You must be a firecracker buisness man running your trapping operation on debt since you claim to lose money trapping every year,lol.

I find it fascinating how many on here brag about being debt free or almost debt free. This is a great thing if you're retirement age...not a good thing if you are 50 or younger. Debt is the mechanism that will enable you to build wealth. For example, a guy I know were talking recently, he and his wife have a debt service of 5.3 million. This debt is on real estate worth 11 million. His mortgage payments are 39k a month on 8 rental properties that they list on Air bnb. Their monthly income is 140k-150k. After mortgage , taxes, and expenses they net 82k per month.
Every month they pay 6k in extra principal which increases their net worth and saves interest. Historically the properties have increased in value by 4 percent per year. When they purchase a new property they renovate it which also boosts its value. Refinancing some properties has allowed them to get tax free equity out of the property which they immediately roll into purchasing more real estate.
His words..."debt is the most powerful wealth building tool IF USED CORRECTLY!!"
My own personal experience is, I have debt of 1.5 million. At one time it was almost 3 million. That debt allows me to have an income of 480k per year gross. In 3 years I'll net an additional 110k per year. In ten years I'll net an another 200k. I'm investing 305k in solar which will save me 500k over 30 years (life of the system)
I'm saying all this to say, debt is not bad. Paying a vehicle in cash or a mortgage off early is fine. But that won't make you rich. Use debt to boost your gross income. When you retire, instead of working for $40 an hour and making 90k a year, you'll be making 500k a year. Only way this is possible is by debt service when you're younger.
Obviously this post is not about buying an atv on a credit card or other foolish decisions.

Thats the thinking that keeps the govermnts pushing all the wars-great for the bloated money machine economy-not so good for the working man.
And leaves a big balloon to burst.
Its coming,but like all ponzie schemes keep it going and to (This word is unacceptable on Trapperman) with the future generations.

I'll say this Pafoxman.....you seem to be patting yourself on the back. With the interest you've paid and obviously still owe you could've wrote another paragraph or 2.

But, I will agree with you on one thing. For a poor man, with no base $$ or starting $$, then borrowing money/financing is the only way to increase your personal wealth. Most cannot manage this well enough to be successful, so great job!

I'm still trying to win the lottery....lol, but at 60 years old and now retired....I'm running outta time.

Blaine co, I'm certainly not bragging. Probably a lot of folks on here that are way better off than I am. Just offering a counter perspective to the "all debt is bad" mantra. I'd rather pay interest to a bank than pay income tax. Either way you're out the money. But debt service allows wealth increases. Taxes is money gone forever.

Bad debt is credit cards , high mortgage payments, vehicles. Land or property investments are different

I will suggest to those dealing in money, investment, debts, etc. to read a little book : "The Richest Man in Babylon" by George S. Clason. Apply the knowledge and practice it's disciplines, and you may be far better off for your monetary future. :-)

Blaine co, I'm certainly not bragging. Probably a lot of folks on here that are way better off than I am. Just offering a counter perspective to the "all debt is bad" mantra. I'd rather pay interest to a bank than pay income tax. Either way you're out the money. But debt service allows wealth increases. Taxes is money gone forever.

BvrRetriever,

It was just that...humor. I don't spend $$ on the lottery.

I was born poor, live poor, and will die poor.

I’m not smart enough to be in debt to make money. I also lack the ambition. I have no desire to be rich, I just like being mediocre. I’ll be debt free soon enough and I’ll be happy. I have everything a man could want in this life, I don’t have to have status or exuberant amount of money to make me happy. I’m a simple man. I enjoy my job and my “second” job I’d do for free but get paid for.
I have buddy that has his irons in umpteen fires and is RICH, but always working and never has time to be happy. I prefer a more stress free life and lack of debt makes me that way. I’m just your average poor Southerner content with what I have.