Thread: My sig explained (finally..and it's a fricken' novel)

Originally Posted by wizardPC

Debt as of 10/28/2005: $22,345.74

Look how far you've come in such a short time! Post another debt graph. I thought that was cool.

Good job staying on target, man. You're gonna make it.

I'll probably break 20k by the end of the year, but I'm gonna be at zero in Jan of 07. That's the goal.


Then comes the PARTY!

Originally Posted by Bugbyte

...Post another debt graph. I thought that was cool...

and done. I make payments at work, but the debt graph is on my home computer.

This is a great thread learned some thing I didn't even know about money. Good job Wizard isn't a great thing when you realize you are in control of your money and spending habits.

I never had a huge debt but I managed to ruin my credit history in college took me years to get it back up to the point that IF I need to borrow money I actually could borrow. Granted I'm not debt free right now I owe about $20,000 total in a Motorcycle and a Car. Both of which I owe less than the vehicle is worth so if I need to I can sell one and still be in good shape. I expect to pay off my loans in 2 years or less time.

My biggest problem is I think I want to keep the motorcycle loan as long as possible to build up my credit again. It also makes since cause it has .9% interest on that loan. The loan company even paid my first 5 payments for me (added it up they paid all the interest and a little more for me if I keep it for the full lenght of the loan). After I ruined my credit I never wanted to be in debt again, but then I realized that credit history, even though I think it is CRAP, is needed.

awesome job on "Getting It."

Sometime you don't realize how well you're doing until someone else points it out. My wife and I are getting ready for our first child, due next March. We thought, hey, time to buy a bigger house. We've only lived in our current house for 2 years, but thanks to a strong demand for housing in Birmingham, it has appreciated well. First off, two years ago at the age of 24 we had zero debt, two nice incomes and ,thanks to the tech downturn / dot com burst and lots of overtime, we had enough saved to put down 20% on a house, pay the entire closing cost, about 3%, and have still have a nice safety net to fall back on. But it is important to realize, we bought a houes that was all we needed and a mortgage payment that could be made if only one of us was working. We followed some sound advice, "You always need some F#$K YOU money." Just in case you decide to tell your boss that he is a retard and you don't want to work for him anymore.

So, we've started off pretty well. We got lucky in college, scholarships and summer internships mean no loans. It is amazing was some places will give you for the stupidest things.

Back to the story, last year, we decided to start a family, we bought a new car. Big payment, but feel better with the money in the bank. Also, in the year that we'd lived in our house we'd managed to save all the money that we put down on the house. what an awesome feeling. we took that money and started a mutual fund account, which will become the child's college fund.

After we found out we were pregnant, we thought a new house would be in order. More room, bigger yard and a place for the grandparents to stay when they come visit. Before we did this, we met with a mortgage guy to tell him what we wanted to do. Because our future down payment was tied up in our current house, we didn't know if we'd have to sell first then go look for a new house (meaning moving twice... SUCKS). He took a look at our books and told us he couldn't believe this. He said that we could be approved to buy a second house without having to sell the first one. No bridge loan, no pmi on a hi loan to value mortgage, no problems what so ever.

He couldn't believe we were 27 years old, and had our lives in order. I asked him why. His response, "I know people in their 40's that are a root canal away for bancruptcy. People who couldn't get go 2 weeks without a paycheck." THIS I DO NOT UNDERSTAND. I hear everyday that the national savings rate is at -2% or something like that. CRAZY. How does any sleep at night with so much over there head.

I ask you, the members of this community, is it better to have the LATEST and GREATEST now because you think you can afford it. Or is it better to know that if anything major really does come up, you won't have to lose sleep at night wondering how you are going to pay for it. And if nothing major ever does, that you will be able to work less, do what you enjoy more and be able to have the BEST FOREVER!!!

So the man that started this thread. YOU ARE DOING AWESOME!!!! To the rest of the country that is in debt up to their eyes, GET A FREAKING CLUE!!

Originally Posted by wizardPC

Debt as of 10/28/2005: $22,345.74

Debt as of 11/27/2005: $21,402.66

Had to budget for some Christmas presents and a couple trips, but look for a big reduction in the coming months. I've got 5 holidays I'm working (2 last week that I haven't been paid for yet, 2 near the end of December, 1 at the beginning of the new year), plus Christmas cash. Holiday pay is about $45/hr

Oh, and I told my family that if they give me anything other than cash, the gift is going straight to eBay.