Zero
Highly recommended.
Zero
Highly recommended.
The more money you make, the more debt you can handle.
No one is making minimum wage and carrying hundreds of thousands of dollars in debt.
38.
$4.2m in total debt, 98% of which is real estate.
Mid-sixties.
Debt free for the last 13 years, at which time we paid off the mortgage on our house by making aggressive extra payments towards principal balance.
It paid off because as soon as we paid off the mortgage, we put the money that would have gone into debt repayment steadily into long term investments. This turned out to be a favorable strategy, allowing my spouse to retire early and myself to retire on schedule.
Peace of mind I suppose? I never liked debt regardless of my ability to pay it off. I'm a simple man, and life is pretty simple when your only expenses are utilities and groceries.
Kobbs Hessler wrote:
Zero
Highly recommended.
Yeah, but you're like what - 12 years old?
age 81
own house 100 %
0 debt
$1.2mm mortgage at less than 3% and thats it. Could pay it off tomorrow if I wanted to, but with the interest rate I'm paying its essentially an asset. These numbers are irrelevant without the concept of net worth and earnings though.
60 yrs old, we own are home, no debt. Retiring in 2 years . Wife is younger she's going to work for another 4 years.
mid 30s. wrote:
I have $9,000 in debt. Just the remaining bit of old student loans.
But I'm looking to buy a home which will mean I'll have a mortgage between $200-300k.
I'm not excited about this.
Mortgage debt is offset by a valuable tangible asset. Look at it this way: if you’re making amount of down payment, you have immediate equity. Say for example you buy a 300K house & take out a $240K mortgage. You have $60K of equity.
A home purchase doesn’t result in the sort of negative impact on your net worth that non-asset backed credit card debt (e.g. restaurant meals, clothing, vacations, etc.) would have.
Like most financial threads on this site, this one should really be titled “Hey everyone, look how big my dong is”. I’m not even doubting these posters, but these topics tend to mostly bring out responses from people that are (typically rightfully) satisfied.
Zero debt
I enjoyed free education in a "socialist" country. Lived a modest lifestyle. Own a very small house and go on some trips.
Set priorities for yourself, avoid restaurants and any loans for anything but a house. Buy the smallest place you think you can get away with. And don't follow any advice from Joe Average.
59plus wrote:
Zero debt
I enjoyed free education in a "socialist" country. Lived a modest lifestyle. Own a very small house and go on some trips.Set priorities for yourself, avoid restaurants and any loans for anything but a house. Buy the smallest place you think you can get away with. And don't follow any advice from Joe Average.
You sound like "Joe Average", or what "Joe Average" could be.
MrStandard wrote:
Debt is how you build wealth!”
Tik Tok Millionaire.
DON'T TAKE ADVICE FROM BROKE PEOPLE!
I've heard that I'm saddled with crippling debt.
Where did you earn your degree(s) in accounting &/or finance? Let me guess, you buy crypto on margin.
Just over $1,000,000 at between 6.7 to 6.9%
Early 40s. Zero debt.