WOOT! 100% Unsecured Debt Free! 1st time in 10+ years. - Page 4 - PeachParts Mercedes-Benz Forum

SwampYankee · #46 10-08-2008, 01:03 PM

Quote:

Originally Posted by Hatterasguy

Talk up the Navy! Thats what my dad tried, and it didn't quite work.

Or the Coast Guard Acadamy...

Things are cheap now, if the interest rate on your mortgage is low I'd pump more into the 401k and maybe buy some good stocks. Like GE, Toyota, etc. Companies that are going to come out of this strong. Thats my 2 cents.

I figure either military, smart enough for scholarships or dumb as stumps. Not that you can tell with a young kid but I'm thinking choice #2 might be attainable.

I don't know if it's just the reduced expectations of the teachers or other parents. Say what you will about the mastery tests, my kids are keeping those school averages up.

My maternal uncle went to the USCGA. Let's just say he's not all there. Although my paternal uncle was a Navy Flyboy and he's not all there either.

My father was a Coastie...never mind I'll stop there.

I'm not going to dissuade them from trade school either, I'd like to think I could trust one of them not to screw me over with whatever project I needed done.

SwampYankee · #47 10-08-2008, 01:07 PM

Quote:

Originally Posted by WVOtoGO

What she said.

Congrats on a tough job well done.

Keep that energy up and start putting some away. The more of that you do, the far better you’ll feel about a lot of life’s issues. Not just money ones too.

There are far greater comforts brought via financial freedom than you’ll ever imagine.

Hats off to ya Swamp. Good job.

Thanks, WVO! I've been putting away more than I could really afford to so I've got a decent start.

You are absolutely correct on the other points, the financial burden extends beyond the just monetary.

SwampYankee · #48 10-08-2008, 01:15 PM

Quote:

Originally Posted by rs899

That is wonderful- great news. I wish everybody could do this.

If it makes you feel any better, you might well have put a lot of this "pissed away" money in the market and lost it , as I did. Lately I have been thinking" Why didn't I run up a credit card debt and live large, instead of being so frugal as not to have had squat all these years". Why did I forgo cable TV, cellphones, new cars, grow my own food? I never had any debt- haven't bought a car on a loan in 20 years , my mom holds our mortgage. Why do I feel so raped and violated these days with regard to a goodly piece of my retirement savings that has gone down a rathole?- but that's another story.

Rick

Thanks, Rick! Sorry to hear about your situation, though. In my case I wasn't even living large, I've really got nothing (materially) to show for it. Do you have time before retirement to wait out this mess and hope for the upturn? I can't even begin to imagine how maddening that must be.

SwampYankee · #49 10-08-2008, 01:30 PM

Quote:

Originally Posted by Plantman

Good job!

It motivates me more to hear of people doing that. I'm working on a 2(hopefully) or 3(more realistic) year plan to do the same.

FWIW, stop worrying about the past mistakes, and enjoy your new freedom, you deserve it.

Kudos!

Thanks, Plantman! You can do it. I know it's got to be tough given your current situation but if 2-3 years is a real possibility for you keep focused on the finish line. Over the nearly 11 years there were times I felt like just throwing it in and declaring bankruptcy (like I had seen others do and pay little for it-that was before the laws changed), it was hard to see the goal. Once I got under 5 years it gradually got a little easier and easier with each passing year. My rating still sucks but it's got to be better than it would with a bankruptcy on it.

rs899 · #50 10-08-2008, 02:06 PM

Swamp Yankee-

In my case, it's hard to say right now how soon I may be able to retire. I am about to turn 54 and was thinking (last year when I thought I had some real money) the escape might be 57 or 58. Now I am hoping for 60. We have an 8 year old child that plays heavily in the equation. She's probably bright enough for scholarships (if there are going to be any in 10 years) but I can't bet the farm on anything like that.

Still, what you did was the right thing to do. This country has puked all over itself on credit and easy living. Now comes the hangover.

Rick

SwampYankee · #51 10-08-2008, 03:39 PM

Quote:

Originally Posted by rs899

Swamp Yankee-

In my case, it's hard to say right now how soon I may be able to retire. I am about to turn 54 and was thinking (last year when I thought I had some real money) the escape might be 57 or 58. Now I am hoping for 60. We have an 8 year old child that plays heavily in the equation. She's probably bright enough for scholarships (if there are going to be any in 10 years) but I can't bet the farm on anything like that.

Still, what you did was the right thing to do. This country has puked all over itself on credit and easy living. Now comes the hangover.

Rick

I hope things turn around quickly for your sake! At 38 I'm hoping there will be more ups than downs by the time I get to the point of thinking about it.

My father (64 this year) had been hoping for early retirement starting 2 years ago but has been putting it off hoping for things to turn around to build his 401k back up again. Maybe next year? It's a tough call. Do you hang on and hope for an upturn or do you turn your paper losses into real losses and cash out or divert the money towards bonds?

I'm certainly not planning on scholarships but there's no harm in dreaming, right? With fingers crossed?

Fulcrum525 · #52 02-20-2013, 11:00 AM

Based on the recent financial topics I think this might need a bit of a bump and update from someone who has looked at a challenge straight in the face and come out on top

tbomachines · #53 02-20-2013, 11:17 AM

:

Whatever happened to WVOtoGo?

Mr.Kenny · #54 02-20-2013, 01:07 PM

Years ago, When I paid off everything; it felt like I bought myself & my family out of slavery. That feeling has never gone away.
Just imagine no more debt, no more payments, no more owing anybody anything. I wish this for everyone.

FREEDOM! FREEDOM ! FREEDOM!

SwampYankee · #55 02-20-2013, 01:23 PM

Quote:

Originally Posted by Fulcrum525

Based on the recent financial topics I think this might need a bit of a bump and update from someone who has looked at a challenge straight in the face and come out on top

I don't know about "on top," but my nose and mouth are still above water.

jplinville · #56 02-20-2013, 01:50 PM

Quote:

Originally Posted by SwampYankee

I don't know about "on top," but my nose and mouth are still above water.

If you're still free of the burden of unsecured credit, then you're still on top!

I haven't had a credit card in years, because I basically was too irresponsible to handle it when I was younger. How I ever qualified for that American Express I had when I was 21 is beyond me...but it was a hell of a card! So were the Discover, Sears, MC, Visa, and Shell cards.

My first eye opener was when Amex sent me the first bill...$3k in charges, and they wanted it all that month...no carry over. Everything I bought went right back to the stores, and I was charged a re-stocking fee.

The other cards were very forgiving...I thought. $2k in charges and only a $25 per month bill...It took me years before I saw that they had increased my interest rates and were raping me. It took me another couple of years to get out from under them. I was over $35k in debt at one time...it sucks!

The only bills I have now are utilities and medical...and the medical are larger than the utilities. I financed the Tahoe for the wife, and paid it off in under 3 months by cashing out a few investments...the interest rates were higher than they should have been because I haven't had a credit history in years.

We still have the Amex card active as an "Oh, dear God" emergency, but it's locked away in the safe deposit box at the bank. I don't want easy access to that evil and vile thing...it's dangerous!

As for the medical bills...they'll get paid when I have the cash on hand to pay them. $3k isn't hard to handle, as far as unsecured debt goes. I feed them a little bit each time I can, and it seems to keep them quiet, for the most part. Once my SS is approved, and I get the back pay to the date I filed for it, I'll pay those off.

Can't Know · #57 02-20-2013, 02:01 PM

Congrats, Bill!

On your Odyssey, are you and the wife both on the title? If not and the CU won't simply refinance, you may be able to "sell" it to the other spouse and have them carry the paper. This would pay off the existing loan and issue a new title with the CU as the lienholder. A little painful, but not too bad.

Good luck, man, and keep up the great work. I used to practice (primarily) bankruptcy law, and I'm always proud of those who work their butts off to avoid that end.

SwampYankee · #58 02-20-2013, 04:48 PM

Quote:

Originally Posted by Can't Know

Congrats, Bill!

On your Odyssey, are you and the wife both on the title? If not and the CU won't simply refinance, you may be able to "sell" it to the other spouse and have them carry the paper. This would pay off the existing loan and issue a new title with the CU as the lienholder. A little painful, but not too bad.

Good luck, man, and keep up the great work. I used to practice (primarily) bankruptcy law, and I'm always proud of those who work their butts off to avoid that end.

Thanks, G. (Although the thread is almost 5yo now.

)

Botnst · #59 02-20-2013, 07:06 PM

Quote:

Originally Posted by SwampYankee

Well, it's official. The electronic payments have cleared and I'm completely unsecured debt free.

I've made no secret of my previous financial stupidty ($45K+ credit card and various stupid debt between my wife and I) and while I'm quite embarassed that I let myself get to that point to begin with

, it is quite satisfying to finally pay it off. No bailouts, no bankruptcy. Just a long 10+ year process with lots of sacrifice (including a paper carrier route for the majority of that time), often at my family's expense.

Every credit card has a zero balance (several cards have been cancelled), past medical bills paid in full and my Jeep is paid off early. Even though there were only 5 payments left, I wanted to get it paid off so that I can get the title in my hand to sell it. I need to have something that will carry at least 5, if not 6, passengers.

I've been considering paying off my wife's Odyssey. We still owe $10K and because of my crappy credit at the time the rate is over 10%. The math says I should pay it off, I'm just concerned about not having enough liquidity in reserves for a rainy day. I might see if the credit union will refinance at the 5.5% preferred customer used car rate for the remaining 36 months and if they don't just ask for the payoff amount and transfer the money right out of my savings to the loan account. That'd free up about $400/month. Or maybe payoff 1/2 the outstanding balance? I guess I already know the right answer, it's just my pessimistic side bleeding through.

It's been a long, tough road and a huge burden has been lifted. Now I can just stew over all of the money I wasted over the years and what I could have bought with it.

I'm now going to be able to put an extra 25-30% towards my mortgage every month and my 401k donation has been upped another 4%.

Now I can begin rebuilding my crappy credit rating, even if for no other reason than personal satisfaction. Thanks for letting me toot my own horn a little, even if it's not exactly something I'm proud of.

Do as I say, kids. Not as I've done!

Good job, Swamp. That's really, really tough to do. I wish more Americans had the self-discipline and ambition to do what you have done. (Not to mention congress).