[SteveR]

Quote:

Originally Posted by Andre1969 Back in 1995-1996, I went through a bad marriage and divorce that left me $27,000 in debt.* I went on CCCS and they put me on a 5 year plan to pay it off, at around $500 per month. But, if nothing else, the peace-of-mind feeling in getting that debt paid off was incredible. One thing I really regret when I look back is that I didn't participate in my company's 401k when I first started at the age of 22.* I worked for McDonnell-Douglas, and back then their stock was selling for around $30 per share.* Well, over time it did a 3:1 split, then a 2:1 split, and when Boeing bought us out, a 1.3:1 split.* And right now Boeing is going for around $68-70 per share.* So my 401k would be setting pretty right now. But, in the end I think I still turned out pretty okay.* As they say, hindsight is always 20-20.

I feel your pain and have walked many miles in shoes like yours. In my first marriage, DW did not understand that someday we would need to send our kids to college and live on our retirement funds. She spent more than we both made and maxed out all the credit accounts. We could only afford to pay the minimums on these and we had at most $500 in saving and nothing in checking at the end of the month. I put in next to nothing in my 401(k) for years because we needed the $$ to stay even with the debt. I hated that and lived that way for 15 years.

Once the CC debt was gone it was time to get serious about my 401(k) and after-tax $$$ for college funding. As a result, I put one son through college and am 3/5 there with the other one.

Anyway, being debt free is a wonderfully feeling after drowing in it for years. My mortgage is my only long term dept and as soon as I stop getting a decent tax deduction on it, I will pay it off too.