now paid. I took out a loan in 1997 to fund my company and purchase equipment.Thru the years we added to the loan with more purchases of equipment, trucks, software and lots of other stuff.
It got to be a very large loan and during the bad years we struggled to make the payment but we did every month.
Just hand delivered the last payment!!!! They had cake and coffee for Janice and I, living in a small town is such a blessing.
One step closer to fishing and golf for a living.
Randy
I'm very familiar with the practice of being paid down big time on a loan and then using that collateral to grab some new dollars very simply without need of a new mortgage or filing of any kind. In fact just bumped one up from under $6000 to over $50,000 recently. No fuss, no muss. Plan to be back down around $5000 by this time next year. Have purchased several properties over the years using this method. No need to pay to file a new mortgage that way. No waiting around to get loan approval and paying for an appraisal on the property being purchased. Just do it.
Randy Hambright, post: 367896, member: 171 wrote: now paid. I took out a loan in 1997 to fund my company and purchase equipment.Thru the years we added to the loan with more purchases of equipment, trucks, software and lots of other stuff.
It got to be a very large loan and during the bad years we struggled to make the payment but we did every month.
Just hand delivered the last payment!!!! They had cake and coffee for Janice and I, living in a small town is such a blessing.
One step closer to fishing and golf for a living.
Randy
congratulations! welcome to the land of the living.
now extinguish all other debt, including your home mortgage if you have one. you will be glad you did.
Peter Ehlert, post: 367918, member: 60 wrote: congratulations! welcome to the land of the living.
now extinguish all other debt, including your home mortgage if you have one. you will be glad you did.
Here, here! Living in the black is the ONLY way.
I made a decision over twenty years ago to live well beneath my income (compared to others in the herd) and I have not regretted it. I will have to admit I have developed an "Uncle Scrooge" attitude over the years however. One example is our cars. I've written checks for the last four or five vehicles I've purchased (personal and business)...and I HATE spending money. So I wind up driving something with 300K miles and a cracked windshield with holes in the seat. My wife won't even get in my truck anymore.
As long as I don't have to spend it, I won't. And I love it. When I get bored, I call the bank and listen to them giving me the balances on all my accounts...
How many times have you heard that you won't be able to take it with you? 😀
I do not over spend myself, but do buy myself "things" from time to time. If I don't spend some of it, it's just sitting there doing me no good. Trust me though, I do have some savings (quite a bit compared to some, very little compared to others). Enough to be a safety net.
There was a story I read somewhere on the internet a while back about a woman who's husband had recently died. Stipulated in his will was that all his monetary worth (only liquid I think) was to be buried with his cold dead body. So, his wife wrote a check... made out to him of course..... while commenting "if he wants it, he can cash the check"..... and she proceeded to enjoy the "spoils".
Brother from another mother.
If it isn't essential, it doesn't get purchased. If it has any life left in it, use it up.
For every dollar you spend figure up how much you had to earn in order to have that dollar left after everything else was paid before you received your net pay check. That's the true cost.
On the other hand, if you can turn one dollar into twenty dollars, spend it even if you have to borrow it. But pay it back ASAP and prepare for your next golden opportunity. Much of making money involves being able to jump at the right time.
paden cash, post: 367925, member: 20 wrote: When I get bored, I call the bank and listen to them giving me the balances on all my accounts...
Ouch, I seethe with jealousy over that statement. Between my wife's full time quasi-volunteer teaching position and our breeding habits all I can say is I'm in the black.
Steve
paden cash, post: 367925, member: 20 wrote: ..and I HATE spending money.
I have met a few people over the years, that I would consider rich. They all have one common theme; they DO NOT spend their money!
Holy Cow, post: 367930, member: 50 wrote: Brother from another mother. If it isn't essential, it doesn't get purchased. If it has any life left in it, use it up.
I actually attribute this to my childhood. Being raised by folks that lived through the "Depression" definitely had a profound effect on me. And like my grand-dad, I still have an inherent mistrust in banks...(and the FDIC). After my demise, all my heirs will have to learn how to survey. I'm leaving each one a riddle to find their specific Mason jar with their inheritance within...
Or...I might have stun-guns handed out at my funeral service. The last one standing gets it all. :pinch:
paden cash, post: 367934, member: 20 wrote: I still have an inherent mistrust in banks...
I would say it's a healthy mistrust.
Totalsurv, post: 367951, member: 8202 wrote: I would say it's a healthy mistrust.
Not to long ago I went to my bank to make a deposit. I didn't have any ID on me at the time. The teller couldn't complete the transaction without positively identifying me and I was sent to a bank officer (that knows me very well). After some apologies she completed my transaction and reminded me it was only for my security.
I thanked her for being so diligent that I could rest assured nobody else would be allowed to put money in my account...And then I reminded her that a credit card I have through the bank was recently used in Milan, Italy for some clothing purcha$es . And it took an act of God hisself to decline the charges and prove I was actually in Gotebo, OK at the time the card number was used in Italy.
Security, indeed. I left her with an admonishment they should pay more attention to withdrawals from accounts than deposits.
Congratulations.
I'm sure the feeling is much like the one I had when I paid off my mortgage almost eight years ago- it felt like someone came along and removed the leg irons from me. It was a GREAT feeling.
Congratulations! That has to feel really good.
SellmanA, post: 367955, member: 8564 wrote: Congratulations.
I'm sure the feeling is much like the one I had when I paid off my mortgage almost eight years ago- it felt like someone came along and removed the leg irons from me. It was a GREAT feeling.
I hope everything went well. When I paid off my mortgage a number of years ago it was quite a bit earlier than the length of the note. I made several calls and made sure everyone was on the same page, made an EFT, and then verified that everything was OK and the release of mortgage would be filed ASAP.
Sure enough, I get a statement the next month telling me my payment was due.
I called everybody and was assured it was just paperwork and they would take care of it quickly. It got a little uncomfortable after 90 days and the mortgage company was still sending statements and threatening action if I didn't make my payment.
..it eventually caught up with itself (whew!)
I was nearly debt free at one time.
Then I got married.
Randy Hambright, post: 367896, member: 171 wrote: now paid. I took out a loan in 1997 to fund my company and purchase equipment.Thru the years we added to the loan with more purchases of equipment, trucks, software and lots of other stuff.
It got to be a very large loan and during the bad years we struggled to make the payment but we did every month.
Just hand delivered the last payment!!!! They had cake and coffee for Janice and I, living in a small town is such a blessing.
One step closer to fishing and golf for a living.
Randy
Congratulations - but 19 years to repay startup costs is unacceptable.
paden cash, post: 367953, member: 20 wrote: Not to long ago I went to my bank to make a deposit. I didn't have any ID on me at the time. The teller couldn't complete the transaction without positively identifying me and I was sent to a bank officer (that knows me very well). After some apologies she completed my transaction and reminded me it was only for my security.
I thanked her for being so diligent that I could rest assured nobody else would be allowed to put money in my account...And then I reminded her that a credit card I have through the bank was recently used in Milan, Italy for some clothing purcha$es . And it took an act of God hisself to decline the charges and prove I was actually in Gotebo, OK at the time the card number was used in Italy.
Security, indeed. I left her with an admonishment they should pay more attention to withdrawals from accounts than deposits.
I had this crap happen to me several months ago, so I asked to speak to the manager, whom I have known for +30 years. She told me it was a new Federal regulation they were required to follow. I asked her what Federal regulation she was referring to. She could not say - so I took my cash about 30 feet to the outside ATM and made the deposit. I took the deposit slip back in, put it on her desk, wrote my phone number on the back, and asked her to call me when she found the Federal regulation. Phone has not rung...
paden cash, post: 367953, member: 20 wrote: Not to long ago I went to my bank to make a deposit. I didn't have any ID on me at the time. The teller couldn't complete the transaction without positively identifying me and I was sent to a bank officer (that knows me very well). After some apologies she completed my transaction and reminded me it was only for my security.
I thanked her for being so diligent that I could rest assured nobody else would be allowed to put money in my account...And then I reminded her that a credit card I have through the bank was recently used in Milan, Italy for some clothing purcha$es . And it took an act of God hisself to decline the charges and prove I was actually in Gotebo, OK at the time the card number was used in Italy.
Security, indeed. I left her with an admonishment they should pay more attention to withdrawals from accounts than deposits.
I had this crap happen to me several months ago, so I asked to speak to the manager, whom I have known for +30 years. She told me it was a new Federal regulation they were required to follow. I asked her what Federal regulation she was referring to. She could not say - so I took my cash about 30 feet to the outside ATM and made the deposit. I took the deposit slip back in, put it on her desk, wrote my phone number on the back, and asked her to call me when she found the Federal regulation. Phone has not rung...
Jim in AZ, post: 367979, member: 249 wrote: I had this crap happen to me several months ago, so I asked to speak to the manager, whom I have known for +30 years. She told me it was a new Federal regulation they were required to follow. I asked her what Federal regulation she was referring to. She could not say - so I took my cash about 30 feet to the outside ATM and made the deposit. I took the deposit slip back in, put it on her desk, wrote my phone number on the back, and asked her to call me when she found the Federal regulation. Phone has not rung...
That's pretty funny.
I'm all about security and I have been known to follow rulz (when I wish), but when people at MY bank start patronizing me, I'm gone. I had a similar "federal regulation" thrown at me about five years ago. The bank lobby was crowded at the little desk where you scribble. I grabbed a deposit slip and stood in line at the teller. While the guy in front of me was getting taken care of I sucked up on the little ledge and endorsed my check and filled out my deposit slip. But I was without an ink pen. All I had was 0.5mm Pentel (w/HB lead).
The teller told me she couldn't accept a check endorsed with a pencil. She tried some sloppy bull that it was a "federal" rule. The 25K check was from a client for "deposit only"...and I'm damned sure not going to start erasing or scribbling on the back of the check. Of course the teller supervisor had to come over and OK it. When I asked what "Regulation" it was that said you couldn't write in pencil at a bank, I was assured it was OK. Then I told the supervisor I wanted the teller to apologize to me for lying.
She got almost as upset as I was.
paden cash, post: 367966, member: 20 wrote: I hope everything went well. When I paid off my mortgage a number of years ago it was quite a bit earlier than the length of the note. I made several calls and made sure everyone was on the same page, made an EFT, and then verified that everything was OK and the release of mortgage would be filed ASAP.
Sure enough, I get a statement the next month telling me my payment was due.
I called everybody and was assured it was just paperwork and they would take care of it quickly. It got a little uncomfortable after 90 days and the mortgage company was still sending statements and threatening action if I didn't make my payment.
..it eventually caught up with itself (whew!)
I got a certified letter from U.S. Bank a few years ago telling me that they were starting forclosure proceedings.
Come to find out, some computer went haywire and sent out hundreds of those notices.
Congratulations on slaying your loan.
Now,
