Comments on: Debt Free Living http://www.terrydean.org/debt-free-living/ Earn More, Work Less, and Enjoy Life Without Compromising Your Values! Tue, 31 Aug 2010 19:50:37 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Andrew http://www.terrydean.org/debt-free-living/comment-page-1/#comment-25873 Andrew Sun, 06 Dec 2009 06:08:40 +0000 http://www.terrydean.org/debt-free-living/#comment-25873 Great post, Terry. My debt exceeds $32,000. This is a wake-up call for me. I’ve got about 2 years left before it’s gone. What a happy day that will be! :) Great post, Terry. My debt exceeds $32,000. This is a wake-up call for me. I’ve got about 2 years left before it’s gone. What a happy day that will be! :)

]]> By: Dan Gazaway http://www.terrydean.org/debt-free-living/comment-page-1/#comment-24337 Dan Gazaway Wed, 15 Apr 2009 17:58:49 +0000 http://www.terrydean.org/debt-free-living/#comment-24337 You do become a slave to that debt. Fortunately, I learned that early before I started my internet businesses. I remember one instance, very early in my internet marketing career, when I thought about doing a joint venture with a certain individual. He was going to partner up with me and my business. One day he told me we needed about $20,000 to get our internet business started and we should open a line of credit He thought that using credit cards as leverage was a great tool. What he didn't know is that internet businesses don't cost a lot of money to start. He also couldn't tell me what we would need the money for. Obviously I didn't do business with him; the only thing he offered me at the time was the ability to create sites and put great graphics on them. Alot of people have that ability. Always use a percentage of the money you make to market. There is no need to go into a lot of debt for any business venture online. Start small and then gain momentum. You do become a slave to that debt. Fortunately, I learned that early before I started my internet businesses. I remember one instance, very early in my internet marketing career, when I thought about doing a joint venture with a certain individual. He was going to partner up with me and my business. One day he told me we needed about $20,000 to get our internet business started and we should open a line of credit He thought that using credit cards as leverage was a great tool. What he didn’t know is that internet businesses don’t cost a lot of money to start. He also couldn’t tell me what we would need the money for. Obviously I didn’t do business with him; the only thing he offered me at the time was the ability to create sites and put great graphics on them. Alot of people have that ability.
Always use a percentage of the money you make to market. There is no need to go into a lot of debt for any business venture online. Start small and then gain momentum.

]]> By: Mike Martinez http://www.terrydean.org/debt-free-living/comment-page-1/#comment-22362 Mike Martinez Tue, 08 Jul 2008 22:18:33 +0000 http://www.terrydean.org/debt-free-living/#comment-22362 The guy who worte this article on being debt free is 100,000,000,000,000,000,000,000% right on the money. AMEN brother. He mentioned that some people advised him to keep a mortgage because of the tax benefits. Let's see how this adds up in the common sense department: A mortgage of 1 million dollars means about 6000 dollars to the as*hole banks every month(sorry for the redundancy) for 30 years. This adds up to 2,160,000 dollars over 30 years. Now even if the borrower gets a 30% return on mortgage paid over 30 years it will still cost him about 1.4 million dollars to own the house. Seems to me that the debt free option is better The guy who worte this article on being debt free is 100,000,000,000,000,000,000,000% right on the money. AMEN brother. He mentioned that some people advised him to keep a mortgage because of the tax benefits. Let’s see how this adds up in the common sense department:

A mortgage of 1 million dollars means about 6000 dollars to the as*hole banks every month(sorry for the redundancy) for 30 years. This adds up to 2,160,000 dollars over 30 years. Now even if the borrower gets a 30% return on mortgage paid over 30 years it will still cost him about 1.4 million dollars to own the house. Seems to me that the debt free option is better

]]> By: Wayne Hurlbert http://www.terrydean.org/debt-free-living/comment-page-1/#comment-8245 Wayne Hurlbert Thu, 12 Apr 2007 04:34:08 +0000 http://www.terrydean.org/debt-free-living/#comment-8245 Online businesses can be built easily without debt. It's not necessary to enter into debt to develop a company. While it's popular in some quarters to recommend credit as the fast track to success, debt can also be the express elevator downward to failure. If a company is loan free, it doesn't have that opressive debt servicing overhead. Bad decisions often result from the need to make those monthly payments. They can range from overstretching workloads to outright illegal activity; and everything bad in between. All too often, otherwise ethical business people will slide down the slippery slope to dishonest practices. Such is the power of debt to corrupt many good people. A business person wanting to stay true to an ethical belief system would do well to avoid adding a list of creditors to the company's books. Debt free is true freedom for any entrepreneur. Online businesses can be built easily without debt. It’s not necessary to enter into debt to develop a company. While it’s popular in some quarters to recommend credit as the fast track to success, debt can also be the express elevator downward to failure. If a company is loan free, it doesn’t have that opressive debt servicing overhead.

Bad decisions often result from the need to make those monthly payments. They can range from overstretching workloads to outright illegal activity; and everything bad in between. All too often, otherwise ethical business people will slide down the slippery slope to dishonest practices. Such is the power of debt to corrupt many good people.

A business person wanting to stay true to an ethical belief system would do well to avoid adding a list of creditors to the company’s books. Debt free is true freedom for any entrepreneur.

]]> By: Terry http://www.terrydean.org/debt-free-living/comment-page-1/#comment-8086 Terry Tue, 10 Apr 2007 14:20:17 +0000 http://www.terrydean.org/debt-free-living/#comment-8086 Thank you all for posting... I agree totally with the comments everyone is posting here. I personally don't think any "stuff" is important enough to go into debt over except for a home (you will pay more by renting than getting in your own home unless you're moving soon). Then with the home...find a way to make an additional payment. I never computed it out, but Carolyn's comment on saving 7 years on a mortgage by one extra payment per year is incredible! Think about how much interest that would save you also. And I'm going to use that statement when talking to friends as well..."Is your mortgage company your favorite charity?" Thank you all for posting…

I agree totally with the comments everyone is posting here. I personally don’t think any “stuff” is important enough to go into debt over except for a home (you will pay more by renting than getting in your own home unless you’re moving soon).

Then with the home…find a way to make an additional payment. I never computed it out, but Carolyn’s comment on saving 7 years on a mortgage by one extra payment per year is incredible! Think about how much interest that would save you also.

And I’m going to use that statement when talking to friends as well…”Is your mortgage company your favorite charity?”

]]> By: Carolyn Warren http://www.terrydean.org/debt-free-living/comment-page-1/#comment-8034 Carolyn Warren Tue, 10 Apr 2007 03:25:22 +0000 http://www.terrydean.org/debt-free-living/#comment-8034 Here are some pearls of wisdom... 1) Tailor your desires to your budget, not the other way around. 2) Don't charge luxuries you can't afford to pay off when your credit card bill comes. 3) Use your credit card as a convenience, not as a means of going into debt. 4) Never use a mortgage as an excuse to get a tax deduction. You can get the same tax deduction by donating to charity. Is the mortgage company your favorite charity?! 5) If you make one extra payment a year on a 30-year mortgage, you will cut off approximately 7 years, depending on your interest rate. 6) Avoid ripoffs and save money by following the advice in the brand new book, Mortgage Ripoffs and Money Savers. (See amazon or barnesandnoble.com.) Carolyn Warren www.mortgage-helper.com Here are some pearls of wisdom…

1) Tailor your desires to your budget, not the other way around.

2) Don’t charge luxuries you can’t afford to pay off when your credit card bill comes.

3) Use your credit card as a convenience, not as a means of going into debt.

4) Never use a mortgage as an excuse to get a tax deduction. You can get the same tax deduction by donating to charity. Is the mortgage company your favorite charity?!

5) If you make one extra payment a year on a 30-year mortgage, you will cut off approximately 7 years, depending on your interest rate.

6) Avoid ripoffs and save money by following the advice in the brand new book, Mortgage Ripoffs and Money Savers. (See amazon or barnesandnoble.com.)

Carolyn Warren
http://www.mortgage-helper.com

]]> By: Becki Maxson http://www.terrydean.org/debt-free-living/comment-page-1/#comment-8011 Becki Maxson Mon, 09 Apr 2007 21:38:49 +0000 http://www.terrydean.org/debt-free-living/#comment-8011 Great post, Terry! We were there for a couple years, everything paid for, including the house. That was just an indescribable feeling, absolutely amazing freedom to not owe a penny to anyone while still in our 40's. I think the main thing it provided us was just an enormous feeling of having new options regarding work, location, travel, giving, etc. We had a change in situation and now have a mortgage again, but again with a plan to get it gone in time to help the kids through college debt-free starting in a few years. This is so critical to teach our kids too. They are incredibly bombarded with easy credit and a strongly consumeristic environment. We were just talking about this the other night, that when you save $30 by NOT buying something, you actually save more than $30 because you would've had to earn, what, $40 to pay taxes and have $30 left for the purchase. Kids NEED to hear this stuff. There is no freedom like being completely out of debt and paying your way with cash. That baloney about the tax advantages of a mortgage make no sense. Pay off the house THEN invest. My $.02 worth. Great post, Terry! We were there for a couple years, everything paid for, including the house. That was just an indescribable feeling, absolutely amazing freedom to not owe a penny to anyone while still in our 40′s. I think the main thing it provided us was just an enormous feeling of having new options regarding work, location, travel, giving, etc.

We had a change in situation and now have a mortgage again, but again with a plan to get it gone in time to help the kids through college debt-free starting in a few years.

This is so critical to teach our kids too. They are incredibly bombarded with easy credit and a strongly consumeristic environment. We were just talking about this the other night, that when you save $30 by NOT buying something, you actually save more than $30 because you would’ve had to earn, what, $40 to pay taxes and have $30 left for the purchase. Kids NEED to hear this stuff.

There is no freedom like being completely out of debt and paying your way with cash. That baloney about the tax advantages of a mortgage make no sense. Pay off the house THEN invest.

My $.02 worth.

]]> By: Jason Leister http://www.terrydean.org/debt-free-living/comment-page-1/#comment-8005 Jason Leister Mon, 09 Apr 2007 20:44:32 +0000 http://www.terrydean.org/debt-free-living/#comment-8005 I remember the first time I heard about living "debt-free." It was from Dave Ramsey in Nashville, TN. He has a radio show, books, the works... But the strategy is drop dead simple: You don't buy things you can't pay for. Turns out, it's a great way to live. Wish I had known just how great 10 years ago. Could have saved myself a LOT of headache. :) I remember the first time I heard about living “debt-free.” It was from Dave Ramsey in Nashville, TN.

He has a radio show, books, the works…

But the strategy is drop dead simple:

You don’t buy things you can’t pay for.

Turns out, it’s a great way to live. Wish I had known just how great 10 years ago. Could have saved myself a LOT of headache. :)

]]> By: Bernard Ng http://www.terrydean.org/debt-free-living/comment-page-1/#comment-7837 Bernard Ng Sun, 08 Apr 2007 04:47:43 +0000 http://www.terrydean.org/debt-free-living/#comment-7837 Well said, "borrower becomes the lender’s slave"! Once you are in debt, you don't live for yourself anymore, you live to repay the debt. You work for money for the lender, you don't work for money for yourself anymore. Well said, “borrower becomes the lender’s slave”!
Once you are in debt, you don’t live for yourself anymore, you live to repay the debt. You work for money for the lender, you don’t work for money for yourself anymore.

]]> By: Speedlinking Saturday - Week 1 | Web Business Blog http://www.terrydean.org/debt-free-living/comment-page-1/#comment-7770 Speedlinking Saturday - Week 1 | Web Business Blog Sat, 07 Apr 2007 14:36:32 +0000 http://www.terrydean.org/debt-free-living/#comment-7770 [...] Debt Free Living - By Terry Dean [...] [...] Debt Free Living – By Terry Dean [...]

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