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Re: Debt Free

Posted: Fri Jul 12, 2019 4:43 pm
by Buck Fankers
Artim wrote:
Fri Jul 12, 2019 5:37 am
I'm going to a meeting at the bank, and when it's over I will be totally debt free!!
I'm so excited I can hardly get my ski mask on!
Approved, with full moral support!
:wink:

@handy LOL LOL LOL!

Re: Debt Free

Posted: Fri Jul 12, 2019 11:30 pm
by sunrat
Eadwine Rose wrote:
Fri Jul 12, 2019 12:17 pm
I am there ;)

No mortgage, just renting.
Me too. Renting rocks! Except I don't know what to spend spare money on. I have enough "things" and can't fit more in my apartment anyway. Experiences are on the to-do list now, grand tour of Europe is planned for next year. :happy:

Re: Debt Free

Posted: Sat Jul 13, 2019 4:02 am
by JayM
People always tell you that buying is better than renting because you're gaining equity rather than just paying someone else every month. What they don't mention are:

1. Your mortgage interest ends up being 3 or 4 times the amount that you borrowed, and 90-plus % of your payments go toward the interest, not your equity, during the first 10 or 20 years of the mortgage so you're still paying someone else. Plus you never know who ends up owning your mortgage and what shenanigans they may pull, foreclosing on you even though you've never missed a payment and stuff like that.

2. If you're renting and something breaks you just call your landlord or property manager and they have it fixed at no expense to you. If you own, the cost of repairs is shouldered by you. Roof needs replacing? Water pipe between the meter and the house bursts? Water heater quits working? Basement floods? Well, there goes your savings account.

3. The hidden expenses: tools! You have to go buy a lawnmower, an edger, a hose, a stepladder, an extension ladder, paint and paintbrushes/rollers, a drill, a circular saw, a collection of nails, screws, washers, nuts and bolts, etc. etc. so you can do your own maintenance and repairs, plus you may have to go buy a small truck to carry your lumber and other materials home from the store. When renting you can get by with just a few screwdrivers and some pliers and maybe a few wrenches and a roll of duct tape, and may not even need a vehicle depending on the public transport system.

4. You can't easily relocate if you're tied down by home ownership. You have to go through all the hassle of putting your house on the market, dealing with realtors, negotiations over prices, making requested repairs, which can take several months. If you rent, you just give your month's notice, tidy the place up, and see how much of your cleaning and damage deposit gets refunded. You're relatively free to go anywhere you like.

Re: Debt Free

Posted: Sat Jul 13, 2019 5:29 am
by Eadwine Rose
sunrat wrote:
Fri Jul 12, 2019 11:30 pm
Eadwine Rose wrote:
Fri Jul 12, 2019 12:17 pm
I am there ;)

No mortgage, just renting.
Me too. Renting rocks! Except I don't know what to spend spare money on. I have enough "things" and can't fit more in my apartment anyway. Experiences are on the to-do list now, grand tour of Europe is planned for next year. :happy:
Sounds great!! Have fun :happy:

I got to build a new computer this year. Next year.. dunno.. we'll see :smile:

Re: Debt Free

Posted: Sat Jul 13, 2019 5:32 am
by Artim
A lot of retirees find renting easier and better, so they can travel to a city, stay awhile, travel to another, etc. It's probably almost as easy as living in a RV and traveling to visit family and friends all over the place! That sounds like fun if I ever retire... not sure I actually believe in "retirement," though. To be idle, doing little or nothing, instead of passing along the wisdom of age and experience seems like a waste of those last years. I guess I'd rather burn out than rust out.

I wonder how many actually got the ski mask reference...

Re: Debt Free

Posted: Sat Jul 13, 2019 5:34 am
by Eadwine Rose
JayM wrote:
Sat Jul 13, 2019 4:02 am
3. The hidden expenses: tools! You have to go buy a lawnmower, an edger, a hose, a stepladder, an extension ladder, paint and paintbrushes/rollers, a drill, a circular saw, a collection of nails, screws, washers, nuts and bolts, etc. etc. so you can do your own maintenance and repairs, plus you may have to go buy a small truck to carry your lumber and other materials home from the store. When renting you can get by with just a few screwdrivers and some pliers and maybe a few wrenches and a roll of duct tape, and may not even need a vehicle depending on the public transport system.
Welllllll I DO have to mow my own lawn here, I have a hose, a stepladder, a larger stepladder, all the paint and brushes (inside of the house basic maintenance like painting is on the renter here). I have a nice collection of nails screws and all that jazz built up over the years.

When things like plumbing breaks, I have a plan for that for a few euros a month. If my faucet starts leaking I can fix it myself, but when the toilet keeps running I just close off the water supply and call those folks, because it is likely something needs replacing.



But yeah.. leaky roof? Been there done that. Two men on my roof on a Sunday morning, there were ordered in all the way from Amsterdam (I live in the south west of the country, about a 1.5 hours drive away from there).. I don't even want to guess what that has cost the rental company. But NOT me! :happy:

Re: Debt Free

Posted: Sat Jul 13, 2019 6:01 am
by JayM
Artim wrote:
Sat Jul 13, 2019 5:32 am
A lot of retirees find renting easier and better, so they can travel to a city, stay awhile, travel to another, etc. It's probably almost as easy as living in a RV and traveling to visit family and friends all over the place! That sounds like fun if I ever retire... not sure I actually believe in "retirement," though. To be idle, doing little or nothing, instead of passing along the wisdom of age and experience seems like a waste of those last years. I guess I'd rather burn out than rust out.
Retirement doesn't necessarily mean sitting around idle, though you can certainly do that if you don't wish to live very much longer. It means that you get to do the things that you enjoy and not have to get up early and go to work for 8-plus hours every day. You can start a small business if you have the capital, you can volunteer at various organizations, you can teach an evening Continuing Adult Education-style class at your local community college, senior center, youth center, church, Scout hall. Or you can attend those CAE classes as a student and learn new things: cooking, foreign languages, crafts and skills. Or attend college as a full-time student. We had a retiree in one of my classes when I was in college. I can't remember which one for sure but I think it was Philosophy 101. She was just taking it to broaden her overall knowledge. Or you can take up hang-gliding, skydiving, scuba diving, mountaineering... or adopt some homeless dogs and/or cats and spend your time giving them a good home and being loved. :) Or move to a different part of the world where it's cheaper to live and become immersed in another culture. Plane tickets aren't all that expensive. Or you can do any combination of these things. The trick is to begin investing in your retirement while you're still young, though that's difficult to do these days if you're crushed by student loan debt, but if you can manage it, always "pay yourself first" from each paycheck by putting 10% of it into long-term savings of some sort like a 401k, or at minimum take out a life insurance policy that pays off when you turn 65 while you're still young and healthy and are low-risk, so it's cheaper.
I wonder how many actually got the ski mask reference...
I think most of us did. That's what made your post so funny. I'm still chuckling, in fact. :)

Re: Debt Free

Posted: Sat Jul 13, 2019 6:04 am
by JayM
Eadwine Rose wrote:
Sat Jul 13, 2019 5:34 am
When things like plumbing breaks, I have a plan for that for a few euros a month. If my faucet starts leaking I can fix it myself, but when the toilet keeps running I just close off the water supply and call those folks, because it is likely something needs replacing.
That's usually just either a leaky float or a flapper valve that needs replacing. Those are easy to replace yourself and the parts don't cost very much. If you can build a computer from scratch you can certainly fix a toilet. I have faith in you.

Re: Debt Free

Posted: Sat Jul 13, 2019 6:55 am
by Eadwine Rose
Yeah, I fixed it in the past. But if I can get it fixed, for FREE.. I mean..

I also make sure another person has a job that way ;)

Re: Debt Free

Posted: Sat Jul 13, 2019 9:17 am
by Leo
Congratulations! Speaking of debt free, yesterday I received a check from Family Support Registry for a refund of overpayment of child support. For 17 years, they've taken $99 a month out of my Social Security Disability for past due child support. I guess I'm paid off.

It is finished.

:rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: :rock: