How would your life be different if you were debt-free?

by ShayB
69 replies
Hello, Warriors!

(I really hope Amy Bass will chime in on this thread! I love her blog!)

As 2008 comes to a close and Hubby and I look into the New Year, one thing we are working towards is to be debt free by June of 2009.

Being debt free will mean so many things to us, but the main thing is that we will have so much more freedom!
  • Freedom to choose where we will live.
  • Freedom to choose when/if Hubby works.
  • Freedom to have more disposable income.
So here are my questions for you:
  • Are you working to be debt-free in 2009?
  • How does IM fit into that plan?
  • What are you doing to achieve debt freedom?
  • How will your life change as a result?
I look forward to hearing your answers!
#debtfree #life
  • Profile picture of the author derrickp
    Shay,

    What a great topic. I am debt free except for my house(can I call Dave Ramsey?), which should be paid off within the next two years.

    Yes I hope Amy comes in this thread as well. I actually helped contribute to her soon to be debt free by buying one of her old websites sites Cleaned it up, did some testing with Adsense to improve and made my initial investment back then resold it.

    Being debt free really does open a new world to you.

    Derrick

    Originally Posted by ShayRockhold View Post

    Hello, Warriors!

    (I really hope Amy Bass will chime in on this thread! I love her blog!)

    As 2008 comes to a close and Hubby and I look into the New Year, one thing we are working towards is to be debt free by June of 2009.

    Being debt free will mean so many things to us, but the main thing is that we will have so much more freedom!
    • Freedom to choose where we will live.
    • Freedom to choose when/if Hubby works.
    • Freedom to have more disposable income.
    So here are my questions for you:
    • Are you working to be debt-free in 2009?
    • How does IM fit into that plan?
    • What are you doing to achieve debt freedom?
    • How will your life change as a result?
    I look forward to hearing your answers!
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    • Profile picture of the author ShayB
      Originally Posted by derrickp View Post

      Shay,

      What a great topic. I am debt free except for my house(can I call Dave Ramsey?), which should be paid off within the next two years.

      Yes I hope Amy comes in this thread as well. I actually helped contribute to her soon to be debt free by buying one of her old websites sites Cleaned it up, did some testing with Adsense to improve and made my initial investment back then resold it.

      Being debt free really does open a new world to you.

      Derrick
      We will be paying off our car in about 4-6 weeks. The we will only have our house to pay off, and that should be paid off in June.

      We are SO excited!

      We have so many family members that are saddled with debt. However, they keep saying they will "get out of debt soon," but then the pull out the plastic for Christmas. Ugh. *shakes head*
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  • Profile picture of the author brandiwoodrum
    This is a great question! I would love to finally be debt free in 2009! Last year did not prove to be a good year for my family. Jobs these days are not secure (we found that out the hard way!)

    I have focused my energy now on working for myself! This will allow me to spend more time with my family and provide all the things that I can't now. It is really hard when they want something and I can't provide it. With a lot of work and dedication, I think 2009 will be my year to shine and change my families lives!!!!
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  • Being Debt free?

    Why, it would mean a lot of things.

    Whatever I earn is going to be mine.

    Vacations to exotic lands can be a reality.
    Savings will be possible.
    better lifestyle. better life.
    Never a day when we don't see food on the table.
    No creditors banging on the door.
    No one to answer to and absolutely nothing to be ashamed of in life.

    being debt free is living.

    I'd love it.
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    • Profile picture of the author ShayB
      Originally Posted by ashwinsatyanarayana View Post

      Being Debt free?

      Why, it would mean a lot of things.

      Whatever I earn is going to be mine.

      Vacations to exotic lands can be a reality.
      Savings will be possible.
      better lifestyle. better life.
      Never a day when we don't see food on the table.
      No creditors banging on the door.
      No one to answer to and absolutely nothing to be ashamed of in life.

      being debt free is living.

      I'd love it.
      Have you read the 4-Hour Workweek by Timothy Ferris?

      Hubby and I talked about the fact that when we are debt free, we could pay 6 months' worth of bills and just travel for 6 months. The money we currently pay for the house and car payments would easily cover our travel expenses.

      I am so excited.
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      • Profile picture of the author JayXtreme
        Originally Posted by ShayRockhold View Post

        Have you read the 4-Hour Workweek by Timothy Ferris?
        This book is a must read for all....

        Changed my whole life that book.. it's like my bible

        Peace

        Jay
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        • Profile picture of the author ShayB
          Originally Posted by JayXtreme View Post

          This book is a must read for all....

          Changed my whole life that book.. it's like my bible

          Peace

          Jay
          I agree.

          It gave me a whole new outlook as to what the future can/will hold.
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  • Profile picture of the author Teresa Coppes
    Originally Posted by ShayRockhold View Post

    • Are you working to be debt-free in 2009? My goal is to be debt free including my mortgage in 2009.
    • How does IM fit into that plan? I will be doing everything and anything in my power to achieve debt free status through IM.
    • What are you doing to achieve debt freedom? Actually already started our journey to be debt free in May 08 and have paid off $8K since then. So with additional income thru IM continue the process following Dave Ramseys' plan.
    • How will your life change as a result? The freedom to chose whether to move, my hubby to keep his job or not having to worry about how we can provide for our children will be a huge stress reliever. No significant plans to change anything as we are happy in life right now but as I said - the freedom to have a choice will make it all worthwhile.
    Thanks for the great thread and I look forward to seeing others responses as well.
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  • Profile picture of the author derrickp
    Yeah I am getting married in April and lucky me my soon to be wife is very frugal(in ways I am not like clipping coupons, doing budgets etc..). Together I think we are the ultimate team.

    I could not imagine if she was a spender, let alone a spender with a credit card!

    Derrick
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  • Profile picture of the author tomw
    I have no debts and I never have had any. I have never even had a credit card. I own my houses, cars and everything in them outright. This was paid for by money I have made and was sitting in the bank.

    I know it's a fortunate position to be in, but it is not down to inherited wealth or luck. I've worked bloody hard and from an early age I just didn't understand why anyone would buy something worth, say $100, and end up paying $150 or more for it based on credit card interest etc.

    Obviously I understand why this is the case now, but that mindset has always been with me and I guess you could say that I'm financially free. But by no means totally free. Like countless others here, I own businesses with employees and have all kinds of other professional and personal endeavours that lead to serious responsibility.

    Now ask me what being "responsibility free" would mean to me and I'd write you a thesis!



    Best advice I can give anyone is;

    from today, never purchase anything unless you pay for it with your own money in the bank.

    This will completely change your life!

    Thomas
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    • Profile picture of the author JayXtreme
      Originally Posted by tomw View Post

      Now ask me what being "responsibility free" would mean to me and I'd write you a thesis!
      I can relate to your whole message.. but this point especially!

      Peace

      Jay
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      • Profile picture of the author tomw
        Originally Posted by JayXtreme View Post

        I can relate to your whole message.. but this point especially!

        Peace

        Jay
        Thanks Jay, and to the ever wonderful Shay for another wonderful thread...

        I'm off to get, shall we say, absolutely and utterly @rseholed!

        It's been one of those days. I had to fire four employees today...of all days...they earnt it BIG TIME...but it hurts nonetheless.



        To happier things...

        There are at least 100 Warriors here that I would dearly love to share a glass of champagne with, but in your absence, rest assured that I shall drink them on your behalf.



        Happy New Year!!

        Thomas
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        • Profile picture of the author JayXtreme
          Originally Posted by tomw View Post

          Thanks Jay, and to the ever wonderful Shay for another wonderful thread...

          I'm off to get, shall we say, absolutely and utterly @rseholed!

          It's been one of those days. I had to fire four employees today...of all days...they earnt it BIG TIME...but it hurts nonetheless.



          To happier things...

          There are at least 100 Warriors here that I would dearly love to share a glass of champagne with, but in your absence, rest assured that I shall drink them on your behalf.



          Happy New Year!!

          Thomas
          Right back atcha Thomas...

          It's great to interact around the forum..

          have a great evening

          Peace.. Happy New Years


          Jay
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        • Profile picture of the author ShayB
          Originally Posted by tomw View Post

          Thanks Jay, and to the ever wonderful Shay for another wonderful thread...

          I'm off to get, shall we say, absolutely and utterly @rseholed!

          It's been one of those days. I had to fire four employees today...of all days...they earnt it BIG TIME...but it hurts nonetheless.



          To happier things...

          There are at least 100 Warriors here that I would dearly love to share a glass of champagne with, but in your absence, rest assured that I shall drink them on your behalf.



          Happy New Year!!

          Thomas
          You are very welcome for the thread.

          (I am sorry to hear about the employee situation. )

          For me, this New Year is about revelations and a drastic change in mindset. A whole new world has been shown to me, and I love it. I embrace it. I welcome it.

          Instead of focusing on negatives (because everyone has some negativity in his/her life), I choose to focus on the incredible future I/we have.

          This New Year is more exciting for any other.

          And I have this forum to thank.
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      • Profile picture of the author summer07
        I'm definitely working to be debt free in 2009!

        Right now I'm writing my buns off to achieve "debt freedom"...and paying close attention those who have paved the way...getting personal coaching is helping a lot...thanks, Shay!

        How will my life change?
        • I'll definitely sleep better;
        • I'll eat lots more organic food (it annoys me no end that junk food is so cheap, and healthy food is so expensive!);
        • I'll make a special point of finding lovely beaches where I can set up my lap top.

        Happy and Prosperous New Year, everyone!

        Audre
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        • Profile picture of the author ShayB
          Originally Posted by summer07 View Post

          I'm definitely working to be debt free in 2009!

          Right now I'm writing my buns off to achieve "debt freedom"...and paying close attention those who have paved the way...getting personal coaching is helping a lot...thanks, Shay!

          How will my life change?
          • I'll definitely sleep better;
          • I'll eat lots more organic food (it annoys me no end that junk food is so cheap, and healthy food is so expensive!);
          • I'll make a special point of finding lovely beaches where I can set up my lap top.
          Happy and Prosperous New Year, everyone!

          Audre

          LOL You are very welcome. Glad I can help.

          I live near a beach, you know! Come visit me!!!
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          • Profile picture of the author summer07
            Originally Posted by ShayRockhold View Post

            I live near a beach, you know! Come visit me!!!
            LOL...Now that's personal coaching! I'll add a trip to SC to my goal list for 2009...that would be FUN!
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            • Profile picture of the author Bai_Mike
              For me, a job either online or offline would be good. With it, a decent income coming from it. Then also a wife whom I can sometimes talk with, have fun with, be stupid with would be good.
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            • Profile picture of the author ShayB
              Originally Posted by summer07 View Post

              LOL...Now that's personal coaching! I'll add a trip to SC to my goal list for 2009...that would be FUN!
              .
              Come visit meeeeeeeeeeeee!!!!! LOL

              It really would be fun!!
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              • Profile picture of the author ShayB
                Hubby and I have calculated that our basic bills will be around $700 a month once we are debt free. (That includes electricity, phone/cable/Internet, car/house insurance, plus some for miscellaneous expenses - does not include food, etc., just bills).

                Our goal next year is to be making $10,000 per month by the end of 2009.

                We are so excited by the possibilities that we won't sleep tonight.
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            • Profile picture of the author Joanne Greco
              Great topic as a new year starts!

              My husband & I are 100% debt free. We own two cars and two houses outright and we have no credit card debt.

              This was a goal for us and we worked towards it for several years. Part of it involved moving from NYC to Florida and living within our means. My mother passed away last year and left me quite a large sum of money, and we used a good portion of it to pay off the rest of our debt.

              My husband was able to quit his job and hasn't worked since she passed, and although we're financially doing okay - our current goal is to make a consistent income though the internet (and some other things we have going on like investments). We then want to be able to pass down that knowledge to our kids (mainly our two daughters) and show them how to do it. My daughters already have some insight into what we're doing and we freely discuss our finances and our goals with them.
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              • Profile picture of the author ShayB
                Originally Posted by Joanne Greco View Post

                My husband was able to quit his job and hasn't worked since she passed, and although we're financially doing okay - our current goal is to make a consistent income though the internet (and some other things we have going on like investments). We then want to be able to pass down that knowledge to our kids (mainly our two daughters) and show them how to do it. My daughters already have some insight into what we're doing and we freely discuss our finances and our goals with them.
                I look forward to when my husband can quit his job!!!

                And we are also teaching our kids to be responsible with their money, too.

                Thank you so much for sharing this!!!!
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  • Profile picture of the author derrickp
    I am reading a book about Warren Buffet(that isnt an affiliate link).

    Amazon.com: The Snowball: Warren Buffett and the...Amazon.com: The Snowball: Warren Buffett and the...
    The book is great, he attributes building wealth to making a snow ball(think base of a snowman), rolling the snowball and it pickups 1 snow flake at a time.

    Derrick
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    • Profile picture of the author ShayB
      Originally Posted by derrickp View Post

      I am reading a book about Warren Buffet(that isnt an affiliate link).

      Amazon.com: The Snowball: Warren Buffett and the Business of Life: Alice Schroeder: Books

      The book is great, he attributes building wealth to making a snow ball(think base of a snowman), rolling the snowball and it pickups 1 snow flake at a time.

      Derrick
      I will have to read this! Thank you!
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      • Profile picture of the author derrickp
        Lol it is 800+ pages so unless you are interested in Warren Buffet you may not want to purchase it

        Originally Posted by ShayRockhold View Post

        I will have to read this! Thank you!
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        • Profile picture of the author ShayB
          Originally Posted by derrickp View Post

          Lol it is 800+ pages so unless you are interested in Warren Buffet you may not want to purchase it

          LOL I may wait on that one....
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  • Profile picture of the author ecoverartist
    Earlier this year we had to move across country -- TWICE. Long story. Still paying off the debt from that one. Were it not for that mess I believe I'd be living debt free right now.
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    • Profile picture of the author ShayB
      Originally Posted by ecoverartist View Post

      Earlier this year we had to move across country -- TWICE. Long story. Still paying off the debt from that one. Were it not for that mess I believe I'd be living debt free right now.
      Sorry to hear that.

      But you can do it! I know you can!
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  • Profile picture of the author Dotcomlink
    For me being debt free is a relief from grey hairs and early heart attack or something.... I say this because I owe the IRS tax money that i dont have and I am worried. However i am trying to resolve these matters. I was a truck driver when all this came about and everything collapsed on me. This came about when i was trucking and wasnt able to make ends meet with my bills. I had to get out of trucking because the fuel prices were very high and the loads I delivered was under charged and i couldnt make a living. Now the IRS wants the tax money from the work year and I havent been able to pay the tax people the money to send away my taxes. I am working on a solution to get results of living a debt free life.
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    • Profile picture of the author Scott Ames
      Originally Posted by Dotcomlink View Post

      For me being debt free is a relief from grey hairs and early heart attack or something.... I say this because I owe the IRS tax money that i dont have and I am worried. However i am trying to resolve these matters. I was a truck driver when all this came about and everything collapsed on me. This came about when i was trucking and wasnt able to make ends meet with my bills. I had to get out of trucking because the fuel prices were very high and the loads I delivered was under charged and i couldnt make a living. Now the IRS wants the tax money from the work year and I havent been able to pay the tax people the money to send away my taxes. I am working on a solution to get results of living a debt free life.
      Hang in there. It seems like the end of the world, but you know what? They can't take you life, just your stuff. You can always bounce back in the future. This worry probably hinders your marketing efforts because its on your mind constantly. Once its solved you will be able to focus better. Just a guess.
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  • Profile picture of the author Scott Ames
    It would make all the difference. I'm starting down the road, but I should have never wandered from it to start with.

    My parents have been debt free all of their lives except for a short period in the 50's when they built their house. Because they harped on paying cash, no debt, etc. and I knew better from reading real estate information, Wade Crook, etc. , I didn't listen to them. After all, the expert on TV said that its silly to pay off a debt at 6% when you can make 20% on your money in the stock market.

    Imagine my dismay when I had to admit that my parents were right all along.

    I think with this big crisis we are going through perhaps debt free will become in vouge again. Dave Ramsey is surely making it popular.
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    • Profile picture of the author Blase
      Hi,

      I had to add my 2 cents.

      I am debt free. That being said you still need money
      and these days it's more than you think.

      Being debt free is one thing living without all of your
      wants is another.

      Take out a sheet of paper and make 2 columns.
      In the 1st column list all of your debt.
      In the 2nd column list everything else you spend money on
      and I don't mean extras I mean things like...

      food
      phone
      internet
      car insurance
      health insurance
      home insurance
      life insurance
      gas
      heat
      electric
      garbage pick up
      newspapers
      mags
      hair cuts
      household items, and so on.


      Notice the 2nd column has a lot in it.

      I am debt free I don't not live large
      and I need $3,000 per month net.

      I am not trying to break your bubble, I
      am just amazed at how people think being
      debt free will some how put them on the top
      beaches of the world.
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      • Profile picture of the author ShayB
        Originally Posted by Blase View Post

        Hi,

        I had to add my 2 cents.

        I am debt free. That being said you still need money
        and these days it's more than you think.

        Being debt free is one thing living without all of your
        wants is another.

        Take out a sheet of paper and make 2 columns.
        In the 1st column list all of your debt.
        In the 2nd column list everything else you spend money on
        and I don't mean extras I mean things like...

        food
        phone
        internet
        car insurance
        health insurance
        home insurance
        life insurance
        gas
        heat
        electric
        garbage pick up
        newspapers
        mags
        hair cuts
        household items, and so on.


        Notice the 2nd column has a lot in it.

        I am debt free I don't not live large
        and I need $3,000 per month net.

        I am not trying to break your bubble, I
        am just amazed at how people think being
        debt free will some how put them on the top
        beaches of the world.
        Thank you for your post.

        We live on less than $3000 a month now, so without our debt we will really be living on a lot less.

        I am realistic - I am not saying I will only be making just enough to barely get by - just saying that our monthly bills will be very low and we will have a nice surplus. I also mentioned that the figure I used did not include food, etc. Just the basic monthly bills.

        Making six figures and having less than $1000 in expenses per month should put me on a beach or 2.
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        • Profile picture of the author Blase
          Shyrockhold,

          How do you get by for $700 a month?

          This is just a few of the costs I have..

          car insurance (2cars) $100 per month
          health insurance $325 per month
          life insurance $225 per month
          cell phones $100 per month
          house phone $30 per month
          Internet $33 per month
          TV $45 per month
          house insurance $75per month
          property taxes $300 per month
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          • Profile picture of the author ShayB
            Originally Posted by Blase View Post

            Shyrockhold,

            How do you get by for $700 a month?

            This is just a few of the costs I have..

            car insurance (2cars) $100 per month
            health insurance $325 per month
            life insurance $225 per month
            cell phones $100 per month
            house phone $30 per month
            Internet $33 per month
            TV $45 per month
            house insurance $75per month
            property taxes $300 per month
            Not that I want to turn this into a budgeting thread, but all I can say is that my expenses are nowhere near yours.

            ETA: I didn't say we get by on $700 a month, but that our monthly bills will run around $700 a month without our debt.
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            • Profile picture of the author Joanne Greco
              It's interesting to see what other people's expenses are also. Ours is roughly $2,000 and we're a family of five, plus three pets. That includes all our monthly bills, food, gas and recreation.
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      • Profile picture of the author Teresa Coppes
        Originally Posted by Blase View Post

        I am not trying to break your bubble, I
        am just amazed at how people think being
        debt free will some how put them on the top
        beaches of the world.
        To me being debt free is completely different than daily/monthly living expenses such as insurance, electric bill, grocery bill, etc. The debt that I speak of that I want to pay off is car payment, medical bills, mortgage - those kind of debts.

        Thanks for your insight though in living debt free but not bill free.
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        • Profile picture of the author ShayB
          Originally Posted by Teresa_C View Post

          To me being debt free is completely different than daily/monthly living expenses such as insurance, electric bill, grocery bill, etc. The debt that I speak of that I want to pay off is car payment, medical bills, mortgage - those kind of debts.

          Thanks for your insight though in living debt free but not bill free.
          I agree.

          We will always have bills of some sort. Unless, of course, you want to camp in a tent somewhere.

          But being debt free certainly changes things.
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        • Profile picture of the author Blase
          Originally Posted by Teresa_C View Post

          Thanks for your insight though in living debt free but not bill free.
          Thank you! That's what I was trying to say and you said it in 7 words.
          "living debt free but not bill free"
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  • Profile picture of the author valerieSONORA
    My life wouldn't be different cause I don't really have debt. Maybe $450 on credit cards, but I can pay that off, it's not holding me back.
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  • Profile picture of the author Lindsay Brynn
    I like this thread because that is exactly what I plan on doing in 2009. I cannot fully pay off my mortgage or anything but I want to fully pay off all the other kinds of debt including the car payments, student loans and credit cards. It all adds up to something like 25-30K.

    Right now we are doing well and we can pay off some of it each month. But I am very determined now. I'm going to make this money in 2009.

    I just started IM a few months ago after reading about it for several months and not taking action (silly me). And I don't know the exact numbers but I've made about 1700 or so just by doing little experiments in different niches.

    So I guess the plan is to get a goal and a clear work schedule going. I only have about 2 hours per day I can spend on IM but it is going to happen!!
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  • Profile picture of the author ShayB
    I found the chapter on mini-retirements in The 4-Hour Workweek fascinating!

    I love the concept of the mobile lifestyle, and hope to embrace it fully once we are debt-free.
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    • Profile picture of the author Jenni Mac
      My sister makes me laugh, she's buried her credit card in a hole in the garden, one spit deep in a plastic bag. Imagine the drama if she ever gets the itch to spend beyond her means?

      Me, come the turn of the New Year next year, I will be debt free.

      I'm kind of bloody minded and when I put my mind to something I work my "bleep bleeps" off making it happen.

      2009 debt free (not counting the mortgage)
      2010 move house!

      It's really going to be such a great year!
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      • Profile picture of the author ShayB
        Originally Posted by Jenni Mac View Post

        My sister makes me laugh, she's buried her credit card in a hole in the garden, one spit deep in a plastic bag. Imagine the drama if she ever gets the itch to spend beyond her means?

        Me, come the turn of the New Year next year, I will be debt free.

        I'm kind of bloody minded and when I put my mind to something I work my "bleep bleeps" off making it happen.

        2009 debt free (not counting the mortgage)
        2010 move house!

        It's really going to be such a great year!
        LOL Well, that's one way to deter your CC spending.

        I have also heard about freezing the card in a coffee can full of water so you have to thaw it before using it.
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  • Profile picture of the author Canada
    Unless something amazing happens, we won't be debt-free in 2009, but we'll be well on our way.

    Being debt-free would mean:

    * being able to contribute to causes we believe in
    * spending more time on family vacations, than the 1 week we've spent in the past
    * being able to help family financially when they need it
    * being able to save to pay for the boys education, and to allow them to be involved in whatever extra-curricular activities they desire
    * being able to buy myself or my husband some new toys from time to time
    * investing excess money so that no matter what happens income-wise, we'll be okay
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  • Profile picture of the author sjkstone
    I am debt free.
    Tell you the truth, being debt free takes the motovation out of you. You have to make your own.
    Sometimes that is hard to do.
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  • Profile picture of the author Lindsay Brynn
    It is interesting to see other people's expenses. For me in South FL I bought a home in 2006. It is probably best that I do not know what it is worth now because I'd probably cry... but the mortgage payment alone is quite high - not to mention the huge hike in home owner's insurance after the hurricanes that still hasn't gone down even though there has been 2 yrs without them.
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  • Profile picture of the author Dave777
    Shay,

    Thanks for bringing up one of my favorite subjects. Some quick advice for those interested in becoming Seriously debt free! Convert to a simple lifestyle and become smart, frugal and you'll have all the money you'll ever need in life...

    One of the Best reads on the subject for about $2. bucks or so for a used copy...
    Amazon.com: The Millionaire Next Door: Thomas J....Amazon.com: The Millionaire Next Door: Thomas J.... Amazon Online Reader : The Millionaire Next Door

    All the best for 2009!

    Dave
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    • Profile picture of the author Kay King
      not to mention the huge hike in home owner's insurance after the hurricanes that still hasn't gone down even though there has been 2 yrs without them.
      I can identify with that! In the past two years (3 years after Katrina) my home insurance has risen by 300% - my property tax went up 50% this year.
      I'm debt free now except for my house. As I have about 50% equity a couple more increases and insurance and taxes will total more than the mortgage each month.

      Geez.

      kay
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      • Profile picture of the author ShayB
        Originally Posted by Kay King View Post

        I can identify with that! In the past two years (3 years after Katrina) my home insurance has risen by 300% - my property tax went up 50% this year.
        I'm debt free now except for my house. As I have about 50% equity a couple more increases and insurance and taxes will total more than the mortgage each month.

        Geez.

        kay
        Yep, I can relate. Rates are down for us now (19 years since Hugo), but we are due for a big hurricane any year now. (We average one big one about every 20 years....)
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    • Profile picture of the author Blase
      Originally Posted by Dave777 View Post

      Shay,

      Thanks for bringing up one of my favorite subjects. Some quick advice for those interested in becoming Seriously debt free! Convert to a simple lifestyle and become smart, frugal and you'll have all the money you'll ever need in life...

      One of the Best reads on the subject for about $2. bucks or so for a used copy...
      Amazon.com: The Millionaire Next Door: Thomas J. Stanley, William D. Danko: Books
      Amazon Online Reader : The Millionaire Next Door

      All the best for 2009!

      Dave
      My son just got his first real job after college starting at $40K per year.
      Dave I sent him a copy of that book!

      The other advice I gave him was that his income will be going up
      that doesn't mean his life style has to go up with it.
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    • Profile picture of the author Jim Hallmark
      Great post Shay!

      My goal is to be debt free in 18 months and we are definitely on track to do it. It is being achieved totally from my IM business which is fantastic!

      We love to travel, so one of the things that we will do is to visit some of the places we have always wanted to go to like Bora Bora, Hong Kong and Rio.

      We are currently living in Texas but are both California natives. Another goal is for us to acquire our dream home along the coast of Southern California.

      Our excitement grows daily as we see ourselves getting closer and closer to our goals. It is wonderful to be doing what you love and getting paid what you're worth.

      Best of luck to everyone for a fabulous 2009!
      Jim
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  • Profile picture of the author derekwong28
    The only debt I have got at the moment is a mortgage whose interest rate is 2.75%. I can pay it off anytime but I have no intention of doing so. Therefore, I can really be debt free anytime I want but do not want to. For a start, mortgage debt at 2.75% is different to credit card debt at 30% plus over here. The money that can be used to pay off the mortgage is in investments earning over 4% in interests.


    In fact, I purposefully took out this mortgage just months before I went full-time. One reason is that I may never be able to get another mortgage again. The main issue for me is net equity worth and net earnings rather than the actual amount of debt, as long as it is "good debt" with a low interest rate.

    Of course, I can relate to those with a heavy debt budren because a few years ago, my wife and I had mortages over 0.75M on properties worth less than that. I am glad that these days are well and truely over. But it is important not to go too far the other way and get scared of having any debt at all.


    Derek
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    • Profile picture of the author Blase
      Originally Posted by derekwong28 View Post

      In fact, I purposefully took out this mortgage just months before I went full-time. One reason is that I may never be able to get another mortgage again. The main issue for me is net equity worth and net earnings rather than the actual amount of debt, as long as it is "good debt" with a low interest rate.
      Derek
      This brings up a good point along the same line of thinking.

      Before you become self employed go to your bank and get a line of credit
      against your house.

      Actually you should have it regardless.

      It will be harder to get when you are self employed.
      It will be impossible to get if you are unemployed.

      Now you have your house paid for and all of that equity
      is untouchable without a line of credit.

      No one borrows money to people that can't pay it back.
      Well that used to be true anyhow now we have 5,000,000
      foreclosures that say that's not true, I am sorry I digressed.
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  • Profile picture of the author Christie Love
    Well, I would be debt free if I didn't have a $50,000 student loan to pay for. Like Amy, this year will be devoted solely to knocking out a huge chunck off my tuition debt, if not all of it.

    If I were debt free, I would put all the money that I pay in bills toward my vacation expenses. Ohhh what a life.
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    • Profile picture of the author ShayB
      Originally Posted by Christie Love View Post

      Well, I would be debt free if I didn't have a $50,000 student loan to pay for. Like Amy, this year will be devoted solely to knocking out a huge chunck off my tuition debt, if not all of it.

      If I were debt free, I would put all the money that I pay in bills toward my vacation expenses. Ohhh what a life.

      We are working to be debt free so that when our kids go to college, they will not need loans.

      We are hoping to pass a debt-free legacy down to our kids.
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  • Profile picture of the author Sylvia Meier
    Being debt free would be a sigh of relief. Before I realized it I had almost $20K in debt as a single mom, going to university that was going to outweigh my possible loan amounts BEFORE I hit my last year so I said the hell with it and found my way here. This debt has held me back in so many ways over the years, but its dropping and I am just happy knowing I jumped out of the line of fire before it hit the $100K it could've then I would've spent the rest of my life paying off my education at a job that only paid about $50K a year.

    To be debt free woould be amazing. I would help my parents who are both so deep in debt that they will most likely and unfortunatly die that way. My father owes almost 1/2 million in debt between his big fancy empty house and numerous vehicles. I don't ever wanna live like that.

    It would also allow me to do things with my children I would love to do. I refuse to step any further into debt so any big ticket items are out of reach as well as purchasing our own home. I will love the day I am out of debt and can pay for my own home in cash. I will never carry debt a moment in my life once it is paid off. And I am hoping and working my ass off to make this year the one in which it happens.

    Happy New Years Everyone.
    Sylvia
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  • Profile picture of the author Amy Bass
    Originally Posted by ShayRockhold View Post

    Hello, Warriors!

    (I really hope Amy Bass will chime in on this thread! I love her blog!)
    [/LIST]So here are my questions for you:
    • Are you working to be debt-free in 2009?
    • How does IM fit into that plan?
    • What are you doing to achieve debt freedom?
    • How will your life change as a result?
    I look forward to hearing your answers!
    Hi Shay!
    I would LOVE to answer this for you.

    1. Yes I am actually shooting to be debt free by the end of January of 2009.

    2. IM is everything to my plan. With it I will have paid off $72,900 worth of debt in less than 2 years. All from making money online.

    3. Blogging of course. Also, being very frugal and putting everything we have towards our debt.

    4. FREEDOM! I will never go in debt again for anything ever. Cash all the way for me from here on out.
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    • Profile picture of the author ShayB
      Originally Posted by Amy Bass View Post

      Hi Shay!
      I would LOVE to answer this for you.

      1. Yes I am actually shooting to be debt free by the end of January of 2009.

      2. IM is everything to my plan. With it I will have paid off $72,900 worth of debt in less than 2 years. All from making money online.

      3. Blogging of course. Also, being very frugal and putting everything we have towards our debt.

      4. FREEDOM! I will never go in debt again for anything ever. Cash all the way for me from here on out.
      Yay! I am so glad you came and posted!


      I love reading your blog!
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  • Profile picture of the author united99
    I like the idea of this thread.
    For me, to be debt-free, life would be great.
    My aim for this year is to pay off the mortgage using online and offline revenue streams.
    Then my wish is to become stateless for a while, working online from my laptop and travel the world, particularly for a couple of projects in the US.
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    • Profile picture of the author tomw
      Originally Posted by united99 View Post

      Then my wish is to become stateless for a while, working online from my laptop and travel the world, particularly for a couple of projects in the US.
      If you're truly interested in really doing this, check out;

      Offshore Bank Account | Offshore Asset Protection

      I was introduced to this guy's stuff by Roger Davis (exrat) and it has honestly filled my head with hundreds of ideas and the potential means of doing precisely the same thing!

      [edit: the link I posted has come up with the words above, the site is more about living free and being a stateless citizen of the world, as well as protecting what you have along the way]

      Thomas
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  • Profile picture of the author Katherine Wheel
    • Hi Shay,
    • Good question! Paying off the mortgage is further away than that, but IM to me means freedom to be there for my kids, and beyond that, I am looking at the things you mention - live where we like, work to our own pattern, free from the chains of employment.
    Have a good 2009!
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    • Profile picture of the author Lance K
      How would your life be different if you were debt-free?
      Debt free is NOT a goal of mine.

      Why?

      Because not all debt is bad debt.
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      • Profile picture of the author ShayB
        Originally Posted by Lance K View Post

        Debt free is NOT a goal of mine.

        Why?

        Because not all debt is bad debt.
        Yes, I know. I probably should have clarified my OP, but I didn't think I would have to - from the context.

        I am, of course, talking about unsecured consumer debt and other sorts of "bad" debt.
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      • Profile picture of the author Blase
        Originally Posted by Lance K View Post

        Debt free is NOT a goal of mine.

        Why?

        Because not all debt is bad debt.
        Lance,

        Just for the sake of discussion, what kind
        of debt do you consider good?

        Thanks,
        Blase
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  • Profile picture of the author Joshua Parnell
    Just to let you all know, I'm a complete and utter n00B to all of this.... i just joined around, like, the 26th of DEC and started actively being an affiliate for several places. And I have to say, I've been writing blogs, doing forums, writing articles, going through google's AdWords and MySpace advertisement, free classifieds, paid classifieds, the whole works, and I've only made one $44 sale.... and that was to my best friend lol. What is all of yalls secrets? Am I missing something here?
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  • Profile picture of the author bearly09
    Well I am sure everyone would love to be debt free. I recently found out I was pregnant so to be debt free and be able to stay home with my son would be amazing. I stay home now but for my other half to stay home with us would be a blessing. We have two houses that we are paying mortgages on. One is almost paid off, within this year we hope. Our second will be awhile still probably. It would be great to have it paid off and have money to spend on things such as cruises or whatever and not have to feel bad that we should have put that money into the house or vehicle or whatever!
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    • Profile picture of the author mjbmedia
      Im debt free, having bought property when prices were low 15 years ago, I sold up a few years back with property prices at the highest, i knew they were due to go down so whats the point of holding onto a heavily depreciating asset and paying interest on it?

      Now renting, yes paying more monthly but the house prices are plummeting so I wil lbe in a good position to buy at the bottom prices again and ride it up .

      What gets me is those people who needlessly over stretch themselves, get all the mod cons , drive a flashier car than they really need to then whinge they cant cope, and the interest rates are cut to help them out, whilst the more sensible ones amongst us who didnt over strectch, didnt buy all the latest gadgets and dont drive the flashier than neccesary cars so arent in debt and have some nice savings get penalised by having our interest rates cut just to help the greedy 'I must have it now' dumbos.
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