Hello and Welcome to Lessons From My Journey to Debt Freedom. 

My name is Greg Moore, author and creator of the innovative Wealth Building System,

DebtIntoWealth -- Lessons From My Journey to Debt Freedom. 

Elizabeth, my wife, and I became totally debt-free on July 26, 1996, paying off our last debt, our $190,000 mortgage, 25 years early. Two months later my hi-tech employer closed their doors. Unlike many of my coworkers, trapped by debt, we didn't panic. No debt, not even a mortgage, meant we needed significantly less income.  We could live quite comfortably on Elizabeth's salary as a teacher.

My experience with conventional financial advice -- at one time I was a conventional financial advisor -- and my experience with debt elimination, led me to an inescapable conclusion: True Wealth Building and True Financial Security can most easily be accomplished through Total Debt Elimination.

Anything else is doing it the hard way.

I launched DebtIntoWealth in November of 1996, with The Dollar Stretcher's help, to share my Lessons Learned on My Journey and to help others complete their journey. I believe Like Causes produces Like Results. Following the successful steps of others will lead you directly to success.

I encourage you to share -- in this forum -- your Lessons Learned as you complete your Journey to Debt Freedom. Think of it has having friends accompanying you along the way. The road never seems quite as long when you're sharing a ride.

Greg Moore
CEO
DebtIntoWealth

Mr. Moore, I have to say that I read your second post first and while one of your comments grabbed me, I was not sure about the benefits this folder could offer. But I am one who seeks out advice and support in forums. I even frequent one meant to help an individual who is working through debt. I really like this approach that you are offering and plan to make use of sharing a road to being free of debt.

"Instead, simply use family friendly strategies to reduce the cost and frequency of things you like to do."

This was your comment in the other thread that really got my attention. I have purchased a book on debt elimination from a well known author and joined a board committed to following his advice. But I struggle with applying his words to my life and my journey. Our financial needs have been somewhat different than others forcing us to take a different approach. Our experiences have left us needing to not only survive but to thrive so we feel it's important to live a little today, within reason of course and I am constantly battling a feeling of guilt about the things we do for ourselves.

I do look forward to discussions on this topic and reading more of your own thoughts.

 Welcome to the forum. I'm impressed that you paid off a mortgage 25 years early! I thought we were doing good to get ours paid off 3 1/2 years early (15 year loan).

I'm looking forward to learning more, both from you and those on the journey.   

Hi Pat,

Interesting that you thought 11 1/2 years in debt for a home was "doing good." Can you elaborate on why you believe this, instead of say, 5 years? Was it simply not something you could fathom?

Greg Moore:

Hi Pat,

Interesting that you thought 11 1/2 years in debt for a home was "doing good." Can you elaborate on why you believe this, instead of say, 5 years? Was it simply not something you could fathom?

Greg, it was because we'd just never thought of doing it faster. 11/ 1/2 years isn't bad! Ask most people who are in debt.
There was always something else to spend the money on - vacations, a motor home, special classes for the kids, a new car and whatever else we could dream up. I was "born frugal" but my husband was not, and it was easy to fall into step with his spending ways.

In my defense, this has been quite some time ago, and I've learned and relearned a lot since then.

11 1/2 years is TERRIFIC! Especially when you compare it to 30! For many people, the mortgage doesn't even make it to the debt radar screen. It gets magically transformed into some kind of special case investdebt-hybrid-make-money-thingy. I know. I was one of them. Talk about "learned and relearned." The reason I asked was to expose this fallacy.

And, to be clear, I'm not against spending. What good is money if you can't spend it? I just think spending money you don't have will impoverish you. And that will be the end of spending.

Well, if you asked just to expose the fallacy, I walked right into it, didn't I? 

For us, 11 1/2 years wasn't so great. We had a very good income and could have been in a lot better shape than we were. I'm not against spending money, either, but I am against wasting it. We didn't spend money we didn't have, but we sure didn't do anything constructive with the money we had. When I mentioned the vacations, etc., I didn't mention the family nights when we'd go to a local bookstore and drop a hundred dollars without blinking an eye. Books are good, but two or three hundred dollars a month on kids' books, magazines and pulp fiction is ridiculous. This was several years ago, when a hundred dollars was worth more than it is now.

I know what you're saying, though, about mortgages. The general thought is that mortgage is "good" debt because of tax breaks and building equity.  I think that idea is a marketing ploy by those who want to lend money. Is there any other reason a mortgage should be considered good?

Pat:

Is there any other reason a mortgage should be considered good?

Yes. You can roast one fine weenie with it when you pay it off.

I'm guessing that you don't see much good at all about not paying off a mortgage.  

"Is there any other reason a mortgage should be considered good?"

When you live in a camper where you have until July to move it to a new property (which you don't have or don't have access to) and you have an agent coming every month to ask when you'll be out of it entirely?

Seriously, we are viewing a mortgage not as a good thing but as necessary at this point. We tried to go down other avenues. We just don't see a viable alternative.

 It may seem  absolute  fantasy to some but I have little desire to pay on a mortgage beyond ten years. I haven't managed to figure out how we will pay it off in less than half the time but I am working on that.