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Old 10-05-2007, 10:20 PM   #1
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Thumbs up Wanted - Accountability Parters - Will not finance new trailer

All of you:

If you've followed much of my postings on this and that other forum, then you know that once the wife and I have reached certain financial goals it was our intention to order a new Rockwood 5th wheel next April (08).

Not anymore. Plans have changed.

Aintgotnone has inspired me. He and his smart wife paid off their new trailer in 21 months, not 12 years.

Right now the only thing the bank owns is my 07 F-150. That even includes the house. I have promised my self, my wife, my family and God that is the LAST THING I WILL EVER BE IN DEBT ON. We will owe some taxes (we are not late, they will just come due) and establish an emergency fund. Then, instead of ordering a trailer and financing it, we will begin a crash savings program and pay cash for the trailer when we have the money. We will live below our means and have every dollar budgeted before it is spent.

In 1910, the Sears & Roebuck catalog said, "To buy on credit is folly." King Solomon, the wisest man in the Bible, said "The borrower is slave to the lender." Who am I to argue?

I would argue that if I loose my job, we couldn't make both truck and trailer note on what my Sweet Wife makes. (We can eek by on what she makes now if we had to.) I could argue that if something awful happens, we could use our saved money to recover, or sell the paid for trailer. I could tell you about all the layoffs we have been through and how we've nearly lost it all so many times. But I guess you either understand the idea of being free from debt and the fear and stress that comes with it, ot you don't.

Yes, it will be hard. All it takes is one phone call, the bank owns a trailer and I am in bondage for years. Never again.

What I'd like are accountability parters - to hold me accountable to my promise and to offer encouragement. To check on our progress and to help celebrate when we back the new trailer into the drive for the first time. This will be a long journey.

Wish us luck. Nay-sayers need not apply. Any takers?

Radio
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Old 10-05-2007, 10:32 PM   #2
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Ok I will bite

WHERE are you at now?

we were zero debt when we stopped playing the game last october
then i bought a few more lots next to us so ....i am the slave for a few years.. but not enough to go back to work
good luck and I expect a progress report
our fishing shack/house is paid for
Robert
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Old 10-05-2007, 10:42 PM   #3
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all we owe on now is our home and my student loan

both are dwindling rapidly and even faster now that the trailer is paid off

I with ya!
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Old 10-05-2007, 10:51 PM   #4
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We financed half of our first trailer back in 1989 but paid it off in less that two years. Since then we saved and used the trade in value of the older trailer when buying a new one and have not financed one since. We also have saved enough to buy our vehicles outright and don't buy another one until savings or investments are replenished enough to pay for them. Our tow vehicle gets minimal use when not being used for towing.

It can be hard but in the long run it is worth it to be debt free. I'll be happy to encourage you the best I can.
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Old 10-05-2007, 10:52 PM   #5
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Originally Posted by powerboatr View Post
Ok I will bite

WHERE are you at now?
By my best guess, we have saved 17.3% of what we need. Since the house is paid for, taxes come all in one large lump *THUMP* but we will quicly recover.

And Aintgotnone...I figured you'd jump right in there! You should have seen us dance when we got the zero ballance letter from the mortgage company!



Thanks guys!

Radio
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Old 10-05-2007, 11:08 PM   #6
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Originally Posted by Radio View Post
By my best guess, we have saved 17.3% of what we need. Since the house is paid for, taxes come all in one large lump *THUMP* but we will quicly recover.

And Aintgotnone...I figured you'd jump right in there! You should have seen us dance when we got the zero ballance letter from the mortgage company!



Thanks guys!

Radio
taxes for us was a funny last year
between me being a broken veteran and a few other oddities they actually owed us money....yeah right. they just zeroed it out
but i figure this year i may owe 17 buckaroos
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Old 10-06-2007, 11:28 AM   #7
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Accountability?

Hum, I think I might be one of the ones in trouble here.

Mortage note 20 years on mobile home. 5 years paid off.
Car Loan 5 years (12% interest) Just made 1st pmt last month.
Travel Trailer 10 years (18% interest) 6 pmts made

As you can see we owe quite a bit.

Downside: Even when the mobile home is paid off, we still have to
pay lot rent.

I hope to keep the car for whole 5 years. (Dependent on runability)
Car would be paid off and then given to my oldest daughter.
She will be 16 in 5 years. Car should have about 100,000 miles.

Travel Trailer - Might trade up one time. Unsure yet.

Truck - NEED ONE! We went camping on Sept 28th, 29th, 30th.
When we took camper back to storage, we blew the
heater core out.

Last but not least, I lost my job as of Monday.
I turned in a sick note from the doctor on Friday.
Diaganoised with Acute Bronchitis. Boss accepted the note.
I asked her if every thing was ok. She said yes.
When I went in on Tuesday to check the work schedule,
(My regular schedule would have had my next day being Wednesday)
I was not on the schedule.
Please note: I have been working on getting another job
prior to being let go. She knew I needed more hours, but
I was willing to still juggle a new 40hr per week job and still
try to work 8-16 hours for them. When I asked her in her
office why I had no scheduled hours, she said she had a resident
who told her that I had gotten my other job and had quit.
When I asked her if she had heard this from the rest of my
fellow co workers, she said NO!
SINCE WHEN DO YOU MAKE AN EMPLOYMENT DECISION BASED
ON SOMEONE'S WORD WHO JUST LIVES THERE AND DOES NOT WORK THERE??

I figure THEIR LOSS NOT MINE.
Had been there one month shy of 2 years.

My new job is Direct care. 40 hours a week. Benefits after 6 mo's.
I hope it works out.

Oh, one more thing. Add to the fact that my mother is going
in for Total Knee replacement surgery on October 30th.

Nina
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Old 10-06-2007, 02:07 PM   #8
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Quote:
Originally Posted by NINA View Post
Accountability?

Hum, I think I might be one of the ones in trouble here.

Nina
What you need to do is get angry at debt. Go here:

http://www.daveramsey.com

You'll think he's a mean old nut case...but after awhile you'll come to understand he's right. That's what happened to me. I had to get angry at myself for being in debt and decide I'd rather be debt free than have a lot of new stuff.

Let me encourage YOU! That's what accountabilty partners are about.

Radio
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Old 10-08-2007, 08:17 AM   #9
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I forgot my scooter. We also owe on that. This is the next loan that my wife has decided to take out. She says by May next year it'll be done.
Then the student loan gets axed. Probably another 2 years for this one.
Nothing but house after that. But somewhere in the middle I'm sure we are going to have to buy her a "new" (used) car. Her's is going on 6 years old and 140,000 miles. If it lasts us another 3 years and 60,000 miles I'll be happy. My truck has got at least another 10 years left in it. I love having no car payments too much to buy a new one every few years.
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Old 10-08-2007, 10:48 AM   #10
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Thumbs up Snowballing

Quote:
Originally Posted by aintgotnun View Post
I forgot my scooter. We also owe on that. This is the next loan that my wife has decided to take out. She says by May next year it'll be done.
Then the student loan gets axed. Probably another 2 years for this one.
That's called debt snowballing. Say you had 3 debts, one $20 a month, one $50 and $100. Attack the $20 debt with a vengence till it's gone, then add the $20 to the $50 to pay $70 on that until it's gone. Then and the $20 and $50 to the $100 (makes $170) until that's gone. And so on until you are debt free. See how that works?

Then every time she brings you a zero balance, take her out to dinner, any where she wants!

Radio
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