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IF you had years


Forum: Financial Planning and Budgeting

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  #1  
August 15th, 2011, 01:12 AM
JessP's Avatar Lovin life and family
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Lets say you knew that you wanted to be debt free in say 10 years. You know you could do it faster but it would require more sacrifice.
Would you go with the 10 years and have more disposable income or would you buckle down and pay it off faster?
Would it depend on how much faster?
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  #2  
August 15th, 2011, 07:56 AM
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I would want to pay my debt down faster, but only after I make sure I can start increasing our savings account. Honestly, I hate having debt (other than the mortgage and 15-18 years left on the student loans). I've always counted down the months until bills were paid off. It's just so much harder to do now with 2 (soon to be 3) kids.
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  #3  
August 15th, 2011, 08:17 AM
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If we had a desire to stay in our current house and if we kept our e-fund at 5 months of expenses, we could be completely debt free in 5 years. BUT, that's not going to happen because we want to move into a better school district. We'll be taking a 30 year mortgage on the new house, with the intention to pay it off in 15-20 years.
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  #4  
August 15th, 2011, 10:06 AM
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Faster makes more financial sense as you'd pay less interest and therefore pay less money in the long run. So we'd probably pay it down faster.
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  #5  
August 15th, 2011, 09:10 PM
Happy Song's Avatar Nicole
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The only debt I would even bother catching up when we get back on our feet is Taxes and back child support.

Other than that they are charged off judgments and we can settle them.

We would spend cash on commodities for when the dollar collapses.

We are trying like crazy to get all our 401Ks liquidated, as the stock market is a wealth eater. The current political set up is wanting to highly tax corperations not realizing that the true owner of said corperation is the 401K owners and stock owners.
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Last edited by Happy Song; August 15th, 2011 at 09:13 PM.
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  #6  
August 16th, 2011, 08:14 AM
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Ultimately, I would want to pay it down faster. I know things come up so if it had to be extended then I would be ok with that too
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  #7  
August 16th, 2011, 09:13 AM
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Quote:
Originally Posted by Happy Song View Post
The only debt I would even bother catching up when we get back on our feet is Taxes and back child support.

Other than that they are charged off judgments and we can settle them.
So basically you spend and spend with credit with no conscience to ever pay? Nice, just nice. And TTC in the process? No wonder our country is going to $hit.
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  #8  
August 17th, 2011, 10:06 AM
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If we were in debt (for more than our mortgage) I would be working to pay it off as quick as I can without depriving my child and also without depriving my savings account. That could mean only an extra $5 a month towards my debt but every little bit can make a difference.
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  #9  
August 19th, 2011, 01:38 AM
Happy Song's Avatar Nicole
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Quote:
Originally Posted by ~Kris~ View Post
So basically you spend and spend with credit with no conscience to ever pay? Nice, just nice. And TTC in the process? No wonder our country is going to $hit.
Actually Kris when I accrued my debt my husband was in the US Army and our debt was for legal fees. My credit card and foof foof debt was complete taken care of when I sold my house in AZ.

Kris I hope that you and your family never face deep economic harship because you certainly do not come across as compassionate.
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  #10  
August 19th, 2011, 08:25 AM
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I am compassionate, towards those that deserve it.

I think it is highly irresponsible to TTC multiple times while being on government assistance, being behind in your bills and saying you would rather buy cigarettes than take care of your obligations. I call it as I see it.
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  #11  
August 19th, 2011, 11:03 AM
Happy Song's Avatar Nicole
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Quote:
Originally Posted by ~Kris~ View Post
I am compassionate, towards those that deserve it.

I think it is highly irresponsible to TTC multiple times while being on government assistance, being behind in your bills and saying you would rather buy cigarettes than take care of your obligations. I call it as I see it.
~Kris~ I do not share these details of my life and thought process for you to judge me, but for anyone who is here, been here, or might be here someday.

I do not believe that the world we live in is going even be recognizable in 10 years. Conventonal wisdom says you have $10, so pay it to an interst bearing debt and reduce your debt burden. So lets start simple. A year ago my store sold sugar for $.25. I bought $10 worth. Now the best price I can find sugar for is $.50lb. So my investment has appriciated 100% in 12 months. Your not going to get that kind of wealth from paying down your morgage on a depreciating house, on a 401K in a bad market, or even gold. The best part of working in commodities is that you can invest any small portion even if it is $.10 packet of Top Ramin.
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