Pond Boss Forums GENERAL QUESTIONS Pond Boss Paid my property off today...

I'm glad that I learned a while back what credit card debt will do to the budget. Now the only debt is the mortgage, everything else is paid off, and even tho I have credit cards, everything is on a cash basis. No carrying a balance on them. I'm also throwing any extra $$ towards the principal knowing that every $ more counts down the road.

I've got a buddy that's single. His philosophy is that whoever dies with the most toys wins, and he can't make ends meet if he doesn't work OT. I can't believe he has that mindset because he's got a Master Degree in Finance.

Congrats JKB, now you can afford to spread the wealth around.

Scott, there's a lot of difference in book learning and education.

Hey guys the wife says we can't get an exact amortization from the credit union according to them due to various factors. I say bull****. I want to know how much time until I pay the house off to the month.

Thoughts?

BS indeed. Whether fixed rate or adjustable with a balloon at the end,
they should be able to give you the info you need in seconds....

Credit Unions don't have to play by the same rule as banks! They can jack your principle up with fees that they deem appropriate at any time. Trust me!

Credit Unions can get away with a lot of stuff

Cecil, that also sound like BS to me. Every lending institution understands loan amortization.

However, if you know the remaining principal and interest rate, you can find a lot of free loan amortization sites.

I'm on the BS train as well. I can go on-line with my lender and the information is there in my account profile.

Fixed rate.

Congrats JKB

From a Dave Ramsey listener.

"If you live like no one else now......later you get live like no one else"

And "Now you get to Give like no one else"

The engineering field proves this. It is interesting the difference in "acquried" knowledge and "real-world" knowledge.

jludwig, those words are SO true!!

I had an Engineer try to tell me how to weld once. I said, "Well, if your way is so much better, here's the helmet and gun. Show me how to do it." His reply? I don't know how to weld....

Same guy would say "Here's my idea. Can you build it, and draw me a dimensioned sketch? I'll turn it into a print."

Ok, sure............. NOT!!!

Same guy would draw parts and assemblies but never check for interference fit. Not good when the parts have to be made from aluminum extrusions and extruding molds aren't cheap!

You guys have it right, try to get out of debt and stay out of debt. I never made big money but I learned this early in my 20's and practiced it all through life. So I retired at 58, that was a little chancy and I had to buy expensive medical insurance until SS kicked in, but I have had a really good life to my now 78. So the other part of this equation is having good health so you can enjoy your retirement and that takes some work just like being out of debt does. I eat vegan which has driven my cholesterol and blood pressure numbers down to super low levels and I walk and workout on weights twice a week. Throw some luck into this mix and this formula has worked for me.

Sweet! Congrats, buddy!

I am in veterinary school right now. My wife is a teacher.

We have no debt... Oh wait, except for the 250,000 dollar debt I will have as a direct result of my education.

We save and put about 10k in the bank a year on her teacher's salary, but staring down 250k in debt is scary...

Reality is starting to kick in, and I am liking it!!!

Just wanted to add:

The amount of money you earn during your lifetime is finite. Same as heartbeats! How many heartbeats are you paying in interest and fees?

Hope that don't cause any trouble.

Maybe I've got it all wrong but I took out a loan for $150,000 for my property and if I pay the minimum amount after my mortgage is up I will have paid in $450,000. It almost seems criminal to me to make that much money when you get it in the first place from the feds for a low as 0.0 percent! Yes some banks are getting money from the feds as low as zip right now!

There's an abandoned house two houses down. The landlord went bankrupt. The bank got the house and kicked out the renter. Now it sits in 6 feet of weeds and is falling apart. Wouldn't it have made sense to keep the renter for the rent money and to keep up the house? A neighbor says the bank would rather write it off or is getting money from the government, which made it a better option to kick out the renter. Anyone see anything wrong with this picture?

Managing an active account on a rental property thru a bank is not what they are in business for.

The Sole Purpose of a financial institution is to Violate/use up the finite heartbeats one has to actually enjoy life, as intended.

May be pretty deep here, and only God knows how long I'll be hanging around, and that is cool! I just ain't gonna give my heartbeats to a financial institution.

I'm with ya Phil. I'm slowly expanding my aquaculture business with my own funds bit by bit or from investments in the family. I refuse to go to a bank and have some bean counter breathing down my neck. LOL

Been so busy I forgot to mention that my deed came in the mail. It looks pretty beat up tho, crossing many desks and being transported to different agency's.

My dad tells me that the county assessor was out a couple day's ago. Not one, but two! They are traveling in pairs now.

I suppose they do that, because one may just run faster than the other one (If you don't get that, tax assessors are a nervous bunch, and the county may need backup info. if one don't make it)

Let me put it another way. Every one up there owns many more guns than they need, shoot all the time, and have dog's that are not confined in a pen! Big Dog's! Watch Dog's!