Debt Free !!!!!

[gtfpv]

HI members . this is a braod topic . And has many variables , perhaps someone can help me out with a poll. i'll try it myself . as stated many variables like age for a start , inheritences , investment debt etc etc .
we will call it realestate mortgage debt of principle residence.
this is where you are paying a mortgage out of your income . and when you expect , to have all of your income to be expendible for anything other than investing .

[ebxr8240]

Sheesh I was the first..
Being a little older than most on here...
I bought into real estate about 15 years ago..
The tax benefits I got back I paid my own home off before I turned 50..
Keep in mind I paid $68k for main home...
With $35k deposit..
Back in 1980 I was on $13k a year ...
If you get any inheritance for gods sake put it into home or something...
Seen too many just blow $200k+ in 12 months..

[Keepleft]

Originally Posted by ebxr8240

If you get any inheritance for gods sake put it into home or something...
Seen too many just blow $200k+ in 12 months..

THIS is very, very true. Some have a term for it.

[grandpa_spec_F6]

Well at the moment I'm not deeply in the poo so to speak, however looking at even a unit at my age is out of the question it seems, and that's living with the most basic of needs.

The repayments for a cheap unit would still take away 3/4 of my income for a week, leaving me with close to nothing for bills, car loans etc. Once I do go the whole hog and get a house, I'd hope to pour money into it (currently what I'm doing to the car loans) and get it paid off asap to free up money for other things!

[Grippy]

I hope to get rid of my mortgage by the time im 35. I bought my first home at the age of 24 (25 now) with a big deposit I saved. I am paying an extra $400 a month to try and get rid of the debt as quick as I can, but will most likely invest in a rental property in the next few years.

[rst2000]

i had acquired my main residence (1992) at 29 and was fully paid for by (1998) age 35..my mortgage at the time was 185k..laughable now but very scary back then. now back in debt with 2 investment property's.

[gtfpv]

i was debt free at 31 . paid off my 3 bedroom home in outer west . still a nice house today . but then i had 2 babies and built a big home , then bought a gt , building after selling the 1st home to reduce debt . i'm now looking at 50 before debt free . assuming no inheritences etc . it is a chore when i think i couldve stayed put and had no worries , however life aint like that and people always seek something else . like a bigger home , better cars , change etc etc . the benifits have been great for the family , but the sacrifices have been felt as well . no around the world trips etc etc . which i could've had . life is a trade off, other things could've happened too , i couldve invested and had a different outcome, couldve stuck with 15 year old cars etc , could 've died , it's all relevent .
the main point of this thread is to see wether people actually think about paying out debts in order to ease off the sacrifice of hard work and spending without penalising your future one day .

[FPV8U]

Bought my XR8 The week before i turned 18 after working in WA for half of 2006, finally paid that off last year after going to Thailand for my Brothers Wedding set-back earlier payout goals.

Bought my First house last year before my 21st B'day, 3 bedroom weatherboard on a large 800-850m2 Block in Country Victoria.

Hoping that once we have a new car sorted for the Mrs we can get this place paid out by the time we are in our mid 30's but Renovations including a new Shed are required so we will see.

What happens after that i'll plan sometime later in my life.

[vztrt]

2.5 years down on my mortgage, 11 years to go at this point in time. So I guess bout the 40 mark for me.

[irish2]

24 now. 240k to go on mortgage. 40k ahead in 18 months. Debt free by 40 hopefully.

[flappist]

This is an incredibly naive poll.

No one here has ANY idea what the future is going to bring.

You may have $1,000,000 in the bank and just minding your own business get accused of some crime of which you are totally innocent or attacked by some civil action either here overseas. How much is it worth to not be Schapelle Corby's room mate.

You may have a child that gets sick or requires care.

You or your partner may require care.

Your house and all your posessions could be destroyed in an uninsurable event.

What do you do?

The only people who are truly free of debt are those who are already dead.......

[gtfpv]

Originally Posted by flappist

This is an incredibly naive poll.

No one here has ANY idea what the future is going to bring.

You may have $1,000,000 in the bank and just minding your own business get accused of some crime of which you are totally innocent or attacked by some civil action either here overseas. How much is it worth to not be Schapelle Corby's room mate.

You may have a child that gets sick or requires care.

You or your partner may require care.

Your house and all your posessions could be destroyed in an uninsurable event.

What do you do?

The only people who are truly free of debt are those who are already dead.......

i agree flappist . life changes , but the plans change too . for eg i planned to pay off my home by 30 , i did by 31 , i then planned to pay off my 2nd home by 40 . fail i'm now looking at 50 . its only a plan . but out of 2 expamples there, different outcomes . i was more accurate at predictions when younger .
i guess the POLL is more on the plan than the reality , but a plan can work more than chance .

[FTE72]

Agree with Flappist.
And also some people may have debt on purpose to reduce Income tax.
The only bad debt is debt for toys(cars,plasma TV's, louis vitton handbags) and your primary residence IMO.

[MYVYSS]

Originally Posted by FTE72

Agree with Flappist.
And also some people may have debt on purpose to reduce Income tax.
The only bad debt is debt for toys(cars,plasma TV's, louis vitton handbags) and your primary residence IMO.

Sorry I hate that comment...MY GOAL is life is to pay as much farken tax as possible in a year...I want to pay 20 million or more...

Think about it for a moment...

Regardless of how you are "reducing your tax" you are still paying money out which isnt classed as earnings..

I look at it this way, I pay 20 million in tax...I have probably earned at least 40 million...

[FTE72]

Originally Posted by MYVYSS

Sorry I hate that comment...MY GOAL is life is to pay as much farken tax as possible in a year...I want to pay 20 million or more...

Think about it for a moment...

Regardless of how you are "reducing your tax" you are still paying money out which isnt classed as earnings..

I look at it this way, I pay 20 million in tax...I have probably earned at least 40 million...

You fail to grasp the concept.

[Smoke Pursuit]

Originally Posted by MYVYSS

Sorry I hate that comment...MY GOAL is life is to pay as much farken tax as possible in a year...I want to pay 20 million or more...

Think about it for a moment...

Regardless of how you are "reducing your tax" you are still paying money out which isnt classed as earnings..

I look at it this way, I pay 20 million in tax...I have probably earned at least 40 million...

I agree when it comes to high income earners that earn more then 300 kay a year, with the extra disposable income they probably dont need the investments to try and maximise their wealth.

For the rest of tho gearing can help us achieve our goals not necessarily through tax minimisation but future asset value. Why not if the governements going to subsidise 30 / 40% of it.

[irish2]

Originally Posted by flappist

This is an incredibly naive poll.

No one here has ANY idea what the future is going to bring.

You may have $1,000,000 in the bank and just minding your own business get accused of some crime of which you are totally innocent or attacked by some civil action either here overseas. How much is it worth to not be Schapelle Corby's room mate.

You may have a child that gets sick or requires care.

You or your partner may require care.

Your house and all your posessions could be destroyed in an uninsurable event.

What do you do?

The only people who are truly free of debt are those who are already dead.......

Exactly right. However it is still good to move towards a realistic goal. If it comes off, great.

[auxr]

Originally Posted by flappist

This is an incredibly naive poll.

No one here has ANY idea what the future is going to bring.

You may have $1,000,000 in the bank and just minding your own business get accused of some crime of which you are totally innocent or attacked by some civil action either here overseas. How much is it worth to not be Schapelle Corby's room mate.

You may have a child that gets sick or requires care.

You or your partner may require care.

Your house and all your posessions could be destroyed in an uninsurable event.

What do you do?

The only people who are truly free of debt are those who are already dead.......

Sorry Flappist - but IMO, that is a very pessimistic reply to the OP's intention of commencing the thread.

[Franco Cozzo]

When I'm dead.


Nah, I only owe $1000 to my great grandma, easily paid off.

But I'm 19, living at home.

[MAV50L]

I am actually yet to get into debt for a house.
Was screwed over bad by the ex missus and am still cleaning that all up.
Admittedly once I was a free man I did go a bit silly on cars and relaxed and lived some of the life I had previously lost.
Time to grow up now but.
Who knows what tomorrow may bring. I could wake up dead for all I know.
I have watched a lot of bad stuff happen in my family over the years and appreciate just being around and having my friends and family around. I believe that providing there is a roof over our head , food on the table and the bills paid , anything else is a bonus.
To have a couple of properties and be financially well off would be nice and yes I do wish things were different sometimes , but I am happy with life as it is.
Be it little and humble , no matter how little I have in life its all from my own doing and work and to me thats something to be proud of.

[buggo]

Originally Posted by MAV50L

...I could wake up dead for all I know...

That would be an acheivment


I'm 18 so a house is not very high on my priorities, but a rough plan I'm aiming for is to get a decent job after I start and finish uni/tafe, and save at least $50k in two years. I'll stay in the garage at my parents house so I don't have to rent out.
Then buy some cheap crap house and pay it off by ~30/5. Then I will always have a house that I own completly, then upgrade from there.
But with the way house prices and the economy have been in recent years, people my age my find it very tough to buy a house.

[Skotty]

Originally Posted by MAV50L

I am actually yet to get into debt for a house.
Was screwed over bad by the ex missus and am still cleaning that all up.
Admittedly once I was a free man I did go a bit silly on cars and relaxed and lived some of the life I had previously lost.
Time to grow up now but.
Who knows what tomorrow may bring. I could wake up dead for all I know.
I have watched a lot of bad stuff happen in my family over the years and appreciate just being around and having my friends and family around. I believe that providing there is a roof over our head , food on the table and the bills paid , anything else is a bonus.
To have a couple of properties and be financially well off would be nice and yes I do wish things were different sometimes , but I am happy with life as it is.
Be it little and humble , no matter how little I have in life its all from my own doing and work and to me thats something to be proud of.

Mate, same as you I rather hte basics in life, aslong as my and the boss are happy, have no bills, and and a roof life is good...

I rather not have debts, such as car loans, house hold appliances (like laptops washing machines) unless its 100% neccessery (like the mrs getting into a course and needing to rent a laptop cause couldnt afford cash...)

But in saying that one I quit smoking im renting a 56" LED LCD tv... go figure? :P

[vztrt]

Perhaps he should have put the word Hypothetical in the title?

[auxr]

Originally Posted by vztrt

Perhaps he should have put the word Hypothetical in the title?

[Iggypoppin']

I owe 3.6k on my old car loan, trying to get that out of my way. Plan on finishing my apprenticeship whilst saving before I get a house. I am hoping to have 65k saved by the time I'm 25, then get into a rural property. Like some silly younguns, I got a car loan at 18, and then changed jobs to a low paying labour job. It killed my chance of owning a home before 25. Ah well such is the gift of hindsight.

[Mr Hardware]

With my current debt levels? Before 40.
But I want a big house on a quarter acre block close to everything asap - so I expect 50 is more realistic.

[MAV50L]

Yeah the line about waking up dead is a joke that goes aorund work.
With our current management we would have to give a months notice that we were going to be off work due to our death.
They would then ask how long did we plan on taking off..........................
I did call in dead one morning. My direct boss cracked up laughing , told me to get up , have a coffee and get my butt into work.

[302 XC]

Goin from (first house)
1 and a bit wages for a mortgage
Then to a second house (bigger wages)
Lifes looking grant for a 30 year old (was a while ago now)
Then all Hell Broke Loose

Tenants didnt pay rent (not for weeks,months)
Minister had bad injury at work,her work had in house coverage for workers
That took 9 months for first payment
(Noose getting real tight,real fast)
Two mortgages, 1 income tenants not helping
Sold first house to help releive pressure
Sold 2nd house at 250K profit
Payed everyone out,told boss where to go
Bought land way outta town ,own out right
Dont earn alot,dont live outside my means
Finally have things i want,not what evryone else wants
Couldnt be happier
Would i do it again
NO
Would i like the ministers health and well being 100 % again
Id swap hell and earth for that

Enjoy the moment,bad luck is just around the corner

[drew`SEVNT5]

Err. Buggered if I know.

Just turned 26.

$20k owed on XR6T
$10k owed on stolen motorbike
$4k owed on old car loan
$15k owed on credit cards

And that has improved greatly in the past year.

Still working selling trucks... and have just started a second job on the weekends to really start breaking it down. Then to start saving $20k for a house deposit (Old Man will go dollar for dollar with me, he invested some money for me a looooong time ago)


Ahh well, your only young once. And I had a damn good time with that money.

[Iggypoppin']

Originally Posted by drew`SEVNT5

Err. Buggered if I know.

Just turned 26.

$20k owed on XR6T
$10k owed on stolen motorbike
$4k owed on old car loan
$15k owed on credit cards

And that has improved greatly in the past year.

Still working selling trucks... and have just started a second job on the weekends to really start breaking it down. Then to start saving $20k for a house deposit (Old Man will go dollar for dollar with me, he invested some money for me a looooong time ago)


Ahh well, your only young once. And I had a damn good time with that money.

Do you mind if I ask what your income is vs your total 49k debt? By the sounds of it you are a bit like me from ages ago, I was lucky that I usually paid my minimal credit cards with tax money or cash jobs. The car insurance took care of and now I owe 3.6k so lifes looking good.
Also have you considered a debt consolidation loan to get it into a lump with a low interest rate and then start smashing that away?