Quote:
Originally Posted by Porsche-O-Phile
Keep it. As much as I like the idea of being debt free I really don't think there's any such thing. You'll always need food, shelter, clothes, transportation, fuel, etc. even if you own your car (I do - I hate car loans) you still have to buy tires, oil, gas, maintenance, etc. even if you own your home you have to pay upkeep, utilities, insurance and taxes (you don't ever own real estate the government does - if you don't believe me don't pay the tax bill and see what happens). You need health insurance coverage (unless you're VERY foolish and rolling the dice going without), etc.
Maybe some wouldn't consider those things being the same thing as "debt" but I don't. They're all things that keep one having to work and "on the treadmill" unless you've got a huge inheritance or astonishingly good investment revenue to cover all that, or are retired and on borrowed time hoping to die before your money runs out.
Yes there's something to be said for having LESS that you have to come up with each month but there's simply no such thing as being entirely free of it. In that context I say do what makes you happiest and don't fret the money bit so much.
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I respectfully disagree Jeff. I purchased a new Jeep CJ5 (when I was 17 with my dad cosigning) to "establish credit", and I borrowed 'bout 25K for a new Supra Turbo in my 20s (making good "coin", and having a blastl
). Then around 30, I got "serious" about not being on the "treadmill" (or having to "option" to hop off) by the time I was 50. One can be essentially "debt free" (if you've got everything "covered" that you mention above with appropriate "income streams") without being a slave to "work" and actually increase one's net worth while doing so. Just takes some planning and diligence (and NO divorces
). Knowing "what I know now", I would NOT have borrowed to purchase that Supra back in the day...YMMV.
Took the option to "retire" back in the fall of '08 (at 48) rather than be outsourced to a large corp. that I simply would not work for for ANY amount of $.
"Debt Free" =
imo....but you typically don't get there without "a plan".
Fresh out of college...I had nada (but NO debt)...
Only the OP knows which "priorities" are best for him though....YMMV