Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

Living a debt-free life?

I'm a big fan of talk radio host Dave Ramsey (www.daveramsey.com). He teaches to get out of personal debt and stay out. The key to building wealth.

Yet 90%+ people get in debt and never get out and those same people have little to show for it in retirement.

Are you living a debt-free lifestyle? If not, what is keeping you from making that commitment?

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  • 1 decade ago
    Favorite Answer

    Yes, I am living a debt free life. To answer you question. Most people are conditioned to live a debt filled life. Most get themselves so deeply indebted that they feel that it is impossible to ever get out of debt. That coupled with the main element of our society, instant satisfaction, makes it virtually impossible to feel the freedom of a debt free life. Our government, business, economy does not support debt free living. GOOD QUESTION.

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  • Anonymous
    6 years ago

    Start working on those high-interest debts first. Call your creditors and negotiate lower interest rates or move your balances to less expensive credit cards. Accounts that are above 35% of the available line of credit can harm your credit score; pay off or move some of the balance to a different card. If you have a credit card debt that is too large to handle, your debt reduction plan might include a personal loan from your bank for the amount. Your bank may be able to give you a lower rate and a longer repayment schedule. Debt negotiation and consolidation can be a very effective way to help you live more debt-free.

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  • 1 decade ago

    I am living a debt free lifestyle and have most of my life.

    I bought a house when I was 26 and stopped spending until I paid it off (4 Years) I bought a New Vehicle totally financed, and paid it off in 1 year. I traded my old house and got a loan and bought a much better house and paid it off in 3 1/2 Years.

    Except for houses I live in, I don't borrow, I am looking for a new house now, I will borrow $800,000 to buy it Because I don't want to sell my investments to do it, and will pay the $800,000 back in a few months when I sell my present house.

    I have one credit card that I use but I already have the money in the bank waiting to pay for ANYTHING I buy

    Sometimes my Visa bill is $200, Sometimes $6,000, But Usually about $2,000..I Always pay it off 3 weeks before the due date, Because I look it up on the visa site and actually pay the bill before I get paper notification.

    Because I avoided debt, and the interest payments that come with it, I am Now rich...Not filthy rich, but a millionaire, I have more money than I want to spend.

    So forget about courses, Just stay out of debt, and if you have to use debt, make it your mission to pay it off as fast as you can.

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  • mldjay
    Lv 5
    1 decade ago

    We wish we would have read Dave Ramsey's book many years ago! We wouldn't have made so many dumb mistakes!

    But now we are working on getting out of debt (using Dave's philosophies). And we are committed to it for our life!

    Great question! Keeping living like no one else!!

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  • Anonymous
    1 decade ago

    It is hard to be completely debt free, especially early in life. However, there are "good" debts and "bad" debts.

    The good debts are those debts that you incur to progress your life eg to purchase an investment property or business, or to spend on your education.

    Bad debts are usually incured when purchasing luxuries such as automobiles, clothes, stereos etc. and taking vacations or having parties that you cannot afford and do not really need.

    There is a saying that goes, "There are many people who buy things they do not need, with money they do not have, to impress people that they do not necessarily like".

    If you wish to eventually live a debt free life, spend less than you receive and invest the saved money wisely.

    Source(s): http://www.selfhelpguidance.com/financial.htm Practical experience plus education from the "University of Life" and "School of Hard Knocks".
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  • Anonymous
    1 decade ago

    debt free and loving it......the key is not make more money than you spend its really not that hard....if you don't have $ don't go out and spend it......and you need to make the money you do have work hard for you....invest it"I'm not going to tell you how but look in to it. somethings that are good for me may not be good for you".......now what i did was i got a credit card and i put everything on it gas, food, just everything and you will get some money back or a vacation or other stuff not a lot but still........ but you have to pay it all off every month and that's a must....if you don't have a job GO GET ONE........Burger king even just get one.....hey some Bartenders make good money "thats how i started"

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  • Anonymous
    1 decade ago

    Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

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  • Anonymous
    1 decade ago

    no, job loss and not able to find a job i have the education but not the experience and now because the high unemployment rates and layoffs i cant even get the crappy jobs

    i truely feel that i went to college for nothing

    im probably 2-3 months close to being homeless

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  • Anonymous
    4 years ago

    Be a video game tester. You sit inside an play video games all day and they pay you.

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