Quote:
Originally Posted by GregWeld
You'll only ever know "early" and "greedy" when it's history. You never know this at the time of the decision. I 100% agree with your statement that it all depends... each persons time horizon - ability - goals - are different.
Being DEBT FREE is one of the biggest statements a person can make. It's also one of the biggest goals EVERYONE should have. Nobody ever went broke taking a profit.
XOXO
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As of last Friday, we paid off the house and have 0 debt.
It feels pretty damn good! The idea of not getting anymore bills for car payments or mortgages is really kind of strange. I've had some type of debt my entire adult life. It was consdiderable not so long ago. Living this far below our means really opens up many doors. It gives us the flexibility to work less, save more, give more, travel more, and be more content. The bible said it best, "The borrower is slave to the lender". I get rid of the liabilities, bills, insurance, tenants, repairs, property manager, larger CPA bill, and on down the line.
Now, I do still believe in strategic debt for investing if the risks aren't too great, you've thoroughly educated yourself, and have a real strategy in place. That means cashing out if there is a healthy gain. Owing taxes is a GREAT problem to have! It served me well in real estate. I do have to admit that I came very close to getting caught with my shorts around my ankles twice using this strategy. You shouldn't have to fudge the numbers to make it work, it either works or it doesn't. Are the fundamentals there? Meaning, the market trends looks right and the ROI is reasonable. Can you survive a suffering economy, repairs, and vacancy factor financially?