Today is the day that my family owes no one anything. Our house is paid off, we never owed anything for our cars (we paid for them outright). Our schooling was taken care of (my wife is extremely smart and I was lucky enough to fool the school into giving me enough academic scholarships to get by without paying anything, plus an older woman in my old home church believed in why I was going to school and picked up the slack) and everything else we have, we bought out right. So there it is. Debt free. I don't really feel different but I will tell you this much: It is freeing to know that if something happened tomorrow we would not have to worry about what we are going to do about this bill or that bill. That feels nice.
Just to give a little more information, back when my wife was a still at University we got married and lived in housing on campus. We did that for a year and all the while looked for a house via a friend of ours who is in the real estate business by the name of Jon Putt. One of my stipulations was that we had to have the house paid in full in 5 years so it had to be in a certain price range. We found the perfect house, did some work to it and here we are 2 years and 9 months later with a fully paid off home. Now we can really do some things we want to do with the home. I am now 27 and my wife is 25.
Some resources on getting out of debt and understanding money can be found at Crown Financial Ministries as well as Dave Ramsey.
-Why is this type of mentality not the norm in our American society?
-Should 15 year mortages be the status quo or should we be more aggressive in buying things we can afford in a timeframe that reduces risk?
-What single purchase do you think brings about the biggest possible risk for an American consumer?
-What does scripture say about being fiscally responsible?