Nick87
Well-known member
I'd have to say that is more than likely the low end now.
Sound Off - 100% Debt Free
- Thread starter Gunner46
- Start date
Redmt
Well-known member
If either of my trucks was new one would be in the 60k range and the other 85k. I can't imagine paying that much for a truck. You guys live in a scary environment!
Nick87
Well-known member
I just saw an ad pop up for a new regular cab duramax $70k. Got me thinking I bought an 07 new regular cab duramax I'm almost positive I paid like 37k.
Redmt
Well-known member
I paid 10k for my 96 f250 superduty diesel 4x4 5sp with 70 thousand cowboy miles on it in 1999. I gave 16.5 for my 2000 f350 Superduty 4x4 diesel, automatic in 2005. It had about 40k salesman miles on it. I still have them both with 320k and 280k on them. Their both still worth more than I paid for them. I still couldn't rationalize either one of them new today.
Also what 100% really is.
Buying right, being frugal, being lucky, etc. All are part of the mix when you get debt free. We could be right now but why pay off those 3% free money mortgages? No thanks we’ll hang tight. Best of luck with to all in your quest for financial freedom.
The_Jim
Active member
- Joined
- Sep 20, 2021
- Messages
- 110
We've been debt free(house and all) for 9 years now but I also have 4 kids so it doesn't always feel debt free...
We did Dave Ramsey without even knowing who he was at the time. My wife just wanted to stay home with kids once we started a family. His plan gets a lot of criticism, but I cannot imagine raising a family, having a house payment, 2 vehicle payments, credit cards, etc. Its stressful enough without that pressure. Now my wife gets to stay home with kids ,we can afford to send our kids to a private school, I can be generous to charities, and I'm investing 1/4 of my income. None of that would be possible with all the payments.
We did Dave Ramsey without even knowing who he was at the time. My wife just wanted to stay home with kids once we started a family. His plan gets a lot of criticism, but I cannot imagine raising a family, having a house payment, 2 vehicle payments, credit cards, etc. Its stressful enough without that pressure. Now my wife gets to stay home with kids ,we can afford to send our kids to a private school, I can be generous to charities, and I'm investing 1/4 of my income. None of that would be possible with all the payments.
Not to turn this into a Dave Ramsey discussion, but I agree- his plan gets a lot of criticism because the actual goal of it is not what people think it is.
As far as I understand it- it’s meant to be a method to get/stay out of debt and reach financial independence safely, not necessarily the best way to rapidly increase wealth.
Raisin Bran
Well-known member
Percentages are that next level of math that eludes most.
Southern Elk
Well-known member
I know a guy with a $1,500 truck payment!
Sadly enough, that doesn't even take into account insurance, reg fees, gas, and annual maintenance. His actual total nut is north of $2k/mth.I know a guy with a $1,500 truck payment!
Nick87
Well-known member
I don't get it.I know a guy with a $1,500 truck payment!
Southern Elk
Well-known member
I know. I told him that’s what a house payment should be.
Nick87
Well-known member
Yup. Now that's like what $3500? I can't imagine being in my 20's starting out or trying to start right now.
I just haven't seen the kind of market returns I see quoted here (10-13%) consistently over the last 20 years. Feels like a lot of "if you had put all your money in the best possible place" but you wouldn't have known the answer to that at the time.
npaden
Well-known member
My current average rate of return on my 401k after all fees, etc. is 11.33% from 1991 to 2022. That's 32 years. It took a big hit in 2022 with a -23.09% return. I've had bigger % losses than that but this was by far the biggest $ hit. Came close to wiping out the previous 2 years of gains. Before 2022 my average rate of return was at 12.44%. Lowest the average rate of return ever got was 10.44% with the 2008 hammering. I left it invested the entire time. That was a -45.79% hit. For sure there have been some huge ups and downs over the years but the overall average has been 10% or higher pretty much the entire time.
I don't think I'm some investment guru, I just keep putting money in and keep it invested in a mix of equity funds. As I get closer to retirement I will most likely start to transition to at least some bond funds.
Buffet's retirement mantra is 90/10, ie, 90% stocks 10% cash. Reportedly even for his wife's estate.
npaden
Well-known member
Looking back it is too bad I didn't have more money invested in the 1990's. That is the best decade of returns by far. My 401k averaged 20.03% those 10 years. Too bad I was just starting out and didn't have much invested.
Of course the dot com bubble hammered it down right after that with 3 straight years of negative returns including -28.61% in 2001 and -31.55% in 2002. That made the 2000's a poor decade for stocks even before the -45.79% hammering in 2008. Even with those 3 terrible years that decade, the overall 10 year average for my 401 that decade was 6.40%. Not the 10%+ we all hope for, but more than mortgage rates were during that time frame.
2011-2020 was a 10.5% average return which helped run my balance up pretty good. There were 3 years in there with negative returns but nothing terrible.
2021+ hasn't been that great, Looking at where I am at so far in 2023 it is barely above a break even with a 2.42% average for these first 3 years. Will be interesting to see where it goes for sure.
Of course the dot com bubble hammered it down right after that with 3 straight years of negative returns including -28.61% in 2001 and -31.55% in 2002. That made the 2000's a poor decade for stocks even before the -45.79% hammering in 2008. Even with those 3 terrible years that decade, the overall 10 year average for my 401 that decade was 6.40%. Not the 10%+ we all hope for, but more than mortgage rates were during that time frame.
2011-2020 was a 10.5% average return which helped run my balance up pretty good. There were 3 years in there with negative returns but nothing terrible.
2021+ hasn't been that great, Looking at where I am at so far in 2023 it is barely above a break even with a 2.42% average for these first 3 years. Will be interesting to see where it goes for sure.
