Do you have financial freedom? Are all your debts paid off? If not, are you working on it?

Question

Are you able to work less hours without the stress of too many bills. I was listening to Dave Ramsey on the snowball method and avalanche. Great idea to pay off debt. Im hoping to buy a house mid next year once I get somethings together.

Do you have financial freedom? Are all your debts paid off? If not, are you working on it?

I'm working towards it

I dont known where to begin

No not there yet

Other

Select age and gender to cast your vote:

GirlGuy

Updates:

23 d

To those paying off debt how did you do it? Did you pay a large lump of money or split into weekly/monthly payments?

Answer 1

jshm2 | 197 opinions shared on Other topic.

Yoda

Dave is talking bullshit. He's making money peddling saps some easy, snake oil, answers.

Financial freedom doesn't mean to be debt free, it means to be earning more than your outgoings - which is not the same thing.

Taking on real estate, also means fees, taxes and management. If you don't know what you're doing, you'll be paying another mortgage for a house you cannot let, plus its costs.

The most important lesson is that you cannot just copy anothers plan for the same success. I have millionaire friends who do stocks, some forex and even one who does nothing but play poker. Sure I understand their game, but I know it's not mine.

Uptowngirl88

24 d
Most celebs talk junk. But the snowball idea is helping me.

Answer 2

Uptowngirl88

Most celebs talk junk. But the snowball idea is helping me.

Answer 3

ShortCircuit | 1.3K opinions shared on Other topic.

Guru

I'm debt-free and never had any, but I do still have to live quite modestly for a few more years, since I'm still in college and haven't yet developed the skills necessary for a job in my field, and can only work part-time during the summer due to my course load.

Answer 4

douride2 | 13.5K opinions shared on Other topic.

Master

Where is the I'm debt free option? My house & truck are paid off with nothing owing on either of them.

Uptowngirl88

24 d
I knew I was missing something. I guess select other
douride2

23 d
That is how I voted.

Answer 5

Uptowngirl88

I knew I was missing something. I guess select other

Answer 6

douride2

That is how I voted.

Answer 7

Prettygurl12 | 5.8K opinions shared on Other topic.

Master

I am completely debt free. That wasn't an option in your poll.

Answer 8

Not_Average | 64 opinions shared on Other topic.

Xper 6

I'm financially free, and it feels great. One key thing to remember is America is leveraged off of debt. The rich become richer through debt. I only put 20% down on my rental properties. $100,000 house is now $20,000. The tenant pays off the loan while I get to pocket the extra. The appreciation is based upon that $100,000. So if the value of your property goes up 10%, then that is $10,000 you just made.

Dave Ramsey's advice is quite terrible in my opinion. It's a good start, but you're not going become wealthy until much later in life if you follow his advice. Why the hell would I pay off a $400,000 condo in full, when I can put down 20% and put the rest into rental properties or even an index fund? The numbers just don't add up, and paying off your home in full is an emotional move rather than a logical one.

I recently took out HELOC's on some of my properties, and invested that into bitcoin. I already doubled my money, and paid off the loans. I just received free money from the bank. But Dave Ramsey swears against leverage lol. I'm also collateralize my equities portfolio with 35% LTV. I paid that back as well and received free money. Leverage is how the rich become rich. You simply need to manage it correctly, and have safe-guards setup.

If you want to enjoy financial freedom at the age of 60, go ahead and follow Dave Ramsey's advice. If you want to achieve financial freedom in the next 5 years while you're still young and vibrant, then read "Rich Dad, Poor Dad" by Robert Kiyosaki. Listen to financial podcast. Learn about wealth transfers.

Right now, our economy is experiencing one of the biggest wealth transfers we'll ever see in our life via the transition to digital currencies. Money never disappears. If you lose out on an investment, that just means it went into someone else's pocket. Don't miss out on it.

Not_Average

19 d
Also, the FED says they won’t be raising interest rates anytime soon. You might as well buy a property now and ride the wave.

Answer 9

Not_Average

Also, the FED says they won’t be raising interest rates anytime soon. You might as well buy a property now and ride the wave.

Answer 10

Unit1 | 1.3K opinions shared on Other topic.

Master

I'm working on it. It's not like financial freedom can be fixed like with bandages and aloe vera to heal fleshwounds.

But rest assured at this moment in my life I have never been as financially resourceful than ever before.
Increase assets and decrease liabilities. That's the secret!

Answer 11

Jjpayne | 5.8K opinions shared on Other topic.

Master

I'm almost there, just 3,000 in student loans, thankfully... Hopefully I'll be able to get that paid off soon

Uptowngirl88

23 d
Wow, how long did it take you to reduce the balance that low?
Jjpayne

22 d
Thankfully with financial aid, that's all I had to pay 😅 they thankfully covered most of my school costs

Answer 12

Uptowngirl88

Wow, how long did it take you to reduce the balance that low?

Answer 13

Jjpayne

Thankfully with financial aid, that's all I had to pay 😅 they thankfully covered most of my school costs

Answer 14

TallAnon | 2.2K opinions shared on Other topic.

Guru

Other, I'm doing great and I'm getting a raise at the start of January then again a promotion that comes with a raise in July. I haven't had debts, ever. I live on my own and provide for myself as a programmer/game developer.

TallAnon

24 d
As for hours, I work from home, 37.5 hours a week, no overtime.
Uptowngirl88

23 d
Congratulations 🥳🎊
TallAnon

23 d
Thanks 😊

Answer 15

TallAnon

As for hours, I work from home, 37.5 hours a week, no overtime.

Answer 16

Uptowngirl88

Congratulations 🥳🎊

Answer 17

TallAnon

Thanks 😊

Answer 18

Phoenix98 | 14.9K opinions shared on Other topic.

Master

With the last year I took like 5 medical bills and cut them down to one paid off 5,000$ dollars so far this year and have just a little less then 2,000$ left. will have it paid off soon then I'll be debt free.

Answer 19

jamesgoldman | 797 opinions shared on Other topic.

Yoda

I'm currently debt free but nowhere near financial freedom
In that my passive income (as yet non-existent) doesn't at least match or preferably exceed my expenditure

Answer 20

rjroy3 | 1.7K opinions shared on Other topic.

Guru

Debts are all paid off. Only monthly payments i make now are bills, insurance, memberships and business tools. Honestly I could cut down on memberships

Answer 21

InferiorElegy | 299 opinions shared on Other topic.

Xper 6

Not that it means much but yes I recently became debt free, 2years ago and now my bank account is over $50k plus I have $20k in line of credit and $5k in overdraft that I am trying not to ever have to use.

Answer 22

NamerOfStars | 290 opinions shared on Other topic.

Guru

I opted for the "don't spend money you don't have" approach, and it's worked out marvelously; you can't be swamped by debt if you never gain any. It DOES mandate a much humbler lifestyle, though.

Answer 23

AlexanderAnttila | 166 opinions shared on Other topic.

Xper 7

My only debt is student loans, which will be with me for half my life most likely once I finish school in a few years, but that's fine. After my Master's I'll be making very good money so some hundred kr a month to that won't make much impact.

Answer 24

josephinelcajon | 76 opinions shared on Other topic.

Xper 6

I have minimal debt like paying monthly for a cell phone but nothing else.

Answer 25

loveslongnails | 1.5K opinions shared on Other topic.

Guru

I have zero debt other than a mortgage payment, but my assets exceed the debt. There's just no sense in paying it off too early.

Answer 26

Jmmmfi4 | 580 opinions shared on Other topic.

Guru

I'm debt free. I have a system that works well for. For example, my rent is currently paid until May 2022. & my others bills I pay 6 months in advance. That way if there's an emergency or something I'm all caught up.

Answer 27

icecreamanmam

Xper 4

Only have another $100 and then my gambling debt is paid off from months ago.

Answer 28

NoblesseObligeKK

Xper 4

I've been debt free most of my life, but im pretty ignorant when it comes to "financial freedom." What do you recommend?

Answer 29

art84 | 1K opinions shared on Other topic.

Yoda

Got my Synchrony account of $1,000 paid off last month. Just have a PayPal account to worry about but I"ll have it paid off come December 2021 hopefully.

Answer 30

Liam_Hayden

Guru

The only debts I have are generating more income than expense, but I have not reached the point where all of my expenses from everything can be paid by passive income, so I am still working on it.,

Answer 31

OddBeMe | 833 opinions shared on Other topic.

Guru

You should always be working toward “good debt”. Bad debt is life threatening. Good debt is living life.

Answer 32

Don-__-Don

Xper 7

Working on it, I got college debt, not disclosing the amount.

Answer 33

IlluminatiExposed0

Xper 6

I'm debt free. I always pay off my debts as soon as I can. Debt is how they enslave you. Kids growing up now will be slaves their whole life, God help them.

And I'm an atheist so they're boned.

Answer 34

iFarted | 2.2K opinions shared on Other topic.

Guru

Completely debt free for now, I have a nice down payment for a house but waiting for the market to go down. I'll be in debt for a while once I purchase a house.

Answer 35

chriscdi | 2.3K opinions shared on Other topic.

Master

i avoid dept in any type of way, even if its just owing people money

Answer 36

Anonymous

I have no debt right now but I don’t have much assets either, I don’t have that issue but don’t have a place to call my own either

Answer 37

codyccc | 4.9K opinions shared on Other topic.

Guru

Yes even though I do have debts my assests far exceed them

Answer 38

michael1469 | 233 opinions shared on Other topic.

Explorer

Pretty much. My employees running the company's, i pretty much collect the money and take to thr bank. What a relief.

Answer 39

ibodi | 2.3K opinions shared on Other topic.

Guru

I will probably have a debt on purpose for tax.

Answer 40

SnackAttack7

Xper 4

I'm debt free but I can't cut back on hours. Lol

Answer 41

Coolmanxl

Xper 6

Yes I have debts. I'm not financially free

Answer 42

Anonymous

Totally on it dude.

Answer 43

Year3000

Xper 7

Yeah

Answer 44

jjj101010 | 380 opinions shared on Other topic.

Yoda

I’m debt free

Do you have financial freedom? Are all your debts paid off? If not, are you working on it?

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