Paid the house off today!! Woo hoo!! - Page 5 - Mercedes-Benz Forum

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post #41 of 86 (permalink) Old 02-06-2009, 05:36 PM
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Originally Posted by rph74 View Post
Well, after 3 years of tight budgeting and major sacrifice, we have paid off our house. We are now completely debt free!! Now I can pour more money into my W126 again! All cash, of course! I'm 34 and wife is 31 and we are on cloud 9 right now!

And no, we have no plans to buy another house. We are staying debt free baby!

CONGRATULATIONS!!!

Dave Ramsey would be proud!

Now stay away from the Reverse Mortgages too!

Who's John Galt.

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post #42 of 86 (permalink) Old 02-06-2009, 05:45 PM
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Now stay away from the Reverse Mortgages too!

Based on what?
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post #43 of 86 (permalink) Old 02-06-2009, 08:03 PM Thread Starter
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Credit card debt is one debt I don't have Although I buy everything on credit cards (to build a strong awesome credit) I only charge up as much as I can pay off completely at the end of the month. My credit is excellent. Never a late payment as long as I have been alive. Never paid a partial payment. So I have really learned quite well on how to control my urges and do without. I think I am on the right track. Hope I can keep it that way.
Very good job man. I can't say that I could control my urges in the past as well as you are now. We actually don't have any credit cards, and it's a good thing, because the W126 would have invited credit card debt for sure. Now that we have made it through 3 years of sacrifice, we've built up the muscles so to speak where the urges are better controlled.

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post #44 of 86 (permalink) Old 02-06-2009, 08:17 PM
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Good for you! Nice to be debt free isn't it?. I bought my 6200 sq ft pad in cash and never looked back. Through the "big boom" in the real estate market when it was the norm for everyone and their mom to refinance everytime the home spiked a few percentage points, I refrained and sure am glad I did. Good luck to you and the wife! You made a great decision to pay off your house, especially in these troubled times.

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post #45 of 86 (permalink) Old 02-06-2009, 08:19 PM
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Originally Posted by rph74 View Post
Well, after 3 years of tight budgeting and major sacrifice, we have paid off our house. We are now completely debt free!! Now I can pour more money into my W126 again! All cash, of course! I'm 34 and wife is 31 and we are on cloud 9 right now!

And no, we have no plans to buy another house. We are staying debt free baby!
Good for you bro...
CONGRATULATIONS!
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post #46 of 86 (permalink) Old 02-06-2009, 08:50 PM
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Credit card debt is one debt I don't have Although I buy everything on credit cards (to build a strong awesome credit) I only charge up as much as I can pay off completely at the end of the month. My credit is excellent. Never a late payment as long as I have been alive. Never paid a partial payment. So I have really learned quite well on how to control my urges and do without. I think I am on the right track. Hope I can keep it that way.
We put damn never everything we buy on our M/C. But we pay it off every month.
Then use the points to get free stuff, plus every purchase is already itemize for us.

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post #47 of 86 (permalink) Old 02-06-2009, 08:52 PM
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Tell me about it! Actually I have a great plan! Here it is...
I will be going off to residency for 3 year starting next year hopefully and then off to a fellowship in Hematology/Oncology for anothe 3 years making only~$40k/year. After getting out, I will be immediately starting off in the mid 6 figures! In one year I can pay off the ~$200k and then plan on living a very modest lifestyle in a modest apartment for another couple of years which will enable me to save up ~$700+k cash. If God is on my side then I will pay cash for my first home! Loans are evil!
I think that Tom Daschle had a different plan for you. He's gone, but the plan is still lurking.

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post #48 of 86 (permalink) Old 02-06-2009, 09:00 PM
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post #49 of 86 (permalink) Old 02-06-2009, 09:04 PM
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Congratulations

I have a feeling you are a Dave Ramsey fan too.
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post #50 of 86 (permalink) Old 02-06-2009, 09:04 PM
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Originally Posted by rph74 View Post
Well, after 3 years of tight budgeting and major sacrifice, we have paid off our house. We are now completely debt free!! Now I can pour more money into my W126 again! All cash, of course! I'm 34 and wife is 31 and we are on cloud 9 right now!

And no, we have no plans to buy another house. We are staying debt free baby!
I don't mean to rain on your parade, but how does it feel to be living in your savings account?

Certainly, you are safer on the downside, able to survive with little or no income from one or both of you. But what is the long term strategy here. You've got no leverage and in a down market you are losing equity. In large parts of the country, you paid off a loan on a property that may have lost 20% of its value last year.

Is it time to refi and invest in a rental or two; let someone else pay off those mortgages for you, take the depreciation against your ordinary income.

Just encouraging you to think about more than the MB.

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