ryst Posted August 6, 2004 Share Posted August 6, 2004 For the past 4-5 years I have been hovering between $8-$10,000 in debt and could never get it below $4,000. I started a new job Feb. 2. I have 2 jobs now. Since Feb 2nd I have been working 7 days a week. I have had maybe 10 days off in the past 6 months. Working at a call center Monday-Friday and working at a resaraunt on weekends. I paid of $6,400 in three months (Feb-Apr) and got outta debt completely. Why do I feel compelled to share this story now? Because it didn't hit me until recently that I was actually out of debt. I think I became institutionalized. I just order a new 2.5ghz G5 and paid cash (debit card). It felt so good to save money and not rely on credit to get what I want. I just thought I would share this because I know there are others out there who maybe in my situation. If I can be debt free then anybody can!!! www.myspace.com/apocrypha Link to comment Share on other sites More sharing options...
jlampson Posted August 6, 2004 Share Posted August 6, 2004 Time for a new car! Seriously, though, congratulations. Many are struggling with debt and could do well to know that it can be overcome. ----------- John\'s Songs Link to comment Share on other sites More sharing options...
Anderton Posted August 6, 2004 Share Posted August 6, 2004 Just think about how much money you pay in interest to make banks rich, and you definitely have the incentive get out of debt! Good for you!! Craig Anderton Educational site: http://www.craiganderton.org Music: http://www.youtube.com/thecraiganderton Twitter: http://www.twitter.com/craig_anderton Link to comment Share on other sites More sharing options...
Bunny Knutson Posted August 6, 2004 Share Posted August 6, 2004 I'm a slave to my mortgage. Plus, I'm at least $15,000 in debt beyond that. But, congratulations. https://bunny.bandcamp.com/ https://theystolemycrayon.bandcamp.com/ Link to comment Share on other sites More sharing options...
Tele Kinesis Posted August 6, 2004 Share Posted August 6, 2004 I still owe 5 grand on my '02 Ranger, but that's all the debt I've got. (Brand new for 12K...which wasn't much more than any decent used trucks). I never put more on any of my cards than I can pay off in a maximum of three months. For instance, for a $600 item, I wait until I have at least half to pay in cash, then put the rest on the card. At 8%, it's not that much interest. Usually, it's no more than I can pay off next month, but sometimes it's a good enough deal that it's worth the small amount of interest to nab the item, (like a VVG condition Marshall JCM800 2203-with 6550 tubes, with a 1960 Vintage cab for less than 6 bills. Couldn't let that sit). But alas, now I'm considering buying a house. That'll certainly put me in debt, but it's not bad debt, like just running up cards. Unfortunately, I may need to move somewhere else to afford one. Denver is just too expensive. Looking near my hometown. How's the job market in KC, any KC residents? Tele Kinesis Link to comment Share on other sites More sharing options...
Wewus432 Posted August 6, 2004 Share Posted August 6, 2004 That's great Ryst, way to go man. It is hard as hell to get ahead these days. I owe the IRS about....too much money, but that's my only big debt, besides my mortgage, and a loan from a friend. As soon as I can get 3 or 4 grand together I'm going to try to cut a deal with The IRS, and get out from under that. I'm starting a new job making some bucks and what I want to do after I pay off all my outstanding debts, is invest in commercial real estate, and stocks, and you know, the things rich people do. I'm tared of being a broke ass motherfucker. It sucks. Luckily for me I have some well off friends who have let me mooch off of them for....a while now. I would have lost my house about five years ago if it wasn't for my buddy Nancy. I love her, and we decided that instead of me paying her back we're going to open an account for FRIENDS IN NEED. Whenever one of our extended family really needs some bucks they can use that money and the only restriction IS, they have to pay it back, and add some to it...when they can, and that's the way it should be, people should help each other, instead of having to rely on the government, or having to steal, or whatever. Let me say it again, well done Ryst! Most commendable. Link to comment Share on other sites More sharing options...
seclusion Posted August 6, 2004 Share Posted August 6, 2004 Mortgage time my friend... The intrest rates up here in Canada have been awsome.. 3-4%... Plus we signed a floating rate deal at 8%. So we're really ramming down the principal now!! $170k still to go. The wife and I have done well though. We started out 5 years ago with a bungalow that was worth about that $165K. Now 4 houses later we're up over $400K. Did that by gutting/renovating dumps in great locations into really nice houses. I miss the one from downtown T.O. I was half a block from the local Music store...Boo hoo... Up this end of town this is a great time to have dept... Real estate is a great investment at any age!!! Bri Smile if you're not wearin panties. Link to comment Share on other sites More sharing options...
Dr.Fuzz Posted August 6, 2004 Share Posted August 6, 2004 Not owing anyone anything is such a great feeling.... we'll see how quick I can pay this mortgage off drfuzz "I'm just here to regulate the funkiness" Link to comment Share on other sites More sharing options...
ryst Posted August 6, 2004 Author Share Posted August 6, 2004 Thanks for the kind words, guys! Just think about how much money you pay in interest to make banks rich, and you definitely have the incentive get out of debt! AAHHHHH!!!!!!!!!!! Craig, I just got outta debt!..I was happy but now I think I am going to puke if I total up the amount of interest I paid over the past 3 years.....damn, that's a scary thought. (deep breath) jlampson, I have never spent over $2000 on a car and I don't plan on doing so for a while. I will, however, spend way more than $2000 buying gear to upgrade my studio www.myspace.com/apocrypha Link to comment Share on other sites More sharing options...
Michelle ggurl Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by Bunn Mutt: I'm a slave to my mortgage. Plus, I'm at least $15,000 in debt beyond that. But, congratulations. Bunny, mortgage is a very different kind of debt then credit-card debt. Hell, I don't even count it as real debt (tax shelter), especially when the "product" you bought is Bay-Area real estate. If the $15K is credit card, look into home-equity line of credit. Interest rates on those are sub-prime. You prolly know that already ... Original Latin Jazz CD Baby "I am not certain how original my contribution to music is as I am obviously an amateur." Patti Smith Link to comment Share on other sites More sharing options...
Michelle ggurl Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by Bunn Mutt: I'm a slave to my mortgage. Plus, I'm at least $15,000 in debt beyond that. But, congratulations. Bunny, mortgage is a very different kind of debt then credit-card debt. Hell, I don't even count it as real debt (tax shelter), especially when the "product" you bought is Bay-Area real estate. If the $15K is credit card, look into home-equity line of credit. Interest rates on those are sub-prime. You prolly know that already ... Original Latin Jazz CD Baby "I am not certain how original my contribution to music is as I am obviously an amateur." Patti Smith Link to comment Share on other sites More sharing options...
ricknbokkerv2.0 Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by ryst: it didn't hit me until recently that I was actually out of debt.Great job, Ryst!! I'm only a lil jealous, I swear. As soon as I take care of my $67,000 debt (with NO mortgage), I'll be right there with ya. Word of advice to all you kids... Keep the missus away from QVC. Ricky Click on some ads once in a while!! --------------> Link to comment Share on other sites More sharing options...
fantasticsound Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by ryst: Thanks for the kind words, guys! Just think about how much money you pay in interest to make banks rich, and you definitely have the incentive get out of debt! AAHHHHH!!!!!!!!!!! Craig, I just got outta debt!..I was happy but now I think I am going to puke if I total up the amount of interest I paid over the past 3 years.....damn, that's a scary thought. (deep breath) jlampson, I have never spent over $2000 on a car and I don't plan on doing so for a while. I will, however, spend way more than $2000 buying gear to upgrade my studio Whoa! Hold on there, boy! You're on the right track, but now is time to seal the deal! Not that you shouldn't allocate some funds to upgrade your studio, but be sure to put some other things in place first. Number One: Since you've discovered you can earn far more than your current expenses, create a savings account and fill it with at least 6 months (and be realistic about this) worth of expenses. This includes utilities, mortgage/rent, food, hell, even entertainment. The point is to be able to weather a short to medium financial storm without taking a hit of credit card debt. This emergency fund can save you if you lose one or both of your jobs, hurt yourself bad enough to be out of work, etc. You may also want to add more to compensate for loss of benefits (if you have any at either job.) Once you do this, budget more savings equal to a typical car payment. This should ensure you always have plenty of money to repair the current car or save for a new one. Nothing wrong with driving a $2000 car if it works for you, but saving $300/month (a low car payment) will net you $3000 in just 10 months, assuming your current vehicle doesn't require any major repairs. You are in a great situation right now. Don't follow my example and blow it by rationalizing big expenses that require you go into debt again. And most of all, congratulations on a job well done. I have mixed emotions about financial guru, Dave Ramsey's philosophy. But there's no denying his most basic belief. Properly managing your finances will not make you "financially independent". (Finances are, by definition, about our interdependence with others.) Instead, recognize that while you'll never truly be independent you can achieve (and have, if I read you right) financial peace. The peace of mind one has in knowing the bills will be paid, the future isn't certain but strong steps have been taken to protect against that uncertainty, and you can enjoy life without being indebted to anyone or any institution. It's easiest to find me on Facebook. Neil Bergman Soundclick fntstcsnd Link to comment Share on other sites More sharing options...
Bbach1 Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by ryst: For the past 4-5 years I have been hovering between $8-$10,000 in debt and could never get it below $4,000. I started a new job Feb. 2. I have 2 jobs now. Since Feb 2nd I have been working 7 days a week. I have had maybe 10 days off in the past 6 months. Working at a call center Monday-Friday and working at a resaraunt on weekends. I paid of $6,400 in three months (Feb-Apr) and got outta debt completely. Why do I feel compelled to share this story now? Because it didn't hit me until recently that I was actually out of debt. I think I became institutionalized. I just order a new 2.5ghz G5 and paid cash (debit card). It felt so good to save money and not rely on credit to get what I want. I just thought I would share this because I know there are others out there who maybe in my situation. If I can be debt free then anybody can!!!You know Ryst, it's people like you that destroy our economy. You must spend to keep people working. You must have debt to keep spending. You must live and die deeply in debt. That way, our economy keeps growing. bbach Beauty is in the eye of the beer holder. Link to comment Share on other sites More sharing options...
ryst Posted August 6, 2004 Author Share Posted August 6, 2004 fantasticsound, Those are great suggestions. You forgot to mention starting a Roth IRA and a 401k, which I have already done. But I agree with you on your suggestions. And don't worry, I refuse to get back into debt. Everything I buy is with cash now. I have truely learned my lesson. Thanks!!! cwfno, well, maybe I haven't learned my lesson according to you. lol. I am proud to be a part of the "kind of people" that are destroying our economy. It's an honor to be associated with the few true saints left in the world. I will do my best to carry the torch and make sure the next generation of quasi-humans follows my example. www.myspace.com/apocrypha Link to comment Share on other sites More sharing options...
Bbach1 Posted August 6, 2004 Share Posted August 6, 2004 Originally posted by ryst: fantasticsound, Those are great suggestions. You forgot to mention starting a Roth IRA and a 401k, which I have already done. But I agree with you on your suggestions. And don't worry, I refuse to get back into debt. Everything I buy is with cash now. I have truely learned my lesson. Thanks!!! cwfno, well, maybe I haven't learned my lesson according to you. lol. I am proud to be a part of the "kind of people" that are destroying our economy. It's an honor to be associated with the few true saints left in the world. I will do my best to carry the torch and make sure the next generation of quasi-humans follows my example. Debt is definately a killer Ryst. If you become debt free, you will be the envy of all those around you. bbach Beauty is in the eye of the beer holder. Link to comment Share on other sites More sharing options...
ryst Posted August 6, 2004 Author Share Posted August 6, 2004 Debt is definately a killer Ryst. If you become debt free, you will be the envy of all those around you. I am and I am. www.myspace.com/apocrypha Link to comment Share on other sites More sharing options...
DoctorNo Posted August 7, 2004 Share Posted August 7, 2004 Congrats Ryst. I hope to be that way in about ten years. My wife and I just added up our projected student loan debt and we are looking at about 150 to 200k after all is said and done. But what the hell, after that NO MORE RAMEN NOODLES!!!! Doc During times of universal deceit, telling the truth becomes a revolutionary act. -George Orwell Link to comment Share on other sites More sharing options...
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