Reply to How much debt you have? Mortgage and student loans included.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How do people have such low mortgage balances in the DC area? Are the people responding people who have owned their homes 20+ years? [/quote]

I think this thread is getting more responses from people pleased with their lack of debt.

Like me!  Zero.  Paid off mortgage on $1m property by age 35, paid off $75k student loans by age 27.

I value a debt-minimal life because it allows us to be able to afford private school comfortably on a 250k HHI, as well as decent travel a few times per year.  We pay cash for vehicles.[/quote]

Nothing to be proud of.  You poured money into an illiquid vehicle that was likely to appreciate anyway and you could take out extremely cheap debt to cover, missing out on putting all that extra free cash flow into the stock market, which has had a massively historic run up, nearly doubling.  You’d have enough cash in the market now to more than pay your house note and would be sitting on - 2.5%-3% rate.

You lost millions in net worth.  But at least you can brag about being debt free!
[/quote]

You are probably from family money.

I grew up very, very poor with a lot of insecurity in my life.  I now never have to worry about money again.  I literally never think about it.  It automatically transfers into different accounts and savings vehicles, and I spend what I want, which is modest.

It has been incredibly freeing.  I spend my time with my family and friends instead of worrying about managing investment property/funds.  It’s wonderful.[/quote]

You know why I came from family money?  Because my parents, grandparents, and great grandparents could all build wealth by utilizing leverage.  [/quote]

I don’t even want that kind of wealth.  I don’t want my kids to value wealth above all else.  I want them to value education, friendships, and strong values.  They have everything they need and some things they want.  That is enough.[/quote]

Very hard cope.[/quote]

Hmm.  But are you happy?  I am.  I have a strong marriage and great kids.

Money only gets you so far.  I know quite a few very wealthy, VERY miserable people.  I am happy with my choices.[/quote]

Dp but agree that you’re doubling down on the hard cope. If you’re so happy you don’t need to say it like this. And probably not on dcum lol. [/quote]

DP. It's ok to say you're happy. Some people are and will mention it rather than complain about their spouses and children.  [/quote]

I think those people would say it in passing, not use it to take digs at other people.[/quote]

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