Originally posted by PM-Junkie
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Debt Free
Collapse
X
-
-
A mortgage is a debt like any other borrowing, and the only debt that's justifiable IMHO. And it should be paid off as soon as you are able.
I'm constantly shocked by the number of high-paid contractors who have credit card debts, car loans and the like.
What part of "live within your means" don't you get?
Or are you so brainwashed by the consumer society and keeping up with the Jones's?Hard Brexit now!
#prayfornodealComment
-
Also aiming do be debt free by mid 09, got a spreadsheet and a plan. I'm putting debt free before warchest atm as I've more than had enough of paying interest on the owed debt.
No mortgage and doesn't look like I'll be getting one any time soon, so aiming to get one around late-end of 09 wwith 0 debt, decent warchest and some other assets on the 'balance sheet'
Originally posted by sasguru View PostI'm constantly shocked by the number of high-paid contractors who have credit card debts, car loans and the like.
What part of "live within your means" don't you get?
Or are you so brainwashed by the consumer society and keeping up with the Jones's?Last edited by Jog On; 7 January 2009, 11:34."Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
-
Have a look on http://www.moneysavingexpert.com/ I know you have to look at that smug git Martin Lewis's picture every time it you visit but there's loads of 'debt free wannabe' posts in the forum.
It feels more like a support group but there are quite few tips and tricks to give you ideas if you're serious about being free.
I keep meaning to give the free bingo sign up offers a go as it yields a free £200 on average if you're persistent... but I'm a bloke so I can't bring myself to play bingo.Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave JohnsonComment
-
Depends on how you define debt.
I look at debt as having an obligation to service a financial liability with equity (either liquid or otherwise) that you do not have. I.e. you've spent more than you have, or can afford.
So I do not personally have any short term debt apart from a small balance on my CC but I have cash in the bank that can pay it off in a stroke.
I don't necessarily see my mortgage being a debt either. I can easily afford the repayments and even in this market, the value of the house covers the outstanding mortgage on it.Sval-Baard Consulting Ltd - we're not satisfied until you're not satisfied.
Nothing says "you're a loser" more than owning a motivational signature about being a winner.Comment
-
Originally posted by Svalbaard View PostDepends on how you define debt.
I look at debt as having an obligation to service a financial liability with equity (either liquid or otherwise) that you do not have. I.e. you've spent more than you have, or can afford.
So I do not personally have any short term debt apart from a small balance on my CC but I have cash in the bank that can pay it off in a stroke.
I don't necessarily see my mortgage being a debt either. I can easily afford the repayments and even in this market, the value of the house covers the outstanding mortgage on it.
if you have borrowed money you have not paid back yet you have debt."Condoms should come with a free pack of earplugs."Comment
-
Originally posted by Svalbaard View Postand even in this market, the value of the house covers the outstanding mortgage on it.Comment
-
Originally posted by ThomasSoerensen View Postdebt free means "I have no debt", why is this so hard to understand.
if you have borrowed money you have not paid back yet you have debt.
E.g. if you have 100k in your account and you also have a 100k loan, whereas I have a 100k loan with nothing in the bank, we are not in the same position. OK it would be wrong to say that you have no debt: would it be OK to say that you have no net debt, and I do? I think this is one of the things that people mean when they discount a mortgage as debt.
Again: you have an interest-only mortgage on a house, for 1000 per month. I pay rent of 1000 a month on a similar house. In this case, literally, you have debt and I do not. But in some ways, we are in the same net position: paying 1000 a month for somewhere to live, with (hopefully) no other net effect. I think this is another thing that some people mean when they discount a mortgage as debt.
Both of these ideas seem to have some merit to me. Of course there is a third, that people can not practicably pay off their mortgage soon, so they go into denial about its really being debt. That does not have the same merit.Comment
-
Well done !
I fear it's too late for me... seems probable I'll have to go BR this year
I think you can consider yourself debt free when the all debts except mortgage are paid, just like anyone renting their property. Having a mortgage is essentially just renting from the bank/building soc anyway IMO.Comment
-
Originally posted by NetwkSupport View PostSame here Platypus, far too much living beyond my means on a meagre 21k salary before i started contracting 2 yrs ago. We should start up a BR contractors club!"Is someone you don't like allowed to say something you don't like? If that is the case then we have free speech."- Elon MuskComment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment