't be too long to get that. But I likely won't be near ready for a house when that's saved.

[snafu]

Good on you for paying off the car and being debt free. Smart to up ROTH and 401K. What are they invested in? What are the associated fees? Have you seen a smart advance in Net Worth? Many of us have began to write out goals for 2014, we're specific and include time lines, I hope you'll join us.

[rutgers07]

Good on you for paying off the car and being debt free. Smart to up ROTH and 401K. What are they invested in? What are the associated fees? Have you seen a smart advance in Net Worth? Many of us have began to write out goals for 2014, we're specific and include time lines, I hope you'll join us.

Roth is with Vanguard in a small cap growth fund and 401k is with Fidelity and I'm following the 3 fund portfolio approach.

I'm not sure what you mean by smart advance in net worth.

Yes, I need to start writing goals and a budget. I have trouble getting organized but I'm working on it.

[dojo]

EXCELLENT JOB. Congratulations for being debt free. Now this is what I call a great Christmas gift for yourself

[Gailete]

Terrific! Looking forward to getting our car paid off as then we should have no actual car payment for another 6-7 years. Hopefully we can keep saving so the next car can be paid for with cash.

[scfr]

Planning to max Roth next year, up 401k to 10% and save for a house down payment.

Excellent plans ... and congratulations on being debt free.

[kyoko]

Congratulation! That is so awesome!
You mentioned it took a little longer than planned, but it is just a normal course of our lives, in my opinion. It's always something, right?? But you stuck to your plan, and so you made it. With no debt payment, you should be able to replenish your saving easily, and you sure will be able to stay out of debt!
Enjoy your Christmas and a new year being a debt free!