debt free

Anonymous-0 · Jun 4, 2013

Looks like by the end of the month I will be 100% debt free. Sadly, I will be getting an insurance check for our failed winter wheat. Put that along with the selling of the last of 2012 wheat crop and I will offically be out of debt. The first time since the summer of 1978 when I got my first college loan. As good as it feels thinking about it, it is going to feel great when it actually happens. Suppose it will feel so good, that I will have to start looking for another combine.

charlespretzer · Jun 4, 2013

I found it's alot harder to stay out of debt than to get out of debt.

Traditional Farmer · Jun 4, 2013

Not me I absloutely hate a loan payment haven't had one in a long time and I'll do just about anything to avoid borrowing money.When I pull the cash out to pay for something I look at it long and hard to make sure I'm geting the best deal.

Bob Bancroft · Jun 4, 2013

Congratulations.
I sent the last mortgage check in Jan.
I worked off farm from 72 to 84 as there was no room nor expansion plan with me in mind. I started out on my own then. It's been a lean road. Now, the last few years with some good crops and good prices, I have been able to update my old bare bones machinery and pay off the mortgage early. I've even bought a few new pieces! The only thing I would go into debt for at this point would be land, but with the price of it, I couldn't make it pay!

Anonymous-0 · Jun 4, 2013

Great job, so what are you doing with the extra money you'll have. Could I borrow some? Then I could have some debt free money.

Allan in NE · Jun 4, 2013

Well, yeah.

But wait til they hit you with the taxes on those two items........then, you'll have to remortgage the farm. LOL!

Allan

Anonymous-0 · Jun 4, 2013

Financial independence is the best feeling. Even beats SE....

Bruce from Can. · Jun 4, 2013

Wow , congrats! Last time I looked , I was going to have to work for 5 more years , after I am dead.

John T · Jun 4, 2013

CONGRATULATIONS being "Debt Free" is sure a good situation to be in. I remember years ago when I paid off my last farm mortgage how great that felt. HOWEVER during my working and farming years I borrowed a ton of money when I farmed and I bought and split up and sold farms but that ended up making me money so paying some interest then wasnt really a bad thing, but a good money making and investment tool. Of course, by the time a person gets my age with family raised, no more buying and selling farms and farming, Id certainly expect them to be out of debt by then.

Its been a good ride

Again, CONGRATULATIONS

John T

The Red · Jun 4, 2013

Congrats to you! I paid off the farm in the late 1990s, Indy house in 2002.

Wheat Farmer · Jun 4, 2013

When I get out of the RED, I have to go buy a black pen, and I'm then back in the RED. Ha Ha

rrlund · Jun 4, 2013

Yep,me too. Don"t remember if it"s been two or three years now. Time flies when you"re having fun.

El Toro · Jun 4, 2013

We paid our home off in 1981. We had a 25 or 30 year loan and paid it off in 13 years. I didn't buy any new cars for 42 years I bought used cars with low mileage even sold a few. We had a daughter in college at the time in the 1970's and again in the 1980's when she was in graduate school at Johns Hopkins. I did buy a new Chevy truck in 1969. My wife of almost 60 years said she paid the house payment and the water, sewer, gas and electric bills first and we lived on what was left. I did work a lot of overtime. Hal

DoubleR · Jun 4, 2013

I brought a new tractor last fall at zero percent interest. I was going to pay cash but figured I might as well use their money for free. I am about a year ahead on the payments but it still bugs me just the fact of owing somebody something,

JML755 · Jun 4, 2013

c-man,
Congrats! When we paid off our mortgage several years early, I started looking around for property as an investment. Didn't get it for about 4 yrs after that and don't think I put all of the extra cash in the bank like I wanted (i.e. keep making the mortgage payment but pay it to myself). Seemed like we were a little freer with the cash in our pockets.

My point is there's "good" debt and "bad" debt". Things like credit cards aren't good, buying something that will appreciate can be good debt.

Dick2 · Jun 4, 2013

Never made monthly payments on anything in my life. I did borrow $900 at the bank back in 1966 to buy a used car. Paid 6% interest to the bank for the 3-month loan and never paid any other interest in my life. Paid off the note in 3 months and never went into debt after that; just made do with what we had until we could pay cash.

Pair-a-dice farm · Jun 4, 2013

Yep there's good debt and bad debt. I won't buy anything on credit that won't pay for itself. I payed off the farm and house 4 years ago but needed to expand in order to make a decent living so I'm back in debt again for a little while at least. The good thing is that by buying cattle I can get out of debt within a week if need be.

HenryO · Jun 4, 2013

There is nothing debt free as far as I am concerned. Car, house tools etc all paid for in cash but I am still in debt to the Govt and to the electric company and the insurance companies. Taxes, insurance and other payments must be made or you are homeless and broke.A minimum of $1100 a month for Electricity(a must have), car insurance, homeowners insurance, health insurance etc. Nope, not debt fee. try not poaying these and see what happens.

RamblinMan · Jun 4, 2013

Big difference between Capital items and operating expenses. No business, be it farm or other, is without operating expenses.

old · Jun 4, 2013

Well there is no such thing as being debt free. Credit free or loan free yes. We all have to pay taxes and then there is the electric bill and other such bills. So one is truly never debt free just loan free

bison · Jun 4, 2013

(quoted from post at 06:47:24 06/04/13) I [b:8813bc4ddf]brought a new tractor last fall at zero percent interest[/b:8813bc4ddf]. I was going to pay cash but figured I might as well use their money for free. I am about a year ahead on the payments but it still bugs me just the fact of owing somebody something,

he interest is calculated in in the sale price dude, there's not such thing as interest free.

There is no such thing as being debt free either,..one is either in debt by the bank or by the gubmint.

evilboweivel · Jun 4, 2013

congrats
has to be a good feeling

fixerupper · Jun 4, 2013

Congratulations! It's a good feeling indeed. Takes a little while to get the feeling of being in debt out of the mind after the last payment is made.

Just made it there a few months ago for the first time since 1974. It doesn't feel as liberating as I thought it would because now I'm worried about not being able to build a big enough cushion to help keep me from slipping back into debt if farming goes backward. Too many people accept having a mortgage as being a part of normal life. To me it's NOT normal to be owing someone else money for life. Jim

IowaJohn · Jun 4, 2013

Way to go!!! We were debt free until my parents passed away. Bought my sister's land out a couple of years ago, My wife and I had squirreled some money away for that purpose but still wasn't enough. Our banker whom we've known for years was good enough to loan us some short term money and thanks to good crop prices we got it paid off last Christmas. I sleep a lot better when I don't owe any money. John

Tx Jim · Jun 4, 2013

Congratulations. Being debt free is nice as I've been that way for 15 or more years. I don't own as much as a Millionaire but it's MINE not on paper.

JD Seller · Jun 4, 2013

GOOD JOB C-MAN!!!! It is a nice feeling to be debt free. We made it before my first wife died. It was just few months but it was a goal we had when we started and she wanted to see it. We both worked our butts off to get it done. She got to see it but did not last long after than. I often wonder if she had that goal and then felt she could go since I could easily take care of the kids money wise.

I wonder if my kids will ever make it. I just helped my two oldest sons buy some ground last fall. They are making me monthly payments I would not co-sign for them. I am not having my land mortgaged again.

Now you can really build a different future if you keep the momentum going. We kept making a payment equal to the farm payment to our own saving. It really seemed to build faster than we thought. Then when you do get the unexpected bill you can roll right through it.

Royse · Jun 4, 2013

Congratulations C-Man! Don't let the nay-sayers drag you down!
Sure, we all have utilities and taxes. So what?
We don't all have mortgages/car/truck/credit card payments.
And it's a great feeling!
Someone else mentioned separating them from business expenses
and I agree with that, specially if you're farming for a living.
Personal debt and business expenses should be separate.
You have to keep up with the times to compete.
I paid off my mortgage at 45 years old and haven't bought another
thing on credit since then. Every time I think I want a new somethin'
or 'nother, I have to ask myself if I need it right now and if I do,
do I really want to spend that much cash?
Most of the time, I just don't need it right now!
Another point already made. Staying out of debt is hard!
Again, congrats!

Ande · Jun 5, 2013

Good job,contrary to the news media saying everyone is carrying a heavy debt on credit cards and ect.. the truth is in the pudding,yep here too,house,farm, equipment all paid,but do owe on one vehicle,but using there money there!
Love to hear this,to darn bad our goverment cant tighten up

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