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View Poll Results: What Amount Would It Take To Get You Out Of Debt?
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$0-$20,000
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13 |
43.33% |
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$21,000-$50,000
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4 |
13.33% |
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$51,000-$100,000
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3 |
10.00% |
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$100,000+
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10 |
33.33% |
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12-30-2010, 10:27 AM
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mary
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Join Date: Apr 2009
Location: Midwest
Posts: 3,002
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Re: What Amount Would It Take To Get You Out Of De
Michlow, $111,000 isn't bad on a house, and your payments probably are reasonable considering rental prices. I think you should be congratulated!
__________________
What we make of the Bible will never be as great a thing as what the Bible will - if we let it - make of us.~Rich Mullins
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use.~Galileo Galilei
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12-30-2010, 10:36 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
Your plan seems to have a running assumption that you will always be able to make the payments and that you will have renters. Also... and this is just me sharing how I see it from my side... $75,000 worth of debt over $125 per month? And that is before taxes... upkeep... insurance... tax on the income etc and then one month without a renter eats up about 5 months of income.
I just can't see debt as a money maker although it is the American way.
Side note... I started buying silver when it was $7 per ounce. I wish I would have bought more.  |
Well, that was just some numbers I threw out there. It can't be forgotten that you are gaining equity, as long as you got a good deal to start with. I included taxes and insurance in the likely payment. Obviously, any deal made would have to have good cash FLOW, that is the whole point, or you are going backwards.
People have to live in houses. Risks have to be taken. There are no guarantees anywhere. I would rather have money in property than in a 401K or a savings account, probably.
Yeah, silver just keeps going up.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-30-2010, 10:36 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by missourimary
Hmmm... I need to pay more attention to the silver market.
I hope the interest rates do go up. But there is little way to know what the market is going to do-other than falter-with government involvement. I only know that savings interest can't go much lower. Rentals don't work for many people. Renters can be very destructive, and unless a person can find extraordinary renters or can make all major repairs themselves, rentals don't seem to make much money. On the other hand, my mortgage payment was $500/mo including taxes and insurance. I could rent my house now for $700-900/mo... a $200-400 profit every month even if I still owed. $2400/year isn't much once I consider repairs. $4800 is worth thinking about. At that rate it would only take 10-15 years to recoup every dime I now have invested in the property, if it were continuously rented and there were minimal repairs needed.  
As far as the question being misleading... I would have liked to answer over $100,000 to the question. My life doesn't need to be "turned around" by decreasing my debt. However, it would improve dramatically if I was given around $300,000-not to decrease my debt but to increase my savings. Then I could semi-retire. |
In my opinion silver is a better investment than gold and not just because it is easier to be able to afford the investment.
Right now Gold is setting all time highs in value while silver is a little over half of it's all time high. Silver is still undervalued compared to gold.
Also... being one who believes the dollar will collapse... If I have a million dollars in the bank and the dollar collapses then I have little to nothing. Investment in precious metals... actually metals of any kind... even long storage food commodities... is trading a volatile commodity with a possible short life left for something that will hold it's value against a falling dollar.
When the value of the dollar goes down then the prices of items goes up.
If the dollar goes down... aluminum goes up... copper goes up... silver goes up... gold goes up... rice goes up... beans go up...
I'm getting out of the dollar in a number of ways because of the future I feel rests ahead for it.
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12-30-2010, 10:42 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
In my opinion silver is a better investment than gold and not just because it is easier to be able to afford the investment.
Right now Gold is setting all time highs in value while silver is a little over half of it's all time high. Silver is still undervalued compared to gold.
Also... being one who believes the dollar will collapse... If I have a million dollars in the bank and the dollar collapses then I have little to nothing. Investment in precious metals... actually metals of any kind... even long storage food commodities... is trading a volatile commodity with a possible short life left for something that will hold it's value against a falling dollar.
When the value of the dollar goes down then the prices of items goes up.
If the dollar goes down... aluminum goes up... copper goes up... silver goes up... gold goes up... rice goes up... beans go up...
I'm getting out of the dollar in a number of ways because of the future I feel rests ahead for it.
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I think getting out of the dollar is a good idea. I also agree silver is the way to go. Gold is good but silver is better IMO.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-30-2010, 10:45 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by ILG
I think getting out of the dollar is a good idea. I also agree silver is the way to go. Gold is good but silver is better IMO.
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Me too. Even if I could afford to buy gold I would still rather put my dollars into silver. I have a fair amount of copper here too that we found in the woods on the property we own and I fixing to start buying food grade bucket lids for rice and beans. LOL...
Yeah... I'm a nut. But I love it and thankfully my wife does too. So... just let us be nuts.
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12-30-2010, 10:46 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
Me too. Even if I could afford to buy gold I would still rather put my dollars into silver. I have a fair amount of copper here too that we found in the woods on the property we own and I fixing to start buying food grade bucket lids for rice and beans. LOL...
Yeah... I'm a nut. But I love it and thankfully my wife does too. So... just let us be nuts. |
Pre 1982 pennies are worth twice as much or more as face value.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-30-2010, 10:52 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by ILG
Pre 1982 pennies are worth twice as much or more as face value.
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Well that's a handy bit of information. I'll keep a watch out.
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12-30-2010, 10:54 AM
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mary
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Join Date: Apr 2009
Location: Midwest
Posts: 3,002
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Re: What Amount Would It Take To Get You Out Of De
I remember discussions in the 80s that investments should be divided four ways:
Gold
Land
Cash
Stocks
Land is still an excellent investment. Those who bought gold prior to it's sudden upswing could more than make back the money on their investment, but the original concept was that gold could always be traded for goods if the dollar failed-however, if the dollar fails, crop land will be more useful than gold. Who will trade goods for gold if they are starving? Food is much more barterable in a failed economy. Stocks and cash both have obvious uses, but are both very questionable in today's economy as well. However, if the markets could turn around, it would be good to have some investments in all four areas.
__________________
What we make of the Bible will never be as great a thing as what the Bible will - if we let it - make of us.~Rich Mullins
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use.~Galileo Galilei
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12-30-2010, 10:57 AM
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DOING THE FIRST WORKS
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Join Date: Dec 2007
Posts: 2,069
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by johnny44
Our rent was $25 a month I made about $50 aweek.I won't use the word "lucky",but good for you on choice for your wife .I don't know how many Target stores my wife built!
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My wifeeee not only built Target but K-Mart with those Blue light specials.
In those days, my sweetie would save her few dollars for when a network of friends would call and say "git over to K-Mart right now for their Blue Light special going on."
You didn't want to be in her way. She drove a 1960 Chrysler. It was heavy as a Sherman Tank.
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12-30-2010, 10:58 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
My view of the upcoming scenario is not one of apocalypse. It is one of intense squeezing. I don't think people are going to be starving, but I think they will be eating differently. I don't think people will be homeless, I think they will be living with grandparents, parents, siblings and children. People still have to live, it is how well they will live that will change IMO.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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