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When my friend Collins Foster alerted me that she and her husband Chris had recently paid off their 30-year home mortgage in just over 9 years to become completely debt free, I highly encouraged her to share her story on my channel. In this video Collins shares the lessons learned from not being responsible with her grandparents’ college money she received, how she’s managed to own only 3 cars in nearly 30 years of driving, and why it was so important to pay off their mortgage so fast.
Questions and Timestamps:
1:11 – How has your life changed since becoming debt free?
2:23 – When did you become debt free?
2:59 – What is your view toward money? Did your parents (or anyone else) teach you about money when you were young?
6:17 – How did you pay for college?
7:48 – What is your view on debt? Is there good debt and bad debt?
9:38 – Share your debt-free story — recently paying off your house, etc
23:11 – What loan term did you have (how many years) and did you pay extra on it, etc. How many years did it take to pay off?
26:26 – Why was it so important to pay off your mortgage early?
30:11 – What are your thoughts on cars? Assuming yours are paid off, etc.
37:10 – Now that you are completely debt free — how do you STAY debt free?
43:10 – Final thoughts/Lessons learned.
Hi, my name is Jason Brown. Thank you for supporting my channel. This channel is an extension of my book, Margin Matters: How to Live on a Simple Budget and Crush Debt Forever. The book shares the story of how my wife and I eliminated $75,000 of debt in just three years and it also shares practical solutions to creating and sticking to a simple budget, eliminating debt permanently, and managing your expenses to create the most margin at any income level. The theme of the book and my how-to videos is that it’s not how much you make, but your margin that matters most.
I’m hard at work on my next book titled “IT IS POSSIBLE! How I Earned Two Debt-Free Degrees…and How You Can, Too!” Scheduled to be released in late 2021. Stay tuned for announcements on this channel.
Buy Jason’s book – Margin Matters: How to Live on a Simple Budget & Crush Debt Forever – https://www.amazon.com/Margin-Matters-Simple-Budget-Forever/dp/1733238905/ref=sr_1_1?keywords=margin+matters&qid=1572978911&s=books&sr=1-1
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Are You Debt Free With a Mortgage, I'm Debt Free interview with Collins Foster (paid off mortgage in 9 years).
Being Debt Free Is A Fantastic Life
Owing money develops a substantial sense of dread. For instance, it is not dischargeable in bankruptcy, so trainee loans need to be thought about Secured Debt. But this can be difficult for different factors.
I'm Debt Free interview with Collins Foster (paid off mortgage in 9 years), Explore interesting explained videos about Are You Debt Free With a Mortgage.
6 Suggestions To Stay Debt Free
You currently understand that people utilize a cars and truck or their home to take these loans. People are over spending and living beyond their ways. The very first thing you require to do is look at your financial obligation.
Everyone wishes to be financial obligation totally free however how is the concern. In the current economy it is extremely difficult to cope with financial obligations and also look after a household. So you need to do something right away to get rid of your financial obligation. The very best method to be debt free is to device a budget plan. Follow the strategy carefully and clear all your balance to be financial obligation totally free. If you still haven’t made one, here is how you can easily make an efficient strategy.
If it is a Secured Debt, such as a vehicle, residential or commercial property or home , the product worth is held as security for the financial obligation. The item can be seized by the loan provider and offered to satisfy the debt if you pass away while money is still owed.
Making you unsecured financial obligation manageable with an unsecured debt combination loan is the very best way to get your interest payments down and only need to make one payment each month. This works by protecting a loan from a consolidation company to take control of the balance on your unsecured debt. With this type of loan, you will be paying your debt consolidation business back with a smaller rate of interest. Additionally, you will not need to make five or six payments to different business. You will only have to mail out one payment each month.
Make resign Debt Free concern one when it concerns your goals in life. Many experts will inform you to note your debts by rates of interest with the greatest rate of interest at the top. This does not work for many. You need to list all financial obligations from tiniest to biggest and pay them in that order. Each time you pay one off you will have the inspiration to continue pursuing becoming Debt Free.
To prevent Revolving Debt altogether, or to dig yourself out of a hole if you’ve currently overspent your limits, you require to reduce the number of cards you carry. Making minimum month-to-month payments won’t get you anywhere. You’ll need to triple or double your minimum payments to advance. Pay off your lower balances initially to get them out of the way. Then your resources can enter into tackling the higher balances. When your cards are settled, you can decide which ones you truly require, and cancel the rest.
Anytime one does a “no PMI” loan the financial obligation ratio is a huge issue as 2nd lien companies are often more rigorous than the first lien home loan business. 2nd lien companies normally choose DTIs in the 40-45% variety. Of course, if one’s financial obligation ratio is greater than 45% they’ll probably just have to get a single, very first lien which will consist of PMI.
Doing these things will get you debt free in time and after that you can afford to buy that desire product you constantly wanted. However, do not do this up until your financial obligation is settled. That’s the secret to becoming debt free. Investing just cash that you have and not utilizing charge card and buying only products needed not wanted.
There are lots of considerations and much research study that needs to be done before jumping off of the cliff. So try to put all the extra cash towards the payment of the loans.
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