Friday OT #1 - IOU

Discussion in 'Off-Topic' started by Angie, Jan 24, 2020.

?

What you got?

  1. $0

    33 vote(s)
    52.4%
  2. $5K

    3 vote(s)
    4.8%
  3. $10k

    11 vote(s)
    17.5%
  4. $25k

    8 vote(s)
    12.7%
  5. $50k

    8 vote(s)
    12.7%
  6. $100K+

    0 vote(s)
    0.0%
  1. Doc

    Doc The Sensible Alternative
    SuperFanatic SuperFanatic T2

    Aug 6, 2006
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    Denver, CO
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    +20,400 / 925 / -15
    I have 0. A lot based on luck. Probably guessed a couple more questions right on a standardized test resulting in an outsized scholarship. Had some good connections through my parents that led to decent jobs in the summers and then a solid internship that actually paid real money while I was at ISU. Graduated from ISU in 2007 in a great job market. Two years later things were drastically different. And then when I needed a reliable car, grandma died and I got a $10k inheritance for a sweet Taurus. So I guess yay for self-indulgence :oops:
     
  2. mj4cy

    mj4cy Asst. Regional Manager
    Staff Member

    Mar 28, 2006
    26,550
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    Engineer
    Iowa
    Ratings:
    +7,604 / 258 / -9

    Yeah we always try to just buy vehicles outright, but it takes years of extra money to do that anymore....last time we loaned ourselves from our emergency fund and just paid that back. I hear ya tho, it's tough to not get in debt when you want a decent vehicle.
     
  3. mj4cy

    mj4cy Asst. Regional Manager
    Staff Member

    Mar 28, 2006
    26,550
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    Engineer
    Iowa
    Ratings:
    +7,604 / 258 / -9
    Whether good or bad events, 10% of life is what happens to use and 90% is what we do about it.

    I got let go in 2010 from my first job and the job I have now is so much better and much more pay. Only reason I got it is because someone I know turned it down and they offered me....that person then lost his job a few months later. So yeah luck and also capitalizing on opportunities I guess.
     
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  4. CycloneSarah

    CycloneSarah Active Member

    Aug 9, 2016
    183
    95
    28
    Female
    Ratings:
    +207 / 1 / -0
    Very satisfying to hit that $0 button. Now we just need to actually do something about the large amount of money just sitting in our savings account.
     
  5. ricochet

    ricochet Well-Known Member
    SuperFanatic SuperFanatic T2

    Sep 4, 2008
    1,277
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    Ratings:
    +522 / 5 / -0
    For me the year 2000 seemed like a good time to have a fresh debt free start so I used that as motivation to pay off school loans and credit cards. I got there by July 1999 and other than a car loan for about a year in 2003-2004 have been debt free.

    So, I answered 0 based on the spirit of the question. But technically that isn't true (and probably isn't true for almost everybody else who answered that way). I always pay the full balance on my credit card but by the time the payment gets credited there are always charges for the next billing cycle. Utilities are another example where I technically always owe some money.
     
    • Agree Agree x 1
  6. wxman1

    wxman1 Well-Known Member

    Jul 2, 2008
    13,354
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    Cedar Rapids
    Ratings:
    +6,755 / 174 / -1
    I mean I have seen a few of stop and check me out while I stand on my corner.

    We have a boatload and aren't doing much about it for the next year while my wife finishes school. Most remaining debt is in student loans, one vehicle and one CC. After she graduates it will be a mix of aggressive and saving for our next house. Should be fairly easy to pay off one vehicle and a couple of student loans and still save for the house.
     
  7. CascadeClone

    CascadeClone Well-Known Member

    Oct 24, 2009
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    Ratings:
    +2,059 / 67 / -0
    $0.
    Had no student loans (no help from parents, just scholarships and summer work, 90s era costs and living cheap).

    Haven't had a car loan in years, though current vehicle only has a year or 2 left I think; trying to save up to prevent/minimize a loan for that. Never let my credit card go unpaid when due.

    Not even a mortgage atm. Sold the house and currently living w/ gf and she owns the place. I'm a trophy wife!
     
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  8. MeanDean

    MeanDean Well-Known Member
    SuperFanatic

    Jan 5, 2009
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    3,680
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    Retired Civil Engineer
    Clarence IA-Jensen Beach FL
    Ratings:
    +6,182 / 29 / -0
    No non-mortgage debt. And only about $28k left on a house purchased in Nov 2009.

    But thinking of downsizing the Iowa living space and moving to a town with actual grocery stores etc. Will probably end up spending a little more than I'll get clear from the house so will be starting over on the home mortgage again.

    Since I'm nearing Medicare age status I'll probably get a 15 year this time. No way am I going to be paying on a mortgage when I'm 90+ years old!
     
  9. MNCYWX

    MNCYWX Well-Known Member

    Feb 7, 2010
    1,991
    255
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    Male
    Meteorologist
    Med City, MN
    Ratings:
    +492 / 10 / -1
    Student loans, one car. I'm probably just shy of 25k between the two. Add my wife to the mix and it's like 33k.

    Considering we graduated with 115k student loans I'm happy.
     
  10. 1UNI2ISU

    1UNI2ISU Well-Known Member

    Jan 30, 2013
    1,956
    321
    83
    Waterloo
    Ratings:
    +1,454 / 125 / -4
    About $16k left in Student Loans.

    I lease a car through work that they pay 2/3rds and I pay the other 1/3rd (~$150 per month) so I have no idea how you classify that.

    No credit cards. $19k left on my condo. Should be debt free 18 months from now....

    Best part of my divorce was saying goodbye to the $80k in student loans my ex-wife had.
     
  11. NWICY

    NWICY Well-Known Member

    Sep 2, 2012
    12,125
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    Ratings:
    +7,712 / 187 / -2
    Personally I'd classify that as a good deal.
     
    • Agree Agree x 1
  12. throwittoblythe

    throwittoblythe Well-Known Member

    Aug 7, 2006
    1,917
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    Engineer
    Minneapolis, MN
    Ratings:
    +1,762 / 26 / -0
    Wife and I started out of college with $120k in debt. School loans ($85k), cars ($37k), and a personal loan ($1k). I was introduced to Dave Ramsey shortly after we graduated and we got on the path to eliminating that debt. We did it in 7 years. Ours was part luck, part hard work. I landed a good job and was never out of work during the recession (graduated in 2008). She got a job at a bank and kept it the whole way (even though it wasn't her field of study). I also got offered to take a remote assignment in Canada for work and took it. That came with a 50% hazard pay bump, but it was 75%+ travel for about a year (thank God we didn't have kids at that time). Took that money and paid off the car loan plus got even more aggressive on paying back the loans.

    For us, we committed to paying it off, but I don't feel like we drastically cut back our lifestyle. We were always conservative about it, but we still took a couple budget vacations and bought a house during that period. We ate out semi-regularly but nothing crazy. We kept our expenses low, but never to the rice and beans level that Ramsey promotes.

    Since then, we did take out a loan to get her a new-to-us car when we needed more space for the kiddos, but we paid that off in 18 months which was over a year ago. Since then, we haven't taken on any debt and don't plan to. Financial goal right now is to keep throwing 15% to retirement and stock away some extra cash for a future move/house purchase.
     
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