Debt Free In '23 Challenge.

[CLT65]

A good friend of mine quit his job a few years ago, to pursue a new career that paid substantially less. He'd been an electrician since he got out of high school, and I knew he had been burned out and unhappy for quite a while, but like me, he was raising four kids on a single income.

I don't know how they managed or how they get by now, but they seem to be doing well and he's much happier as a church pastor. His older kids are grown and out on their own, doing well. I sure wondered about him when he made that change, as making ends meet to take care of my family is the most important thing to me, but it seems to have worked for them; to each their own.

 

[CLT65]

Agreed. People tend to be more worried about impressing people they don't know than being financially responsible.

I'm finding that I impress people (unintentionally) with my wheels more and more as the years go by. I get comments all the time about my truck, what a great model and how good of condition it's in for a "classic".

It was a very nice truck when I bought it 23 years ago. I had just got my first career job, and had money. Then I got married, kids came along, etc., and I haven't had that kind of money since, so I keep driving my old Tacoma. It was a "nice truck!", then over the years it became just an "old truck", and now it's desirable again as a "classic".

Kind of like me, I guess. Hmm... It's been really reliable, just keeps doing what's it's supposed to do, year after year, mile after mile, occasional tune-up and minor issue here and there, nothing major. Eventually though it's going to wear out and break down, engine, transmission, something that's not cheap and easy to fix. Just like me. Maybe I identify with my old truck a little too much...

 

[Jay Walk]

Next stop is working part time instead of full time.

You're gonna LOVE IT. I worked two hours this morning.

 

[Jay Walk]

I am going to save the wealth worshipping for others. I will settle for just getting by.

Edit: The less dollars I hoard the more dollars you guys can scoop up.

The scientific term is "Freedom"

 

[Jay Walk]

A good friend of mine quit his job a few years ago, to pursue a new career that paid substantially less. He'd been an electrician since he got out of high school, and I knew he had been burned out and unhappy for quite a while, but like me, he was raising four kids on a single income.

I don't know how they managed or how they get by now, but they seem to be doing well and he's much happier as a church pastor. His older kids are grown and out on their own, doing well. I sure wondered about him when he made that change, as making ends meet to take care of my family is the most important thing to me, but it seems to have worked for them; to each their own.

I sold Real Estate for 21 years, it paid good and I made $4,000 per week regularly. Purchased all kinds of crap and had a great time, now I make squat and have no bills and am WAY WAY happier, no stress and lots of free time.

 

[arakboss]

I sold Real Estate for 21 years, it paid good and I made $4,000 per week regularly. Purchased all kinds of crap and had a great time, now I make squat and have no bills and am WAY WAY happier, no stress and lots of free time.

It's just fiat paper that is being run into the ground by government borrowing and manipulation. The less I am dependent on it the better. My wife has plenty of her own fiat paper and would rather I have the time.

 

[monkeybutler]

It's just fiat paper that is being run into the ground by government borrowing and manipulation. The less I am dependent on it the better. My wife has plenty of her own fiat paper and would rather I have the time.

It needs the paper
to rub on its skin
to buy cheapy gunstuffs
for basement bins

 

[arakboss]

Skipping to 2025:

I have $3600 of total debt left to pay off. If I stuck to the scheduled payment plan, I would have it paid off in December. After looking over the payday calendar, I am thinking I can make it happen by the end of August. I have three paydays in August.

Once the debt is paid off I will be taking full control of my finances again. No more allowance. This time no more credit card usage. Looking forward to some cash only shopping on Black Friday though.

 

[Kruel J]

Skipping to 2025:

I have $3600 of total debt left to pay off. If I stuck to the scheduled payment plan, I would have it paid off in December. After looking over the payday calendar, I am thinking I can make it happen by the end of August. I have three paydays in August.

Once the debt is paid off I will be taking full control of my finances again. No more allowance. This time no more credit card usage. Looking forward to some cash only shopping on Black Friday though.

Not having CC debt is big. So many people carry balances and pay their minimums while barely scraping the principal. I've been CC debt free for 6 years now and COMPLETELY debt free for the last two-ish. I'm never going back to owing banks money.

 

[1775usmc]

My mortgage is my only debt. I plan on keeping it that way.

My wife and I cleared all our debt by going the Dave Ramsey route. It sucked. But I am so glad we did.

 

[TTSX]

I'll never understand how people can be so comfortable owing more on their CCs than they make in a month. And just sleep like that's normal

 

[made in china]

Credit cards suck. I don't understand why people use them, at all

A while back, I went to go buy a new truck (without the wife's permission!) but found out I have no credit score. We buy everything cash. Even our vehicles (except I didn't want my wife involved this time, and new trucks are expensive) and our house is long since paid off.
I don't have credit because I have no activity, and it was suggested to me to get a credit card to build a FICO score. Well, my wife bought the truck for me, and I got a credit card, put about $1,800 on the card for mods on the truck, and I use my slush account to throw $200 a month at the balance.
What a stupid idea. Now I see why I hate credit cards. $200/month barely moved the needle on the balance. I'm going to need to just pay it off.

I chose $200/month to get my FICO score established. Regular payments over time is what bumps the score up. But dang, the balance seems to hover. I don't know how people carry 5 and 6 digit balances, the interest rate really cuts into it.

My last credit card was paid off in 1996, I swore I'd never get another one. I double pinky swear I won't do it a 3rd time. People keep saying they come up on a positive with their credit cards. Paying before the bill is due, transferring balances, getting cash back. Yeah, whatever, sounds like the people that go to casinos, you know the house always wins, right? Ain't nothing free

 

[arakboss]

Credit cards suck. I don't understand why people use them, at all

A while back, I went to go buy a new truck (without the wife's permission!) but found out I have no credit score. We buy everything cash. Even our vehicles (except I didn't want my wife involved this time, and new trucks are expensive) and our house is long since paid off.
I don't have credit because I have no activity, and it was suggested to me to get a credit card to build a FICO score. Well, my wife bought the truck for me, and I got a credit card, put about $1,800 on the card for mods on the truck, and I use my slush account to throw $200 a month at the balance.
What a stupid idea. Now I see why I hate credit cards. $200/month barely moved the needle on the balance. I'm going to need to just pay it off.

I chose $200/month to get my FICO score established. Regular payments over time is what bumps the score up. But dang, the balance seems to hover. I don't know how people carry 5 and 6 digit balances, the interest rate really cuts into it.

My last credit card was paid off in 1996, I swore I'd never get another one. I double pinky swear I won't do it a 3rd time. People keep saying they come up on a positive with their credit cards. Paying before the bill is due, transferring balances, getting cash back. Yeah, whatever, sounds like the people that go to casinos, you know the house always wins, right? Ain't nothing free

Paying with cards period (debit cards included) is super convenient and psychologically makes me spend more than I would with cash. Don't get me wrong, I can still spend easily with cash but I think more on the purchase. Credit cards are next level evil for me, especially when I am paying very low or 0% interest on balances. My mind goes through all kinds of mental gymnastics to justify purchases with money loaned to me below the inflation rate.

 

[arakboss]

My last remaining debt is to the bride. I already prepaid the 5% interest rate, so paying it off early won't save me any interest. It will allow me to get off the stupid allowance.

 

[nammac]

I don't know, if used properly, rewards cards can pay off…. Use my Citi card for all expenses and pay it off monthly. The net result is Citi pays me at the end of the year, a fine four figure bonus. And I never pay a cent of interest, annual fees or administration costs.

Just have to be disciplined and never carry a balance.

 

[nwslopoke]

Credit cards suck. I don't understand why people use them, at all

A while back, I went to go buy a new truck (without the wife's permission!) but found out I have no credit score. We buy everything cash. Even our vehicles (except I didn't want my wife involved this time, and new trucks are expensive) and our house is long since paid off.
I don't have credit because I have no activity, and it was suggested to me to get a credit card to build a FICO score. Well, my wife bought the truck for me, and I got a credit card, put about $1,800 on the card for mods on the truck, and I use my slush account to throw $200 a month at the balance.
What a stupid idea. Now I see why I hate credit cards. $200/month barely moved the needle on the balance. I'm going to need to just pay it off.

I chose $200/month to get my FICO score established. Regular payments over time is what bumps the score up. But dang, the balance seems to hover. I don't know how people carry 5 and 6 digit balances, the interest rate really cuts into it.

My last credit card was paid off in 1996, I swore I'd never get another one. I double pinky swear I won't do it a 3rd time. People keep saying they come up on a positive with their credit cards. Paying before the bill is due, transferring balances, getting cash back. Yeah, whatever, sounds like the people that go to casinos, you know the house always wins, right? Ain't nothing free

I had low credit scores for years. In the 80s I was working at a pizza place. I could only get a CC limit of $2k. My British girlfriend that was here illegally at the time, who worked at the same pizza place got a card for $10k. I found it a little funny when she bailed and went back home.

After that, for decades I was cash only. That hurt when I bought my first house. Finally it all came together and I do use one card wisely. I charge things I can payoff and try to payoff within a month or two. On this trip my score dropped from an 11 year high average, because I had a little higher debt to balance, or whatever the call it, than normal.

There is no love in the industry. Even though it was less than $2k over my average, and I planned to pay it off when I got home, it dropped my score about 25 to 30 points.

 

[arakboss]

This talk about using cash instead cards has me thinking about another mini challenge for July. I am thinking if I commit to only spending cash in $1 bills from July 1st through July 18th, I could pay off my remaining $3600 debt on July 18th. I currently have $1300 in savings. I just paid bills for July. That frees up July 4th and 18th paychecks, minus allowance spending in $1 bills, to go towards debt.

If I channel my inner Dave Ramsey, I could be debt free in 29 days. I am going to sleep on it for a couple of days.

 

[JackFrost]

Credit cards suck. I don't understand why people use them, at all

A while back, I went to go buy a new truck (without the wife's permission!) but found out I have no credit score. We buy everything cash. Even our vehicles (except I didn't want my wife involved this time, and new trucks are expensive) and our house is long since paid off.
I don't have credit because I have no activity, and it was suggested to me to get a credit card to build a FICO score. Well, my wife bought the truck for me, and I got a credit card, put about $1,800 on the card for mods on the truck, and I use my slush account to throw $200 a month at the balance.
What a stupid idea. Now I see why I hate credit cards. $200/month barely moved the needle on the balance. I'm going to need to just pay it off.

I chose $200/month to get my FICO score established. Regular payments over time is what bumps the score up. But dang, the balance seems to hover. I don't know how people carry 5 and 6 digit balances, the interest rate really cuts into it.

My last credit card was paid off in 1996, I swore I'd never get another one. I double pinky swear I won't do it a 3rd time. People keep saying they come up on a positive with their credit cards. Paying before the bill is due, transferring balances, getting cash back. Yeah, whatever, sounds like the people that go to casinos, you know the house always wins, right? Ain't nothing free

CC's are a great financial tool when used properly, the problem isn't the card, it's the person using it. The majority of CC users are impatient, greedy, selfish and impulsive! If you are a good steward of your finances and pay attention to monthly spending there isnt an issue with using them at all.
We have several different cards that we use for fuel, groceries and misc business purchases that pay between 4%-2% cash back which adds up and at the end of the year we apply that to the last statement balance and anything left over goes into a savings account. I agree that the interest rates are abhorrent and there is a monopoly on the entire system but if used responsibly they are quite helpful!

 

[Jay Walk]

We pay our card off every month, no debt or mortgage otherwise, wife financed a new Subi last year and had a 810 score. Finance dude says even paying off in full monthly, you will still have a credit score

She put 50% down and I had to listen her whine about the payment, so the second month she went ahead and paid it off.
Fully owned 2025 in 2024.

Tight budgeting is where it is at for us now, too close to retirement to be flirting with any kind of debt.

 

[JackFrost]

We pay our card off every month, no debt or mortgage otherwise, wife financed a new Subi last year and had a 810 score. Finance dude says even paying off in full monthly, you will still have a credit score

She put 50% down and I had to listen her whine about the payment, so the second month she went ahead and paid it off.
Fully owned 2025 in 2024.

Tight budgeting is where it is at for us now, too close to retirement to be flirting with any kind of debt.

Debt is a millstone around the neck and most people don't understand the mental strain it creates. Society has been taught that debt is acceptable and encouraged.