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Happy Holly Days | Is it possible to live in the U.S. and not have debt? |
Have homes always taken 15 to 30 years to pay off?
I'm asking about average Americans, not the wealthy.
What about cars? Is it possible to afford a brand new car without financing and paying interest?
Are their people who make AVERAGE income that have no credit card debt, no mortgage on their house, and are still living the AMERICAN DREAM?
Additional Details
Anne, that's a great accomplishment! However, you say you did that in your 40's, how long ago was that? Not trying to get personal, but times are-a changin' :) That way my point. |
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Ron Berue
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I'll do my best to answer your Q in the same order your Qs were asked:
1] Is it possible to live in the U.S. and not have debt? Absolutely! All a person/family has to do is to properly manage their money. ALL?** Yep! I'll get to that after doing my best to ansewr your Qs.
2] Have homes always taken 15 to 30 years to pay off? Actually, with an open-end, no pre-payment penalty, fixed rate mnortgage, homes can be paid off in much less time than that. Its easy to do. AND it saves the person paying the mortgage A WHOLE LOT of money!
3] What about cars? Is it possible to afford a brand new car without financing and paying interest? This Q, I'm not sure about. I suppose if money was properly saved and managed this could be done.
By "brand new" does that mean new to you as in getting a 2000 make and model vehicle.
OR "brand new" as in a just-off-the-dealer's lot, 2008 make and model? If this was the main purpose of the saving AND it was accomplished, yes it could be done.
4] Are their people who make AVERAGE income that have no credit card debt, no mortgage on their house, and are still living the AMERICAN DREAM? I saw a TV program about very frugal people. There are exceptions and folks who "march to the beat of a different drummer" ALL over this country.
**ALL? "The Richest Man in Babylon" by George S. Classon. This book is very easy to read; its principles very easy to adapt and follow.
There is a paperback edition. You don't have to read the entire book at one time. Just make the promise to yourself to read 5 pages each day.
Thanks for asking your Q! I enjoyed taking the time to answer it! |
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STEVEN F
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Are their people who make AVERAGE income that have no credit card debt, no mortgage on their house, and are still living the AMERICAN DREAM?
Actually, that IS the American Dream. And, yes, there are MANY people that accomplish it. However, they all retire wealthy. Living on less than your income, no matter what it is, is how the wealthy get to be wealthy. Overspending your income is how 90% of lottery winners go bankrupt in 5 years or less. |
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Psychedelic Pantheist
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Im a jr. in college and I dont have any debt. |
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delores l
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Yes me. I started out very poor. But with preservance and good financial habits, you can do it. Look at this way if you can dream it you can achieve it!! Sound familiar?? |
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TaxMaven
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Catch a clue, you get wealthy by not going into debt to begin with. Check out both "The Millionaire Next Door" (Stanley & Danko) & "Total Money Makeover" (Ramsey). Sane people do not buy "brand new" cars until they ARE wealthy, that is how they get wealthy. We have not bought a new car or anything else with debt in 4+yrs. Since we quit borrowing, we have paid off tons of our previous stupidity (aka "debt"), paid for our child's 1st yr of college & replaced all of our cars & home appliances with cash. In the meantime, our income has doubled, & we both started losing some weight (much needed). What is that? Synergy? Karma? Showers of Blessings? I say it is God realizing we can handle what we have, so he can trust us with more. That & the fact that with our finances in order, we are less stressed, more content with what we have & much, much more productive & creative. The "American Dream" is a reality if you choose to make it so. Read those books. They will rock your freakin' world if you pay attention! |
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Annie
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I made an average salary. I paid off my house while I was in my 40's and was able to 'retire' in my late 40's with no debt at all and over a million in my 401k and over $150,000 in a taxable account. I have rental income and manage quite nicely with no debt whatsoever.
Addition: I'm in my mid 50s.
I know several people that are in their 20s making an average starting salary that are doing what I did. One key point: Don't have kids until you are set in your career, can afford them without stopping your investing/going into debt. |
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voluntarheel
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Yes, I know a lot of average Americans who have no debt. Of course at some point they probably had a mortgage, but its possible to pay it off early.
I always pay cash for my cars, I usually buy a used luxury car, but my husband buys brand new sedans with cash, we are 34 and have no other debt except a mortgage. The way to do it is to keep saving your "car payment" each month. My first car was a 4 yr old Nissan that I drove for 12 more years. All along I was making a car payment to myself. I used that money to buy my Acura. I'm still driving a 7 yr old Acura and I keep saving my car payment each month. I have plenty of money to buy my next car, but I'm not going to until I really need it. Also neither my husband nor I have spent more than $23,000 for a car - new or used. Live within your means.
You need to read Dave Ramsey's Total Money Makeover if you want inspriration for living debt free. |
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Starte Christ
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Yes it is, but not likely for the average person. Very, very few people can afford a home without a mortgage and the majority of people finance their new vehicles. At this point in American history, it is an accomplishment simply to own a home with or without a mortgage.
I recommend to anyone to simply do the best you can while minimizing non-essential purchases that incur debt. Don't forget that where you succeed in living comfortably without debt, the United States tax code is there to take up the slack. |
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cope123
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yes we do it sometimes we struggle but we always get everything paid in time |
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CCC
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yes. i live that way. the onlydebt i have is a house and i saved and put down a big down payment not rich either. not even that great middle class. just frugle never use credit cards. if do not have cash on hand i do not buy it.
i can now buy houses multiple with cash due to a glut of foreclosures. |
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DSL
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Well, I am age 28, hubby is 30. We have no credit card debt, are 10 years into a 30 year mortgage (technically debt - but a positive one), we max out our IRAs every year, plus have various other investments, we live very comfortably, bought a new suv in April, and spend money on things important to us - like entertainment and vacations.
We utilize banks that offer the best rates, get into funds that are no load and low fee, do not spend exorbitantly, plan ahead for large expenses and sold a sports car for profit before buying the new truck.
We live in the midwest - I am a homemaker and my husband grosses between $75 -$90k a year. The key is to start young and stay responsible. |
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Jack
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It is possible. It is not likely, but it is possible. You just have to have discipline. The loan for a house is not a big deal. You have to pay to live somewhere. Why pay someone else rent when you can put that same money into purchasing a house? It takes discipline to stick to a budget. That includes a savings plan in the budget. Pay yourself. Pay tithes first. Then pay yourself. Then pay bills and living expenses. That's how you do it. |
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