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arakboss

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I went ahead and raided my annual expenses savings fund and paid off my last debt of $2036, this morning. It took several years to go from $16,000 to zero debt but it finally happened.


20200829_062440.jpg


From here on out I am going to do my best to live life in more of a financial minimalist fashion. In the last two years I have went from having 14 different monthly bills or transfers to just 4. Two of those (car and life ins) are set up to come out of my account automatically each month. Starting Nov 1st, I am going to set up the other two payments (child support and "rent" money to my wife) to be transferred automatically. This will eliminate the twice monthly activity of paying bills.

Firearm related purchases have been my greatest weakness when it comes to spending. I won't completely eliminate those purchases but I am going to be very careful about deciding whether future purchases are going to have a good fun to dollar ratio. I am going to tighten up my grocery expenditures for the next month or so to make sure I have enough money to cover upcoming annual expenses. Then I will start throwing money in to my Roth.
 
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Good for you.

I have four monthly bills if you count payees:

1) Mortgage (includes property tax and insurance escrow) - paid automatically
2) Electricity for house and shop - paid automatically
3) Internet - paid automatically
3) CC bill - covers Amazon prime/et. al., etc. at a minimum, then there are my other purchases, most of which are discretionary, but include things like gas and other monthly expenses - so a minimum of about $200, but have risen to $10K at times (medical bills). Paid off in full each month. I get on an average 1% reward points that I can use to buy things on Amazon.

Beyond that I have semi-annual car insurance, car tabs/etc. every two years on vehicles, and so on.
 

arakboss

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Good for you.

I have four monthly bills if you count payees:

1) Mortgage (includes property tax and insurance escrow) - paid automatically
2) Electricity for house and shop - paid automatically
3) Internet - paid automatically
3) CC bill - covers Amazon prime/et. al., etc. at a minimum, then there are my other purchases, most of which are discretionary, but include things like gas and other monthly expenses - so a minimum of about $200, but have risen to $10K at times (medical bills). Paid off in full each month. I get on an average 1% reward points that I can use to buy things on Amazon.

Beyond that I have semi-annual car insurance, car tabs/etc. every two years on vehicles, and so on.
I am going to look in to finding cheaper car ins and paying semi-annually.
 
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Congratulations.
Feels good doesn't it........
The only bills we have had for years are those like food, electricity, water etc.
About 20 years ago we decided to attack our budget with a vengeance.
After about 10 years we were debt free.
Now we pay cash for everything. House and cars are paid for and we can
relax and not worry like we used to.
Now I just have to hide that new guitar I bought .........:confused:
 

arakboss

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Congratulations.
Feels good doesn't it........
The only bills we have had for years are those like food, electricity, water etc.
About 20 years ago we decided to attack our budget with a vengeance.
After about 10 years we were debt free.
Now we pay cash for everything. House and cars are paid for and we can
relax and not worry like we used to.
Now I just have to hide that new guitar I bought .........:confused:
It does feel good. I should have done it much quicker but so many firearms, firearms parts, reloading components and ammo were calling my name and I couldn't resist. Congrats on your accomplishments.
 
I went ahead and raided my annual expenses savings fund and paid off my last debt of $2036, this morning. It took several years to go from $16,000 to zero debt but it finally happened.


View attachment 741991


From here on out I am going to do my best to live life in more of a financial minimalist fashion. In the last two years I have went from having 14 different monthly bills or transfers to just 4. Two of those (car and life ins) are set up to come out of my account automatically each month. Starting Nov 1st, I am going to set up the other two payments (child support and "rent" money to my wife) to be transferred automatically. This will eliminate the twice monthly activity of paying bills.

Firearm related purchases have been my greatest weakness when it comes to spending. I won't completely eliminate those purchases but I am going to be very careful about deciding whether future purchases are going to have a good fun to dollar ratio. I am going to tighten up my grocery expenditures for the next month or so to make sure I have enough money to cover upcoming annual expenses. Then I will start throwing money in to my Roth.
Congratulations! Feels pretty damned great, doesn't it?

Pro tip: Pay off that vehicle (or sell it and get a cheaper one) before you start with the Roth.

ETA: I misread your original list of payments of "car and life insurance" as a vehicle and life insurance. Further down I saw where you were referring to both car insurance and life insurance. Congratz on paying off the vehicles. As others have noted, buy your next vehicle (and all subsequent ones) with cash. Never have another car payment as long as you shall live. Can't tell you how fabulous living debt-free can be. Paid off the mortgage and all vehicles almost 3 years ago. My credit card pays off the full balance every month automatically. All of my utility and other regular bills pay off automatically every month as well. Property taxes, car insurances, and irrigation assessment pay off automatically every 6 months. Homeowners insurance pays off automatically once a year. Without having to pay interest on crap, there's always money to pay off what needs to be paid off. And it's a helluva lot easier to put money away for retirement when you're not giving it away to the bank.
 
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Congratulations!

I got my monthly bills and such down to being covered by one paycheck a couple of years ago and was pretty happy with that, but now thanks to stocking up on firearms, ammo, and components, I am debt heavy again. It sucks.
 
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Credit score is just a ranking the debt enslavement masters give you at the slave auction lot.
Means, "you be a trustworthy ni66a."

Goodcredit makes a difference when you do need credit though. That, combined with zero debt, some savings, and a good income is useful, especially if one goes to get a mortgage.

And right now is a good time to get a mortgage if one can find a good value on real estate, one has steady secure employment and one is so inclined. Although I still owe considerable $ on my mortgage, my equity is greater than my debt, and it was one of the best investments I have made - at least on paper; when I sell (maybe next year), I will have basically lived here for free (not including sweat equity, which was considerable) because the appreciation of value will have paid for my mortgage payments.
 
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If possible, set aside some savings besides 401k/IRA contributions (which are good); stuff happens and it is always good to have liquid cash on hand. I recommend at least 6 months living expenses in an interest bearing checking account.

I am on a fixed income now - I get enough social security to pay all my my standard monthly bills - but I have one year's worth of cash in my checking account to back that up - just in case. Since you apparently have kids, you can count on extra unexpected expenses.
 

arakboss

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Arakboss - It sounds like you’ve been through quite a bit of struggle to reach this point. Wonderful accomplishment. Congratulations!!! :)
Thanks, I was in debt for decades, had one bankruptcy back in 2001 but hopefully I'm cured now. Next step is to get my shopping urges under control and focus on retirement savings. Dang it's hard with these NWFA classifieds:)
 
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Feels killer huh!!
It feels good not being a slave to the corporate world

It feels good. But until you have enough to live on without working at all, then you are not free.

I remember when I moved here from Seattle (after having to move there for work, and then being there for 25 years). I was thinking that if I could just keep my job at Daimler for 9 months then it would be worth the move. I didn't rent a place to live for 3 months (lived with my daughter) to make sure I still had a job before signing a lease. I was debt free at that point, but I was still being careful.

Daimler was the longest I ever worked at one place; ~ 9 years. Before that, 4 years was the longest.

Now I don't have to work again and I am basically retired (I am looking for work, but doubt I will find anything). Knowing I don't have to work ever again is really nice.
 
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