Recently realized that my current will lists properties and people who no longer exist, so time to get things rewritten. Now, in California, a will can be written on a napkin and as long as there are three witnesses to sign off on it, it is legal. However, what we need is a trust, because a will can be challenged by shitheads who want to get your stuff should you get croaked out for some reason. I for one have family I wish to not get anything I have and I have family and friends who I want to get my stuff, and there’s enough to worry about. This is all part of building and maintaining wealth, witch all happens because of “debt free”
I want to be debt free and financially independent. Cars are paid off, and I have no other consumer debt. It took a long time to get here but i am glad i put in the work. You can do it too.
Dude is three years into college with a double major. Wants to go to law school and has decided to take a couple of years after he graduates to work and pay off his current student loans while saving to cash flow law school. Fucking smart kid. I’m really proud of him!
We finally got policies last year, my wife and I. Basically worth as much dead as I am alive now, which is cool. 20 year term, and if I’m not fully self insured by the time it expires, I’ll add another ten years to it.
I was two years into my first house and one year into a new financed truck. Being tired of making $500 a month payments and seeing how I could get a HELOC for a better rate, I used a portion of that money to pay off the truck. Essentially, took money from an asset that was appreciating and used it to pay down a liability that was depreciating. Hugely stupid. That added 30k to my mortgage.
In the end this didn’t hurt me much because I doubled my money on the house and I still own the truck, it’s 22 years old now. However, I will never do anything like that again.
This would be akin to paying down credit card debt by refinancing your house, but that would be even worse.
It’s experiences like this that have me on a debt free journey.
Besides paying off the balance every month, and we do, on three huge cards. One is personal and two are business, all three give us cash points that my wife literally makes them mail us a check for. Yes, you can do that. Besides that, we don’t have overdraft protection on our cards. This means that when we’ve reached our limit in any given month, we can’t charge anymore, better use a different card. This means that there are no fees for going over the limit, which are huge and designed to keep you enslaved to the debtor and broke. Again, we pay them off at the end of the month. The banks literally pay us to use their cards. I think we wracked up like $8,000 in cash back last year. Again, we didn’t pay any interest, they paid us.
I would like a new car, but the old one runs fine. I want one of those blades you put on a weedwacker, a new shed, and a greenhouse. Instead of buying any of those, I put the money towards paying off my house.
If I spend $1000 on my mortgage, I save $500 in interest. This means for every dollar I spend on paying off my mortgage, I get an immediate 50% return, not to mention the years of my life back. Yes.
