Pay Everything Off ?

Life, money, health, etc
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Archive
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Joined: Thu Jan 25, 2018 7:56 pm

Pay Everything Off ?

Post by Archive » Fri Mar 13, 2015 9:02 pm

Start with a Clean Slate

Starting a new life as a retired person is a more rewarding event if all your debts are paid off. You can accomplish this in many ways.

Sold His House

A co-worker of mine sold his house and used the profits from the sale to satisfy all his debts. This included paying off his car balance, all credit cards and a credit union loan he took out four years ago to help his daughter with tuition costs for going to college.

Purchased a Fixer Upper

At this point he had a positive cash balance of forty thousand dollars, when he invested in an old house he planned on repairing and the reselling for a nice profit.

Rented a Studio Apt.

Then he found a rental facility in the town where his daughter was going to school. It was a studio apartment that only cost him a modest rent which include all utilities.

Found a Companion

The last time I say him at a social event he said things couldn't be better. He was living the life of a retired person with two pensions and social security. He said he's met a nice lady and they shared time together and each wished to remain in their own dwellings. He and I smiled and parted shaking hands. Boy did he have this retirement stuff figured out.

Moved into Government Housing

Mary, a former neighbor has retired and moved into a senior facility, which is being sponsored by the government thru HUD. She pays thirty percent of her income for rent and receives help paying her utility bills. She occupies a duplex with one bedroom, which has a walkout patio area. The complex is new and nicely taken care of. It is also located in a small town with no crime problems. She too is doing well in her retirement. She also said she paid off all her debts and has a small nest egg for future plans to travel around the United States. Sounds like a good well thought out plan.

Time to Be Happy

Retirement is a time to do all those things you wanted to do when you had to work. Now with good planning and no debt things like this are very much in the realm of coming true.

Paying off your debts is a great way to start your second life. That's how I feel and I'm sticking to it.

Note:
This article was written by my late Father. We were working on this retirement site together before he was hit by a drunk driver and later died of his injuries.

FacingRetirement
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Joined: Mon Feb 09, 2015 10:46 pm

Re: Pay Everything Off

Post by FacingRetirement » Thu Mar 29, 2018 5:54 pm

I remember having a bunch of debt in my twenties. I hated the feeling so much that I never did it again.

Well, except for a home mortgage.

454megs
Posts: 2
Joined: Thu Mar 29, 2018 6:13 pm

Re: Pay Everything Off ?

Post by 454megs » Thu Mar 29, 2018 8:14 pm

I’ll bet consumer debt is at an all time high.

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