2/ When I was 16 years old I signed student loans. I'm 47 now. For 2/3 of my life I've been under debt. Sometimes as small as $5k (first semester loans), sometimes close to $1M (mortgage plus cosigned corporate loans). It is very odd to be mostly free.
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3/ Btw, if you're interested in the social history and psychology of debt, I recommend the book "Debt: The First Five Thousand Years". It's from a left-wing perspective, but I mostly agree with it. https://www.amazon.com/Debt-First-Paperback-Author-Graeber/dp/B00EB0J5WY …
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4/ On the one hand, yes. On the other hand, it took me about 3 seconds to flip into "OMG, OMG, I'm 20 years late in starting retirement savings. OMG, OMG, I'm 2 million dollars underwater." https://twitter.com/simon_as_twit/status/1040597172549378048 …
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5/ Yep, great book. I recommend it to everyone. Biggest mindset change was "just because everyone does X doesn't mean you have to do X". Just bc mortgages tend to last 30 years, and/or get rolled over into new ones, doesn't mean you need to do that. https://twitter.com/MarshaPeters919/status/1040597456512331776 …
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6/ So, re this: https://twitter.com/LibertyFarmNH/status/1040597712943697921 …
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7/ I had a relative pass away when he was around 40. Let a wife and a few kids, and zero money. At his wake, his brothers and friends stood up and said "[relative] was always the life of the party. Lived for today. Really knew how to enjoy life. We should all be more like him"
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8/ ...and I was totally freaked out. I kept glancing back and forth between the people hailing him as a guy who really knew how to enjoy himself in the moment...and his wife and kids who were left without two nickels to rub together. REEEEEEEeeeeeeeeeeeeeeeee.
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9/ Anyway. It's my plan / hope / intention to never go back into debt. BUT. ...if the guy who owns 150 acres of forest right next to us puts his land up for sale, and it's either buy it or get condos, you know I'll borrow bigly to lock it down. Other than that, tho: no.
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10/ Yeah, new cars are insane. I had one new vehicle when I was 28, drove it it for 15 years, still have it after engine destruction to pull parts off of to repair its used brother. Other than that, I've bought 100% used cars. https://twitter.com/thepiclord/status/1040599222444335104 …
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11/ Yes, I will break open the bottle of Johnny Walker Blue Label tonight. https://twitter.com/trajan_decius/status/1040598131669430273 …
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12/ If I have to work til 75, so be it. If I can take steps now so that I can stop at 63, buy a 50' trawler boat, and tour the Scottish / Italian / Greek / Swedish / Canadian coast, eating at fine restaurants all the way that sounds slightly better.https://twitter.com/wraithburn/status/1040599604671201281 …
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13/ yeah, my credit rating is not super high, bc the algos don't expect my behavior. Mortgage was via family member for the last 4 years bc reasons, so it didn't show in the Official Record™, I have one CC with a ~ $3k limit, and I usually use $2k. https://twitter.com/AuldenGhostley/status/1040599852508434433 …
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14/ So the upshot is that I'm a 47 yo guy with a grand total of $3k of credit line, and I usually have 2/3 of that used at any given time (I pay it at the end of each month). The lack of bank mortgage makes me look poor in the eyes of the algo!
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