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My Dave Ramsey moment
Old 09-13-2020, 08:11 AM   #1
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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.
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Old 09-13-2020, 08:19 AM   #2
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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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Old 09-13-2020, 08:21 AM   #3
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Well done.
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Old 09-13-2020, 08:28 AM   #4
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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).
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Old 09-13-2020, 08:29 AM   #5
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Originally Posted by Dtail View Post
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).
Ditto!
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Old 09-13-2020, 08:30 AM   #6
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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!

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Old 09-13-2020, 08:31 AM   #7
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Yey! Debt free is a wonderful feeling. If only I could convince some dear family members how awesome it is.
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Old 09-13-2020, 08:53 AM   #8
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Quote:
Originally Posted by Dtail View Post
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).
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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Old 09-13-2020, 10:14 AM   #9
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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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Old 09-13-2020, 10:15 AM   #10
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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.
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Old 09-13-2020, 10:27 AM   #11
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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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Old 09-13-2020, 10:42 AM   #12
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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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Old 09-13-2020, 10:43 AM   #13
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Originally Posted by dtbach View Post
Took me 67 years to be debt free. It's a good feeling.
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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Old 09-13-2020, 10:43 AM   #14
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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!
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Old 09-13-2020, 10:52 AM   #15
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Very nice. Congratulations.
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Old 09-13-2020, 11:07 AM   #16
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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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Old 09-13-2020, 11:11 AM   #17
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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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Old 09-13-2020, 11:15 AM   #18
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We consider a mortgage to be Debt.
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Old 09-13-2020, 12:50 PM   #19
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We consider a mortgage to be Debt.
Yup, plus where can one safely earn the offsetting income at the net mortgage rate?
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Old 09-13-2020, 12:53 PM   #20
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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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