Comments on: Debt Free! http://7m7y.com/2009/03/23/debt-free/ Learn how to make $7 million in 7 years ... a NEW guided learning experience. Join now! Thu, 04 Aug 2011 07:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Money Funk http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1594 Money Funk Wed, 25 Mar 2009 21:19:42 +0000 http://7m7y.com/?p=1584#comment-1594 Thank you for that. I especially love the last part of that message, "I now had the mindet of a wealthy person...". You couldn't have said it better. :) Thank you for that. I especially love the last part of that message, “I now had the mindet of a wealthy person…”. You couldn’t have said it better. :)

]]> By: Ryan http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1593 Ryan Tue, 24 Mar 2009 18:56:03 +0000 http://7m7y.com/?p=1584#comment-1593 @ Money Funk - I think if you are in need of motivation, the debt snowball works well to actually see liabilities be eliminated off your balance sheet and help you realize you are making real progress. As for the goal part, I did a lot of research on setting goals and spent all of my free time immersed in financial books and personal growth stuff to the point where I transformed myself to a different person as far as money is concerned. I now had the mindset of a wealthy person, and my actions and decisions rapidly changed to fit my new persona. Debt never felt good, but now it repulsed me and felt so foreign to me that I needed to remove it as quickly as physically possible. @ Money Funk – I think if you are in need of motivation, the debt snowball works well to actually see liabilities be eliminated off your balance sheet and help you realize you are making real progress.

As for the goal part, I did a lot of research on setting goals and spent all of my free time immersed in financial books and personal growth stuff to the point where I transformed myself to a different person as far as money is concerned.

I now had the mindset of a wealthy person, and my actions and decisions rapidly changed to fit my new persona. Debt never felt good, but now it repulsed me and felt so foreign to me that I needed to remove it as quickly as physically possible.

]]> By: Money Funk http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1592 Money Funk Tue, 24 Mar 2009 15:29:02 +0000 http://7m7y.com/?p=1584#comment-1592 That is wonderful to hear you aggressively paid down all that debt. I know that it is not easy to be aggressive for that amount of time. Any tips for keeping the goal and the motivation in sight? That is wonderful to hear you aggressively paid down all that debt. I know that it is not easy to be aggressive for that amount of time. Any tips for keeping the goal and the motivation in sight?

]]> By: Ryan http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1591 Ryan Tue, 24 Mar 2009 05:02:01 +0000 http://7m7y.com/?p=1584#comment-1591 @ Moneymonk - That's what I keep telling myself! What do you personally use as a projected rate of appreciation going forward? I know many people say that RE appreciates on average @ 6%/year, but that doesn't take into account that: A) they use median home prices to determine that 6% figure and homes have been getting bigger (in other words are people just paying more $ for more home) B) The obvious turmoil in the current market @ AJC - I just assumed we wouldn't be able to refi b/c we are upside down, but it is definitely worth looking into. @ Debbie - We got both mortgages at the same time. Why do you ask? @ Josh - Thanks, now I just need to stop being on defense and take some serious action towards my number. @ Moneymonk – That’s what I keep telling myself! What do you personally use as a projected rate of appreciation going forward? I know many people say that RE appreciates on average @ 6%/year, but that doesn’t take into account that:

A) they use median home prices to determine that 6% figure and homes have been getting bigger (in other words are people just paying more $ for more home)

B) The obvious turmoil in the current market

@ AJC – I just assumed we wouldn’t be able to refi b/c we are upside down, but it is definitely worth looking into.

@ Debbie – We got both mortgages at the same time. Why do you ask?

@ Josh – Thanks, now I just need to stop being on defense and take some serious action towards my number.

]]> By: Debbie http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1590 Debbie Tue, 24 Mar 2009 01:56:23 +0000 http://7m7y.com/?p=1584#comment-1590 Were you able to get the HELOC at the same time as you took out the mortgage? Or did you originally have the PMI and then later got the HELOC to "remove" the PMI? Were you able to get the HELOC at the same time as you took out the mortgage? Or did you originally have the PMI and then later got the HELOC to “remove” the PMI?

]]> By: Adrian http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1589 Adrian Mon, 23 Mar 2009 22:06:48 +0000 http://7m7y.com/?p=1584#comment-1589 @ Ryan - At some stage you may want to consider a refi (if you can get one) to lock in that rate on the HELOC; I wonder if that would also lower the cost on your mortgage a little? @ Ryan – At some stage you may want to consider a refi (if you can get one) to lock in that rate on the HELOC; I wonder if that would also lower the cost on your mortgage a little?

]]> By: Moneymonk http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1588 Moneymonk Mon, 23 Mar 2009 19:40:37 +0000 http://7m7y.com/?p=1584#comment-1588 Your home price will go up eventually, don't worry a 665K mortage is not considering you have the type of income to handle it Your home price will go up eventually, don’t worry

a 665K mortage is not considering you have the type of income to handle it

]]> By: Ryan http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1587 Ryan Mon, 23 Mar 2009 14:59:29 +0000 http://7m7y.com/?p=1584#comment-1587 @Scott- Thanks! @ AJC - My mortgage is broken into a 1st and a HELOC (we used the HELOC to avoid PMI as we did not put 20% down). The 1st is for $548,000 @ 6.25% locked for 30 years. The HELOC is for $117,000 and is adjustable tied to prime. It's currently @ 4.5%. @Scott- Thanks!

@ AJC – My mortgage is broken into a 1st and a HELOC (we used the HELOC to avoid PMI as we did not put 20% down). The 1st is for $548,000 @ 6.25% locked for 30 years. The HELOC is for $117,000 and is adjustable tied to prime. It’s currently @ 4.5%.

]]> By: Josh http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1586 Josh Mon, 23 Mar 2009 14:56:31 +0000 http://7m7y.com/?p=1584#comment-1586 Looks like your well positioned Ryan. Looks like your well positioned Ryan.

]]> By: Scott http://7m7y.com/2009/03/23/debt-free/comment-page-1/#comment-1595 Scott Mon, 23 Mar 2009 10:35:24 +0000 http://7m7y.com/?p=1584#comment-1595 Great job so far Ryan! Time to grow at light speed now ;) Great job so far Ryan! Time to grow at light speed now ;)

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