My Dave Ramsey moment

dtbach

dtbach

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I'm debt Free!!!:dance:
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.
 
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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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).
 
Yey! Debt free is a wonderful feeling. If only I could convince some dear family members how awesome it is.
 
Dtail said:
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).
Click to expand...
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.
 
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!
 
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.
 
Yeah. Yeah. Oh what a feeling! I paid off my mortgage on Marrch 2014. I can not image having a mortgage ever again.
 
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!
 
dtbach said:
Took me 67 years to be debt free. It's a good feeling.
Click to expand...

So your folks stuck you with the maternity bill? That's a harsh way to enter the world. :D

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
 
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!
 
Very nice. Congratulations.
 
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"!
 
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.
 
Congrats! It's a wonderful feeling to not owe more than you can pay off each month.
 
ShokWaveRider said:
We consider a mortgage to be Debt.
Click to expand...
I do too. I also made a choice to carry a mortgage in retirement, but do not feel the weight of "owing the man" as I could pay it off without adjusting my life style. maybe sometime down the road we will go ahead and pay it off, but since I feel zero concern over carrying this debt I will forgo the opportunity cost of paying it off.
 
Congratulations!!! It's a great feeling.

We paid off the mortgage right before I retired... Made for smaller cash flow, which psychologically is easier for me.

I did acquire debt after that... 3 years ago took out a ZERO percent car loan with a 4 year term. Even that debt bothers me, even though it's a free loan, given the 0% interest... I've been making extra principle payments (rounded up to the next $100 increment) and it will be paid off very early next year. I know it's stupid to pay off a zero percent loan... but it really bugs me.
 
rodi said:
Congratulations!!! It's a great feeling.

We paid off the mortgage right before I retired... Made for smaller cash flow, which psychologically is easier for me.

I did acquire debt after that... 3 years ago took out a ZERO percent car loan with a 4 year term. Even that debt bothers me, even though it's a free loan, given the 0% interest... I've been making extra principle payments (rounded up to the next $100 increment) and it will be paid off very early next year. I know it's stupid to pay off a zero percent loan... but it really bugs me.
Click to expand...

I have 30 months left on a 63 month 0% loan from my second to last car purchase (the last was for cash). The balance is ~$9k. I have to restrain myself from just paying it off, but I am being financially rational and just letting it ride. I have it autopay from my checking account every month, so I really don't even notice it.
 
Gumby said:
I have 30 months left on a 63 month 0% loan from my second to last car purchase (the last was for cash). The balance is ~$9k. I have to restrain myself from just paying it off, but I am being financially rational and just letting it ride. I have it autopay from my checking account every month, so I really don't even notice it.
Click to expand...

Totally a mind trick, but I took out a 60-month 0% loan on my tractor, and I opened up an Ally savings account with some of my dry powder equal to the outstanding balance on the loan and then set up auto pay from the savings account to the loan. So now I just check occasionally and see the interest in the savings account growing beyond the loan balance.
 
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