If you had ZERO debt?

[Anonymous]

OP, don't forget the mortgatge interest deduction though on your taxes. you can crunch the numbers for your tax return. In my case, it effectively lowered my monthly payment by almost 20%. true, there are possible suprise costs, such as repairs or possible decrease in the price of housing and there is less mobility. but even though I am technically in debt to the bank for the amount of the mortgage, one can also look at a lease as a debt. you are also technically in debt through the end of the lease. if you don't plan to buy, then you are also in debt all those additional years that you will be paying rent. though the interest makes up a larger percentage of the earlier mortgage payments, they may be offset by the mortgage tax deduction. then later payments are building equity, so these also effectively reduce your monthly (lost, rent-type) payment. buying still might not be right for you, but these are additional considerations.

[Anonymous]

Anonymous wrote:I am debt free. My life isn't any different from when I had a mortgage. I've always been a fiscally conservative person.

Same.

[Anonymous]

Anonymous wrote:There is much discussion on the interwebs about what you would do differently if you were suddenly rich, or how you would live if your income were to drastically rise. However I would like to know how you would choose to live your life differently (if at all) if you suddenly didn't have any debt - NONE. Would you use this an an opportunity to get back into debt again? For instance, would it justify the purchase of a new, more expensive house? Or perhaps you would use the opportunity to downscale your life (work less, pursue a hobby, etc.)? I'm curious what others would do.

We've been totally debt free since 2011. We've invested the amount we used to spend on our mortgage. Now we're looking to retire early (we're late 40s/early 50s). We did not change anything about our lifestyle - same house, cars, vacation, etc.

[Anonymous]

Anonymous wrote:I am debt free. My life isn't any different from when I had a mortgage. I've always been a fiscally conservative person.

Same here.

[Anonymous]

OP, I think your thought about moving into your parents home in 30 years needs to be explored more--maybe you have. Some older people use reverse mortgages to fund their retirements or have refinanced and will not own their houses free and clear at retirement. Also, if you think your parents may live another 30 years, I am guessing they are in their 50s. They may sell the house and move. All of these are legitimate and common outcomes for older people that may make moving into their home something that can't happen. Plus, if you have siblings, that will mean you have to buy them out of their share of inheritance. I think you said you are in your 30s so I hope that you have thought through all of this but then again I have in-laws who had grand plans for my parents stuff and never thought about the opinions of others. Have you thought about this, vetted it with your siblings or parents? Also, you are paying a pretty high chunk for rent. At that rate, you could buy a modest home and if it is modest in price, your down payment will be modest too.

[Anonymous]

I believe there is good debt (low interest, tax deductible) and bad debt (high interest). I think it makes sense to use good debt to make more money (through investing in stocks, mutual funds, or real estate).

So use your good credit to your advantage by finding investments that earn more than the debt is costing you.

[Anonymous]

You are young. Working and paying for your own house instead of waiting for your parents to die and take over their house.

[Anonymous]

I have zero debt. No mortgage no credit card debt nothing. We make good money, live below our means, and save a lot. Our only big expense is private school tuition. We don't live lavishly.

[Anonymous]

I feel I don't have that much debt...car and student loan. If I didn't have those two things...equalling $650 a month...I would just save it. I do hate paying so many places every month. PePCO WASH GAS ATT COMCAST BBT ETC ETC ETC. I try to pay some places for six months so I don't have to keep paying all these bills.

[Anonymous]

Anonymous wrote:I feel I don't have that much debt...car and student loan. If I didn't have those two things...equalling $650 a month...I would just save it. I do hate paying so many places every month. PePCO WASH GAS ATT COMCAST BBT ETC ETC ETC. I try to pay some places for six months so I don't have to keep paying all these bills.

*Equaling (This site makes me always feel bad about my typing skills)

[Anonymous]

Anonymous wrote:You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

If I had a million dollars, I'd buy you a green dress, but not a real green dress that's cruel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

If I had a million dollars, I'd buy you a green dress, but not a real green dress that's cruel.

Would you walk to the store? Or would you take a limousive 'cause it costs more?

[Anonymous]

Please let's not let this thread go down that road.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

If I had a million dollars, I'd buy you a green dress, but not a real green dress that's cruel.

Would you walk to the store? Or would you take a limousive 'cause it costs more?

We could put a little tiny fridge in there.

[Anonymous]

We don't have any debt. We use extra money to fund really nice vacations, purchases of nice cars, home improvement projects, but mostly as wealth building opportunities.