Why do People Spend so Little Time reducing Their Debt?

[william the wie]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

 

[MarathonMike]

Most people live beyond their means, and paying down debt is not fun. Most people also don't make a lot to begin with, so that makes it even more difficult. But it is doable, Dave Ramsey has a good radio show that touts the benefits of being debt free and he provides good financial information and support.

 

[Mikeoxenormous]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

I have over 1 million dollars in debt, at around 4%, but my income on that debt is over 10%. Why should I pay it off, when I am doing quite well. So when I pay 40,000 dollars I still get 100,000 dollars for a net 60,000 dollars. Also my tax on that income is only at 5% while I can write off at least 500,000 for property exemptions.. All you have to do is learn all the loopholes the democrats use, and you too, can make a ton of money.....Legally.....

 

[Cellblock2429]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

/----/ They don't know how to manage money like you do.

 

[boedicca]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

We live in an instant gratification culture. mr. boe and I will have our mortgage paid off in 15 months, and have no other debts - and we've saved a lot of money while doing so. Our parents raised both of us to live well within our means and to save and invest for the future. Financial literacy is one of the best things parents can teach their kids.

 

[boedicca]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

I have over 1 million dollars in debt, at around 4%, but my income on that debt is over 10%. Why should I pay it off, when I am doing quite well. So when I pay 40,000 dollars I still get 100,000 dollars for a net 60,000 dollars. Also my tax on that income is only at 5% while I can write off at least 500,000 for property exemptions.. All you have to do is learn all the loopholes the democrats use, and you too, can make a ton of money.....Legally.....

This sounds like an investment in rental property, which is different than household/comsumer debt, imo.

 

[Mikeoxenormous]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

I have over 1 million dollars in debt, at around 4%, but my income on that debt is over 10%. Why should I pay it off, when I am doing quite well. So when I pay 40,000 dollars I still get 100,000 dollars for a net 60,000 dollars. Also my tax on that income is only at 5% while I can write off at least 500,000 for property exemptions.. All you have to do is learn all the loopholes the democrats use, and you too, can make a ton of money.....Legally.....

This sounds like an investment in rental property, which is different than household/comsumer debt, imo.

Just saying that the opportunities are out there for anyone to make money...Problem for many of the people, is it takes risks to get the rewards. I thank God everyday that in the expansion of the US, we didnt have people like those living today...I think we would of stopped at the east coast and headed back to jolly ole England so the King could keep them safe....

 

[boedicca]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

I have over 1 million dollars in debt, at around 4%, but my income on that debt is over 10%. Why should I pay it off, when I am doing quite well. So when I pay 40,000 dollars I still get 100,000 dollars for a net 60,000 dollars. Also my tax on that income is only at 5% while I can write off at least 500,000 for property exemptions.. All you have to do is learn all the loopholes the democrats use, and you too, can make a ton of money.....Legally.....

This sounds like an investment in rental property, which is different than household/comsumer debt, imo.

Just saying that the opportunities are out there for anyone to make money...Problem for many of the people, is it takes risks to get the rewards. I thank God everyday that in the expansion of the US, we didnt have people like those living today...I think we would of stopped at the east coast and headed back to jolly ole England so the King could keep them safe....

Agreed. I don't want to be a landlord, hence no real estate investments. I've seen too much of the horrors of rent control on property rights, and don't want to take that risk. But if you've found good investments, then huzzah!

 

[Votto]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

Kids are taught everything in school except for God, money, and the Constitution, which are the only things that really matter.

 

[JGalt]

My wife and I paid off our last debt a quarter century ago. No debt had our net has had much greater positive effects than raising our wealth 10x. Why don't other people do the same?

Because it's fun to spend and there are lots of nice things people want.

 

[Tax Man]

As has been said in another post, you have to have money to save it. So many people do not have extra money for anything. It is truly a sad state of affairs but I know of many in that boat. I try to help but when you see all the debt it just makes you move on to someone else who can be helped.