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09-13-2020, 08:11 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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My Dave Ramsey moment
I'm debt Free!!! 
Didn't think I would be here this fast but then this year has been pretty weird no? DW and I just started getting SS this year and I thought, well, it's new $$ so why not start paying down the car loan. Then got the COVID $$ and used that to pay down more. Before you knew it, the car is paid off.
So then started throwing any extra cash towards the mortgage and yesterday, closed it out.
Took me 67 years to be debt free. It's a good feeling.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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09-13-2020, 08:19 AM
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#2
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Full time employment: Posting here.
Join Date: Jun 2014
Posts: 521
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Congratulations! For me, the euphoria of being debt free was higher than when I hit the 7 figure milestone, achieving FI, or even RE. There is nothing quite like the feeling of not owing anything to anybody, especially if you've carried the burden so long.
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09-13-2020, 08:21 AM
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#3
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Full time employment: Posting here.
Join Date: Jul 2016
Location: gypsy traveller
Posts: 683
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Well done.
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09-13-2020, 08:28 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,299
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Congrats.
Varied opinions on this site about having debt, especially cheap mortgage debt.
I am in the camp of no debt at all. (CC debt paid off monthly).
__________________
TGIM
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09-13-2020, 08:29 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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 Quote:
Originally Posted by Dtail
Congrats.
Varied opinions on this site about having debt, especially cheap mortgage debt.
I am in the camp of no debt at all. (CC debt paid off monthly).
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Ditto!
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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09-13-2020, 08:30 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Switzerland
Posts: 1,047
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Congrats! It's now a lot easier to avoid new debt. You won't want to spoil your nice balance sheet!
-BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
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09-13-2020, 08:31 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Aug 2017
Location: Champaign
Posts: 4,729
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Yey! Debt free is a wonderful feeling. If only I could convince some dear family members how awesome it is.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."
Ralph Waldo Emerson
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09-13-2020, 08:53 AM
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#8
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,351
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Quote:
Originally Posted by Dtail
Congrats. Varied opinions on this site about having debt, especially cheap mortgage debt. I am in the camp of no debt at all. (CC debt paid off monthly).
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Yes, congratulations. Re "debt free" it is a psychological state, not just a financial status. While there are sharp-pencils who will argue that financially, some debt might be beneficial, I am with @Dtail. I enjoy the psychological state too much to mess it up with a sharp pencil.
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09-13-2020, 10:14 AM
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#9
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Full time employment: Posting here.
Join Date: Oct 2018
Posts: 530
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Congratulations! Doesn’t It feel great? I became debt free on 6/7/2020 when I made the final payment on my house.
I have been able to save 22k since June after paying the house off and fully funding my 403b. Which just amazes me how little I need now that those costs are gone!
Life is good even in 2020!
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09-13-2020, 10:15 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,374
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We're debt free too, but I don't really get the euphoria thing.
We paid off the 3.375% mortgage last December and changed our AA... essentially exchanging not earning 1.7% for not paying 3.375% mortgage interest.
We had a 1.9% car loan that I paid of in early January because it had a small balance left on it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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09-13-2020, 10:27 AM
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#11
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Recycles dryer sheets
Join Date: Jun 2011
Location: W Colorado
Posts: 481
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Yeah. Yeah. Oh what a feeling! I paid off my mortgage on Marrch 2014. I can not image having a mortgage ever again.
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09-13-2020, 10:42 AM
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#12
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gone traveling
Join Date: Dec 2018
Posts: 1,196
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Paid off a 30 year mortgage in year 11 in 2005. More money put into mutual funds monthly until FIRE'd a few years ago!
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09-13-2020, 10:43 AM
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#13
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Thinks s/he gets paid by the post
Join Date: May 2005
Location: Portland
Posts: 1,713
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Quote:
Originally Posted by dtbach
Took me 67 years to be debt free. It's a good feeling.
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So your folks stuck you with the maternity bill? That's a harsh way to enter the world. 
Mrs Scrapr really wanted the mortgage paid off before she passed. we had only a few months left on it. So we lump summed it & she felt better. I was surprised how much better I felt as well
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09-13-2020, 10:43 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,681
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Congratulations! There’s a certain feeling of security knowing that you owe nothing to anyone. And owning your HOME is a step that feels so solid.
We entered retirement debt free. All the uncertainties of retiring were easier knowing we just had to cover monthly living expenses.
Here’s another one that felt wonderful - in 2017 I bought my car and paid cash!
__________________
Married, both 69. DH retired June, 2010. I have a pleasant little part time job.
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09-13-2020, 10:52 AM
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#15
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Administrator
Join Date: Apr 2006
Posts: 23,041
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Very nice. Congratulations.
__________________
Living an analog life in the Digital Age.
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09-13-2020, 11:07 AM
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#16
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Moderator
Join Date: Oct 2010
Posts: 10,725
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I finished off the mortgage recently too, but due to a credit card debit, can't dance yet.
What? Yes, it's true (but it's not as bad as it seems). I got free balance transfers and 0% interest on a credit card deal. So I loaded-up that card and haven't paid it. It's the first time -ever- that I have carried a balance.
Interest will start next month, so of course I'll be paying it off, in full, before interest starts. THEN I'll dance 
But congrats on (as was said to me), "giving yourself a raise"!
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09-13-2020, 11:11 AM
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#17
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Thinks s/he gets paid by the post
Join Date: May 2011
Location: St. Paul
Posts: 1,847
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Congrats! My plan is to retire debt free this December. Just a small mortgage balance to go and it will be done in two months' time.
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09-13-2020, 11:15 AM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,723
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We consider a mortgage to be Debt.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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09-13-2020, 12:50 PM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,299
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Quote:
Originally Posted by ShokWaveRider
We consider a mortgage to be Debt.
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Yup, plus where can one safely earn the offsetting income at the net mortgage rate?
__________________
TGIM
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09-13-2020, 12:53 PM
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#20
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Recycles dryer sheets
Join Date: Jan 2012
Posts: 127
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Congrats! It's a wonderful feeling to not owe more than you can pay off each month.
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