sirmackdaddy

Life of the single man
2011-02-25 23:30:03 (UTC)

Debt Free

Well it's official. As of today, I am debt free. No credit card debt, student loans, or any of that crap. And its all paid for, none of that bankrupcy crap either. Hopefully in a few months the company I have working on my credit report will have the negative stuff taken off there as well.

I'm not sure I want to go back into debt by buying a house though. I know if I had the dicipline I could save enough money over the next year or two to buy a moderately priced house outright. If I continue living where I do, and keep my expenses low, I could throw as much as $2000 a month into savings a month, and within 2 years buy a $50,000 house outright. Or I could also buy a $100,000 and have it half paid for already. I should seek the advice of a financial planner I think at this point.

I think I've done pretty well on my own, as far as managing my debt and getting it paid off. Now I have no idea what to do as far as either starting to buy a house or just save the money. It would be nice to build up a nest egg first, then maybe buy a house. My friend Tom says I should just buy a house, but if I do a 10-15 year loan I'd end up paying around $15,000 or more in interest. Either way I won't be able to think about a loan til they clean up my credit, so guess I'll just save the money for now anyway.




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