HP'ers - how much debt do you have? (Post as anon)
1) Mortgage
2) Cars
3) Credit cards
4) Student loans
5) Other debt
I think if we asked this question to John Q. Public, versus HP'ers, we'd get vastly different answers. I expect "$0" to be quite common here.
August 22, 2007
HousingPANIC Stupid Question of the Day: Debt
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276 comments:
«Oldest ‹Older 201 – 276 of 276$102,000 mort @7.25%. $4500 on my 2004 suv @0% $105.000 cash. waiting for the 20 % correction(unless we hit hyperinflation- then I think we will have a fire sale in re as people gotta eat... Right?)
60 years old, married, no debt, home paid off. 401k filled to the top.
Mortgage : $1.7 Million on a -5.7% interest rate/30 years. Yup, you read that right - NEGATIVE interest rate. The bank pays me to live in my house. Sure tax and insurance are $25,000 here in sunny california - but i make almost $9,800 a month just living in my house.
Car : All paid in cash...
2002 Ferrari F40 Yellow
2006 Toyota Prius
2001 Hummer H1
College : college is for suckers
Other : none - debt with positive interest rates is just stupid.
As for investments, I only have $1 invested - but it is in a guaranteed fund that returns 100% for the next 40 years. And since I am only 21 years old, I plan to retire at 61... The net value at that time -
-
-
-
$549,755,813,888 BOO-YAH
$550 Billion
0,0,0,0,0
Drive a vehicle with 240K miles (It runs just fine so I can't justify a new one) Sold house at market peak and relocated. Am currently renting, want to buy a house but cannot find a property I want to buy (not interested in cookie-cutter McMansions)
Mortgage - 8k
Student Loan - 150k(doctor)
Car - 80k
Credit Cards - 30k
Other Debt - Wife - 1 million a month :(
Only debt is a $62K mortgage. If we keep making double mortgage payments as we are now, it will be paid off in a few years. Like many here we have a 15 year fixed (at 5.25%).
We used to use a credit card that we paid in full each month. Now we use a debit card.
None. Not a bit.
Not bad for a socialist liberal, eh?
The people with the debt are the sh*theels, those who think happiness can be purchased, that live to keep up with the Joneses. The slime that will do anything for a buck- eat their mothers if they think they'll sh*t money. In other words, conservatives and their front group, republicans.
Mortgage - $0 - Paid off $45K house
Student Loans - $15K @ 2.75%
Cars - $0 - '98 Cavalier and '00 Civic
Credit Cards - $0
I'm under 30 and earn very little compared to most people on here ($65K/yr). I don't have a flashy lifestyle but having tasted freedom from debt I'd rather die than be a slave again.
This is going to feel so good;
1) 0
2) 0
3) 0
4) 0
5) 0
No debt.
Net worth? Let's just say six figures.
$0
From the guy in Cols Oh
$400/month lease on a sportscar. That's it.
1. $0
2. $0
3. $0
4. $1850
5. $0
1) Mortgage: 0
2) Cars: $10K
3) Credit cards: 0
4) Student loans: 0
5) Other debt: 0
Note:
- Purchased new car after 18 years with first and only car ever purchased. :)
What’s a brother in law to do?
I didn’t sign up for this, but I am paying the price.
August 22, 2007 8:57 PM
Hey Anon 8:57, what you are doing is being a man, stepping up to the plate and getting it done. It`s because of people like you that I don`t totally lose my faith in humanity.
184k 5.375% 30yr first Mtg
64k 7.625% 30yr 2nd MTG
Rental losing $500 a month! 20 acres and a house worth 310k
Raw Land 10 Acres. 41k 20 yr Ln 8.125% Worth 60k
Moble home 2002 worth 38k. 11% 23k!!! Ouch
$0 other debt
1972 fully restored Ford F-250 New paint and engine worth 12k
1971 1/2 Ton GMC Truck new 383 Stroker. Beautiful New Amber Fire Pearl Paint Job. Worth 10k
1996 Nissan Maxima 182k miles with another 100k left. (Marketing Car)
Mortgage Broker making as much as he wants to!!! People still need loans. The Fed will scew the value of the dollar to keep this economy buying Wal Mart Crap!! Count On it!
Mortgage-- 0 renting
CCards--- 0 pay in full monthly
Student loan-- 4,000
Car-- 9,000- 3yrs left on a 2006 Civic with wholesale blue book value of about 15K
The student loan doesn't bother me, the difference in income justifies it.
IMO-- the car is a very underrated financial wrecker for a lot of people. 115% financing on a Ford Expedition is almost as effective as a 100% LTV 2/28 ARM on Central Valley McMansion, for f'ing up your finacial future.
44 yo, marriedwith 3 kids in California.
Home Mortgage = 0 cuz I've never owned a personal residence in my entire life. (even though our net worth is over 2 million believe it or not)
Investment Mortgages - 280,000 on 3 condos I still own in a slightly bubblicious locale. But their rent makes positive cash flow so I'm not concerned.
Credit Card - 0
Car - 0 (Drive a 99 pickup)
Student Loans - 0
Other debt - 0.
Until California fundamentals return to normal, I will never own a home. That means Bay Area prices must drop by 40% or rents must double. Until then, I will rent from long time home owners who have little property taxes.
Yeeeehawww!
Mortgage 95K down from 355K
Cars -0 but one of them is 12 yrs old
Credit Cards 0
Student Loans 0
Other debt 0
Way too much in Mutual Fund 401K's
1) No Mortgage. I rent an apartment for $1200 split 50/50 between me and my GF.
2) Cars - I lease a Prius for $240/ month.
3) Credit cards - $4700 on an AMEX Blue at 4.99% interest
4) Student loans - none.
5) Other debt - none.
I have a student loan that I'm paying. I have $3000 more to go on it, and it will be gone. I went to a state university, so my tuition wasn't extreme anyway. I have a car that I'm still paying on. It will be paid off in little over a year and I plan on keeping it for as long as it will have me. That is the extent of the debt. Oh yeah, and I think I owe the video store 30 dollars.
Mortgage: 0 renter paying $815/mo.
Car: 0 gave away car 1 1/2 years ago
Student Loan: 0 paid off 20 years ago
Credit Card: 0 pay off monthly
Other loans: 0
Net worth: 600K
1) Mortgage - $0 - renting - CD income pays 74% of rent;
2) Cars - $40K - due to 0.25% financing, structured as 24-month lease;
3) Credit cards - $0;
4) Student loans - $0;
5) Other debt - $0.
Sleeping well.
Funny how the post asked for debts but quite a few people ended up listing their monthly payments.
Probably the same tards who can't tell the difference between EFFECT and AFFECT.
Ron Pol four prezident!®
Idiots off the world younight!
Mortgage - $0K
Student Loans - $0K
Cars - $2K
Credit Cards - $1K
Income $175K
Mortgage. $285 on a house worth $729, er 699, er...649, er..599, er......525K. Yeah, that's it
Four cars paid for (2 are hobbies)
Age 39, married one kid, one income of $225K.
We will have house paid off in 3.5 years, then no more debt ever.
Well, I read all 183 posts and here's what I determined:
1. 99% of the people here have no debt.
2. 85% of the people make 100K or more.
3. 100% of the ex-homeowners sold at the "peak".
4. Very rich people lead boring-ass lives which forces them to hang out on boring blogs. "I make 750K, own 4 100K cars, have two homes in fabulous cities, and all I can find to do tonight is hang out on a housing blog."
What are CAPITOL gains?
And more importantly, how does it EFFECT my tax liability?
no debt. $0.00. nada. zip. and it will stay that way for a long long time.
credit cards paid off monthly. even before the bill shows up.
I buy only gold and silver coins and bullion.
I own property and small house, bought in 1999, paid cash.
I have a 7 year old car that runs just fine. I expect to pick up a bmw in about a year for about 1/2 of what you are asking for it now.
or less.
net worth. enough.
when gold and the dow are at a 1 to 1 ratio (which has happened 3 times in the last 100 years--go check out the chart and you will see what you need to do), I will be buying income producing real estate that pays at least 10% roi.
heavily invested in gold/silver miners/ oil & gas, canadian trusts, and oh yeah, uranium.
my portfolio just took a bath, but that is part of the game as well. since I expect that gold will eventually be over 1000, way over, I am riding out this correction in a long term gold bull market.
I paid off my student loans within 3 years of leaving grad school. it was worth the investment. as far as I know, I am one of the few that ever was stupid enough to pay the damn thing off.
and then, eventually, after many good meals, great wines, and lovely companions of the fairer sex, I will die with a big ass smile.
$812K mortgage
$0 on two cars
$0 in CC
$0 in student loans
15k Student Loans
4k Auto Lease
$300 Credit Card
$0 Mortgage, I rent
I expect by years end I will have the student loans paid off as well. For all intents and purposes I owe no one , nothing. I will have approximately 60k in cash reserves, FDIC insured earning 5.5%
32,000 home mortgage
5,000 student loan
8,000 car loan
0 cc
1) 0 (rent for $500/mo)
2) 2500
3) 2500 at 0%
4) 60K
5) 500
I am in grad school now and plan to pay off the SL within 2 years of graduating and possibly buy if we have hit bottom by 2010
No debt. Had about $3k student loans, paid it off last year.
1) Mortgage - $3000 ($50000 property)
2) Cars - $0
3) Credit cards - $0
4) Student loans - $0
5) Other debt - $0
1 0
2 0
3 2500.00.
4 0
Renting, Still making money in REIC and living on the cheap.
1) Mortgage - $0
2) Cars - $0 (Public Transit, Zipcar membership)
3) Credit cards - $0
4) Student loans - $46K, working on a law degree at night while working full time during the day
5) Other debt - $0
No debt. But seven years after graduating college I still have no idea what to do with my life in terms of a career. I`m beginning to get worried. Maybe a mortgage would motivate me. Or did I miss that boat?
1. Mortgage - $115k on a 15y@5.25% with ~12 years left. Currently selling (work related) and have (contingent) offer of $225k.
2. Car - $0 me, wife has $15k or so. (So it's mine, but I'd never buy new so whatever)
34567. $0 $0 $0 $0 $0.
Doing fine.
Confused Anonymous said: "Love how everyone on this list is rich...but then again, it's the internet! :) Guess I'm the only one here who's only top-5% instead of top-0.1%. :P"
Why so grumpy? Could it have anything to do with the following?
"1) Mortgage: 505k (531k independent appraisal recently, bought in March for 506K), fixed rate 5.75%"
Buying at the peak sucks, but please don't let it ruin your whole life." "
Ummm...no, the peak was 18+ months before, and maybe 10-20 people in our neighborhood (160ish homes when they finish the last couple dozen) paid less than us, and they're still selling the last few for more than we paid (even after the incentives). But please, try to spin the news more to your liking/needs - it's almost as funny as the confused "smart" investor who writes this blog. My morning entertainment over coffee and email-digging.
I can't hang here anymore. This appears to be a completely different group than two months ago. You all sound like Birkenstock hippes. 240k mile car is not an asset nor bragging right, nor anything except a telltale of your completely odd lifestyle. This group is not exactly a cross section of people I'd like to know. You'd be fun at a party, I just can't imagine daily interaction. Of course it's not directed at every one of you, but there sure seem to be a lot of them here.
I've been really really combative on this site, loved the interaction, but I'm succumbing to the theory that many of you do indeed wear the tinfoil hat, or at best are completely stagnant and happy to wallow in the stagnation.
I read this blog and I think of that odd girl in highschool that became that odd 4th grade teacher and then that odd catlady. But she's got that socialist pension.
Aspire, strive, succeed, repeat.
Four words for an entire lifetime,
these words will keep you froming peaking at 24years old.
turdly's comment makes no sense to me...
Oh well.
No debt here. I spent 5 years wallowing in debt: car, student loans, credit cards. I swore off the debt after paying it off. I don't even see a need to go into debt to purchase a home or even pay for one outright at these prices when renting is so cheap.
And I'm a former CA real estate broker (last sale in 1998)
"Ummm...no, the peak was 18+ months before, and maybe 10-20 people in our neighborhood (160ish homes when they finish the last couple dozen) paid less than us, and they're still selling the last few for more than we paid (even after the incentives)."
OK, I stand corrected. You didn't buy at the peak, you bought along the plateau after the peak and right before the cliff. Yer like so smart!
Hey Turdly glad my 240K mileage car caught your eye. You might also find it interesting that pure highway it still gets 44mpg. This was a car made in 1990.
We have been bent over by big oil so hard for so long we can't see what is really possible.
We should have had cars that get 100 mpg 5 years ago.
zero, el zippo, goose egg, nada, nil, none, 0, cero amigos, null for my German buddies, tsifra, onik ....
Smug Bastard
I couldn't have made my case any better if I made this up;
August 23, 2007 6:22 PM
'We have been bent over by big oil so hard for so long we can't see what is really possible.
We should have had cars that get 100 mpg 5 years ago.'
Holy cow, look who we've stooped to for financial banter/lessons in life.
Mortgage- I owe $275K on a $500k condo.
Student Loans 0
Cars 0
Credit Cards 0
Mortgage - 0 (I rent a house in a nice Seattle neighborhood for 1/2 of what it would cost to buy)
Student Loans - 0 (just paid off my Masters from Columbia!)
Cars - $9K
Credit Cards - 0
A geographical location category would make it interesting to see these costs and debt in context.
1) Mortgage = $0
2) Cars = $0
3) Credit cards = I charge on it all my living expenses just to collect rewards, pay balance in full everything month. So $0
4) Student loans = $10k @ 2.6% fixed rate. It would be financially stupid to pay it off, since I have the same amount invested in MM earning 6%.
5) Other debt = NONE
"Love how everyone on this list is rich...but then again, it's the internet!"
Do you mean frugal and financially savvy? The majority here's not posting their wages, so why some people assume that they are rich? Why is it that people without debt is considered rich for some Americans? That what's wrong with this country, the idea that living debt free belongs only to rich people.
"I can't hang here anymore. This appears to be a completely different group than two months ago. You all sound like Birkenstock hippes [sic].240k mile car is not an asset nor bragging right, nor anything except a telltale of your completely odd lifestyle."
I'm a HP since the beginning, also drive an old Japanese car, year 1999. Runs great, reliable, good gas mileage, and paid cash. After the new 07 Acuras MDX get a couple years old, I will buy another one cash from a FB and do the same thing all over. Warren Buffet just traded in his 10 year old Cadillac for another one. Is that being hippie? I could drive a Porsche if I wanted to but I rather invest in REAL assets.
Why financially challenged people, like Turdly, can't understand that it's not about the money, it's about the principle? HP'ers don't cut coupons because they are broke. Go read the book "The Millionaire Next Door" to wake up, wannabes.
Turdly just wants to hang out on blogs were the wannabes are leveraged to the wazoo while driving nice cars (leased and about to get repo). Ahh, the American way. Don't let the door hit you on the way out, Turdly. Buh-bye.
"Holy cow, look who we've stooped to for financial banter/lessons in life."
Turdly is making less and less sense.
Is it happy hour where you are?
Anonymous said...
"Love how everyone on this list is rich...but then again, it's the internet!"
Do you mean frugal and financially savvy? The majority here's not posting their wages, so why some people assume that they are rich? Why is it that people without debt is considered rich for some Americans? That what's wrong with this country, the idea that living debt free belongs only to rich people.
August 23, 2007 8:33 PM
Rich and wages are not directly related. Someone can live in a shack on $30k/year, "invest" all their money in a stock and be rich via some revolutionary breakthrough that gets the company bought for 1000x it's purchased price.
The people here all claim absurd top-0.1% incomes and/or have assets that grossly exceed the average american by an order of magnitude. I guess this blog only attracts the elitists, because hey, folks that are loaded and near retirement sit on the internet posting to spite-filled blogs populated by bitter renters, right? :D
You all sound like Birkenstock hippes [sic].240k mile car is not an asset nor bragging right, nor anything except a telltale of your completely odd lifestyle."
You have no idea, no idea at all how "odd" some of us really are...
Come to Humboldt County for a visit sometime, You will go back to fly over completely dazed and confused.
Aspire, strive, succeed, repeat.
Four words for an entire lifetime,
these words will keep you froming peaking at 24years old.
But you will be all burned out by 50! You don't necessarly need to repeat the above sequence.
See Kieth I told you that this one was a bad one. The tinfoil hats are out in force, many think it's a good idea to take advice from someone who drives a $400 car and doesn't pay rent. Does your mom make you park that thing around the block?
I know I'm sounding very harsh. I've never purchased a new vehicle always a year old. I drive them for ten years. There's a big difference between frugal and a 1990's tercel. Maybe you have frugal confused with miserly or in need of medication. I'm guessing the soup kitchen may be one of your stops as it's a cost effective way to eat.
And while I'm on the subject; good for you for the 44mpg. At least that part makes sense or was just a happenstance to your $400 car but either way good for you. I drive big ol' guzzlers and not particularly proud of it, but you need a truck around here.
I've always believed that it's Exxons gas and if you don't like the price don't buy the gas. 44mpg is an excellent way to come as close as you can without buying the gas.
But I still think you have a tin hat, and maybe a talking cat. 8-).
p.s. I make an absolute crap load of money but I still stop by Saint Vincents about 9 times a year just to see what they have. I also donate a LOT of stuff there.
August 23, 2007 9:49 PM
If you don't repeat the course, you're going to wind up at the airport checking three ounce bottles somewhere, 50 years old, still bragging about your only accomplishment that met the criteria of the course; a degree in 'french culture' you received at 24 years old.
You must be thinking of;
wallow, settle, wallow repeat.
I always love the references to 'Buffet does....' but in the same vein [vane, vain?] many of you speak of settling. I don't think that guy ever settled, and how 'bout we keep this all to the 95% percentile or so?
Oh, I am of course expecting the standard critique of my spelling and grammar. As always it's a sure way to denote you have nothing of value to add.
Damn! I hit the buttons too fast.
I am burned out at 50. Probably retire this year, two at the max. I could today, but another year will make the difference between going out to Dominos pizza or driving 350 miles to Los Angeles and getting one at the Hyatt. Same whim, different retirement plan.
A new life awaits.
*hiccup*
*raise finger and begin pontificating*
"...but another year will make the difference between going out to Dominos pizza or driving 350 miles to Los Angeles and getting one at the Hyatt. Same whim, different retirement plan."
*belch*
*stagger*
Late to the party here, but here goes:
1) Mortgage = $168k
2) Cars = $0
3) Credit cards = $0
4) Student loans = $0
5) Other debt = $0
Oh, and the mortgage could be paid off by end-of-month were we so inclined.
Cars, by the way, are not all beaters; one's new, but we buy our cars with a check, and no desire to finance because seems the cheap finance deals often mean you lose one or more rebates.
I have no debt. My home is paid off (est value $750k+), I have $2.1+ million in cash & securities.
If all goes well, a business deal i am working on will bring me another $2 mil and I will retire for a while.
we also own our cars, and have no monthly payments except kids school & ordinary expenses.
“240k mile car is not an asset nor bragging right, nor anything except a telltale of your completely odd lifestyle.”
---------------------------
Stating that one has a reliable 240k mile car says volumes about the owner.
For one thing, the driver is a very practical person. It also says that this person is not so shallow and insecure that they must own a new car in order to feel like they are a decent person.
How about somebody who brags about how their 20-year old car has only 50,000 miles? It sounds like they are proud of the fact that they never go anywhere!
-Mammoth
1) Mortgage - 232K which includes HE line and an in-ground pool loan - house worth 375K even with the market down.
2) Cars - 0$ paid
3) Credit cards - 5K all 0% teasers for next 6 to 9 months
4) Student loans - 1K
5) Other debt - 0$
Interesting to note that a bunch of HPers sold their homes at the top of bubble.
If you benefited financially at the top of this bubble, why are you complaining about the bubble?
Seems to me that you would want everything to crash, so you can use your profits to buy again.
No debt except a $540k mortgage - I could pay it off by cashing out investments but it's 5.25% fixed so I've no reason to unless interest rates tank. Speaking of which, one poster wrote
Expect price drops in home prices and the markets to accelerate over next 12 months, and hyperinflation to kick in.
This sort of double-think by many bears has me puzzled, as I find it hard to construct a scenario where both things are true. Either we have a deflationary "Great Depression II" where asset prices tank and cash rules, or we all dust off our LPs and start dancing to Boogie Fever as we re-run the 1970s, hard assets soar while cash loses purchasing power. As another poster wrote
...certainly there is the risk of devalued currency and inflation which means that assets in the form of cash AND real property are a way of insuring against both deflation and inflation...
To which I'd say, exactly so. Some friends dumped their house a few years back thinking they'd neatly dodge a collapse and then buy back in. They could get their wish, or they could get burned if a disaster sufficiently large to cover the high transaction and moving costs fails to materialize. They are market timing plain and simple.
1) Mortgage = $0 I am a caretaker of a home and live rent-free
2) Cars = $0 100% paid for reliable late model Japanese economy car
3) Credit cards = $0 I pay as I go
4) Student loans = $0 All of that was paid as I went too
5) Other debt = $0 Debt is mostly for those who don't mind enslaving themselves (or don't know better)
Bitterenter,
If you are late with the rent again, I'm sending the sheriff over to throw your deadbeat ass out.
Signed,
Republican Landlord
Hey everybody, don't you all wanna be Turdly and DOPES? Wow, aren't those guys the real sh*t? They sure have impressed us, haven't they? Two big shots, indeed. We, HP'ers, want to be like Turdly and DOPES when we grow up.
Hey Keith, can you believe these cats? lol
Bystander said...
Interesting
Yes they are mostly flipper wanabes that think they'll be the only ones around with cash. They think they'll buy up the whole block. It's gonna be a bit hard to pull off when 'all your cash' is $100k. It's all they talk about; how we're going to buy that house cheap [every flipper thought they bought cheap] and how little debt they have. People living in grocery carts also have no debt, and bought a home cheap.
Making no money, living at home with mom, and driving a 20 year old car is not exactly healthy, acceptable in society, nor shows much responsibility.
Of course there are considerations. I'm not drawing a picture of someone kindly taking care of ailing parents, nor am I casting stones on the mentally disabled. If you have the ability to be normal, GET NORMAL YOU SLACKERS.
1) Mortgage - 0
2) Cars - 0
3) Credit cards - 0
4) Student loans - 0
5) Other debt - 0
net worth, low 7 figs. buy almost everything used, do my own work on my house. own my own biz, well paid. hope to sell out and retire early.
Mtg.: $0
Student loans: $0 (but law school will be changing that BIG TIME)
Cars: $0
Credit Cards: $1400
Income: $21k/year.
Age: 24
I'm not going to lie, I am one broke SOB. I really don't own anything, and what I do own is in a sad state of disrepair. I live from paycheck to paycheck while I pay off my credit card debt. I bought into the BS that was prominent when I was in high school- you can make good money in the car business. So, now I am making wages in line with the average zit-head down at Taco Bell. It is time for me to get out of the midwest. I'm really missing the boat as far as income increases go (It is common to have people in this business who haven't seen raises in 5 years).
Buying a house? Ha! I'd be lucky to be able to afford a shotgun shack if I decided to stay in the feild that I am in.
Not that any of you needed to know that.
No debt. Absolutely ZERO. No mortgage, no credit card debt, no student loan, no car loans. ZERO. And I'm CEO of a technology company with customers worldwide.
none....except the electricity co hasn't billed me for an inordinate length of time.
0.
have some puts out hoping this thing busts
1) Mortgage - 220K (30 yr fixed, 5.5)
2) Cars - owned free and clear
3) Credit cards - currently high, but we never carry a balance
4) Student loans - paid off just before buying home in '02
5) Other debt - 0
$4K balance on a $158K loan for 30 yr fixed, to be completely paid in 3 more payments after 17 yrs.
Bought a good car at one yr old with cash --- still driving it after 14 yrs; service it regularly and yearly so it can service me and my family regularly and yearly. :)
Credit cards to zero every month.
Paid off student loan long time ago.
No other debt.
$298K in 401K; 65K in Roth IRA; $25K in emergency funds; $5.2K in monthly expenses.
Credit Card 1: $206, $0 tomorrow
Credit Card 2: $831, $0 tomorrow
Credit Card 3: $2800, $0 mid December
Cars 1, 2 : $0
Car 3 : $6800, $0 in March/April
Student Loan : $0 (got 4 year Comp Sci degree while in the USAF for about $1,000 - $1,500 out of my pocket)
House $93,000, 5.25%, 10 years left on 15 year loan.
Thanks, Dave Ramsey!!!
DSS
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