Enslaved by Debt

[Bro. Bill]

Great post. We have been debt free for over 6 years now and it is nice..

The amount of debt that people are comfortable living in these days is mind boggling..

Yes sir it truly is mind boggling
I have friends in my shoes we’ll pass 300k
And have NO plan..

Be blessed

[bakin7005]

Truth!
Einstein said compounding interest is the eighth wonder of the world. Those who understand it, earn it. Those who do not understand it, pay it.
Good post brother bill

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[Man]

I sure wish my parents would have taught me about money. They didn't teach me a thing, and looking back not sure they knew what they were doing as well. It took me to hit rock bottom financially around the age of 30 to learn for myself. I have recently ventured down the path on living a minimalist lifestyle. And one of the benefits of this among many is not wasting money and acquiring more debt on useless junk.

[Bro. Bill]

I sure wish my parents would have taught me about money. They didn't teach me a thing, and looking back not sure they knew what they were doing as well. It took me to hit rock bottom financially around the age of 30 to learn for myself. I have recently ventured down the path on living a minimalist lifestyle. And one of the benefits of this among many is not wasting money and acquiring more debt on useless junk.

Stuff will get you in trouble

[sasqy]

Reality Check !

[SJP51]

All you say is true. But, you can also be enslaved by too much money. I know some who spend all their time and get super stressed just managing it. They are some miserable people.

[Monark]

Truth!
Einstein said compounding interest is the eighth wonder of the world. Those who understand it, earn it. Those who do not understand it, pay it.
Good post brother bill

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^^^ Bingo^^^

Bro Bill, I don't know too many 23 yr olds that can pay cash for a house, yet it is probably the best investment they will ever make. What say you?

They need to consider renting cost versus buying cost to see how they can break even or get ahead.

[SharpEnd]

Great message Bro Bill. We’re in the process of downsizing at the moment. Bigger house than we need now that the kids are almost out, no need to maintain and pay outrageous property taxes either. Will be nice to not have the overhead.

[Mtltx]

Thanks Bro. Bill

[Leemo]

Need.....not wants!

Thanks for sharing

[jmeghunts]

I sure wish my parents would have taught me about money. They didn't teach me a thing, and looking back not sure they knew what they were doing as well. It took me to hit rock bottom financially around the age of 30 to learn for myself. I have recently ventured down the path on living a minimalist lifestyle. And one of the benefits of this among many is not wasting money and acquiring more debt on useless junk.

My parents didn't talk about money that much with us and I made my mistakes when I was younger. I'm trying to do better by my kid.

[PondPopper]

Its simple math. If you have $1,000,000 in your 401K and you owe $1,000,000 you are actually still in the hole by a minimum of $300,000 and that is guessing on the tax rate because who knows what it will be anymore, in the near future..

[Mertzon Man]

Good one today Bro Bill.

[Bro. Bill]

Its simple math. If you have $1,000,000 in your 401K and you owe $1,000,000 you are actually still in the hole by a minimum of $300,000 and that is guessing on the tax rate because who knows what it will be anymore, in the near future..

What’s a 401k,joke!

[bigbad243]

yes, agree a ton with this. We had to dig ourselves out from young age due to mistakes but are very close. In about 90-120 days we will just have our home and 1.5 cars debt wise. The cars are tough bc we both drive so much for work, and are required to get newer (I think 2018 or newer) for our jobs.