I'm excited

[WBG Redcliffe]

Hi all
Screaming from the roof tops, TODAY IS THE FIRST DAY WITH NOOOOOO PERSONAL DEBT. In July 2005 I was having a very bad month (story for another time). I was at a cross road and chose the right one. Between then and now have purchased 7 IP’s and sold 3. The profit from these 3 sales wiped out my mortgage, credit cards and car loan. That brings my family and I to today the 1st day of May 2008.

TODAY IS THE FIRST DAY WITH NOOOOOO PERSONAL DEBT

I will never have personal debt again. I still have 4 ip’s with considerable debt 70% LVR which I can live with but ……. TODAY IS THE FIRST DAY WITH NOOOOOO PERSONAL DEBT

I’m excited can you tell.

 

[ethereal]

Fantstic WGB, Well done, and in such a short time. Sure beats a 30 year mortgage! I will wait for another time to hear that story as to how you got going on this path.

Louise

 

[RPI]

Congrats. It is a great feeling when you own your own bit of debt outright isn't it. As well as the personal joy it also puts you in a great position for the future. Well done and enjoy your day

 

[aaarghhh]

Congrats Wayne.

Ya gotta love those crossroads

I'm 38 and have spent (literally) the first 28 years of my life, headed down the wrong direction.

In a few more years I think I will be joining the 'no personal debt' club

Aaron

 

[MichaelW]

Wayne,

Awesome result! I'm not at that point yet, but it is clearly a goal of mine in the medium term. Must feel fantastic.

Just a question, for the remaining IPs, is the deposit LOC against your PPOR, or is that real equity in them? If its LOC then your PPOR is still encumbered...

Cheers,
Michael.

 

[kaf]

Just a question, for the remaining IPs, is the deposit LOC against your PPOR, or is that real equity in them? If its LOC then your PPOR is still encumbered...

Cheers,
Michael.

Yes, but it's not a personal debt anymore and in my books that's all that counts.

So well done Wayne!! We got there not long ago (getting rid of the PPOR debt) and it did feel a bit funny not to take the deeds of the house and stick it under the bed... Instead got the LOC going and plough it all into investments. I guess that's when I really understood what making lazy money work means.

Enjoy the bubbly tonight!

kaf

 

[kathryn d]

Congrats !!!

Feels so good to know you are going in the right direction.

 

[Brenda Irwin]

Congratulations Wayne. You are to be commended for doing the hard yards and clearing personal debt. It just gets so much easier from now on.

 

[WBG Redcliffe]

Thanks very much for your kind words.

Regarding my debt, there is a very large but mostly unused LOC behind my PPR however this debt is use just for income producing activity and 100% of the interest is tax deductable. I am currently looking for my next project and I will again use this LOC. I can’t see any negatives with this type of debt.

 

[imonmyway]

congratulations, thats very inspiring

 

[lizzie]

very inspiring ... we've unfortunately got a bit of personal debt hanging around at the moment - only because we had to use all our cashflow to pay land tax and mortgage payment gaps in recent months.

but hope to have that cleared off by the end of may08 - horrible horrible stuff.