Debt and the Hunter

[TexDoc]

Debt free other than a mortgage isn’t debt free- just keep that in mind……..debt free is NO debt……..it’s like saying my pack only weighs 25 lbs, but that doesn’t include water, food or weapon…..then your pack doesn’t weigh 25lbs…..

True statement...and still very rare in today's world. 2 more years my friend before my "pack weighs 25 lbs".

 

[TexDoc]

No way I’d retire at 50, i’ll work till the day I die, just not a corporate gig.

I think work and retirement have to be defined in this. Work isn't really work if you enjoy it and retirement doesn't mean sitting at home all day, at least not by my definition. I'm not disagreeing with your idea of having a purpose, but no way I'm working until I drop dead. I watched my parents do this and their parents before them, it's not for me brother. I can fill my time just fine with volunteering, hunting, building, learning, exploring, and just spending more time with the people I want to once I retire at whatever age that is.

"I wish I would have worked more!" said nobody ever on their death bed.

 

[ChromeKype]

Update from the OP-

Still no debt other than rent!

Saved up enough for a down payment on a house!

Currently in a holding pattern with work, staying mobile as we will most likely have the option of relocating within a year, houses are stupid right now anyways. Just packing the money away.

Three kids under three makes life very interesting! Our food budget is a total crapshoot, it’s like we have no time to make food!! Doordash is a blessing and a curse.

Streamlined my whole hunting system to be able to hunt out of my Corolla this year . I’ll post pics of some P&Y bucks in it. Hunting Kentucky, Ohio, and upstate New York this year.


Thanks for the encouragement guys, more than one way to skin a cat and seems like this community is pretty on top of it.


Sent from my iPhone using Tapatalk

 

[tdhanses]

I think work and retirement have to be defined in this. Work isn't really work if you enjoy it and retirement doesn't mean sitting at home all day, at least not by my definition. I'm not disagreeing with your idea of having a purpose, but no way I'm working until I drop dead. I watched my parents do this and their parents before them, it's not for me brother. I can fill my time just fine with volunteering, hunting, building, learning, exploring, and just spending more time with the people I want to once I retire at whatever age that is.

"I wish I would have worked more!" said nobody ever on their death bed.

Many people die shortly after retirement, purpose is key, I enjoy working, even if I’m just doing something simple and you don’t have to work year round, you can still travel, volunteer, hunt, fish and make money half the year if that, hence my retirement is all the above, to me retirement is a silly thing to think about as stopping the corporate gig is just quitting a career and starting something new.

What I won’t do is work my butt off for someone else till the day I die.

 

[Mule3006Elk]

I was hardwired to avoid debt. Even as teenager I hated owing anyone money. I learned early on to live within my means, which means early on, I didn't have anything nice when compared to my peers. To this day, I pay my credit card off every 2 weeks. Max 401K with extra. I'm a natural planner. For my daughter's car, I started setting money aside every 2 weeks when she was around 11. Same for my son. I currently have a fund for my truck several years down the road. May sound strange, I have a Christmas fund, birthday fund (all extended family), revolving bill fund (car insurance, etc.) and each gets a specified amount every 2 weeks. So when those events or bills come up the money is already set aside and does not effect our liquid cash for those 2 weeks. Savings are off limits except for emergency use.

I absolutely applaud anyone on the opposite end of the spectrum who decides to change course. As the OP states it is freeing. As another poster stated smart debt is fine. You have to establish credit somehow.

I hope to retire sooner than later. Still work 1 day a week to keep the mind sharp (I'm in medicine). Enjoy the outdoors more. Get my GSPs out more. Fill in the gaps with volunteer or something fulfilling.

 

[TexDoc]

Many people die shortly after retirement, purpose is key, I enjoy working, even if I’m just doing something simple and you don’t have to work year round, you can still travel, volunteer, hunt, fish and make money half the year if that, hence my retirement is all the above, to me retirement is a silly thing to think about as stopping the corporate gig is just quitting a career and starting something new.

What I won’t do is work my butt off for someone else till the day I die.

You and I might be making the same point in a different way. I'm in 100% agreement with not working for someone else your whole life, the best move I ever made after the military was working for myself...both for my bank account and my mental health. I'm not sure I want to continue to work in the traditional sense (for myself or anyone else) at all at a certain point, but I do "work" every day around my property, on projects, etc...again, the whole "have a purpose" thing which I firmly believe we all need, both physically and mentally.

 

[DuckDogDr]

I am 36...I have a lot of debt and I hate it. I like you have been trying to pay it down. About 50% of my debt is student loans..finished undergrad with them owing me money...grad school I lived reasonable but not excessive or frugal and owed 97k...been using the debt freeze to pay down.

I am hoping to pay off more so I can save and retire early..debt makes you a slave to work ..and I hate working... i don't mind the actual work..I hate the interactions with clients which become more cumbersome and more unrealistic every day...almost anxiety attack inducing before each shift.

I realized debt for what it was years ago and have been in a vicious cycle ever since

 

[bozeman]

Another item to help with your children and building generational wealth:
Start a 529 the day s SSN is assigned to a child (auto deposit at least $50/month)
Start a custodial brokerage account for each child (auto deposit at least $50/month) and have it go into an S&P 500 index fund....you will be AMAZED at how much this will add up to by the time they are 18.........

Don't just think about YOUR debt....think about helping your children AVOID it as adults, set them up for success and explain to them the power of compounding interest, the risk/reward of investing and how indulgences (while ok if controlled) will lead down a sad path if they follow the crowds.

To the OP, congrats on the progress and the discipline...hunting in a Corolla will be a memory for sure.

 

[go_deep]

I was hardwired to avoid debt. Even as teenager I hated owing anyone money. I learned early on to live within my means, which means early on, I didn't have anything nice when compared to my peers. To this day, I pay my credit card off every 2 weeks. Max 401K with extra. I'm a natural planner. For my daughter's car, I started setting money aside every 2 weeks when she was around 11. Same for my son. I currently have a fund for my truck several years down the road. May sound strange, I have a Christmas fund, birthday fund (all extended family), revolving bill fund (car insurance, etc.) and each gets a specified amount every 2 weeks. So when those events or bills come up the money is already set aside and does effect our liquid cash for those 2 weeks. Savings are off limits except for emergency use.

I absolutely applaud anyone on the opposite end of the spectrum who decides to change course. As the OP states it is freeing. As another poster stated smart debt is fine. You have to establish credit somehow.

I hope to retire sooner than later. Still work 1 day a week to keep the mind sharp (I'm in medicine). Enjoy the outdoors more. Get my GSPs out more. Fill in the gaps with volunteer or something fulfilling.

I have an emergency savings account with 6 full months of expenses. Bills savings account with one year of insurance premiums life auto home, taxes, insurance deductible auto home health. Gift trip savings account all gifts and trips are paid for cash. Keep enough cash to replace one vehicle cash at all times.
My wife and me have been piling money on our mortgage and in a few years when it's paid, we'll have so much extra cash every month I look forward to that problem.
Saving like that is great for a stress free life!

 

[Boarmaster]

I have very little debt. a small truck payment. 2% interest on that. I owe about 7k on a truck likely worth 30k. No mortgage but I wouldn't be adverse to one if I was younger and the interest rate was low and my prospects for continued income were high. I do better on my investments than 2% by far so it seemed better to borrow some for the truck but I like to have some equity from the get go. I dont have any debt in which I cant write a check for. I like to keep some credit up in case there is a true need or opportunity that I would need to borrow for.

I never borrow for toys or trips or clothes. I pay off my credit card every month. I buy things as I earn the money to pay for them and I try and buy the best quality I can and will be satisfied with long term. I enjoy those things more knowing I earned them.

I am 59 a commercial real estate broker and I have no intention of retiring so long as I can work. I enjoy my job and have no desire to stop doing it. My occupation does afford me the ability to be away from home on hunting and fishing trips. At this stage of my business I can to some extent decide what I want to work on. That helps, I would not like having to ask when I can have off or be in a plant or office. Done that.

 

[fngTony]

For those of you who have great savings and little to no debt maybe even close to not having a mortgage, what do you consider a good individual (or household) income? Let’s say for someone 30-40 years old that should be into some kind of career or trade.

 

[ChromeKype]

For those of you who have great savings and little to no debt maybe even close to not having a mortgage, what do you consider a good individual (or household) income? Let’s say for someone 30-40 years old that should be into some kind of career or trade.

I’m in the Cincinnati area and am in B2B sales. (Age 31), I love it but it is very tough. I make between 100-135k and we are able to live frugally while saving for a house, my wife is a stay at home mom (3 kids).

I have a pretty good handle on what a lot of my friends make and what some industries pay for skilled tradesman.

I have friends who are cops in their 30s making around 100k with lots of overtime. (Lots)

I have a couple buddies in SAAS sales who make 350-500k per year.

I know a couple places near me that pay around $27.00-$31.00 pr-hr for welders with shift differential.

I have a few buddies in operations roles at local manufacturers (management & Engineering) who make 90-115k.

I’m not sure how folks make it in today’s world making less than 75k for a family. Not trying to sound uppity, but costs have gotten out of control.


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[go_deep]

For those of you who have great savings and little to no debt maybe even close to not having a mortgage, what do you consider a good individual (or household) income? Let’s say for someone 30-40 years old that should be into some kind of career or trade.

That's relative to where you live. $40 an hour in a small rural area sure isn't the same as $40 an hour downtown New York city.
Just keep the bills in line with what you make.

 

[fngTony]

I’m in the Cincinnati area and am in B2B sales. (Age 31), I love it but it is very tough. I make between 100-135k and we are able to live frugally while saving for a house with my wife is a stay at home mom (3 kids).

I have a pretty good handle on what a lot of my friends make and what some industries pay for skilled tradesman.

I have friends who are cops in their 30s making around 100k with lots of overtime. (Lots)

I have a couple buddies in SAAS sales who make 350- Just keep the bills in line with what you make.

That's relative to where you live. $40 an hour in a small rural area sure isn't the same as $40 an hour downtown New York city.
Just keep the bills in line with what you make.

I agree for the most part. What do you suggest when cost of living skyrockets but someone’s income is stagnant? Or when $500k is entry level for a home and people starting out in life and career are making 40-50k a year. My trade right now is screwed because no one wants an income ceiling under a livable wage. Some areas are just out of line.

 

[go_deep]

I agree for the most part. What do you suggest when cost of living skyrockets but someone’s income is stagnant? Or when $500k is entry level for a home and people starting out in life and career are making 40-50k a year. My trade right now is screwed because no one wants an income ceiling under a livable wage. Some areas are just out of line.

I've done everything from work 2 jobs 7 days a week for a couple years, started 2 part-time small businesses along with working a fill time job, whatever it took to get ahead, even moved 900 miles for a better opportunity. Sometimes it wasn't fun, but I wasn't letting anything get in my way to better my family.

 

[fngTony]

I've done everything from work 2 jobs 7 days a week for a couple years, started 2 part-time small businesses along with working a fill time job, whatever it took to get ahead, even moved 900 miles for a better opportunity. Sometimes it wasn't fun, but I wasn't letting anything get in my way to better my family.

I respect that and have done some of those myself. We as a country need to get back to an economy where the average worker can afford a decent living off of a 40 hour check. Of course there’s times where you have to pay your dues learn a trade get an education etc. but the norm shouldn’t be to work several jobs just to get by, that’s what you do when life gives you lemons or you’re trying to start out or start over.

 

[TexDoc]

I am 36...I have a lot of debt and I hate it. I like you have been trying to pay it down. About 50% of my debt is student loans..finished undergrad with them owing me money...grad school I lived reasonable but not excessive or frugal and owed 97k...been using the debt freeze to pay down.

I am hoping to pay off more so I can save and retire early..debt makes you a slave to work ..and I hate working... i don't mind the actual work..I hate the interactions with clients which become more cumbersome and more unrealistic every day...almost anxiety attack inducing before each shift.

I realized debt for what it was years ago and have been in a vicious cycle ever since

I was in a similar boat in my mid 30s but with even more grad school debt ($232k to be exact). I managed undergrad with zero debt but grad school and having our first kid I ended up taking loans. Luckily I managed to consolidate those down to a 2.2% rate which helped get rid of them but I threw everything I could at those for a decade. Some people argue that you should only pay the minimum on student loans because if you die they die with you but I plan to live...without debt. Stay on course brother, you'll get there. Debt snowball it, and once you start knocking out the smaller debts you'll be amazed at how it compounds and you start wiping out the big balances.

 

[bozeman]

I worked 2 jobs while paying to finish my degree.......no student loan debt.....you gotta pay the piper one way or the other if you want a higher quality of life (which varies from person to person). Just remember to enjoy the journey along the way......you will look back and say, 'where did the last 20 years go'.........

 

[TexDoc]

I worked 2 jobs while paying to finish my degree.......no student loan debt.....you gotta pay the piper one way or the other if you want a higher quality of life (which varies from person to person). Just remember to enjoy the journey along the way......you will look back and say, 'where did the last 20 years go'.........

True words!!

 

[HNTR918]

Student Loan, Car Loan, and Credit Cards had me in huge debt!

Changed my lifestyle completely!

No clubs, no bars, no restaurants, no coffee shops, no going out to lunch with co workers, no take-out or delivery food, no gas station food, no vacations, no shopping, no cable, cancelled subscriptions, sold motorcycle, sold project/fun/fast car, sold snowboarding gear, sold paintball gear, got a smaller and older apartment, no new furniture, and started shopping at discount grocery stores, etc.

In 4 years, paid off $93,000 in debt.