Today's poll asks: Do you have more debt than savings? Post your answer below.
Feel free to post feedback about this poll in the forum below.
Finally, no! I just paid off my last credit card. I'm 40 and still have about 5,000$ of my MA to pay off, but my investments are about 17,000$. Not enough to retire on, but it's a start!
We are currently debt free. No mortgage, no car loans, no credit card debt, no school loan debt. All of this was achieved on one income while I stayed home with my two kids. The biggest help to achieving no debt was getting a 15 year mortgage instead of a 30 year mortgage. The payments were a little higher, but worth cutting the length of the loan in half! Once the mortgage was paid off that money went towards the other loans. It didn't take long before everything was paid off. I'm currently putting that money into a 401(k), IRA and a money market for our emergency fund. I know we'll be buying another car soon, but hope to have a large down payment if we don't pay cash. Our "newest" vehicle has 100,000 miles. The others have 260,000 and 180,000 miles.
Yahoo!, we just made our last mortgage payment on May 30th and it sure feels good to know we are debt free and we are at a great age to still enjoy it. I just turned 44 and my husband is 47. We did this all on one income as well. What really helped us was adding a little bit extra money to our mortage payments and also by paying weekly. Our mortgage would have been paid off when I turned 38 but we added an extra $50,000.00 to it to buy a new truck.
Now my husband says it's time for toys.
We have tossed the idea around about buying a little piece of property on the nearby lake we enjoy and to build a cabin on it.
Like my Dad told us 18 years ago,"you can never go wrong with buying a home." He was so right. He also told me long ago; "you'll never feel prouder then to say, you did it, and you did yourselves."
I know he's looking down on us at this very moment from his shinning star and he's just as proud. I lost my dad in 2000; he had just turned 58. As you can tell my Dad was a big inspiration on us buying our first home. His exact words were "quit throwing your money away on someone elses mortgage".
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