Porscheless & Debt Free

[onewhippedpuppy]

We had a bittersweet day last Wednesday when my 1982 911SC left, on its way to an awesome enthusiast who splits time between the USA and Germany. My car will be headed to Germany, where it can again prowl the autobahn. This follows the sale of my RX7 several weeks ago, again going to a great young enthusiast who appreciates how special the car is. That was the sacrifice, the benefit is that we were able to wire our final house payment last week and are officially debt free. It hasn't set in yet, I'm sure it will once we have a few house payments just sitting in our checking account. This is the culmination of a solid decade worth of work, and I finally made the decision in early 2018 that I would sacrifice toys in order to be done with debt. So while I'm sad to sell two really great cars, I can't wait to enjoy doing things with my family that we previously hesitated to do because of money. I can always buy another car, but I'll only have kids at home once and want to make the most of it.

[Tervuren]

Good call.

Really takes the worry off, free man.

[livi]

Congratulations, thats excellent.
I wish I could do the same but that would require me having a brand new Rolls Royce to sell. And then some..

[flipper35]

Congrats on being debt free. I can imagine it is an awesome feeling once it sets in.

[Craig T]

Very wise move Matt. Congratulations.

[Baz]

Thanks for sharing, Matt and a BIG congratulations!

Most of us know all about tough decisions selling off our babies. What sticks out for me the most is that your beauties went to good homes. For that, you can take much solace.

Last I heard, my Tangerine was in the hands of a person in California who used to test drive for Porsche in France. I have no doubt, she is being well cared for, as she deserves.

I paid off my mortgage a few years back and can't tell you how nice it was to get rid of what had always been the biggest payment each month for me. The relief one feels is hard to put into words, in terms of financial freedom. Plus I was able to tell my homeowner's insurance company to take a hike...

And you never know...one day when the timing is right, another Porsche may find it's way to your garage.

Best to you, sir.....keep charging!

[onewhippedpuppy]

Baz, there will absolutely be another P-car in my garage at some point. I've kicked around the idea of selling my S8 to buy a 996 just to scratch the itch, but I also enjoy the S8 and it's much more practical.

Honestly the biggest catalyst was the realization that with my oldest son starting high school, we only have 4 more years with him before he moves on to college. While we aren't poor by any means, there have always been things we have hesitated to do because of financial constraints. Not having a house payment removes many of those constraints. While we won't be rich because of this one change, no longer will a spontaneous weekend away or tickets to a Chiefs game be an event that requires advance planning. I can always buy another car, but this time with kids only happens once. Now we can enjoy it!

[vash]

well done.

that would have been an easy choice for me. i am about 10 years away, and it feels like an eternity.

i pay it off and all bets are off..it's go time. no waffling about, should i buy it?

[Seahawk]

Well done - I am so delighted that my Dad's RX-7 went to a good person. You did a magnificent job with that car, Matt and I am grateful.

Well done with the kids: As you know I was a SES in the Pentagon after I retired from the Navy.

I had an apartment up there due to the long hours, which made a commute impossible. After less than six months on the job, I was working with Jack on a farm project. He was a freshman in HS.

He said, in his own way, "I wish you were home more".

I resigned the next week. Best move ever, Mav...

Congratulations again.

[Oracle]

Well done..
I have a similar story: I sold the P-car 3-4 years ago and I bought a bigger house needed to accommodate the family, without increasing the mortgage.

People ask me if I miss it? sure, but I know I made the right choice. So no regrets..

[rattlsnak]

I am on the other end of the spectrum... I had been debt free for the last 10 years (aside from bills that pop up and my kids college, etc) and within the last year, I got married, bought a house that is way too big and cost way too much and bought a new GT3.. I figure I can live on high cotton for the next 10 years and then sell it all then when I retire and move out of the city..!

[berettafan]

congrats, that is good stuff!

we had a one time bump in income a few years back and opted to pay the house down a bit and refi into a 15yr note. $50k to the bank and payments stayed almost the same but we're done much earlier. Now every month my mortgage bal drops a LOT. best financial decision I've made in a long time.

[onewhippedpuppy]

Originally Posted by berettafan

congrats, that is good stuff!

we had a one time bump in income a few years back and opted to pay the house down a bit and refi into a 15yr note. $50k to the bank and payments stayed almost the same but we're done much earlier. Now every month my mortgage bal drops a LOT. best financial decision I've made in a long time.

We actually did that quite a few years ago, big one time payment and a refi to 15 year fixed. Then we paid extra every month to help.

[pwd72s]

Feels great, doesn't it?

[GH85Carrera]

I have been debt free for quite a while.

The scary part is we (my business partner and myself) are about to purchase a Cessna 182 that costs more than I paid for this house, and my 911 combined. It is a tool for the company, and not a toy. The company needs it and it will save money over leasing or renting. So I am about to sign loan papers for the first time in 21 years.

[john70t]

When I was 14 or 15 I think I got a checkbook as part of one of my first jobs. Scrubbed carpets and newspapers and mowed lawns before that.
I bounced a check for 13 cents while parents out of town.
The bank sent me $10 and/or $15 fees daily.
When my parents got back, that $.13 overdraft (which the bank lost about $.0000006 daily interest on) turned into $55.13.
Around a million times penalty on actual losses was legally charged by that private bank company.
I wonder if other private businesses such as my own could charge that?

After high school I shared an apartment with a couple 'personal problem people'. Whatever.
I moved out earlier than one of them and got a waiver from the apt mgr which was lost.
11 years later, my credit was still ruined and I was shut out of the California RE market which just about tripled a few years later.
Despite years of a the same union job and the same bank and address and zero debt I was unable to even contest this legacy public defamation by the NYC bankers which make up the private Federal Reserve which has bailed out some many 'private' failed speculative entities with 'public' USDs.


Needless to say I learned my lesson well, continue to learn, and have not been keen on the US Banking System.

[porsche4life]

Congrats Matt! Can always buy another toy!

[RKDinOKC]

Need to do the same thing with my 94 928GTS.

[tabs]

Good deal really.

[Danimal16]

Congratulations on a great call!