RE: Debt and quality of life

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OrionTheWolf -> RE: Debt and quality of life (11/11/2007 5:56:22 PM)
In more debt than I have ever been. Expansion in business combined with many unforeseen events have pushed me above what I feel comfortable owing. I make sure that the balances are transfered to low interest credit cards, isolate ones that are higher interest and pay them first, cut back on extra's, and always go for a bargain. Christmas will be a little slimmer this year, but the family is used to that when needed. The Home debt is worth it though, as real estate truly is an investment. You have the satisfaction of owning, and improving on that home. If the home is owned by a Corp, then rented out, then all expenditures on the home are a deduction to that corp (check your accountant for the particulars). Orion quote: ORIGINAL: Level Termyn8or's thread "I might have finally succeeded" sparked the idea for this one. Are you in debt? How has that added or subtracted from your quality of life? How does being in debt (or not being in debt) make you feel?

Real0ne -> RE: Debt and quality of life (11/11/2007 5:57:48 PM)
quote: ORIGINAL: Level Termyn8or's thread "I might have finally succeeded" sparked the idea for this one. Are you in debt? How has that added or subtracted from your quality of life? How does being in debt (or not being in debt) make you feel? Silly question everyone is in debt! U.S. NATIONAL DEBT CLOCK The Outstanding Public Debt as of 12 Nov 2007 at 01:36:32 AM GMT is: $ 9 , 1 1 6 , 0 2 8 , 5 9 6 , 1 4 3 . 1 4 The estimated population of the United States is 303,507,930 so each citizen's share of this debt is $30,035.55. Thats my debt right there ^^^^^^^^^^^

mnottertail -> RE: Debt and quality of life (11/11/2007 6:01:16 PM)
quote: ORIGINAL: OrionTheWolf In more debt than I have ever been. Expansion in business combined with many unforeseen events have pushed me above what I feel comfortable owing. I make sure that the balances are transfered to low interest credit cards, isolate ones that are higher interest and pay them first, cut back on extra's, and always go for a bargain. Christmas will be a little slimmer this year, but the family is used to that when needed. The Home debt is worth it though, as real estate truly is an investment. You have the satisfaction of owning, and improving on that home. If the home is owned by a Corp, then rented out, then all expenditures on the home are a deduction to that corp (check your accountant for the particulars). Orion quote: ORIGINAL: Level Termyn8or's thread "I might have finally succeeded" sparked the idea for this one. Are you in debt? How has that added or subtracted from your quality of life? How does being in debt (or not being in debt) make you feel? If the plan is basically sound it is just a matter of risk and the discomfort inheirent in that.........cash flows are not steady like a paycheck.... If you can't pay back a dollar, or if you cant pay back a million, you are still a deadbeat...............so--- Ron

OrionTheWolf -> RE: Debt and quality of life (11/11/2007 6:04:02 PM)
That is the truth, but whether it take a year or a lifetime, repaying debts are paramount to integrity. Orion

CalifChick -> RE: Debt and quality of life (11/11/2007 6:23:48 PM)
Well somehow I missed the Get-Married-Get-Divorced-Get-Rich lottery. I was fine before I got married, then when I finally left him, I got saddled with all of his debt (even though the judge says its his debt, the creditors in this here community property state still go after both of us). So I had to take out loans to pay off the costs of his uninsured car accident (after he cancelled his insurance), I had to pay off his cell phone bill (almost 4 figures racked up in 3 weeks talking to all of his girlfriends), I had to pay off the electric bill at our old place, etc., etc. I could not get my name off joint accounts fast enough. So I'm paying loans for debt that is not even mine and I have nothing to show for it. My nine-year-old car is paid off and I pray it lasts for a long time (okay, well, I pray to "any willing deity"). And the likelihood that he will ever pay a dime in support for our daughter is slim to none, since he hasn't paid a dime in the 16 months since I left him. Savings? What the hell is that? Yeah, I won the freakin lottery. Cali

nyrisa -> RE: Debt and quality of life (11/11/2007 6:32:09 PM)
quote: ORIGINAL: GhitaAmati ....now....if I could get the kids to grow up and move out we'd have plenty of excess spending cash........ blows Coke through my nose, and has to pause to wipe the screen UUhhh.......yeah......sure, Ghita. Hold that thought. Once the little dears grow up, you'll never have to spend money on them again. snickers (When the grand kids started coming along, we became total saps, and helped out our kids a lot, even though they never asked for a thing. L)

popeye1250 -> RE: Debt and quality of life (11/11/2007 11:32:41 PM)
Well, I owe about $170k on two condos. One I live in and one is rented and that pays most of the "nut" on that one. The payment on this one is $620 which wouldn't get you anything up North. And I have about $120k in equity in both of them. Things in the real estate market have slowed here like the rest of the country but we didn't have the huge run-ups in prices like the rest of the country did so prices are down a bit but nothing major like up North. I have about $1,500 in credit card debt which I keep around that level. I bought a new car last year but paid cash for it. I have a good bit in savings that I add to each month and some stocks. Both condos principle is being paid down by about $100 per month each currently so I'm building more equity each month. I'll probably wait to sell one for a few years as the equity building is like a savings account and they'll probably be worth more then with more and more people moving into this area every year. It's funny when people come here from up North; "What? You can buy a condo on a golf course for $149k?" They're used to paying $300-$500k for a condo up there with very high real estate taxes! Oh, and my real estate taxes went down to $378 per year on this place from $468 last year. If this place were in coastal N.H. where I moved from the taxes would be $5,000 a year and it would go for $400k. Big difference! I LOVE S. Carolina! And I left the high heating bills behind me too. So, my debt is very managable.

Lordandmaster -> RE: Debt and quality of life (11/11/2007 11:44:40 PM)
Yeah, that's an American thing, and it's not so clear that it's a great idea. It's predicated on the idea that owning one's own home is part of the American dream. It worked OK for a while, but with sprawl out of control, maybe we ought to stop rewarding people who borrow money in order to buy a house. I don't believe they have a similar tax break for home-ownership in Europe. quote: ORIGINAL: SeeksOnlyOne quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? for me, the pro is definately the tax break-my house payment is cheaper than many pay for rent-and i get my own lil acre of paradise

UtopianRanger -> RE: Debt and quality of life (11/11/2007 11:56:32 PM)
Haven't made a mortgage payment or carried any interest-laden debt in twenty years. Every bit of real-estate I've owned in the past has been sold with me carrying the contract with 3 to 7 year balloon payments and at least thirty-five percent down {more on commercial property} at the going rate and then some. If the citizens of this great country are forced to endure a phony free market and an ultra-subversive, debt-laden central banking system - I guess you gotta make the best of it until it implodes. - R

theMadWelder -> RE: Debt and quality of life (11/12/2007 6:40:34 AM)
quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? the pros are you know exactly where you will lay your head at night to sleep, everyone needs a place to sleep, pretty basic.

pahunkboy -> RE: Debt and quality of life (11/12/2007 7:35:54 AM)
quote: ORIGINAL: popeye1250 Well, I owe about $170k on two condos. One I live in and one is rented and that pays most of the "nut" on that one. The payment on this one is $620 which wouldn't get you anything up North. And I have about $120k in equity in both of them. Things in the real estate market have slowed here like the rest of the country but we didn't have the huge run-ups in prices like the rest of the country did so prices are down a bit but nothing major like up North. I have about $1,500 in credit card debt which I keep around that level. I bought a new car last year but paid cash for it. I have a good bit in savings that I add to each month and some stocks. Both condos principle is being paid down by about $100 per month each currently so I'm building more equity each month. I'll probably wait to sell one for a few years as the equity building is like a savings account and they'll probably be worth more then with more and more people moving into this area every year. It's funny when people come here from up North; "What? You can buy a condo on a golf course for $149k?" They're used to paying $300-$500k for a condo up there with very high real estate taxes! Oh, and my real estate taxes went down to $378 per year on this place from $468 last year. If this place were in coastal N.H. where I moved from the taxes would be $5,000 a year and it would go for $400k. Big difference! I LOVE S. Carolina! And I left the high heating bills behind me too. So, my debt is very managable. Your taxes went down? Cool. I disputed mine- they will drop. I have not told any of the neighbors. My siblings in Chicagoland pay more in monthly taxes then my entire payment. I expect a drop from $913, to around $700. They have been creeping up in small towns. [1500.00- 1800.00]Tho these expenses are a different world compared to many places to live. I am feeling some pinch on the home improvement thing. As I been charging materials. Oh well. Thats life. The place needs attention- no 2 ways about it. At least the debt is for something tangable. It wont depreciate-rust away like a new car. Anything under 80k needs work. The lower the price the more likely it is a tear down. [ I looked at a place in the country. It sounded great. But it is pretty much a teardown with bad septic.] I spend most time at home- so making it nice makes sense. As to the national debt- most think of it in an abstract way.

popeye1250 -> RE: Debt and quality of life (11/12/2007 2:20:36 PM)
PaHunk, I bought these places for $84k brandnew pre-construction! They didn't realise what they had! By the time they finished the last building they were up to $149k. It sucks renting. I rented a two bedroom apartment for 4 years in the mid 90's and one day I was figuring out how much I paid in rent and I think it came out to $27k! And nothing to show for it. And I couldn't do anything to it because it wasn't "mine."

GoddessDustyGold -> RE: Debt and quality of life (11/12/2007 4:18:46 PM)
quote: ORIGINAL: UtopianRanger Haven't made a mortgage payment or carried any interest-laden debt in twenty years. Every bit of real-estate I've owned in the past has been sold with me carrying the contract with 3 to 7 year balloon payments and at least thirty-five percent down {more on commercial property} at the going rate and then some. - R So that's how you sold in a down market! You smart boy you! [sm=applause.gif] I knew we had the same style! ********************************************************* Car's paid off. It's a 2000 Nissan and I plan to hold it together for another 3 years (or more?). Credit cards available for emergencies and I've had a few. Emergencies do not translate to a new HD TV or an updated wardrobe. I admit I hate that I'm renting, but not for any real reason except I hate to have to move and/or be priced out of the home at someone else's whim.

GoddessDustyGold -> RE: Debt and quality of life (11/12/2007 4:21:17 PM)
quote: ORIGINAL: petdave <snipped>...a malesub ain't getting anything in this world without assets! [&o] No, dave... My boy's only asset is a good attitude and his love for Me.

UtopianRanger -> RE: Debt and quality of life (11/13/2007 2:11:16 AM)
quote: Car's paid off. It's a 2000 Nissan and I plan to hold it together for another 3 years (or more?). Credit cards available for emergencies and I've had a few. Emergencies do not translate to a new HD TV or an updated wardrobe. I admit I hate that I'm renting, but not for any real reason except I hate to have to move and/or be priced out of the home at someone else's whim. Ah.....and here I've spoken with a whole host of ladies from collarme with no long term investments other than closets full of 100-200-dollar pairs of shoes..... I've always admired the prudence of your pragmatic, fiscally conservative mindset [;)] - R

masochistneedsU -> RE: Debt and quality of life (11/13/2007 2:16:54 AM)
Once upon a time i "had' a business, historical district house, tricked out Mustang, classic truck, season tickets to this & that, bunches of stuff, & a 5' 11", 125 lb. wife. Now, i'm in debt to no one, "have" some clothes, a sweet smoking tobacco pipe, the universe in my head, & a Living Goddess to love & worship. Isn't life wonderful!

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