Paying off debt

[Patrick NC]

I saved every bit of profit I've made with my mill over the past year and today I paid off all my mill related debt. I paid off $18,473 in personal loans and credit card debt.  I've got about $4000 left for some upgrades to the mill. Big milestone for me. Now it's time for me to start saving for a new mill in a couple of years. I've been eyeing a Baker Blue streak on their website lately. 

[Bill]

Surely does feel good to make those last couple payments

[dgdrls]

    Congratulations

D

[trimguy]

Congratulations, that's a big deal !

[Dan_Shade]

Awesome 

[taylorsmissbeehaven]

I know that feels good! Thats how I upgraded to the LT 35. Keep your eye on the prize like the dangling carrot approach and things happen fast. Thats a great milestone and you should be proud!!  Brian

[moodnacreek]

W ay to go, do it now while the economy is still good and be thankful and satisfied with your achievements.  And get a circle mill next time. 

[Resonator]

"Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice." ;D

[petefrom bearswamp]

Good on ya guy.
Being debt free on any purchase is a wonderful feeling.

[SwampDonkey]

Congrats on reaching that milestone.

[firefighter ontheside]

Congrats on paying all that off.  It feels good.  We paid off my truck a year early just recently.  It didn't really save us a lot of money since most of the interest had already been paid, but it just feels good to know that money isn't coming out of our bank account every month.  Our house was paid off several years ago.  It's getting to where we don't have much debt anymore.  Oh wait, our oldest will be in college in a few years.  

[Patrick NC]

Congrats on paying all that off.  It feels good.  We paid off my truck a year early just recently.  It didn't really save us a lot of money since most of the interest had already been paid, but it just feels good to know that money isn't coming out of our bank account every month.  Our house was paid off several years ago.  It's getting to where we don't have much debt anymore.  Oh wait, our oldest will be in college in a few years.  

We are on track to pay off our mortgage in 20 years instead of 30. I need to work on that a little harder.  Like to make it 15 or even 10. As far as paying for college,  we got off easy. My stepson joined the navy right out of high school (16 Years now). Stepdaughter is married and doing well,  and my son started working with me last year.  But I do gave 3 granddaughters that we seem to spend a lot on!😁

[aigheadish]

Good for you!

I have the tendency to go in and out of debt every few years. I'll pay everything off then find some crap I'd like to have then go back to owing. Luckily, I think I'm getting to the point where the big purchases are about done, so that should help.

[justallan1]

Congratulations!
Paying things off or paying big chunks off early when you can is sooooo nice mentally.
Although I'm making my bills and payments just fine, my problem is I keep thinking I need a 4WD tractor.  8)

[stavebuyer]

Congratulations!
Paying things off or paying big chunks off early when you can is sooooo nice mentally.
Although I'm making my bills and payments just fine, my problem is I keep thinking I need a 4WD tractor.  8)

You do!

[DWyatt]

"Debt is dumb, cash is king, and the paid off home mortgage has taken the place of the BMW as the status symbol of choice." ;D

I'm glad I'm not the only one who thought the same thing. The freedom of choice associated with not being in debt is something I wish more people would realize. 

[Walnut Beast]

Awesome 👍💪

[Cedarman]

To me debt is like a chainsaw, just a tool to get the job done.  I am out of debt in Indiana, but have debt in Oklahoma.  But you can't save to buy a $630,000.00 grinder and support equipment.  Just need the sales to generate the income to pay it off.
If you are going in business in a big way, debt must be incurred unless you have megamoney in the bank from other sources.
Don't be afraid of debt, be afraid of not being able to pay off the debt.  So a good business plan is mandatory.
Being out of debt is a good feeling though.  I am enjoying it in Indiana.

[farmfromkansas]

When I got married, my mom gave me a copy of Ben Franklin's autobiography.  The thing has never gone out of print.  He lays out his plan to save money and how to live without debt.  Thing is, I could not ever build a spec house without a loan, but did operate my business on Ben's model.  Great read for your kids and grandkids.  I did notice a huge difference in the part Ben wrote as a young man, and the part he wrote when he was old. Should be required reading in school.

[aigheadish]

I think I've read that but will check it out again. It usually takes me a few passes before a book will stick with me.

[reride82]

To me debt is like a chainsaw, just a tool to get the job done.  I am out of debt in Indiana, but have debt in Oklahoma.  But you can't save to buy a $630,000.00 grinder and support equipment.  Just need the sales to generate the income to pay it off.
If you are going in business in a big way, debt must be incurred unless you have megamoney in the bank from other sources.
Don't be afraid of debt, be afraid of not being able to pay off the debt.  So a good business plan is mandatory.
Being out of debt is a good feeling though.  I am enjoying it in Indiana.

I totally agree. I refuse to make payments on something that isn't paying me back. Granted I have a fair amount of toys, but they were all paid for in cash. The guys that are financing ATV's/toys/luxury cars drive me nuts. A friend of mine has at least $150k tied up in toys/Suburban or bad debt as I call it. That same debt could be put into rental properties or equipment and it'd pay for itself. I have three rental properties with less that $100k left on the note that I'm making $2k a month after expenses. I should have invested in another one but I can't wrap my head around this new market.
Levi

[moodnacreek]

Constantly borrowing money means you must constantly make more money or else.

[Patrick NC]

To me debt is like a chainsaw, just a tool to get the job done.  I am out of debt in Indiana, but have debt in Oklahoma.  But you can't save to buy a $630,000.00 grinder and support equipment.  Just need the sales to generate the income to pay it off.
If you are going in business in a big way, debt must be incurred unless you have megamoney in the bank from other sources.
Don't be afraid of debt, be afraid of not being able to pay off the debt.  So a good business plan is mandatory.
Being out of debt is a good feeling though.  I am enjoying it in Indiana.

I feel the same way about debt being a tool.  No way that I could enjoy the lifestyle I live without it. What I am afraid of is interest. I try to borrow smart at the lowest interest rate possible.  Both my truck and tractor are 0%. I make higher interest debts priority to be paid off as quickly as possible. 

[Tom King]

When I was a young man, an Uncle of mine gave me some financial advice.  At the time, I thought he was just a crazy old man, but have since learned it was good advice.

He said, "Make money, not payments.  If you start making payments, you won't ever have any money."

I made one payment for my current truck.  That was in November 2000.  Some people say you come out better making payments, but their definition of coming out better is a little different than mine.  I don't want to worry about it.  Built our house out of leftovers from the building business in 1980, and have added onto it a couple of times the same way.

[GRANITEstateMP]

I've been working hard to minimize debt. Only thing left to pay off is the house. We try and pay a little extra every month, but at the same time I'm trying to build up our rainy bday fund a bit more before buckling down on that mortgage.  Low interest rate is helpful for sure. All my toys are paid for in cash.  No toy loans. If it doesn't help make money or is my house, it doesn't get a loan!

Awesome job PatrickNC !