This guy truly is debt-free
Posted
Nov 28 2007, 06:08 PM
by
Karen Datko
Rating:
Debt-free is a term that's bandied about in personal-finance blogs; it usually means free from consumer debt like credit card and medical bills. Freemoneyfinance really is debt-free. He paid off a house in five years, sold it and bought his next home with cash, and hasn't had a mortgage payment in 10 years. In a guest post at Get Rich Slowly, he describes in detail how he did it. Some people would disagree with his approach, saying he'd be better off if he had invested the extra money. But to each his own, we say. This self-described debt-hater writes with relish about making his mortgage disappear: "The thrill of making such great progress simply built and built into a snowball of enthusiasm." By the way, he didn't neglect retirement savings, saves even more now and has more money to donate.
"You often hear the words 'debt freedom' talked about, but can’t really grasp what they mean unless you are free from debt," he writes. "I can honestly say that there is a great financial peace in knowing you don’t owe anyone anything."
