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.