So how much debt do you have right now?
My household debt is nearly $700K at this point.
It's under control but it looks pretty big when I add it up.
So how much debt do you have right now?
My household debt is nearly $700K at this point.
It's under control but it looks pretty big when I add it up.
Don't you know that everyone on letsrun doesn't have any debt and they make at least six figures and can run sub 15:00 for 5K.
I dont have a mortgage out
About 48k
freakitypopo wrote:
Don't you know that everyone on letsrun doesn't have any debt and they make at least six figures and can run sub 15:00 for 5K.
5k pr - 18:10
debt - 130,000 (mortgage, car, student loans)
I used to be able to rub sub 15:00 for 5K and I had no debt at the time.
But now I am much slower and owe a ton.
I know about all of the people that harp on debt here.
I put my number out there to make other people feel better about themselves.
mortgage: 117k
credit cards: 10k
student loans: 11k
Now the fun part
current income: 26k
savings: 3k in a 401(k)
$145k 1st house
$200k 2nd house
$9k car
Hoping to sell the first house someday, or burn it down.
about 185k right now between house and student loans. Wayyy too much considering my income.
Mortgages shouldn't be part of your balance, as it is backed by real property that can be sold. Taking your mortgage out of the mix should give more accurate numbers. Let's just count student loans, credit cards, and car loans.
No debt. Never had it. Never will (knock on wood).
1st house (a duplex that is my main residence) - paid off
2nd house (a vacation home, but will retire there) - paid off
1st car - paid off
2nd car paid off
Boat - paid off
Credit Cards - $0 balance carried, paid off every month
===============
401k - $100k
IRA - $89k
403b - $130k
duplex income - $6400 per year, covers all property taxes and Utilities on both houses.
Lived simple early on, but now at 50, enjoying life.
Mortgage: $3,700,000
Cars: $340,000
Student loans: $160,000
You only have $300,000 in liquid retirement savings at 50?
Ya Ya Ya wrote:
1st house (a duplex that is my main residence) - paid off
2nd house (a vacation home, but will retire there) - paid off
1st car - paid off
2nd car paid off
Boat - paid off
Credit Cards - $0 balance carried, paid off every month
===============
401k - $100k
IRA - $89k
403b - $130k
duplex income - $6400 per year, covers all property taxes and Utilities on both houses.
Lived simple early on, but now at 50, enjoying life.
Magic 8 Ball wrote:
Mortgages shouldn't be part of your balance, as it is backed by real property that can be sold. Taking your mortgage out of the mix should give more accurate numbers. Let's just count student loans, credit cards, and car loans.
The question was - what do you owe?
A mortgage is something you owe.
Debt is debt.
What if you did a cash out refi and paid off your credit cards and car loans and such?
You would have the same amount of debt, it would just all be called a mortgage.
Equity becomes and issue but I didn't ask about that.
$0.00
Pay you later wrote:
The question was - what do you owe?
A mortgage is something you owe.
Debt is debt.
What if you did a cash out refi and paid off your credit cards and car loans and such?
You would have the same amount of debt, it would just all be called a mortgage.
Equity becomes and issue but I didn't ask about that.
I suppose you never had an accounting class. Debt is not debt, you simpleton. There is secured debt and unsecured debt. It helps to understand the difference...
Ya Ya Ya wrote:
1st house (a duplex that is my main residence) - paid off
2nd house (a vacation home, but will retire there) - paid off
1st car - paid off
2nd car paid off
Boat - paid off
Credit Cards - $0 balance carried, paid off every month
===============
401k - $100k
IRA - $89k
403b - $130k
duplex income - $6400 per year, covers all property taxes and Utilities on both houses.
Lived simple early on, but now at 50, enjoying life.
doctor wrote:
You only have $300,000 in liquid retirement savings at 50?
I also thought that was low. But considering he has two paid off properties, he's probably about even in the race towards retirement.
I owe:
$310k mortgage - have good equity in this property, so not worried about it.
$100k rental property mortgage
$5k car
$15k student loans
no credit cards
I used to have a lot more debt, but focused on it the last 1.5 years and have paid off about $30k in debt. It's nice to have that off my back.
11k in student loans, against I think 12k in various bank accounts. Planning to go to grad school so that number will go up (hopefully not by too much).
I'm a CPA.
I know the difference between secured debt and unsecured debt.
But in the end, debt is still debt.
On the balance sheet all debt goes under liabilities.
If you purchase a house with debt, the offset is an asset.
What you buy on a credit card just goes to expense.
Whether a debt is secured or unsecured is more of a matter to the lender rather than the borrower.
It's the lender that is taking on more risk with the unsecured loans.
Whether it is a mortgage, a student loan, a car loan or credit cards, it is still money that you owe regardless to any securitization.
I merely asked a question about one area of your balance sheet, liabilitites.
If you want to sub-classify that into secured and unsecured liabilies and further sub-classify secured liablities by depreciating and non-depraciating secured assets, be my guest.
But don't say that you should not count mortgages as debt because it is debt.
My current debt is about $700 and will be zero at next credit card payment.
Oh I owe my friend on rhe other coast 50 bucks from a bet
so $750
Everything I have is paid for including the ex-wife.
Retired with a fair sized sack of Loonies and 'rands
I'm so old and slow that a 5km requires lunch reservations