How My Debt Makes Me a Slave Even in Today’s World!

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8 Responses

  1. Debt free for now. Looking to buy a house shortly, but still waiting for the right time/opportunity to do so. Like you, I hope to pay off the mortgage as quick as possible.

    Thanks for the post!

    • Chris says:

      Of course the longer you wait the more cash you could pile up. It’s great that you’re debt free though – well done!!
      Thanks for the comment.

  2. Josh Hastings says:

    Good stuff man ! I enjoyed and agree !!

  3. Aaron says:

    What if there was a business you could purchase, but you needed to take out a SBA loan. The biz was making $100k a year – but you needed a loan to buy it for $200k. In two years or so, you could be free and clear of that loan. Would that be considered okay debt? Just throwing it out there for fodder. 🙂

    • Chris says:

      Hey – you’re obviously free to do whatever you want. But even in that situation, you’re still in debt, and you’re banking on continuing to make that 100k year after year. Maybe you’ll make more – who knows – hypothetically speaking. 😉
      IMO – when you’re in debt – no matter the type – you’re a slave to the lender.
      Thanks for the comment.

  4. Damn Millennial says:

    I am happy that I pulled the trigger and purchased a home in 2014. It has been something that has improved my quality of life.

    With that being said I am with you that debt free is the way to be. Once you are debt free life offers up much more flexibility. I plan to pay off my personal residence and I throw a decent chunk at it each year.

    I am a fan of a balanced approach so I invest heavily in other assets as well.

    Thanks for sharing and good luck in the Rockstar Finance Bracket!

    • Chris says:

      Thanks for the comment – I appreciate the point of view. I too have mortgage debt, but would love nothing more than to be debt free. 😀

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