I have officially rejoined the 3%...
Of Americans who are debt free. Paid off the mortgage today. Took exactly 3 years.
I read that 3% of Americans carry no balance on credit cards and pay them in full each month never paying interest. That's me.
I heard that 3% pay cash for a new car and avoid finance charges and interest. That's me, too.
I was told that 3% pay off the mortgage early. I realized it's the same 3% all the time. So 3% of Americans are debt free. That's me!
On the way home from the bank I stopped at a Dodge dealer and test drove a Challenger R/T with a 375 HP V8. As a young man I had a 1970 Challenger with a 375 HP V8. That was a 4 speed. New one is a 6 speed. I think I'm ready for that midlife crisis I've been promising myself. The car fund started today.
I read that 3% of Americans carry no balance on credit cards and pay them in full each month never paying interest. That's me.
I heard that 3% pay cash for a new car and avoid finance charges and interest. That's me, too.
I was told that 3% pay off the mortgage early. I realized it's the same 3% all the time. So 3% of Americans are debt free. That's me!
On the way home from the bank I stopped at a Dodge dealer and test drove a Challenger R/T with a 375 HP V8. As a young man I had a 1970 Challenger with a 375 HP V8. That was a 4 speed. New one is a 6 speed. I think I'm ready for that midlife crisis I've been promising myself. The car fund started today.
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Congrats... from another 3% er. 0 -
Congrates, I thought that I was all alone. Now try and get an equity loan, be prepared for the Resistance. 0 -
select-fire wrote:Congrats... from another 3% er.
Ditto
...now you'll be amazed at how fast money accumulates when not pissed away on silly things 0 -
Same here, but we've been down this path on this board previously. Here it is not 3%,....it's 90% that have no debt somehow. 0 -
Its good to be the King...
With the banks behind us its only death and taxes to be concerned with.0 -
Ditto. As long as I can stay away from the Harley shop.select-fire wrote:Congrats... from another 3% er.0 -
debt free for about 15 years...now to figure out how to guard that if this govt ever decides to seize your bank account to pay its debts and pass freebies off to millions of illegals and lazy citizens..it HAS HAPPENED in other countries 0 -
seven years for me now. 0 -
Congrats on joining the debt free club! Feels good to not have a mortgage payment. 0 -
Same here. 0 -
Congrats!
Didn?t take you long at all to pay off that new house!
I guess I?m a 3%er too.
Cashed flowed my new garage last fall.
Debt free the last 7 years and proud too.
Cash flowed sons room an board an fees for college. His academic scholarship paid for his schooling.
Cannot see ourselves owing anyone ever again.
It?s a great feeling.0 -
Good to see another one join the club, now keep in mind that every 7 years it's good to finance one big thing and pay it off at the six month mark to keep your credit going. Take 6 months to establish credit on anything, and if you don't Finance something big every 7 years... if you need to finance something if you have an emergency you're going to pay out the nose and interest because you're no longer have large credit established. So when you get the money for that car, Finance it and pay it off After 6 months.
I have a friend that's a millionaire that has been debt-free for years also oh, and he went to buy a big apartment building, and was not able to because his credit score was so long because he had not used it. I know he was telling me that the bank and told him that his credit was the low 600 and he couldn't figure out why until I explained to him that he has to keep on financing even if it's only for short time and paid off early to keep his credit score up0 -
i am a 3% too just waiting for the right 2019 f250 to appear and it is mine 0 -
Congrats Doc! me too. If we really want to be bad though, we have to shoot for being 1%ers. You have the Harley at least, I might to have to get some leather for my beemer. 0 -
He Dog wrote:Congrats Doc! me too. If we really want to be bad though, we have to shoot for being 1%ers. You have the Harley at least, I might to have to get some leather for my beemer.
Yes, but could you kill somebody to become a 1%er? Oh wait a second, I take that back, there are liberal politicians0 -
Credit? We don?t need no steenking credit! 0 -
Congrats!
I do make a mortgage payment & in fact just bought another house. I also will finance cars for 36 months.
Cash is king and those who can enjoy the privilege of not using credit there is something admirable to be said for that.
I am living life responsibly as far as I can tell, I have 3 kids and dont value a paid in cash Deal on a home in a rough neighborhood nearly as much as my new home & my 3.2% interest rate in a nice community where its reasonably safe and the kids around generally share similar values.
Similar sentiment with the cars. The kids spend 95% of their car rides in momma?s car- therefore safety is paramount with her rig- which means lane assist, blind spot indicators, curtain airbags, etc. i am willing to give up a small percent to interest for this trade off.
However- my truck, expedition, and motorcycles are all owned without financing.
I intend to retire at 55(ish) depending on how the market treats me and as a result Im socking away as much as I can- but I have not yet achieved what some here have, though I certainly aspire to.0 -
I have also heard that you need to finance something every so often to keep your credit score up. In my case at least this is false. The only credit we have used in 20 years are the credit cards that are paid off every month. Our credit score hovers just above 800. The only thing that score gets us, at least in Michigan, is that we save a couple of bucks on car insurance. A couple of times I have thought about doing the no interest for 12 - 36 months that you see advertised on furniture, appliances, etc... but for what little interest we would get leaving the money in the bank it wouldn't be worth the hassle of making payments. Bob 0 -
Count me in! I run up a Grand each month in credit cards, being on the road in the big rig, but I pay it off every month. Credit score 804.
No mortgage, because I built my own house. I had it appraised two years ago, came in a $1.12 million. A $300 K house on an $890K lot. I paid $58 K for the lot, 39 acres, what can I say I made a good real estate deal.
I bought my car with cash but it is used not new, bought a 2010 Nissan Frontier looks like new, paid $16K in hard earned truck driver money.
It is great to be debt free. No mortgage or car note, I love it.
As far as that credit score, last time I bought anything on credit was 1995, bought a new Nissan Pickup for $12,500. So for the past 19 years, the only "loans" I have had is credit cards.
I do run up a pretty good chunk on the credit cards each month but as I said, pay them off monthly and don't pay a dime in interest, and my score runs from 804 to 792. Come to think of it I don't know why it fluctuates, but it does.
As for my "million dollar house," that is on paper. My girlfriend owns half of the house. So I am a half-millionaire. However I am land rich and house poor because, sell the house and I get a half million bucks, but, I would have no where to live.
I wish, back in 1996, I had had an extra $58K to spend on another lot in the same neighborhood, then today I would be rich. But I didn't I spent all my money on my house. Wie Schade.0 -
Congratulations and welcome to the Club :!:Doc wrote:I have officially rejoined the 3%...Of Americans who are debt free.0 -
Previously spent 20 years out of debt. With no credit score it is hard to get even a credit card so I started rebuilding a credit score a few years ago by using a couple credit cards and then paying them off at the end of the month or within a short period of time. I always keep enough cash around to pay off the credit card at any time, and now have a very good credit score if I need it. 0 -
Ditto I have no loans and have not for seven years but score is 844 so not borrowing hasn't reduced my score at all. BobJudy wrote:I have also heard that you need to finance something every so often to keep your credit score up. In my case at least this is false. The only credit we have used in 20 years are the credit cards that are paid off every month. Our credit score hovers just above 800. The only thing that score gets us, at least in Michigan, is that we save a couple of bucks on car insurance. A couple of times I have thought about doing the no interest for 12 - 36 months that you see advertised on furniture, appliances, etc... but for what little interest we would get leaving the money in the bank it wouldn't be worth the hassle of making payments. Bob0 -
Wasn't aware we were in that small a percentile. Moved here in May '91 and paid the mortgage off by end of that year. One of the few ways that peace of mind CAN be purchased - 0 -
It's nice sleeping under a roof you own. We paid off out last debt about 10 years ago- and the money goes a lot further when you are not paying Visa 21%. We DO have a Visa- which pays US 2%. We pay it off each month, and have a credit score just over 800. 0 -
Same here. No mortgage and I pay my cash back CC off every month. It feels good to not have that BS hanging over my head. 0 -
Congrats! It must feel so good! I have some debt, a mortgage on a rental house, but the rent covers that and then some. I figure I will use someone else's money to make a profit if I can. When the next housing crash comes around I might buy a couple more.0 -
We could/should be there but did things a bit backwards.... Wife and I owe about $120K on our home and nothing else. Problem was that we put too much into 457/401K and didn't pay off our home. The 457 is basically a pre tax savings account, but if we take it out to pay off the house we pay regular income tax on it, but only pay 2.75% on our mortgage...Ooops..
Soon enough though.. :roll:0 -
I am with you! 3% all the way! 0 -
every so often I will go to the credit union and borrow $1000-$1200 for a wild hair buy and set the payments for a year. then pay it off in 3-4 months. I have a 800 + credit rating 0 -
I have found that paying cash for vanity items, and toys, to be the way to go. Car loans, Mortgages are a necessity in younger life. 0
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