Yesterday I asked you readers to get a little vulnerable and share what kind of debt you had. Many long time readers finally came out of hiding and decided to contribute to the conversation (special thanks to my creepy lurkers). At last glance there was nearly 150 comments left. Some utterly awesome, some terribly depressing, and of course, there was even some drama. I swear this blog could be its own soap opera…
Anwhoozle, I seriously read through every single comment –took me something like 2 hours (don’t make fun I’m a slow reader)– and I was fascinated to see where people stood. Some kicked debt in the uterus (my alternative blog name if I ever get sick of punching debt in the face)…
My debt punching experience began in 2008, when my husband and I got married and had $48,000 in debt. We were debt free in 11 months! In 2009, we bought a house for $95,000 and paid it off in one year. Flash forward to today and our net worth is $245,000. Our average income since 2008 has been $110,000 and our strategy is to live off one income. In your face, debt!
While other’s discussed how they use it to leverage investments…
I think I win for the most debt, about $800k total.
$100k @ 3.5% with 8 years left for rental property #1
$300k @ 3.5% with 15 years left for rental property #2
$400k @ 3.75% with 30 years left for current home
It’s a lot of debt but we break even on the rental properties and housing in our area is expensive so $400k for a home isn’t bad. We paid off about $100k of debt last year.
It’s funny how different people’s perspective on debt can be. Some love it, some hate it, and others are impartial. I’d put myself somewhere between hate and impartial.
Instead of distract from all the nuggets in yesterday’s comment thread by posting something unrelated up today, I simply want to encourage you to go back to that thread, if you haven’t already, and see how other people are doing. If you’re anything like me, you’re nosy and love getting in to other people’s business 🙂
Anything from yesterdays comments surprise you? I personally was surprised by how much debt some people have. I use to complain that my $28,000 student loan debt was overwhelming, but compared to many, I guess it ain’t so bad.