Are all investors here debt free (except a mortgage)?

zag2me

Personally i've never understood the desirability of cars. They just get me forwards and backwards to work

Back on topic, apart from the mortgage and student loan I have, all the rest is invested. I dont see the point of getting into debt for things you cant afford yet

Paul_Herring

zag2me wrote:

Personally i've never understood the desirability of cars. They just get me forwards and backwards to work

The only time I've ever bought (or considered buying) a car is when the one I have is no longer 'drivable' (Last one I parked upside down in a ditch by the side of the M25, current one is starting to cost more to fix than it's worth)

Back on topic, apart from the mortgage and student loan I have, all the rest is invested. I dont see the point of getting into debt for things you cant afford yet

I don't even have those now; last student loan payment was last month, never had a mortgage (own 1/2 my mothers house which was bought outright however.)

Only other potential debt you could consider are the credit cards I'm stoozing. Some of the money was (well still is as I type) tied up in ISA's (have both Cash and S&S.) I'll be back to a 'positive balance' with those after pay day this month (and for those who may be thinking I'm gambling - my deficit between savings and CC debt was never larger than the value of my cash ISA's, though technically it was the S&S ISA that was funded from them this year.)

Stompa

Personally i've never understood the desirability of cars.

Nor me, hate the things. So much so that my average annual mileage by car (as a passenger) is probably around 50 miles!

Stompa

inkie

Have a company car adn so don't need to worry about that. However, we have my hubbys car to fund, and we save up and pay cash - always one about £2K, which serve us well - OH does own engineering etc...

Like anything else - if we can't afford it - we don't get it.

Caixta

We did without a car for years, (we live in London) even though we really wanted one. Once we had saved up the cash, we bought a teeny tiny people carrier and we hope it will serve us for many years. As soon as we bought it, we started saving up for the next one.

We "pretend" to ourselves that we have got a car loan. This makes us pay a set amount into a good savings account every month, just as though we were making a loan repayment. In a sense, we "borrowed" the money from ourselves (i.e. our savings) so we wish to build that money back up again.

Hopefully by the time we want to replace the current car, we will have enough saved up to buy the next one. This way, we will be earning interest rather than paying it to someone else.

To answer the original question, we're debt free (except a mortgage). We don't really have expensive tastes and I know we have been very fortunate.