July 24, 201313 yr Paying with cash on big ticket items will save huge amounts. If you put yourself in the position to be able to afford to pay for what your buying you will benefit in several ways. First is the cash discount. I negotiated the price of a new car a few years ago and took the worst possible terms GMAC offered, 7.9%. That term came with $7500 cash back. I kept the loan the required 30 days and payed it off. I payed way less for my car than others who took the 2.9% or other offers. You are also at a negotiating advantage. When a cash offer is made on a car, house, etc... There is always a discount. Second. There are no hidden costs, deferments, or packaging of terms to make something feel affordable.(the whole basis of a car lease) With cash you know exactly what your paying. You are also far less likely to spend foolishly because the cost is right there in front of you. This is why I don't have that Corvette that I want. Finally, you never pay interest. Interest is a great thing.....if your collecting it.
July 24, 201313 yr I'm 52, been at it a long time. It's discipline. Period! No excuses. If you are so disciplined than why don't you go buy another home in Florida? Folks, listen to this man. He did it right! Congrats again on the new home. I'm 51 and have zero debt. My house is not huge, my cars are not luxury cars. We always say to live within your means. We also charge just about everything and pay it off monthly. I'm sitting on $1,000 in citibank dollars. Not too worried about being bit, I must be a snake charmer? I was late one time, due to travel. I called them up and they reversed the finance charge.
July 24, 201313 yr You guys are proving the rule via the exceptions. What underfunded pension plans are going to do for the end of the baby boomers, so debt is going to do for my generation.
July 24, 201313 yr I have had a 401k since the day I was allowed to apply for one with my company (going on two years now). So I started when I was 24. My girlfriend is moving in with me starting next month, that will cut my monthly "living" expenses in half... I currently contribute 4%, with a 100% company match. I plan on bumping that up to 6% once my bills are less.
July 24, 201313 yr Congrats CWF! Still a long way off for us with young kids. My dad is my role model. He retired with zero debt, and living off the interest of his investments. He was a school teacher who lived frugally and saved. Edited July 24, 201313 yr by hoops5
July 24, 201313 yr Is it possible? Yeah, sure. Still have a feeling I'm going to drop dead waiting for my name to get called during a motion hour in Family Division Four.
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