Debt: Why I Hate It

Debt is something that 99.9% of people will have at some point in their life.  I’m not sure of the exact number, but a lot of people retire while still in debt.  That doesn’t make any sense to me.  I wouldn’t want a house payment when I am ready to stop working.  My goal is to have my house paid off in less than 10 years, which would put me at 37 years old.  This would mean that I have that extra income each month to invest with for the next 20-30 years.

The probability of me actually investing every cent of our mortgage payment after it is paid off isn’t really that high.  My wife and I will probably use some of it to travel, to purchase new toys, or just to do whatever we want.  Sometimes experiences are worth way more than the actual money itself.  I personally have a long bucket list, including a multitude of different things.  Money saved from having no debt will help pay for most of those.  The wife and I also plan to eventually start a family, and having little debt is one of my goals when that time comes.

The biggest reason why I hate debt:  I hate OWING people money.  It doesn’t matter if it is the bank, or a personal friend/family member (although I haven’t ever borrowed from a friend or family member).  I just hate owing money.  From here on out I plan on not taking another loan out ever again.  Is this feasible?  I’m not sure.  You never know when something might pop up.  This would be a reason for having an emergency fund though.

Does anybody hate owing people money?  What are some ways you plan on getting out of debt?

P.S. I think on the weekends I will start doing some small posts about random stuff.


One response to “Debt: Why I Hate It

  • Drew @

    I think everyone hates owing people, but I think it’s just inevitable.

    I personally do not pay down my mortgage since my effective rate is 3% after the tax benefit and I’m confident that I can get a better than 3% return annually — but that being said, I can see how psychologically beneficial it would be to be mortgage free! I wish you the best in paying it down.

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