Who has their truck Paid off?

Paid cash. It’s been years since I carried debt on anything, and don’t see that changing anytime soon.

 

yeah cash is good, but sometimes it helps the credits to carry a small loan... as long you paid it off quick.

 

Mine's an '07, was worth about $15k when I bought it off my brother in 2018. I paid $14k for it, cash. Only debt we have is our mortgage, and it kills me to write that check every month knowing how much of it is front-loaded interest...

(we do send extra for the principal since the day of loan initiation.)

 

I'm 29. Bought my first home in 2018. I didn't even make my first payment before I already hated the fact I was in debt. I feel like I've been given something before I've earned it.

I just passed the half way paid off point on Wednesday with the extra check this month (keeping in mind I own a humble shack).

A little goes a long way at the end of the day.

Will love when that interest payment becomes mine one day.

 

i just looked at KBB on my truck's value... 197k miles still worth $12k for private sell.... awesome!

 

Just make sure to send the extra principal payment in a separate check. Also get a printout of the amortization schedule and you can actually see how the principal payment and plan extra payments accordingly.

 

Bought mine in Cash on 10-20-2012 ,Money was from a Lawsuit accident 6 months earlier!

 

Congrats! That's awesome. I'm 36, had the house built in 2015. I can't wait to get rid of the payment!

I've already spoken with the bank the day that the construction loan rolled over into a conventional mortgage when we got our CO. It's a hometown bank that doesn't sell their mortgages (they hold every single one of them for the lift of the loan), and any extra that's sent is directly applied to the principal. Not only that, but I keep track, and when I write the check I specify that the extra goes on the principal. The new statements that they send out now have a line specifically for payment, and additional principal.

If I keep on track where I am now, I'll finish the mortgage in 20yrs instead of 30. I'm 5yrs in.

 

Purchased in 2014 paid it off 2018

 

Local banks are the best.

 

People who pay cash for something that you can get super low interest rates rather than investing that cash

 

There is no lower interest rate than 0%.

For me to have a car payment reduces what I can invest in retirement monthly.

You cannot get low rates on used cars which is what I buy.


When it comes to why debt is not wise, its because people use leaverage to buy things they can’t afford.
They put a car on a loan because the monthly payment hides the fact they are buying a car equivilent to their yearly income.

A 30 year mortgage hides the fact that they are over purchasing by $100k. Or not putting enough down.

An autoloan interest rate being super low hides the fact that they are buying a brand new car that depreciates 30% in the first couple years.

Its about behavior.

When I have to cut a check for the full value of a car the day I get it, it puts a checks and balances on the total amount I spend. If it hurts too much to write the check its a tip off to me I’m making an unwise choice.

Also please keep in mind the median single income in the US is $36k/yr. Average car payment is $502/mo.

For most earners in the US having a car payment means not having an income for retirement savings. Because there ain’t a whole lot of money in the month for things.
So its choosing between a car or a future.

When you start talking about people who make 2, 3, 4+ times the median income then they have more room to pick and choose those tactics because they can absolve the risk better.

Thats why. We can disagree, thats OK

 

Paying cash or paying off early on auto loans makes perfect financial sense but on mortgages as long as its interest is tax deductible, financial advisors are saying better to invest than paying down the mortgage

 

Thanks to a deployment I paid it off in 13 months!

 

Fire the financial advisor. Do the math yourself. Look at what you end up paying in interest over 20 years. Now find a safe investment that pays that well. Here's the deal a lender is in business to make money. So is the financial advisor.

 

Sounds like you are still investing over time. But for some I’d rather have that 30k in my portfolio making 5-10%. They were raised to never take debt which is good but some debt in the short term is not always bad. Seems like you got your shit figured out

 

Paid cash for mine. But didn't really want a loan on a 10 year old truck. And Dave Ramsey would call you stupid to not pay cash for a truck. But to each their own.

 

I understand the debt vs investment argument. I won’t do it but understand it.

I just refied to a 10 year mortgage in Feb. I totally get why some people say instead of me putting extra cash on the principle and paying it off, pay the regular payments, pay it off in 10 years and invest what you would have paid extra. You’ll be ahead at the 10 year mark.

But I still wanna trash the loan lol Then I’ll put my house payment ontop of what I already put in and I’ll be fine.

I like the risk reduction of no house payment.

 

Thats how I function too. But everybody is different. Some people don't care about paying bills. But me on the other hand, every month I bitch about why I still owe people money. Get that shit paid off and be done with it!

 

I get mad I can’t buy my utility bills outright


Here $5k. Stop billing me for water lol