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View Poll Results: What Amount Would It Take To Get You Out Of Debt?
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$0-$20,000
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13 |
43.33% |
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$21,000-$50,000
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4 |
13.33% |
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$51,000-$100,000
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3 |
10.00% |
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$100,000+
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10 |
33.33% |
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12-30-2010, 10:02 AM
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just lurking...
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Join Date: Feb 2007
Posts: 1,808
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Re: What Amount Would It Take To Get You Out Of De
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Originally Posted by missourimary
Michlow, $111,000 isn't bad on a house, and your payments probably are reasonable considering rental prices. I think you should be congratulated!
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Thank you! I really am an extremely frugal person. After my divorce a few years back, I was able to refinance at 5.75%, which makes my payments about $675 before taxes and insurance. Which I chose not to escrow, so that I can pocket the interest I get from putting that money in savings all year (rather than the mortgage company getting to do that!) With my escrow my payment is about $800 per month, which really isn't bad for a 3 bedroom, 2 bath house that is only 7 years old.
It's been an interesting transition for me, merging my finances with my new husband. I joke around and say for me, that was the ultimate step of trust!
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12-30-2010, 10:04 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by missourimary
I remember discussions in the 80s that investments should be divided four ways:
Gold
Land
Cash
Stocks
Land is still an excellent investment. Those who bought gold prior to it's sudden upswing could more than make back the money on their investment, but the original concept was that gold could always be traded for goods if the dollar failed-however, if the dollar fails, crop land will be more useful than gold. Who will trade goods for gold if they are starving? Food is much more barterable in a failed economy. Stocks and cash both have obvious uses, but are both very questionable in today's economy as well. However, if the markets could turn around, it would be good to have some investments in all four areas.
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Right. And it is also important when considering the future use of these investments to get them in exchangeable, trusted and recognizable forms. I used to be 90% silver coins. Not a bad investment. But now I generally buy 99.999% pure Silver Eagles.
These are forms in which people can readily trust in their purity, weight etc making trading easier. I have thought about going to my local grocer and talking to him about what he would trade me in dollar value compared to the current spot silver price should I ever need to use them to buy groceries. Getting an agreement now might come in handy later.
For instance... if spot is $50 per ounce and I have an ounce... He's not going to give me full spot... but how much? Then I could bring in silver... trade it for store credit... and feed my family.
I once heard that in times of severe depression a silver dollar could feed a family for a week. Whether those numbers are true I do not know but it is certainly true that I could use it to feed my family better than a dead dollar.
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12-30-2010, 10:05 AM
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mary
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Join Date: Apr 2009
Location: Midwest
Posts: 3,002
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Re: What Amount Would It Take To Get You Out Of De
I think there will be a huge shift in thinking. We've already seen some of it-the green movement isn't comprised solely of people who believe in global warming and tree huggers anymore. Kids will probably move in with parents or parents with their kids, college students will consider living with parents and driving to college rather than staying in the dorms, people will find homes closer to their jobs to save on gas or telecommute... Food will become a much higher commodity in the next years, though.
__________________
What we make of the Bible will never be as great a thing as what the Bible will - if we let it - make of us.~Rich Mullins
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use.~Galileo Galilei
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12-30-2010, 10:06 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Michlow
I don't like this poll! I have worked very hard to live a debt free lifestyle, but I had to choose the $100,000 plus!
I owe $111,000 on my house. This wasn't so bad a few years ago, when I had a good bit of equity in it. Now It would cost me money to sell it!
I have no car loans, and no credit card debt.
I did however get $3200 in Medical Bill Debt as a package deal when I got married.  |
You gained $3200 in medical bill debt.
He gained a $111,000 mortgage.
Hey... you didn't come out too bad. 
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12-30-2010, 10:06 AM
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Still Figuring It Out.
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Join Date: Feb 2007
Posts: 10,858
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by missourimary
I think there will be a huge shift in thinking. We've already seen some of it-the green movement isn't comprised solely of people who believe in global warming and tree huggers anymore. Kids will probably move in with parents or parents with their kids, college students will consider living with parents and driving to college rather than staying in the dorms, people will find homes closer to their jobs to save on gas or telecommute... Food will become a much higher commodity in the next years, though.
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Indeed. When gas prices soar I am doubly thankful for my telecommuting position. It is a blessing.
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12-30-2010, 10:08 AM
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mary
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Join Date: Apr 2009
Location: Midwest
Posts: 3,002
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Michlow
It's been an interesting transition for me, merging my finances with my new husband. I joke around and say for me, that was the ultimate step of trust!
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LOL it would be for me too.
__________________
What we make of the Bible will never be as great a thing as what the Bible will - if we let it - make of us.~Rich Mullins
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use.~Galileo Galilei
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12-30-2010, 10:08 AM
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DOING THE FIRST WORKS
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Join Date: Dec 2007
Posts: 2,069
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by ILG
Pre 1982 pennies are worth twice as much or more as face value.
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True, but it is not worth the trouble of sifting for the increasingly very rare find.
A better investment would be nickels. The melt value is now 06.5 cents. Since Obama signed the new coinage act which will eventually see all pre-2010 nickels disappear replaced by steel, they will increase in value; especially when the dollar crashes. If they do like other hyperinflationary currencies and knock off a zero, a dollars worth of nickels will suddenly become worth ten dollars in true value.
Wish I had an extra ten grand laying around to buy nickels...but alas, I don't.
I am acquainted with a retiree living on Social Security who sold everything, bought gold and moved to Equador. I am told that you can live quite handsomely for less than a thousand dollars a month. He went so far as to get citizenship there.
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12-30-2010, 10:10 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by missourimary
I think there will be a huge shift in thinking. We've already seen some of it-the green movement isn't comprised solely of people who believe in global warming and tree huggers anymore. Kids will probably move in with parents or parents with their kids, college students will consider living with parents and driving to college rather than staying in the dorms, people will find homes closer to their jobs to save on gas or telecommute... Food will become a much higher commodity in the next years, though.
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There is a huge student loan debt bubble that could burst anytime with huge defaults just like the mortgage crisis.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-30-2010, 10:11 AM
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Registered Member
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Join Date: Apr 2007
Location: Wisconsin
Posts: 11,467
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Apprehended
True, but it is not worth the trouble of sifting for the increasingly very rare find.
A better investment would be nickels. The melt value is now 06.5 cents. Since Obama signed the new coinage act which will eventually see all pre-2010 nickels disappear replaced by steel, they will increase in value; especially when the dollar crashes. If they do like other hyperinflationary currencies and knock off a zero, a dollars worth of nickels will suddenly become worth ten dollars in true value.
Wish I had an extra ten grand laying around to buy nickels...but alas, I don't.
I am acquainted with a retiree living on Social Security who sold everything, bought gold and moved to Equador. I am told that you can live quite handsomely for less than a thousand dollars a month. He went so far as to get citizenship there.
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Thanks for the tip. 
I just sift through all my change.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
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12-30-2010, 10:14 AM
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mary
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Join Date: Apr 2009
Location: Midwest
Posts: 3,002
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Re: What Amount Would It Take To Get You Out Of De
Quote:
Originally Posted by Digging4Truth
Right. And it is also important when considering the future use of these investments to get them in exchangeable, trusted and recognizable forms. I used to be 90% silver coins. Not a bad investment. But now I generally buy 99.999% pure Silver Eagles.
These are forms in which people can readily trust in their purity, weight etc making trading easier. I have thought about going to my local grocer and talking to him about what he would trade me in dollar value compared to the current spot silver price should I ever need to use them to buy groceries. Getting an agreement now might come in handy later.
For instance... if spot is $50 per ounce and I have an ounce... He's not going to give me full spot... but how much? Then I could bring in silver... trade it for store credit... and feed my family.
I once heard that in times of severe depression a silver dollar could feed a family for a week. Whether those numbers are true I do not know but it is certainly true that I could use it to feed my family better than a dead dollar.
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How much land do you own? Have you considered investing in fruit trees and perennial food plants (which, depending on your location, include kale, basil, wild onions, mints, strawberries, asparagus, grapes, oregano, lambs ear, thyme, sage, and so forth)? What about jars and pectin for home canning to preserve these foods?
__________________
What we make of the Bible will never be as great a thing as what the Bible will - if we let it - make of us.~Rich Mullins
I do not feel obliged to believe that the same God who has endowed us with sense, reason, and intellect has intended us to forgo their use.~Galileo Galilei
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