Of all you guys that are debt-free, I wonder how many are married. Not trying to be snarky, I would honestly like to know. I just think it's harder to do when you're not the only one making financial decisions. Not impossible (obviously), just a little harder. I'm speaking from personal experience. Cue the "just tell her to make you a sandwich" responses....
Debt free as well. Paid off my townhome and just paid off my car a few months ago. Now I'm just making it rain on sluts. Yes, not married.
Well, a lot of the debt free folks are either still living with their parents, in college, both, or just got out of college. When you get married, I'm sure debt accumulates, regardless of the role of primary decision maker. Getting married means perhaps helping your wife / husband with their debt - add kids into the mix, and there's even more debt (bigger place to live, more/newer/safer cars, etc.)
actually, i would bet it's the opposite. those who live with their parents do so mainly because they can't afford a place on their own and are likely to use credit cards. College graduates are probably the ones who are most in debt due to tuition and boarding.
Married 16 years. Bought a house right away. Paid it off in 7 years. Truly debt free for about 5 years. And then bought another house.
Getting married is what actually created or rather worsened my CC debt, literally. Our wedding really set us back and went a long way towards ruining my credit. But hey, it was our one and only special day. In all seriousness, it was a wonderful day and one of the happiest of my life. Unfortunately it was also the most expensive day of my life as well. That said... When that time comes for you, go to the courthouse and get married there. Then have a small dinner with close friends and family. Your parent's bank account and your pockets will REALLY appreciate it later.
single, not married. but marital status has little to do with how much debt one incurs. i was single in my 20s and in debt. it wasn't until my 30s that i made a conscious effort to get out of it. if a couple can't agree on how money should be spent/saved, then there will definitely be financial trouble in the relationship. however, being married doesn't mean you have to follow the life script of expensive honeymoon, brand new house and new car. i think this is where couples get in trouble. instead of trying to live within one spouse's income they try to live within 3. sometimes that does mean "just tell her to make you a sandwich" if she's a big spender.
i know this is a joke but man i just cringe when i see a mcdonald's employee or grocery sacker on their $500 iphone and $100/month plan. if i was a kid in this generation i'd probably be guilty of it too though. trying to look cool as a kid (as well as an adult) is expensive.
Almost 1 million in debt. But, it's all about cash flow...I wouldnt have an income if it werent for the debt, so I welcome it with open arms. Too many people are scared of debt.
It's pretty simple, actually - if you are getting a higher return on the debt than the cost of the debt, it's good debt. But almost all consumer debt is in the form of mortgages, student loans, car loans, and credit cards which by and whole do not provide a return on the debt whatsoever, especially in the case of new cars and credit cards. Student loans used to be good debt but the value of higher education has declined and the cost of college has gone up.
But, many times, you need that debt to increase cash flow...certain debt is necessary. For instance, I wouldnt have 2 dental practices if not for debt. And I'd happily take on 2 million more dollars in debt if it netted me an additional 4 dental practices.
I have about $11,600 in student loans from my undergrad. I've been saving up with internships to pay for graduate school in cash. I just accepted a new job and I plan to have these student loans paid off by next summer.
13k student loans, 1k on credit cards, 10k left on my car. Hopefully getting a raise soon and can start hitting these payments harder.
