Debt Free In '23 Challenge.

[boattail]

I have been virtually debt free for fifteen years. I paid off my mortgage back then and only kept a small amount on credit just to keep my credit score up in case I needed it.

I always had enough in savings to pay off any debt I was holding.

Currently I owe nobody. Monthly bills and expensives are all I have to pay.

If you can, pay off your home and never borrow against it. You will always have a place to live. Credit cards are paid off every month carrying no balance. Live below your means!!!!

Oh, and don't get into horses.

 

[Kruel J]

Maturity and self control go a long way here.

 

[arakboss]

Had a discussion with the wife last night and worked out this plan with her.

For starters no more purchases of serialized firearms, frames or receivers until I am debt free. All other purchases will be carefully scrutinized & limited by myself before pulling the trigger. This goes for food, fun, etc. I am not going the rice and beans route yet but may up my ramen intake. I will share my progress and spending history with the wife twice a month (around pay days) until debts are all paid off.

As for debt repayment because I am facing a potential slow down with my employers, I am going to hold off on making too much effort in early repayment of debts.

I have four debts:

Loan from wife: I have $900 remaining with three scheduled payments left to make (March, April and May).

Payments for items purchased from NWFA member: $1175 with four scheduled payments left to make (March, April, May and June).

Credit card #1: $500

Credit card #2 $4300


I will continue with making minimum payments as agreed to with all parties. Excess income after expenses will be reserved and sent to an account my wife holds. As debts are paid off, I will apply the payment from previously made debts to the next debt on the list in order as listed above. In September we will review my income status and assuming income is normal, I will take excess income that was reserved in wife's account and pay it towards whatever credit card debt is remaining. If employment level remains steady, I should be able to have everything paid off by end of September.

If I begin missing hours at my jobs, I will start selling off parts of my collection at a level that will allow me to stick with this debt repayment plan. I will share progress here at least once a month until I am debt free.

 

[orygun]

I have been virtually debt free for fifteen years. I paid off my mortgage back then and only kept a small amount on credit just to keep my credit score up in case I needed it.

I always had enough in savings to pay off any debt I was holding.

Currently I owe nobody. Monthly bills and expensives are all I have to pay.

If you can, pay off your home and never borrow against it. You will always have a place to live. Credit cards are paid off every month carrying no balance. Live below your means!!!!

Oh, and don't get into horses.

Having the mortgage paid off is HUGE!

And racecars are a money pit, just like horses...

 

[pharmseller]

Paid off the house a few years ago. I still make the monthly payment on the 5th of every month, but it goes into my savings account.

It's amazing how quickly the balance grows.

 

[arakboss]

It would be completely opposite of my recent efforts to expand my collection in advance of M114 restrictions but what would Dave do?

In today's depressed market, I could probably liquidate 30% of my firearm collection and have my debt paid off by May instead of September.

I am grateful for what I have but I might appreciate my firearms more if I weed out the ones I am least fond of?

Reading through the comments from the video, most people advise against selling firearms to pay off debt. What would you do?

 

[monkeybutler]

I would get rid of the vast majority. Because I am guessing you have 233 cheap kraptacular guns and 6 decent ones, just based on what you seem to post about. Keep the 6. Ditch the rest.

posted from my ipad during my morning poop.

 

[orygun]

I agree with @monkeybutler to a degree. I've sold guns to get out of debt. Much easier to pay for things when my wallet wasn't being drained by previous obligations.

 

[arakboss]

I would get rid of the vast majority. Because I am guessing you have 233 cheap kraptacular guns and 6 decent ones, just based on what you seem to post about. Keep the 6. Ditch the rest.

posted from my ipad during my morning poop.

You were generous with the 6 qty number.

 

[arakboss]

I am on day 12 of not buying any firearms.

 

[Kruel J]

It would be completely opposite of my recent efforts to expand my collection in advance of M114 restrictions but what would Dave do?

In today's depressed market, I could probably liquidate 30% of my firearm collection and have my debt paid off by May instead of September.

I am grateful for what I have but I might appreciate my firearms more if I weed out the ones I am least fond of?

Reading through the comments from the video, most people advise against selling firearms to pay off debt. What would you do?

Based on what you post, you don't seem grateful for what you have. You are always looking to scratch that next itch and put yourself in debt doing so. You are also willing to destroy perfectly good hardware in the name of backyard hillbilly science "experiments". Speaking of, where do all those "projects" stand? Maybe concentrate on what you already have instead of looking for more?

Have you tried making a list of what you have right now and then using that list to separate out what you don't need?

 

[arakboss]

Based on what you post, you don't seem grateful for what you have. You are always looking to scratch that next itch and put yourself in debt doing so. You are also willing to destroy perfectly good hardware in the name of backyard hillbilly science "experiments". Speaking of, where do all those "projects" stand? Maybe concentrate on what you already have instead of looking for more?

Have you tried making a list of what you have right now and then using that list to separate out what you don't need?

As my wife said I don't "need" any of them. I will get a list put together eventually. First task will be to clear a path to gain access to all of them.

 

[Kruel J]

As my wife said I don't "need" any of them. I will get a list put together eventually. First task will be to clear a path to gain access to all of them.

I don't know why, but for some reason I'm spending time this morning thinking about your issues. I would suggest reviewing each one of your projects....use the threads you made for reference if you forget any. Then really analyze where you are at on each one. Will it ever come to fruition? Is it really worth more drilling/glueing/duct tape/bailing wire to complete or was it in all honesty a way to garner more comments here on the forums? You have a problem, but it's completely solvable if you take it seriously.

I own over 25 quality firearms, along with literally 100+ AR mags and 50+ Glock mags. I have thousands of rounds in each caliber. I have higher end optics and lights on everything that is appropriate. I have gear, plate carriers, packs, SHTF backpacks and so forth.


I owe ZERO dollars to anyone. Completely bought and paid for. Of course, it took me many years to get there, but what I have is a quality collection of fine shooters and I don't have one damn payment.

I have purchased exactly TWO firearms in the last 18 months. Paid for up front.

 

[arakboss]

I paid off the remaining balance ($900) of the loan from my wife this morning.

I will be paying off the $1175 balance on the purchase I made from NWFA member in the middle of this month.

That will leave about $4600 in credit card balance to pay off. I should be able to do that easily by Sept, if I don't miss any work from primary job.

If I do start missing hours at primary job and can't make them up at second job, I will revisit the idea of selling some of my collection so I can stay on track with September debt free goal.

 

[arakboss]

I have been reading up on reducing consumerism and came across the degrowth movement. It seems like a mix of environmentalism and socialism. That doesn't jive with my view that people should be able to keep what they make and buy what they want. It does appeal to me at an individual level. The normal goal of a working person is to make more money so they can buy more or better stuff. Our economy depends on most people doing this.

I want to get out of that cycle and be happy with making less and buying less. This happens to many people when they reach retirement age. I want to expedite it in my life so it begins before retirement.

It will mean that I will be contributing less to the GDP of the country but I am sure somebody will step up to replace the loss.

I will continue to earn more until debts are paid off and I build up a little emergency fund. After that I am going to look for ways to shrink my spending and work less.

Has anybody here purposely reduced long term spending before retirement age, so you could work less than full time? Did you regret it?

 

[monkeybutler]

Has anybody here purposely reduced long term spending before retirement age, so you could work less than full time? Did you regret it?

I have purposely limited ALL spending. I am retiring quite early in about10 years. I drive an inexpensive car and I live in a functional but crappy little house. don't think I will regret it.

I have a few toys but not like you. I.e. perhaps I have one Noveske with a Nightforce optic for every 48 BCA ARs with cheapish red dots you have. So more quality than your quantity.

 

[Kruel J]

Why would anybody regret cutting their spending in preparation for retirement?

 

[monkeybutler]

Why would anybody regret cutting their spending in preparation for retirement?

Right... well, maybe if someone retired, found out they had only a few months to live, and regretted not 'living more' by spending money on fun things, and instead end up leaving too much to their shiftless ingrates of children, who maybe look kinda like...

 

[arakboss]

Why would anybody regret cutting their spending in preparation for retirement?

The question was related to cutting both income and spending.

 

[Kruel J]

The question was related to cutting both income and spending.

Goes hand in hand.