DEBT FREEDOM...how many see it as the first step to SS?

[TanksHill]

If you knew how my husband's family lives, you would know instantly why they would know it's my idea On the other hand, they have no idea how far he has come over to this way of living! Wasn't there a thread floating around here once about that, something like "Whose Family Thinks You're Completely Crazy for SS Living"? If not, maybe I'll go start one!

The trick here is going to be keeping them from sabotaging our efforts with our kids...

Wait a minute, are you talking about my in laws??? It's funny I am glad I am not the only loopy SS daughter in law torturing the MIL. I have been over the years taking baby steps to teach my husband to be less dependent on his family. Very hard because he works for his Dad.

They all thought I was a bit crazy for all of my efforts. But you know as everyone is tightening their belts we are more prepared than any of them.

 

[me&thegals]

Well, when you've raised the kids (like our MILs did our husbands, for example), you KNOW what values you've taught. So, when they pop out with something out of left field, of course it's the wife's crazy idea! I mean, if my son gets married someday and raises his kids on fast food, never teaches them a thing about nature and drives his gas-guzzling vehicles 1/4 mile to the mailbox to get the mail each day, I will KNOW it's his wife's terrible influence! (Or, could it be him completely rebelling against everything I ever raised him to value?)

 

[Browser8]

I was pondering this question after reading a letter to the editor in Countryside mag. It seems like a lot of people who would like to pare down their living and get out of the rat race just can't afford to do so. They seem to be juggling so many debts that, if they dropped one, the whole show would be over.

How many of you are striving for resolving your existing debt and trying not to incur more?

Do you see this as a valuable step towards SS? If not, why?

I definitely see it as a valuable step and I still see it as an important step but I have had a reassessment of sorts lately.

We were able to buy our house and 3 acres of land cash sale by refinancing our van.

We want a water well... we would like to get some solar panels going... solar water heater etc.

These things take money.

So instead of dumping our free cash into debt we are currently putting it into making our home more self sufficient.

If the economy holds out long enough then the debt will not be far behind...

But I don't see what benefit it has for me to pay extra on my debt (especially since I have a paid off vehicle and my house is free and clear) and find myself debt free when the economy goes south but I have failed to make my home as self sufficient as I can.

 

[PamsPride]

****drives his gas-guzzling vehicles 1/4 mile to the mailbox to get the mail each day

You mean he is going to live a 1/4 mile off the road and not in house where they put the mail in the box on the front porch????

 

[FarmerChick]

But I don't see what benefit it has for me to pay extra on my debt (especially since I have a paid off vehicle and my house is free and clear) and find myself debt free when the economy goes south but I have failed to make my home as self sufficient as I can.

***you are right if your home is free and clear. Mortgage is number one big debt for everyone. And if you drop the ball on it for whatever reason, layoff, etc....then there is no where to live to be self sufficient and you lost your biggest equity holder and asset you own.

If I was free and clear I would do the same as you. Holding smaller debt and paying as you go...but putting free cash into becoming more self sufficient to live for the future is a great idea.




***and I say to everyone, get the smaller debts paid off now...get rid of them, then throw money onto the big mortgage if you can....cause when a home is free and clear the possibilities are so much more available on how to live.

it would be for me big time.

 

[makerofstuff]

I would love to be debt free... as would most of our family. There are seven of us vieing to be the first without debt. I thought it would be out of balance with our being adults and the kids being 20-ish... but with double student loans happening with their partnerships boy was I wrong. We should as a group be debt free except some of my medical bills on and off by October 2011. Then we are all going to pay cash for houses. We are an odd family but happy.

 

[Big Daddy]

OP yeah that's a no brainer. Yes you have to be debt free to truly be SS. That would include your mortgage.

 

[Homesteadmom]

I think it is a valuable step in SS but not necassarily the first step. Being debt free allows you the $$'s to set yourself up better to provide all your own food as possible. Which in turn will help you feel better & sleep better about not owing anyone any $$.

 

[Buster]

We are debt free except the home. In fact, it is how we were able to buy this place. We pay cash for everything, including cars (which we never buy new). If we can't pay cash for something, we don't buy it.

We weren't always this way, though. It is something that is definitely a learned trait. I have a list of titles of books that are helpful, as well as a link to a radio show on debt free living, but don't know if things like that are allowed here.

I will be happy to post them if it is okay.

Otherwise, I can share the nuts and bolts of the various programs and techniques.

 

[Beekissed]

We love books and links to info, buster! Link away!!