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Discussion Starter #1 (Edited)
Well my wife and I made our last payment together this morning, and I am proud to say that we're debt free! We have paid off over $15,000 of consumer debt since January. I can't even tell you what an incredible feeling it is to imagine never having another payment again.

A few of our next goals include:
• Getting & Running the business debt free ($33,000)
• Writing a check for our first house by 2013
• Leaving an inheritance for our children's children

We are about to graduate from Dave Ramsey's Financial Peace University. You can say what you want about Dave, but this program has changed our lives and our marriage. Best $100 we've ever spent. Money fights are over and we're on the same page financially for the first time since we got married.

Certainly not posting this to brag. Just to let you guys know this could possibly be a solution for you if you're struggling in this area.
 

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Congrats! Maybe I'll do some research about that class. I'm not in any financial trouble by any means. I could pay off my credit card debt tomorrow, but I don't see the point when most of it is floating at 1.9% for the life of the balance. My money market's making well over that. If anything, I'd like to get a bit more aggressive about investing (I'm pretty risk-averse when it comes to money), but in this market with my limited knowledge, I fear I'd get crushed.
 

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Congrats!!

Only advice, don't leave the inheritance, make 'em earn it and spend it all.
If you do want to leave it anyway, I'd suggest that you give it to them in up to $20K increments while you're still alive ($10K from you and $10K from your wife) each year so they don't ever have to pay tax on it ;).
 

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If you do want to leave it anyway, I'd suggest that you give it to them in up to $20K increments while you're still alive ($10K from you and $10K from your wife) each year so they don't ever have to pay tax on it ;).
Or if you don't do that, fund the taxes with life insurance proceeds.
 

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If you do want to leave it anyway, I'd suggest that you give it to them in up to $20K increments while you're still alive ($10K from you and $10K from your wife) each year so they don't ever have to pay tax on it ;).
RoadDad's kids have already tapped his account using his password and nothings left.
 

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Is paying me in this plan somewhere for the incredibly cheap and large amount of work I did quite a while ago? -poke-

EDIT:
I meant the above to come out much more jovial than it apparently did. I would therefore like to publicly apologize. I in no way would like or intended to defame Robbie's good name. He and his entire family are very stand up people, and I consider him a good friend. We entered into an agreement, the terms and timing of which were met by both parties. I told him I wasn't in a hurry to get paid on it and knew he was good for it, while waiting on a refund to come in. He in fact sent it some time ago and it just happens to be floating around the postal system right now. I was out of line for typing this in the manner which I did (thought the poke would infer joking).
Oh, and if you ever need shirts, the quality of his work is as good as you'll ever find. I now make shirts myself and am not ashamed to admit that I have still requested his services.
 

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Great feeling. I paid off my mortgage a few years ago, and haven't taken on any new debt since. It's just so relieving to be able to live without any financial obligations (other than the property taxes, income tax, water bill, electricity, sewage, homeowners insurance, auto insurance, phone bill, etc.). :)
 

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If you do want to leave it anyway, I'd suggest that you give it to them in up to $20K increments while you're still alive ($10K from you and $10K from your wife) each year so they don't ever have to pay tax on it ;).
Better yet, buy into a Family Limited Partnership and gift them 10k each per year as shares in the partnership. Put the funds in the FLP into investments and allow them to grow. That way, you're not giving them 20k per year... by the end, you'll have given them 20k per year plus double-growth on the funds. ;) ;)
 

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Well my wife and I made our last payment together this morning, and I am proud to say that we're debt free! We have paid off over $15,000 of consumer debt since January. I can't even tell you what an incredible feeling it is to imagine never having another payment again.
Congrats - that's quite a bit of debt to wipe out in that short a timeframe.
:clap:

How? Snowballing?
 

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My nephew and his wife paid off their first house in 2 years! They're very tight with their money.

It was a small house. They sold it and bought a larger house and plan to have it paid off within 6 years. They're very tight with their money.

They don't plan on having kids until the house is paid -- kids cost too much. They're very tight with their money.

Anyway, congratulations on getting out of debt... just don't be too tight with your money. A home is a great investment... but you'll be in debt for the next 15 to 30 years ;) But that's a debt you should be able to live with.
 

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^ Would love to do that with houses, but thats pretty much impossible here.

Never been in debt... until I buy a typical million dollar silicon valley house :panic:
 

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^ Would love to do that with houses, but thats pretty much impossible here.

Never been in debt... until I buy a typical million dollar silicon valley house :panic:

Yeah. I think their first house was in the $20K-$30K price range. Tiny house in an older blue-collar neighborhood. They were lucky to buy it before a big surge in real estate prices.
 

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I'm starting to get serious about eliminating debt from our lives. I hope that our next car will be the last one we have a loan on.

We bought a nice house, but nothing extravagent so that we could do it with a 15 year mortgage. I'm paying extra every month and hope to have it paid off in ~10 years (if we're still in it).
 

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Welcome to the club!

The mortgage has been gone for over a decade and we pay off our credit cards every month. Cash for cars ever since the second one. Enjoy!
 

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I'm still working on the debt free way of life. 1/2 of my student loans are gone in two years, I have a $8k balance on my car, and my CC debt is gone. I max out my 401k at work, and have 6 months of living expenses in the bank for rainy days. I'm not in a bad position at all, but like anything in life, I want it over now. rotfl
 

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No CC debt, no student loans, one auto loan (Lotus) which will be paid off in July....only 8 months to pay off $30k+....we're on track to pay off our home in 3.5 years. Then we'll only be 33 years old and things will be on our terms....hopefully. One can never see what the future holds.
 
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