financial freedom

[joesmarbles]

Hi All, I have long believed that the only real freedom one can have is the freedom to say "NO".
The only way I know to gain that freedom is to be debt free and have sufficient income to maintain that freedom.
On February 23 I will make my last mortgage payment to the bank.
I have social security and a small gift each month from my brother and I still work full time.

Should I decide to go part-time, I can and things would be fine with my base income.
Should I get too sick to work I should still be fine for the future.

So to all you fine people looking to really be free, get out of debt, stop spending money on things you don't need
and start stacking if you can. Best wishes.....Joe McDonough

 

[pat-tekker-cat]

Congratulations! My Dad actually cried when he burned his mtg.
You are going to experience a great feeling, too.
Paid our place off, yrs ago, we don't do debt.
I know that feeling, so enjoy it and be happy!

 

[PullTabSlayer]

Congratulations Joe, that is awesome. Being debt free truly is the only way to live!

 

[against the wind]

Congratulations Joe,
I have SS & 2 Pensions.
I will be cutting my monthly expenses in half in a few months by giving up my rented apartment and moving into my newly purchased home.
God bless America

 

[Professor of Engineering]

Hello Joe,

I have been financially free for about 5 years, what a feeling you will have in one month. I still have to pay the normal monthly bills, but having no debt is wonderful.

Regards,

Doc

 

[foiler]

Treating your life as a business is something the wealthy teach their kids but unfortunately the rest are left lacking. Set a budget so that less $$ goes out than comes in, put the excess to work, be thrifty and, as important as all the rest, surround yourself with people smarter than you.

 

[SusanMN]

Agreed, but I would add that you have to also have a savings account with enough set aside to handle emergencies like car and appliance repairs. Without some cash you are going to end up using those credit cards or taking out a loan.

 

[Peyton Manning]

dave ramsay and I are proud of you

 

[kingskid1611]

Cash is the only way to play....If you don't have cash it don't get bought. Congrats!!!

 

[joesmarbles]

Thanks everybody, Susan, been stacking cash and precious for years and years, never had a credit card, cash all the way except for the house, best wishes to all.....Joe McDonough

 

[achetadomestica]

I have 2 credit cards and have never paid interest ever. One month I went to Europe and thought I might have to but I managed to pay off the balance on time.
That was 22 years ago. I also have never made a car payment in my life. I didn't always drive a nice car but my last car was a 3 year old lease with ultra low miles Honda pilot. I got it for 20,000 and new one cost about 32,000. I did have a crappy trade in and paid $20,000 cash. My first house was $40,000 2 bedroom block home I took a 28,000 mortgage and paid off in 4 1/2 years. I could go on and on but the punchline is I retired 6 years ago at the age of 44 and am raising 2 sons age 8 and 12. Now I just have to teach them like my Dad taught me.

Congratulations Joe

 

[smokeythecat]

Congrats on paying off the mortgage. I got mine paid off in 2010. Still kept the full time job, great insurance. Your question depends on age. If over 65 I'd lean to "yes". If under 65 then I'd lean to "no". Insurance is major issue these days.

 

[relicmeister]

Good for you. Enjoy the freedom and the choices you have. For me the road ahead is a very long one. At almost 60 I have a brand new mortgage and my wife and I have brought our credit from terrible ( from 1st marriage) to good. We use credit cards very minimally. I work full time and have been at the same job 39 years. Sadly, nothing other than SS when the time comes so
I must do more for when the time comes that I can no longer work. Retirement not in my plans.

 

[bill from lachine]

Joe,

wtg.....I've been mortagage/debt free since 1993 and courtesy of that managed to retire at the young age of 52.

Debt free and a healthy cushion of at least 6 months expenses and preferably more gives most people a lot of leeway as to how they decide to live their lives.

Regards + HH

Bill

 

[fistfulladirt]

I also believe in trying to remain debt free, it's not an easy task. I'm in my early 50's, and I'm trying to get there myself as I honestly don't think SS (insolvent) or my pension/401k will be there (in it's entirety) for me when the time comes, so paying down the debt and building the nest egg is very important.

 

[ScubaDetector]

I love being financially free. I struggled through a lot. I used to live off my finds. My house paid for in 2012. I have a truck payment but no big deal to me at all. Not having to worry about bills being paid, what I can or can't buy and how to get gas in my vehicles is the best feeling.

 

[joesmarbles]

Okay boys and girls 2/23 is here, went to the bank and asked what will it cost to buy my house(fees included) $21,368.00 said the bank.
Pulled out a blank check and bought my house lock stock and barrel, I owe nobody nothing!
As they say "Happy Days are here again".....Joe McDonough

 

[bill from lachine]

Joe,

wtg.....great feeling to get that monkey off your back.

Regards + HH

Bill

 

[fistfulladirt]

Okay boys and girls 2/23 is here, went to the bank and asked what will it cost to buy my house(fees included) $21,368.00 said the bank.
Pulled out a blank check and bought my house lock stock and barrel, I owe nobody nothing!
As they say "Happy Days are here again".....Joe McDonough

Congrats! You are free and clear like me...until the property tax is due -

 

[joesmarbles]

Thanks everybody I have always worked fulltime and have also worked as a antique picker/home cleanout person at the same time. Doesn't leave a lot of time for mischief, therefore never bought anything I didn't need. Have been in gold and silver for many years and have done well with both. If you don't have a plan for the future "GET ONE AND MAKE IT WORK" Best advice I can give anybody.....Joe McDonough