Enemy of Debt: Where Behavior Meets Reality» Debt Free Questionnaire

Debt Free News #21 – Congratulations Amy

Brad Chaffee — Fri, 23 Sep 2011 11:00:48 +0000

The Enemy of Debt Questionnaire – Congratulations Amy!

How much debt did you have and how long did it take you to pay it off?

I took a 401(k) loan in 1997 of $8,000 for a down payment on my condo. My mortgage was $34,800 for 15 years. I paid off the mortgage in 2005. I paid off the 401(k) loan in 2001. I bought a new SUV in 2006; did a dumb thing by trading it on a new model in 2008; the car loan was paid off in 2010 (it started out about $25,000.00 – stupid, I know – I’m 46 and it was my first brand new vehicle ever).

How does becoming debt free actually feel? Does it feel better than you imagined it would?

It feels unbelievably comforting, like a safe harbor we’ve created. The economic news is unsettling, but I know that we have $40K in savings, plus retirement assets, and a paid for car and house. Our monthly obligations (maintenance, phone, cable, cell, power, home and car insurance) are about $800, which I could lower by ditching cable, and changing cell phone providers. My husband, who struggled with debt from his prior marriage, can’t believe how wonderful it is not to owe anyone.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

I didn’t have any struggles since I am a total convert to living way beneath my means. I read “Your money or your life” in the mid 90′s so I knew that the key for me was having a paid for house so that’s what I focused on first.

What would you consider to be the most important key to becoming debt free? What helped you the most?

It is defintely living beneath your means, but enjoying it. I view being frugal and saving money as a grand, masterful game that I try to excel at. I’m trying to get my husband on board with experimenting on living on about $14,500 a year but so far, he’s not in!

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

I say that no possession you have is worth the peace of mind I have about being completely debt free.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

My biggest sacrifice is living in a 900 sq. ft. condo with my husband. It’s a one bedroom, 1 den, 1 1/2 bath place in Florida. It met my needs when I was single…but not so much with a husband, who has three daughters (they never lived with us, obviously!). We also share a car. My attitude shifted in the 90′s and I never reverted to the consumer lifestyle. I mean, yes, I buy things, but I try to be very cognizant of if spending the money makes me really happy, or just satisfied.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I try to inspire my step-daughters but they basically emulate their mom, who’s a total spender. My family and friends know by now what I’m like…I’m frugal about 90% of the time. No one gave me any hassles because, you know, people really don’t talk about personal finance too much!

What is next for you? What financial goals do you plan to accomplish?

We travel to Europe..I have a friend who lives in Germany so we try to see her every year; we’ve started taking tours with a pub group to Scotland, England, Ireland; we went in September of 2010 and we’re going again in 2012; Alaska in 2013. I would like to transition to a spartan lifestyle so that I can quit working for a year or so. I have been in the same career for 28 years and, really, I’d like to relax for a year and see what happens. Again, I would view the spartan lifestyle as something “fun” and challenging, but as a person who endured it out of necessity, my husband isn’t really on board!

This story was submitted by Amy who is self-proclaimed weirdly frugal who dreams of retiring early…or something like that.

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Debt Free News From A Debt Free Reader Series

Click here to read any of the other great debt free stories in this popular series!

More to come…but only if I get some new submissions!

Debt Free News #20 – Jenny of Ex-Consumer

Brad Chaffee — Fri, 26 Aug 2011 10:55:00 +0000

Guess what folks!

Debt Free Friday is back and today I want to congratulate Jenny from Ex-Consumer, and her husband for becoming debt free! Woo-hoo! That is awesome news for sure. For all of you debt free enthusiast out there, I hope you take the time to read this story of hope and freedom. Be inspired by Jenny and all those who came before her! You’re NEXT! Make your plan to become debt free and get down to business! We’ll all be rooting for you here at Enemy of Debt so be sure to drop by for motivation and some debt free love!

Have a great weekend!

The Enemy of Debt Questionnaire – Jenny of Ex-Consumer

How much debt did you have and how long did it take you to pay it off?

My husband and I paid off $25,629.00 in consumer debt over the past eight months. The debt was made up of a student loan and a car loan.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Having our consumer debt paid off feels like a wave a relief crashing over me. I wasn’t sure how it would feel when we were buckled down and focused on getting rid of the debt, but now that I can take a step back and reflect on our achievement, it truly feels like we’ve been given a gift of freedom.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

The biggest struggle I encountered was getting my husband 100% on board with my debt free aspirations. Once he came around and experienced the same shift in mindset as I had, the debt just began melting away!

Also, we were incredibly aggressive about cutting our expenses, and I couldn’t have been successful in this area without my husband’s full support. Especially since one of things we cut was cable tv.

What would you consider to be the most important key to becoming debt free? What helped you the most?

The most important key in my opinion is wanting it bad enough. If you know why you want to become debt free, then it makes it easy to stay the course.

For me, I had a spreadsheet of what our monthly cashflow would look like after the debt was completely paid off. I looked at the spreadsheet each and every day and it helped keep me motivated to stay focused on our goals.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

Well, I used to be one of these people! Now I would say, that’s just silly talk. Obviously it’s counterintuitive to think that we need to pay someone else interest and become enslaved to debt in order to prosper.

I believe something like 75% of Forbes’ richest people in the world say the best way to build wealth is to become debt free. I think I’ll listen to their advice rather than the advice of loan officers.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

I don’t know if this is the biggest sacrifice, but it’s the one that I noticed the most. We began eating all of our meals in. This may not sound like a big deal, but in the past, we would get take-out twice a week or more, so making sure we had a weekly meal plan put together was a struggle at first.

Once we got the hang of making sure we had the right groceries to through meals together it actually became more convenient than eating out!

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

My family was a little confused as to why I wanted to live this way, but the further down the path I walked, the more they came around. For the most part, everyone that knew what we were doing acted incredibly supportive. At least they were supportive to my face.

To be honest though, I rallied most of our support through the online community that I’ve become a part of because of this great debt free adventure!

What is next for you? What financial goals do you plan to accomplish?

Our next goal is to rebuild our emergency fund. Right now we have a little over $5,000 put back for emergencies, but we plan to build the fund up to $20,000 over the next seven months.

I’m so thrilled that we actually get to start keeping our money instead of giving it all away each month!

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Jenny writes about getting out of debt, becoming more frugal, mitigating advertising influences, living lighter, exploring the world of minimalism and all the life that falls in between on her blog, Ex-Consumer. Read her Debt Free Birthday Announcement! You can also catch her on Twitter at @exconsumer.

Debt Free News From A Debt Free Reader Series

Click here to read any of the other great debt free stories in this popular series!

More to come…but only if I get some new submissions!

The Resurrection of My Debt Free News From Debt Free Readers Series

Brad Chaffee — Fri, 05 Aug 2011 10:55:04 +0000

Do you miss reading stories about regular everyday people becoming debt free? I do, which is why I want to try and get that series up and running again. I haven’t had a Debt Free News submission in quite some time, but I find it hard to believe that it’s because no one else has become debt free.

Are you debt free? Share your story by answering a few short questions about your debt free journey so your experience may inspire someone else to start their own.

The good news is you don’t have to wait for another submission to become inspired to take action in your own financial life. I already 20 Debt Free News articles (including my own) in the archives just dying to inspire and encourage the next debt free journey. Check them out and get started today!

Debt Free News Self Interview
Debt Free News 1
Debt Free News 2
Debt Free News 3
Debt Free News 4
Debt Free News 5
Debt Free News 6
Debt Free News 7
Debt Free News 8
Debt Free News 9
Debt Free News 10
Debt Free News 11
Debt Free News 12
Debt Free News 13
Debt Free News 14
Debt Free News 15
Debt Free News 16
Debt Free News 17
Debt Free News 18
Debt Free News 19

There you have it folks; 20 GREAT REASONS to become debt free!

If you’ve already become debt free, I’d like to encourage you to share your story to keep this very popular series going. Your experience may help many others as they fight the battle to become debt free. Of all the ways to stay motivated to pay off debt, this is one of my favorites. It reminds me of our debt free sprint to the finish line and listening to people call in on the Dave Ramsey Show to declare debt freedom.

It was an experience that brought tears to my eyes as I wondered what it would feel like to scream “I’m Debt Free” at the top of my lungs. The happiness you feel for someone else who has done the “impossible” is magical and I found it to be extremely motivating.

Submit your Debt Free Questionnaire TODAY!

Debt Free News From A Debt Free Reader #19

Brad Chaffee — Fri, 17 Dec 2010 11:55:30 +0000

Happy DEBT FREE FRIDAY everyone!! Christmas is almost here. Are you ready? Will your Christmas be a Debt Free Christmas in 2010?

I know someone who will be having a debt free Christmas this year. Dave, the author of I Heart Money. He has a book about how to change your relationship with money so that you can pay off your debt and build assets!

Regardless of how it sounds, if you are still in debt you can have a debt free Christmas. That’s right and it’s real simple too.

Buy Christmas with money you have! If you use credit cards, you MUST pay them off by the end of the month your gifts were purchased to have a debt free Christmas! My first debt free Christmas was in 2008, and although we were still working on paying off our debt, we paid for our Christmas with our Christmas savings account. It was one of the best Christmases we have ever had.

No guilt. No worries. No stress. No big bills to follow us for six months! Just a wonderful worry-free Christmas, which gave us more time to enjoy the family.

If you really want to get out of debt you must avoid the credit cards, at least until you truly have control of your spending habits. No matter your financial situation, you have the power to turn things around!

So with all that said I want to wish each and every one of you a very Merry Christmas!

Have a great weekend too!!

The Enemy of Debt Questionnaire – Dave from I Heart Money

How much debt did you have and how long did it take you to pay it off?

I had $27,500 in student debt when I graduated university. I did a few things to get out of debt.

I increased the AUTO payments on my debt so it would come out of my account every time I got paid. At times I had 50% of my pay coming off my account and I lived with my parents.
My work gave me the option to push my bonus into my pension which I did and with the tax return I dumped it on the debt.
when i bought my first condo I wrapped my student debt into my mortgage and brought the interest down by a large amount.
I then increased my mortgage payment to make sure that I paid back my mortgage as fast as I could.
After investing properly I paid off the rest of my debt by buying dividend stocks and using the dividends to pay down the mtg.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Being out of debt is freeing. If you have a strong value of freedom, knowing that you can do whatever you want, whenever you want, without a payment waiting to come out of your account, will be more satisfying than you can even imagine. (AMEN!)

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

I find it easier to grow your way out of debt than to live a spartan lifestyle. If you cut the things that you enjoy you’ll crack and just spend when feeling weak. The best I find is to build assets that will help you pay your debts. Make more money, cut things that don’t truly make you happy and contribute to your IRA or 401k and use the tax return to drop on the debt. Build your assets and let them help you pay down your debt.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Anchor yourself to all the things that you’ll do with those debt payments. Things that will make you truly happy instead of the bank.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

Prosperity in my opinion comes from assets. Assets without any liabilities would be the best scenario.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

When you get other assets to pay down your debt you don’t have to make that many sacrifices. It’s win win. (Editor’s Note: There are always sacrifices when you go from living one way to living a completely different way. A sacrifice to someone in debt would be to stop buying whatever they want to instead build assets.)

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

My parents are old school so debt is the great enemy and should be eliminated at all costs. I learned from them. They were a great inspiration to me.

What is next for you? What financial goals do you plan to accomplish?

I wish to continue growing my assets debt free. It allows me to now use the income I used to pay debt to now provide a life based on all the things I really love like travel and spending time with my family.

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Debt Free News From A Debt Free Reader Series

Click here to read any of the other great debt free stories in this popular series!

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #18

Brad Chaffee — Fri, 19 Nov 2010 13:02:09 +0000

Happy DEBT FREE FRIDAY everyone!!

I hope you have a great weekend, but not before you enjoy this wonderfully inspiring debt free news from one of my readers and fellow bloggers!!

Today’s inspiration comes from Crystal over at Budgeting in the Fun Stuff and I think she has made her case.

In my words:

If you act responsibly and understand that it’s up to you to secure your own future, you can have the fun you want without all the stress that comes with running up debt to do so!

I recently met some folks who were down on their luck, but it wasn’t their luck that was keeping them down, it was their attitude about their situation that was doing the most damage. They seemed to have given up and were ready to accept that life would always be this way for them. NOT TRUE! Don’t believe that for one second if you find yourself in similar circumstances.

Sometimes believing in yourself is harder than the actual goals you want to complete, but it is absolutely essential if you want to accomplish those goals.

Change your situation by making the hard decisions to change your situation! You’re the only one that can! Your job won’t save you! Your boss won’t save you! Your family won’t save you…for long! And God knows the Government couldn’t save a man overboard already equipped with a flotation device.

IT IS COMPLETELY UP TO YOU, and your family is depending on you to make better financial decisions!

So check out Crystal’s debt free news and notice all of the ways her family took action to change their situation along the way! Action works!

Congratulations Crystal to you and your family! I know you will reach your goals, keep up the great work!

If you read through this story and don’t find yourself inspired to get rid of all your stupid debt (Yes, I said STUPID!), you are either dead, or you need to read it again after drinking a cup of coffee!

Have a great weekend!!

The Enemy of Debt Questionnaire – Crystal from Budgeting in the Fun Stuff

How much debt did you have and how long did it take you to pay it off?

My husband and I had about $30,000 of car debt between 2005-2010. We paid my car off in 2007 but made the last huge payment on my husband’s car July 16, 2010 at 1:48pm.

We still have about $69,000 left on our mortgage but we now follow a plan to have no consumer debt ever again! (I LOVE IT!!!)

How does becoming debt free actually feel? Does it feel better than you imagined it would?

I was really happy around the time we paid off the car, but now it’s faded since we don’t actually get to use that “extra” money, lol. I’m still happy but we don’t feel the difference since we put our car payments into an ING home and auto savings account so our next car can be bought with cash.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

We never almost gave up, but we did hit two major speed bumps in 2007.

First, we lost $15,000 in a bad business deal that we should have completely avoided. We threw money into a friend’s business without properly researching how bad it really was doing. It was a tough pill to swallow – we weren’t actually infallible, lol.

We also put down 20% for our home. There is something inherently depressing about writing a $24,000 check to somebody – even if it is for a house.

Both of those things paused our extra payments on the car for a few months, but we got back on track by late 2007 by paying off my car.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Automate as much as possible! Having the extra payments taken out automatically every month kept us on track. We only went out of our way in the last 3 months when we were hitting the last $8,000 as hard as possible.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

No. No, debt is not essential. Cash flow is king and debt just ties up your money. Not only that, but it ties up your money AND eats extra money for nothing! It hurts my stomach that we wasted $3000-$4000 on car loan interest. We could have used that for home renovations or savings!

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

We have both always been frugal, but those last few months of debt repayment led to our “fun money” budget. We used to splurge once in a while without a plan and that always freaked me out. Now we put set amounts aside every month for the fun things in our lives so I don’t have to worry about our long-term early retirement plans being damaged.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I do remember my mother-in-law actually saying “you are saving too much” and my husband and father-in-law agreeing with her, but then the economy crashed. All I hear now is “it is so nice not to have to worry about how your children are doing financially”. Hahaha…so there is one good thing from our economy…

I know I’ve inspired at least a few people since they said as much in their comments. I really do hope that my blog gets this point across – as long as you pay ALL of your bills and save ENOUGH for your future, feel free to budget in the fun stuff too!

What is next for you? What financial goals do you plan to accomplish?

My husband and I are paying off our house in 10 years total or less – by 2017. We started this goal with our first month’s overpayment and are still on track. We started at $91,200 and just got past the $69,000 mark. I am super excited!

I also want to build my 3 blogs – Budgeting in the Fun Stuff, Crystal Clear Thoughts, and Dog’s Life For Me – into my full-time job by 2012. I’m currently “only” bringing in about $500 a month, but I am working on getting that up to $2500 in the next 14 months. Let’s see if I’m crazy or ingenious, lol! (Good luck Crystal…YOU CAN DO IT!!)

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Debt Free News From A Debt Free Reader Series

Click here to read any of the other Debt Free News From A Debt Free Reader stories!

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #17

Brad Chaffee — Fri, 05 Nov 2010 10:55:04 +0000

Welcome to another Debt Free Friday!

I absolutely love doing this series! I hope it inspires you or someone you know to eliminate some debt.

Today’s debt free story comes from a friend of mine, and one of the very first Canadian blogs I ever started reading. He has excellent advice that apply to Canadians but also great personal finance advice in general. We may disagree on the issue of “good debt vs bad debt”, but that’s small potatoes if you ask me.

“Tom Drake is the owner and head writer of Canadian Finance Blog. Tom has paid off all his consumer debt and is now looking for other ways to improve his finances.”

Great work Tom and congratulations my friend! Perhaps we could each write a “Good Debt vs Bad Debt” post to go up on the same day. I think it will be fun, what do ya say?

Please enjoy Tom’s debt free story!

The Enemy of Debt Questionnaire – Tom from Canadian Finance Blog

How much debt did you have and how long did it take you to pay it off?

Our debt had gotten up to about $40,000 in student loans, credit lines, and car loans just before our wedding day in 2008. It took us 2 years from that point and we finally paid off our debt this summer. We knew we had to be debt free since we had our first child in the fall of 2009 and my wife’s maternity leave payments would end a year later.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Being debt free feels like a weight has been lifted off our shoulders. Whenever we have a little money left over at the end of each month, we can now decide how to save it (or even how to spend it) instead of figuring out which debt to pay down next.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

The biggest issue we had was new debt coming on while we were paying other debts off. With a priority on eliminating debt before any savings, we basically used our credit line as an emergency fund. So when we needed a $10,000 deposit to buy our house, we used the credit line and then paid it off. Then we needed $2,500 for property taxes, then $6,000 for a replacement engine for our car. We never gave up. The balance seemed to be heading in the right direction, we just had some occasional short-term setbacks to deal with.

What would you consider to be the most important key to becoming debt free? What helped you the most?

For starters, we replaced the minimum bill payments of $10-30 with payments around $100-500 so that we could get some traction.

But, more importantly, we kept our chequing account near a $0 balance. We needed to stay on top of things in order to not bounce any bill payments, however I was able to see exactly what we needed to cover expenses between paycheques. Anytime there was $500 or more of extra money, I decided which debt to put it too; normally whichever had the highest interest.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

While I do believe in “good debt” like a mortgage or investment loan, most debt is far from essential. If you need debt for monthly expenses, then you have a problem that needs to be corrected. By reducing your expenses and finding other sources of income, you can free up some money to pay off outstanding debts.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

Rarely spending any money was a sacrifice at first. If we were lucky, we might go out to eat once a month… and that was normally for birthdays or our anniversary. We haven’t bought much for items like electronics and clothes. We already have quite a bit of “stuff”, so not buying more wasn’t a great hardship and actually saved us from clutter. The nice thing now is that it’s become a bit of a habit to not spend a lot of money. When we do spend we can’t bring ourselves to ever pay regular retail price… it’s always on sale, or we have a coupon, or occasionally I even negotiate a deal.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

They may not have known that I was doing it to pay off our debt, but there’s been a few times I’ve had to say no to going to a restaurant for lunch or out for drinks after work. No one necessarily gave me a hard time, but there’s always a bit of pressure for anyone to spend the way their friends, family and neighbours do.

What is next for you? What financial goals do you plan to accomplish?

Next we’re looking to get some savings in place. We need a true emergency fund, not the line of credit. We also want to set aside enough each month to pay for annual expenses like our property taxes, life insurance and even Christmas gifts. With my wife no longer receiving maternity leave payments, we won’t have a large amount of extra money, but once the kids are in school she plans to go back to work and we hope to really accelerate the mortgage payments.

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #16

Brad Chaffee — Fri, 29 Oct 2010 10:55:00 +0000

Happy Friday everyone! Right now I am enjoying myself on a fishing trip with my father-in-law, so I hope I catch some yummy fish! Have a great weekend, but before you do, I hope you enjoy this wonderful and inspiring debt free story. I love these kinds of stories!!

I checked out Our Debt Free Path and knew immediately that these were my kind of folks. They are passionate, and best of all, they too, are doing the Total Money Makeover! Whether you like Dave Ramsey or not, you have to admit the guy has an awesome game plan for getting out of debt!

Like most people, life happened to them while they were trying to pay off their debt. Did it stop them? Absolutely not! They handled the situation and continued on instead of going back to their old ways. Just being on a debt free plan helped them through it, which only proves that it’s not just becoming debt free that changes lives, it’s what happens during the process that really sticks with you. Becoming debt free is simply a result of the changes that were made.

One of the questions that I enjoy seeing the answers to (even more so than the debt free questions), is the last question when people explain what’s next for them. The reason is because the answer to that question alone indicates that there is a long term plan in place. The plan doesn’t stop with eliminating your debt. The debt part is only the beginning. If you become debt free but do not actively pursue the benefits of becoming debt free then what’s the point?

I don’t say that to take away from becoming debt free because doing so is an ultimate achievement for most people. I simply want to highlight the importance of continuing to take advantage of what that debt freedom can do for you and your family.

Enough babbling from me, go check out this amazing debt free story!! Congratulations to the Freebirds!

The Enemy of Debt Questionnaire – The Freebirds

Check out the blog! www.ourdebtfreepath.blogspot.com

How much debt did you have and how long did it take you to pay it off?

We started with 65K in debt in January of 2008 and it took us 33 months to pay it off.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

I don’t know that it has really sunk in with either of us yet. Don’t get me wrong it’s a pretty freakin amazing feeling and we’re wearing big goofy perma-grins right now but it doesn’t quite feel “real” yet…course its only been 3 days so maybe when we get paid next week and don’t have anyone to send it to it’ll feel real.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

We got sued by my parents so we faced a grandparents rights case in the middle of getting out of debt…long story. Anyway if we hadn’t been doing Dave’s plan we wouldn’t have had the $500.00 we needed for the retainer for our lawyer. We won but that whole nightmare just solidified our desire to get out of debt.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Prayer, faith and hard work.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

We did stupid, huge amounts of stupid when we first got married. We had the big house, the rental properties, new vehicles, fancy cloths, biggest of tvs, all of it…and we realized none of it made us happy. An overall simple life that lets us focus on what you really love (each other, our kids, our dogs, homeschooling, reading, hunting, and fishing)is so amazingly wonderful. We live in a 700 Sq ft house with no TV, drive older vehicles, wear Wal-mart specials, and bake our foods from scratch and we have NEVER in all our lives been as happy as we are now.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

We didn’t mind giving up the “stuff” but when we tightened the grocery budget that was hard. Giving up the good beer, good chew (Mr.Freebird) and good coffee was a killer. I enjoy baking from scratch and we’ve always eaten healthy but we chose to give up the expensive organic foods and baking supplies and stick with all natural.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

Yeah, we tend to be pretty redneck and not too tightly wrapped which worked our great cuz no one in our small town made fun of us (well within ear shot anyway;). I hadn’t thought about us inspiring others until we started getting comments on our blog from people trying to get out of debt. It blew us away to hear what we were doing was inspiring others on their journeys..Very Cool!

What is next for you? What financial goals do you plan to accomplish?

Next is Baby Step 3 on Dave’s plan. 3-6 months living expenses which will also cover if my parents decide to sue us again. We should be done by the end of January then we get to the fun part. We saving up to buy land, a trailer, well and sewer. (None that expensive up here) Once we have the trailer set up we’re selling this house (debt free including the mortgage!) and moving into the trailer, which could be as early as a year from now. Very cool! Then my carpenter husband and me and our kids are going to build our home on the land while we live in the trailer paying cash as we go. We’ve built our own home before but this time it will done with cash. It may take more time but it will be ours from the foundation to the roof. When we’re done we’ll sell of the trailer and homestead…living on as little of our income as possible and investing the rest. Sweet!! It may sound crazy but it’s nothing compared to what we’ve done over the past 33 months!

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #15

Brad Chaffee — Fri, 22 Oct 2010 19:34:40 +0000

Happy Friday! Sorry for the delayed post but last night was spent celebrating Noah’s first birthday. We went on an intense hike on the Blue Ridge Parkway here in Virginia, and I was pretty beat last night. It was a fun day though and definitely worth it!

Now let’s get to business. Becoming debt free is no less fun!

Our next submission comes from someone I have known since taking on my own debt free journey. We have kept in contact over the years and now he is finally debt free himself! Congratulations Chuck! It was a long hard fight man but you did it!! I’m proud of you dude!

Welcome to an exclusive club joined by a minority of people. You are officially weird dude!! Welcome to Weirdville!!

Enjoy Chuck’s debt free story!

The Enemy of Debt Questionnaire – Chuck

How much debt did you have and how long did it take you to pay it off?

I know compared to a lot of people out there it may not be much but I had $ 14,000 in credit card debt. To reach the point of debt free except the house has been roughly 3 years.

There have been bouts of relapse using credit and I also chose the non DR path of continuing my 401k contributions the entire 3 years.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

It is a comfort knowing my only debt is just my mortgage. It is still too new of an idea for me to really know the full scale of my accomplishment. I can say I play it over in my mind that next month my payments will now go to me and not a bank bleeding interest off me. I will be from here forward paying myself to further my own financial success. That is a peace of mind that is totally mind blowing, and a first in my life.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

Like I said in the last question, there have been lapses in using credit cards. I would use a card for something I really thought I could do without only to realize when the bills came in how long I distanced myself from the finish line. I also had one big Murphy visit when my furnace died late last winter. With only a baby emergency fund of $1000.00 and facing a $3000.00 replacement bill tested my resolve pretty good. Fortunately, as it does with those who work the plan, things usually work themselves out. I used my emergency fund and placed the balance of the furnace bill on a credit card. The beauty of it was my work bonus was to come in time to pay off the credit card totally just 2 months later.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Having the resolve to know deep down the results are worth it. Fighting the long process of working the program. I still listen to The Dave Ramsey show even now. It is a great way to hear that you can do it. Others have become debt free and hearing their excitement on the radio gives you the strength and encouragement to know you can too.

Being the tortoise is not fun or glamorous and takes will power, but you must find it within yourself.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

If you’re young I would say the quicker you start on a credit free path the greater your rewards will be later in life. I know you have been bombarded with all kinds of conflicting ideas of how to use money but take a real look at Dave Ramsey’s plan with open eyes. See what it can do for you.

If you’re older like me, I would tell you it’s never too late to start. Wisdom tells us it can not be a good thing to be living with so much debt the closer we are to what should be our golden years no mater what your standing in life. The only thing golden is the banks pot which you feed with interest.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

Giving up going out with friends. Taking vacations or trips.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

Somewhat. Some wondered why I didn’t spend like others do. Some wondered why it seemed I never had any money. A few friends from work knew what I was attempting and I think my example has peaked their interest and possibly changed their views on debt.

What is next for you? What financial goals do you plan to accomplish?

My next step will be to fund a full Emergency Fund of six months expenses. Second is to pay off the mortgage in a 6 year plan while cash flowing some renovations to the house. Third, give like no one else.

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #14

Brad Chaffee — Fri, 01 Oct 2010 10:55:38 +0000

Welcome to Another Debt Free Friday Baby!

This next debt free blogger is an inspiration, and quite frankly, I like her style. She is something that doesn’t seem to go together these days; young and financially savvy. Something else that I find interesting is how she embraced minimalism to combat her prior spending habits. My wife and I have felt the liberating feeling that comes with getting rid of our crap, and recently made great money doing it. I am definitely a believer that less is actually better!

The other thing I like about FB is her nomadic side. I am very interested in what some would call being location independent. Combine the freedom of eliminating debt with the freedom to be able to work and travel without limitation, and you have a pretty adventurous life to look forward to. My wife and I have thrown around the idea of moving to Europe for a year, to see a little more of what the world has to offer than just what we know here in the USA.

I love America, and will definitely return, but that’s not to say we won’t head somewhere else later on when the time is right again. We’ve been considering it ever since Adam Baker from Man Vs Debt headed off to Australia, New Zealand, and Thailand before coming back to the states.

Fabulously Broke has a great debt free story.

Fabulously Broke (FB) is a twenty-something year old consultant who got out of $60,000 of debt in 18 months. She blogs at Fabulously Broke in the City, which is a lifestyle blog with a hint of money talk, and at The Everyday Minimalist which is all about living with less, but only with the best.

In her spare time when she isn’t blogging, sleeping or eating, she’s thinking about it.

Find her on Twitter @brokeinthecity, and subscribe to her updates via RSS.

Have a great weekend!

The Enemy of Debt Questionnaire – Fabulously Broke

How much debt did you have and how long did it take you to pay it off?

I had $60,000 and I paid it off in 18 months.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

It was actually very anti-climatic to be debt free. I just transitioned, and I didn’t feel the rush I thought I would. I guess it was because I knew I’d be debt free, so it didn’t seem like a surprise, you know?

It wasn’t until I was debt free for a while that I now really feel the pride when I go through my networth and write down $0 for all my debts.

When I make money, I save it, and it doesn’t disappear from my bank account into some black hole of debt, but stays in my bank account and actually earns interest even if it’s only at 1.2%. It’s fabulous.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

Yes. Plenty of temptations to shop and just give up. Every time I went out with friends or went shopping with them, I’d feel the pang of wanting to spend more than I should. I ended up getting rid of my TV and trying to not go out as a result, which helped cut down on my temptations a lot.

Still, I was on the internet a lot, and reading blogs… you get jealous and envious of what people are doing with their lives, and you can’t help but compare yourself to others your age.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Other than making money?

Blogging. It sounds so corny but it helped me stay focused and motivated to have such an amazing group of role models, and when I’d blog about each little debt payment, I’d be even more motivated to keep going.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

Different strokes for different folks and I do agree with the sentiment that debt, if used wisely could be essential in order to prosper, but I am definitely of the type who never wants to pay another interest payment again. I will avoid it as much as possible, even so-called ‘good debt’ like student loans or mortgages.

Any kind of debt to me, is modern financial slavery and total financial independence means a lot to me.

Owing is not owning.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

Giving up impulsive shopping. It felt like a huge sacrifice at that time (and sounds so stupid now), but it hurt.

I love shopping, so it was painful at first until I found minimalism and took a lot of heart in learning how to simplify and slow down my life.

I realized I didn’t need as much as I thought to be as happy and as fulfilled. I was happier without my stuff. More free… and that was the second motivation for me to continue to stay debt free and build my net worth.

I still love shopping, but now I am a lot more critical about what I buy and why I want to buy it.

I only buy and own what I want and need.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

People who heard were pretty supportive for the most part, but it was really the blogging community that inspired me along the way.

I didn’t really broadcast it to anyone, and I didn’t bring it up unless I really trusted the person.

It was only after I was out of debt that I quietly mentioned it to my mother, but no one else in my family because I didn’t want to be hit up for money and favours.

I think they think I’m still in debt or they don’t really know what my financial situation is, and I’d rather keep it that way. They definitely know how much I make, but they don’t know how much I’ve saved so far.

What is next for you? What financial goals do you plan to accomplish?

Well my goal in 2009 was to hit $100k net worth, but it was a bad year for everyone, especially freelancers like myself.

But in August 2010, I reached my goal at $112k net worth, and I guess my next step is $250k. I’m not really hung up on the numbers but I have nothing else to use as a benchmark, and I do plan on spending some money traveling and so on… so my net worth might dip in the times when I am off contract.

I don’t want to buy a home, and would rather rent, as my lifestyle is very mobile and modern nomad-ish.

I am not interested in buying a new car (I love my 1998 vehicle!). I guess my next financial goal is to just save more money and get financially prepared to leave this country and move and start in a new city.

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #13

Brad Chaffee — Fri, 17 Sep 2010 10:55:20 +0000

Hey everyone! Welcome to another Debt Free Friday!

I was recently inspired to ask another passionate debt free blogger to share his story on Enemy of Debt for all of you to enjoy. His comment was filled with passion, which you know I love, so I had to send him an invite. I know you will be as inspired by his debt free news as I was by all of his recent comments.

Have a wonderful DEBT FREE weekend!

Check out Steven Williams’ awesome debt free story. I think there’s a “bondage-free” revolution happening right now, won’t you join us?

His mission is to show families how to get out of debt. On his website he provides Four Videos and Workbooks absolutely FREE that will walk you step by step through the entire process. You can follow him on Twitter @thedebtsolution, or subscribe to his email updates.

Have a great weekend!

The Enemy of Debt Questionnaire – Steven Williams

How much debt did you have and how long did it take you to pay it off?

Our total debt was over $300,000 it took us 5 years to eliminate it, from 1994 to 1999.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Being debt free feels great! It feels better than I thought it would. My wife and I knew that we would have less financial stress when we became debt free.

But the unexpected results have been better health, more time with family, and no arguments between my wife and I. We only have small disagreements about some of the things our children do.

We’ve been able to home school each of our 3 daughters. We’ve been able to travel and see places that we’ve always wanted to see.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

When getting out of debt we struggled on how to do it at that time the internet was booming and there really wasn’t anyone talking about how to get out of debt.

Several times we wanted to give up because if you don’t have a plan it will make it very difficult. At the time we didn’t understand that we had to “Confess Our Debt” this is what I call it now. When I “Confessed My Debt” I admitted that I bought things to make myself feel important, to show off, and to feel better about myself.

By doing this I learned that I needed to feel good about myself without all the stuff. I also confessed that I was not paying enough attention to my wife, kids and to things that should be more important.

What would you consider to be the most important key to becoming debt free? What helped you the most?

The mental changes in my mind, were the most important keys to becoming debt free.

Stabilizing our household. It doesn’t matter how much debt you have, how many debt collectors are calling your home, work or neighbors. Goal #1 must be a stabilization of the household. Figuring out how to pay the necessities such as rent/mortgage, electric, groceries and transportation. If these are taken care of that’s the foundation of starting a debt elimination program.
Understanding why I was in debt. Accepting it without excuses.
Setting personal and financial goals. By doing this I had no excuse for my spending. When we wanted to spend money, if it didn’t fit into our written personal and financial goals, we understood that we should not buy it. The other benefit to having the goals written down…is that it will counter-act the urges to spend when you really want to just buy something to feel good.
Understanding how much we really owed and putting together a plan to pay it off, sell it, or just give it back.

There are more steps but these steps laid a great foundation.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

I say it’s absolutely not your fault! I was brought up the same way. We were taught that if you wanted something now get it on credit. This was passed down by our parents and other people we respected. We’ve been taught that it takes money to make money. So if you don’t have money you need to get a loan to get the money.

We were taught by car dealers, credit card companies, department stores, appliance stores, etc., that it’s only a small monthly payment, but we were never told that those SMALL MONTHLY PAYMENTS can add up and eat up all of our paycheck!

So I would say to anyone don’t take my word just do this very simple exercise. Take out a piece of paper and write down all the monthly payments you are making to consumer debt. Add them up and look at that number. Now I understand that most people can’t buy a house or a car with cash, so let’s just look at the payments on credit cards, furniture stores, department store cards, etc.

Even if that number is only $500 to $1,000 that’s a lot of money! And from my personal experience when you save that money more opportunities to save money will come your way.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

There were many sacrifices. At one time we had SIX vehicles. We sold four and gave one back (we had to pay the difference). I purchased a beat-up Subaru for $800 cash, and it was embarrassing.

We sacrificed on buying new clothes and we just stopped spending on things that we use to think were important.

The urges never go away! When we go to the mall sometimes I don’t buy anything. My daughter thinks I’m crazy but I’ve noticed that she’s doing the same thing when she’s out with her friends.

That’s very important because we learned from what our parents did. They could tell us not to go into debt, but if we saw them do it we were more likely to do it. CHILDREN LEARN FROM WHAT WE DO NOT FROM WHAT WE SAY.

What has changed the most about me. I’ve learned that I am really a giver! I support my mom which was a goal. I supported my wife with her goals (Arabian horse farm/business). I supported my daughters with their goals. I make the time to share with others how they can become debt free using what I’ve learned.

Something else that I learned by having enough money to do almost anything I want, was that I really didn’t want to do some of those things that I thought I wanted to do before. Such as: own a bunch of businesses, I only do businesses that I want to do regardless of the opportunity.

There are certain vehicles I thought I wanted but I still drive my 1994 Mercedes Benz S600 Coupe. (we still love cars my wife has a H2 Hummer and I also have a Land Rover but we live in Wisconsin we have a real winter season here. LOL

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

My friends and family supported us with our decision. I always focus on the Christmas of 1994 because that’s when we decided to become debt free. We actually called my mother and mother in-law and told them that we were not going to use credit cards for Christmas that year.

If we couldn’t pay cash we were not going to buy it. They completely understood and the gifts were not a big deal to them. These are the little lessons that we learned about spending what you can afford to spend.

The mindset of a person that wants to buy something for someone else, is that if I don’t buy it they won’t understand, but they will understand if you tell them you can’t afford it. Remember there are probably things they can’t afford to buy so they will probably open up and tell you their financial problems too.

At that time my mom was struggling, I told her to only send my children a Christmas card and she told me to only send a Christmas card. We still have this agreement to this day. But I do send my mom money to make her life easier every month.

Getting out of debt is not only about money its about opening up and being real with your family and friends. They will understand and if they don’t they are not a good friend or family member.

I know I inspire others because people have told me I do. I’ve had business partners, and family members open up and tell me about their financial situation and I’ve helped them find a solution.

I have a mantra that I say daily part of which is: “I inspire those around me”. I’ve written that statement for 6 month’s more than 1,000 times including the rest of my mantra statement. My routine is to say it out loud 10 times a day and write it 10 times a day. I subconsciously believe this statement now.

What is next for you? What financial goals do you plan to accomplish?

I started a company called The Real Debt Solution, Inc. and I will be making a transition from my advertising magazine business to this new business.

My mission is to help families get out of debt and build wealth. My goals are very big.

I want to give away $1,000,000 in financial information products and services. I’ve started that process with my video series. I’m going to reach out and network with as many people in the debt industry to find more solutions for families to utilize when working on becoming debt free.
My overall financial goals are to see if I can make a $100 million dollar business. I want to challenge myself to see and feel the reward of working my body and mind to accomplish something really big.

Before I go I would like to thank www.enemyofdebt.com and Brad Chaffee for the opportunity to share my Debt Free News. When I got the request it really made my day!

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #12

Brad Chaffee — Fri, 10 Sep 2010 10:55:12 +0000

“Thank God it’s Debt Free Friday!”

That sounds a lot better than the popular “I hate my job, and the weekend is the only time I can enjoy life” counter part. Maybe if you were inspired to join the debt free soldiers, you would have a little more wiggle room to figure something else out.

Congratulations, you’re in luck. That’s precisely why I created this series. I wanted to show you that everyday people, JUST LIKE YOU, have decided to kick debt to the curb to eventually realize debt freedom IS everything us weirdos say it is.

It is true what they say. “Once you go debt free, you’ll never go back!” If you worked your butt off to release yourself from the chains of bondage that debt guarantees, the chances of giving up the greener grass, for the quicksand express is pretty much NULL! The Debt Consolidation and bankruptcy route being the exception to that rule. The stats show they end up right where they were prior to taking the easy, less educational route to debt freedom. If someone does it for you, you learn nothing.

I once lost significant amount of weight taking weight loss pills. Guess what? I gained it all right back!!

No one in their right mind would choose to go into debt after working so hard to pay it off. It’s because lessons are learned and habits are transformed forever!

Don’t believe me? Read the stories. NONE OF THEM say, “Well, it’s nice to be debt free, but I’m not against voluntarily enslaving myself for another fun round of stressful debt, and paycheck to paycheck living!” If you know of anyone that has literally said that, PLEASE, have them contact me. I’d like to talk to their psychiatrist, pronto.

In the meantime, check out Jackie Beck’s real life debt free story and consider joining her.

Jackie Beck is a re-married mother of one who lives in the southwestern United States. She’s not a professional financial, health, tax, or legal person, but she does love writing and sharing her opinions about money and goals. You can follow her writing on Money Crush, by subscribing to her RSS feed.

Enjoy and have a great weekend!

The Enemy of Debt Questionnaire – Jackie Beck

How much debt did you have and how long did it take you to pay it off?

I must have blocked out the total amount, but I would estimate $30,000. It took me about 2 years to pay off the first $20,000 or so, and then 5 months to pay off the balance of about $10,000 that remained on my student loan. We’re working on paying off our house now.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Paying off my student loan was amazing. While I was in debt, I didn’t realize how stressful having that “small” loan hanging out there really was. But once I paid that off — the possibilities were endless. Suddenly I could do whatever I wanted with my paycheck. A weight that I’d been carrying around for years was lifted, and the world was wide open.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

The biggest struggle that I had to deal with was a lack of income. Prior to paying off my debt, I’d been unemployed for about 4 years. I made very little money — WAY below the poverty level. (Which was one of the reasons my loan was deferred for quite some time.)

I’d gotten laid off from my web-related job a few months after 9/11, and decided to strike out on my own doing something else. I wasn’t able to bring in enough income doing that, but by the time I tried to find a job my skills were a little rusty.

But I never gave up, and did finally find a part time job that later turned to full time. Once I did that and actually decided to get rid of that student loan, it was relatively easy. I’d already been used to living on (literally) almost nothing for so long that I felt flush in comparison.

What would you consider to be the most important key to becoming debt free? What helped you the most?

For me the key to be coming debt free was actually committing to doing so. Really committing, and then following through no matter what. I’d also started reading personal finance blogs right around that same time, and got inspired by what other folks were doing.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

To those who believe that debt is essential in order to prosper, I’d say they’ve clearly never been debt free. It’s easy to go along with what the rest of society does, without questioning the details too much. Most of the people I know who are wealthy have done it without debt.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

My attitude was what changed the most during my journey to become debt free (except for the house). I started learning as much as I could about personal finance, and working on really planning ahead for the future.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I didn’t really talk about paying off debt to my friends or extended family. Instead, I just did it. Although I did accompany that with constant updates to my husband on how I’d sent x, y and z to my student loan so far. I hope that I’ve inspired others with my example, at least through blogging about money and goals.

What is next for you? What financial goals do you plan to accomplish?

I’ve been hitting retirement hard (because I am playing catch up) but the next goal to be knocked out is getting our house paid off. We aim to have that done by the end of 2011. I’m not quite sure how yet at this point, but I have faith. And that’s another thing — if you’re determined to do something, and you keep plugging away at it and making it the priority, you WILL get there.

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Debt Free News From A Debt Free Reader Series

More to come…but only if I get some new submissions!

Debt Free News From A Debt Free Reader #11

Brad Chaffee — Fri, 20 Aug 2010 10:55:00 +0000

Well, it’s been a while since my last Debt Free News article, so I thought today was as good a Friday as any! This happens to be the last of the submissions, so I hope if you are debt free, you’ll be sure to head on over, after reading this post, to fill out the Debt Free Questionnaire. Your story could inspire many, so if you have become debt free, then you probably know how your life has changed ever since, so please feel free to share it.

This Debt Free News edition shares a debt free story from someone I have become good friends with in the last year or so. We really connected due to the fact that we shared the same views on personal responsibility and self reliance. We both believe that if you want something done, you have to do it, and if you make a mistake in life, you have to own it. I believe personal responsibility separates those that deserve from those that do not. In other words, taking responsibility for your actions and responding accordingly usually requires a level of maturity and hard work that someone who feels entitled does not share. Clair and I believe that life, liberty, and the pursuit of happiness are the only things we are entitled to. Other than that it’s up to us to provide the life we desire.

Because of our common beliefs, I joined Clair’s team as a contributor on the Self Reliance Exchange. I no longer write for them because of time constraints, but I highly respect their mission and admire their dedication to help spread the idea of self reliance.

Click here if you are interested in reading more from me on the Self Reliance Exchange.

Clair Schwan has been completely debt free since 2005 and loves every minute of it. Learn more about him and his adventures in frugal living over at Frugal Living Freedom where the motto is, “…living well, and well within your means…”

I hope you please continue to visit Enemy of Debt to stay m0tivated and focused in your DEBT FREE journey!

Check out Clair’s Debt Free News! Please enjoy, but most importantly be inspired!

The Enemy of Debt Questionnaire – Clair Schwan

How much debt did you have and how long did it take you to pay it off?

Well over $250,000 and it took me 8 years to pay it off and place myself in a comfortable financial position. I had about $100,000 associated with a Chapter 13 bankruptcy. I paid that off in 5 years, and then I took on about $150,000 in debt for my home and paid that off in 3 years.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

I’ll be in the minority on this one. It’s a wonderful feeling to be debt free, but it isn’t something that I get all excited about simply because it wasn’t a surprise. I worked hard to make it happen and it happened – not by accident, but through deliberate action. That means good planning, realistic goals, hard work, proper timing and tenacity. So, when I became completely debt free in 2005, it was really quite expected and not the exhilaration that I thought it would be. Nevertheless, it’s a very pleasing place to be.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

I faced what seemed to be insurmountable odds. I had more debt to pay off than my salary could handle. At the same time, I had alimony payments to make. My monthly payments peaked at $3,000 and stayed there for years. In order to make the payments that I knew were coming down the pike, I had to quit my job and start my own business.

The two big problems associated with that were: funding a start-up enterprise when you’re bankrupt; and, the delay in payments that you experience when you first start a business. It isn’t like getting another job – you pay to get yourself into business and then you wait for months before your first check arrives.

I never thought of quitting. I’m just too stubborn for that. Besides, who ever won by quitting?

What would you consider to be the most important key to becoming debt free? What helped you the most?

The key to becoming debt free is to realize what is important in your life and then keeping your eyes on that. It’s very motivating and allows you to endure a lot of “horse manure” knowing that there’s a “pony” waiting for you at the end of your struggle, and that “pony” will be all yours.

For me, it was the benefit of owning my land and home. When you realize that the house you’re in and the land it sits on can be yours, and not something you’re simply paying for, you get a feel for the financial security that this offers as well as the tremendous amount of money that you can save by paying off the mortgage early – in my case, in 3 years.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

If you’re making certain investments, sometimes debt is warranted. Most people can’t afford to pay cash for a house, so getting into debt is a way to have a nice home now instead of “living in a tent” while you save up some money. We need to understand that debt is a ball and chain. It’s a form of enslavement. And, there are more than an ample number of commercial organizations that love to financially enslave millions of people so they have a steady source of income. You don’t have to be one of the slaves. For the most part, debt is a choice that we make, and we either make wise choices or we pay the consequences.

In a way, it’s true that debt is essential to prosper – your indebtedness is essential for banks and credit card companies to prosper.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

The single largest sacrifice that I made to become debt-free was to give up my personal life and become focused on my business life. I traveled all over the country and many times around the world – up to 75% of my time each month – just to “make hay while the sun was shining.” I knew that my personal life would have to be put on hold so I could work like hell to build up sufficient financial resources to pay off debt, build a nice financial cushion, and then save enough money to pay off the house.

Such a demanding work and travel schedule made my social life nearly non-existent. But, I knew the sacrifices would be short-lived. The vision in my mind was many years of hard work and frugal living that would lead to a point where I’d be able to throttle back and start my current “more life, less work” program. It took me 8 years in all to make it happen in a very deliberate and well-planned manner.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I never got a hard time about my mission to succeed. Most people looked at my level of effort and shook their head, glad not to be in my shoes. Now, of course, these same people say “you’re lucky” and I’m very quick to point out that luck had nothing to do with it.

The best comment came from my father who commented to my mother, “I don’t know how that kid did it.” Sometimes I wonder how I did it too. All I know is that I was in the heat of battle and I had to keep pressing forward, taking more and more financial ground, until I had won the war and achieved all of my most important goals. There was nothing anyone could have said to discourage me. There was nothing that anyone could have said to offer me the necessary encouragement either. I was my own best “cheerleader” and that was all I needed.

Consider that no one knew better than me what I was trying to get out from under. No one knew better than me what I was trying to accomplish. And, everything I did was in my own best and long-term interest, so what more motivation did I need?

What is next for you? What financial goals do you plan to accomplish?

Many financial goals related to being debt free have largely already been accomplished. I pay cash for everything, and I don’t really care whether I am credit worthy simply because I never intend to be a debtor ever again. I maintain a credit card only for convenience and because some places won’t (or would rather not) take checks or cash.

There are three larger picture financial goals that still need to be conquered. First, I’m building revenue streams through my own entrepreneurial efforts to completely supplant whatever the Social Security Administration has been telling me I’ll be paid once I reach retirement age. I don’t count on Social Security at all, and I never have. That’s pure foolishness because you’re depending on government to support you – good luck with that approach.

Second, I’m setting about to eliminate recurring costs associated with my lifestyle. These include heat, lights and food. I’m creating my own marketplace alternatives to help chip away at these large and recurring costs. I’m not focused on self sufficiency as that is a full-time job, but I also don’t want to be held hostage over marketplace fluctuations that I have no control over. I realize that some modest investments in these areas will allow me greater independence from the marketplace, so I view it as a type of financial investment.

Third, I’ll continue to live my frugal and self-directed life that includes building and making things myself, buying things at private sales, bartering instead of buying, and continuing to focus on needs instead of wants. I recognize that financial success isn’t a destination, it’s a lifestyle, so I continue to keep the faith and stay focused on the principles and actions that have proven themselves to be so successful for me.

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Debt Free News From A Debt Free Reader Series

Debt Free News From A Debt Free Reader #10

Brad Chaffee — Fri, 11 Jun 2010 10:55:19 +0000

Time again for another Debt Free Friday! This one comes from a friend of mine that I met on the FPU forums, and we’ve been friends ever since. In fact, she started out as one of my accountability buddies. We kept each other motivated throughout our debt free journeys. Golda has been an awesome friend to me during this time!

Are you working on becoming debt free? Ever feel unmotivated to continue what you know you should in order to get your finances in order? Perhaps finding someone with the same goals and values as you would be beneficial. It really helps on those rough days. Those days when you just don’t see the point, and trust me, those days happen from time to time.

No matter what you do I hope you continue to come to Enemy of Debt to stay m0tivated during the process!

Check out Golda’s Debt Free News! PLEASE ENJOY!

I have also put together a page, where YOU can fill out the Debt Free Questionnaire. I’d love to share your story.

The Enemy of Debt Questionnaire – Golda

How much debt did you have and how long did it take you to pay it off?

Our highest debt without the mortgage was only about 18k but it felt like a ball and chain around our life. We paid it off in about 18 months.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

It feels great to be debt-free and know that we are slave to no one…but the house for a while…and we don’t plan to become a slave to anyone ever again.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

We were lucky that Murphy didn’t come to visit during our first two years of trying to pay off debt. He waited until after when it was tempting to use a cc because all we owed was the house…but we didn’t, we cleaned out our accounts pretty good but was able to leave some in each to add to as we continued to live the DR way.

What would you consider to be the most important key to becoming debt free? What helped you the most?

Staying focused on your goal is very important and not getting distracted by the way others live by their whims.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

Debt is NOT a tool. We were told this for many years by people who sold debt…That is a lie!! Debt is a ball and chain that just gets heavier the longer you have it.

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

We didn’t have to make any really big sacrifices…we were blessed already and we believe that God honored our efforts because we continued to give to Him first.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

Nobody really gave us a hard time about it…some did say that they thought it was impossible to live without debt, but several family members & friends decided to join us and they are still working toward their goal.

What is next for you? What financial goals do you plan to accomplish?

We are paying extra on our house and hope to have it paid off in a few years. In the meantime, we pay cash for what we need and some of what we want while deciding to wait for other stuff that we want until we can pay cash. We do want to go to Hawaii to see family that are stationed their during the summer of 2011. We are working on many goals at the same time now. It is definitely more fun to have “things” when they truly belong to you and you are NOT making payments on anything.

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Debt Free News From A Debt Free Reader Series

Debt Free News From A Debt Free Reader #9

Brad Chaffee — Fri, 23 Apr 2010 10:55:23 +0000

Happy Friday!! I am excited to share with you today another debt free story coming from The Lone Star State. That’s right, Austin Texas! I really enjoyed this debt free interview from Deacon Bradley of Bradley Coaching. (Excellent resource!)

I am pretty sure that Deacon Bradley and I share the exact same passion for giving as we complete our Total Money Makeover. Having money is nice, building wealth is nice, and even doing some fun stuff along the way is definitely a must, but for me, giving tops the list of reasons to become debt free. Helping others overcome adversity excites me!

This was such a great interview! Thank you Deacon Bradley for giving me the opportunity to share it with my readers. You are truly an inspiration to me! Keep up the great work!!

Check out Deacon Bradley’s Debt Free News! PLEASE ENJOY!

I have also put together a page, where YOU can fill out the Debt Free Questionnaire. I’d love to share your story.

The Enemy of Debt Questionnaire – Deacon Bradley

Meet Deacon Bradley

Personal finance has long been a hobby of mine. Getting out of debt changed my life so much that I want to help others do the same thing.

Subscribe to Bradley Coaching

How much debt did you have and how long did it take you to pay it off?

I paid off 17,000 in car loans. Then married my wife 3 months after paying that off and together we paid off her 9,000 car loan. It took me about 12 months to pay off the 18K debt as a single guy, then my wife and I together about 4 months to finish off her car.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Being debt free is complete freedom! I’m able to pursue my dream of building a web start-up in Austin (employee #1 at www.oib.com) and now I’m working on starting a financial coaching business as well. These are things we just couldn’t do with payments hanging around because the risk was too great.

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

I’ve always hated making my lunch for work in the morning and that continues to be a struggle for me even now. It’s especially hard when my co-workers all head off to one of my favorite restaurants for lunch. Often times when I don’t want to make my lunch I think, “If someone were to walk in here and hand me a ten dollar bill to pack them a lunch, would I do it?” There are still days when I wouldn’t, but 90% of the time it puts it in perspective. That seems like a trivial example, but for me it’s the grind that was tough. I could say no to that new car I wanted or an awesome vacation, but things like making my lunch every morning require me to DO something rather than just avoid it. For the record, I think my wife would say having to be patient furnishing and decorating our house.

There was never a time when I almost gave up, but there were plenty of times when I let my intensity slip. Paying $1500 a month on your car makes you feel pretty good and it’s tempting to take a month off and get that new bike I’ve had my eye on. Staying focused is a choice you make every day to get you where you want to go.

Hopefully, now that the mortgage is paid off, this will no longer be an issue!!!

What would you consider to be the most important key to becoming debt free? What helped you the most?

If you want to be debt free then seriously treating it like a goal will get you there. Ask yourself WHY you want to be debt free and make sure you can really answer that question, and then get on a written plan to get you there. I’m a huge fan of the “debt snowball” for paying down debt because it addresses the personal side of personal finance that so many neglect. Also, review your progress every month (is the budget working? do we need to adjust it? how much have we paid off?). Whenever you feel yourself losing motivation go back to that “why” you answered when you started and that will keep you going. If you don’t have a strong WHY to support your WHAT you’re going to have a hard time staying focused.

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

If you choose a debt free lifestyle there will always be people telling you you’re doing it wrong so it’s important to really believe in your decision. This goes back to having a strong WHY reason for wanting to be debt free. For me it’s because I want to be wealthy some day and be able to live and give like no one else. When studying wealthy people and the way they live I didn’t find many talking about credit card rewards or leveraging their way to the top (I highly recommend Dr. Thomas Stanley’s books on millionaires by the way). Once you’re debt free it gets easier because you’ve got a lot of money piling up and it’s tough to argue with that!. So I guess what I would say to those people is “debt won’t take me where I want to go.”

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

What changed about me the most was learning to be intentional with my money. The fantastic thing about this was that it slowly permeated every part of my life until I was intentional with everything. My career has a plan and I’m actively working to make it exactly what I want. My relationship with my wife has goals and steps we’re taking to make us even better. It was much easier just drifting along hoping something happens with my job or hoping to stumble into a great marriage. Learning how to happen TO things instead of things happening to me has dramatically impacted every area of my life.

The biggest sacrifice I made was missing out on some cool activities with friends. In retrospect I’m having trouble naming specifics which I guess shows how important it was in the long run.

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I didn’t get much push back about my plans from anyone. There were plenty of people who disagreed with my path, but no one tried to discourage me from doing it. I had quite a few people along the way become interested in what I was doing and decide they wanted to come along for the ride. Unfortunately most didn’t last long though because they didn’t have the faith in the lifestyle to back it up. I think in 10 years my debt free life will look dramatically different than my peers and maybe THEN it’ll inspire people.

What is next for you? What financial goals do you plan to accomplish?

Next up is step-6 (of 7): paying off my home. This should take us about 7 years at our current pace. I’m looking forward to step 7: Build wealth like crazy and give a bunch away! In the mean time I’m working on starting a financial coaching business to help others succeed. I have a passion for helping people reach their goals so what could be more fun!?

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Debt Free News From A Debt Free Reader Series

Debt Free News From A Debt Free Reader #8

Brad Chaffee — Fri, 09 Apr 2010 16:46:15 +0000

Finally, another Debt Free Friday!! I always love doing them and it’s been a while since the last one. The point of this series is to show you why debt freedom is so nice and to hopefully inspire you to reach for the stars. When you don’t have any debt following you around, life gets pretty interesting, and your financial options become abundant. I hope this story, and the others available help you see that.

Check out Don’s Debt Free News! ENJOY!

I have also put together a page, where YOU can fill out the Debt Free Questionnaire. I’d love to share your story.

The Enemy of Debt Questionnaire – Don from Money Reasons

I’m Don at Money Reasons! I’m the guy that hacks way at the PF blogsphere matrix late at night,while during the day working at a tech job at a financial firm. I believe Debt truly is the Enemy, and that truth will set you free I try to blog as much as possible, when not playing with my 6 and 9 year old kids!

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How much debt did you have and how long did it take you to pay it off?

I’ve always paid my balance on my credit cards in full each month (sometimes it was painful though!!!)

Other than my mortgage (which my last payment was made this past Monday, 2/22/2010) my largest debt amount was $32,000 (for 2 new cars, I got at great prices in 2004!). For the car that cost $22,000 it took me 14 months (I aggressively paid that one off early). For the $10,000 new chevy malibu, I rode it out for the duration 5.5 years (it’s now paid off too).

My house mortgage took me a little over 10 years to pay off.

How does becoming debt free actually feel? Does it feel better than you imagined it would?

Since I’ve only been totally debt free for a few day I’m not 100% sure yet. But I will say this, in the movie “The Matrix”, at the end Neo puts on sunglasses, looks up, raises an arm, and then flies up like superman…well that’s pretty darn close to how I currently feel

What were some of the struggles that you had to deal with along the way? Was there ever a time where you almost gave up?

Yes, I ran a tight financial schedule (although I never created a down to the last detail budget), using something I called an automatic budget. And both my wife and I lived Year-to-year instead of paycheck-to-paycheck. By this, I mean after Christmas and about 5 birthdays in or around December, the new year has always been a struggle to keep in check (crackers is a well balance meal, right?)!

Hopefully, now that the mortgage is paid off, this will no longer be an issue!!!

What would you consider to be the most important key to becoming debt free? What helped you the most?

Discipline, and the use of spreadsheet for “What if” scenarios and analysis!

Spreadsheet can rock your world!

Without an spreadsheet I’m sure it would have been near impossible for me to follow through with becoming debt-free…

It seems a lot of people have bought into the idea that debt is essential in order to prosper, what do you have to say to those people?

It depends! If you are talking about real estate, maybe… I’m still researching that.

If you talking about debt to buy a new Porsche… well… I beg to differ

I got luck with my house, the stock market has made my choice of paying off my house a winner… Hopefully, this stock market will be a once in a lifetime occurrence for us. I wish I had my house paid off sooner, I would have loved to redirect that money into stocks when they were down 40% (and I almost did!)

What was the biggest sacrifice you would say you made in order to become debt free? What about you changed the most?

I didn’t buy electronics like the IPhone and some of the cool electronic devices out there… no big screen LCD TV for me yet, but we still are very fortunate!

I became a DIYer with a lot of help from Mr. Google

Did your friends and family give you a hard time about your new mission to eliminate the debt from your life? If so how did you deal with it? Do you think you inspired others by your journey?

I get a little slack, but we still went on the ski trips, half of the time I stayed behind (partially because of work), but we still managed to have fun (our friends have cool toys like boats and wave runners, etc… I make sure I helped out with the cost of gas…). As for my family they are frugal too, so I didn’t get any slack from mom, dad or my sister.

I’m only inspiring people now that I’m debt free. Now everybody want to know how, especially peers at work! Some of my spreadsheets have become popular.

What is next for you? What financial goals do you plan to accomplish?

Financial Independence! I already joined J. Money’s Millionaire Club (w/blogging buddy See Jane Get Rich).

My financial goals are to create Dividend Funds to augment my income, investments that will keep growing, maybe some real estate, or even the creation of some small businesses… (see Neo Flying…) (as we all know Neo means “new”… and that’s how I feel… like I have a new beginning!)

Thanks for inviting me to tell my story, and I wish you and your readers luck in your future financial pursuits!!!