I've been debt free for 62 years. I wonder if I will set the record?

That $11k seems high for folks on this site. But it feels a little low for the country in general.
That must not include mortgages?
Jim

Yep,
There's good debt and bad debt. Seems this Dave guy is talking more to folks who work 9-5 like the Cleavers.

Talk to business owners and you'll see borrowing money can be beneficial and most time required to expand. I doubt very many were ever debt free.

Consumer debt. Not mortgages.

Im about 22 years into a 30 year plan. Good luck to everyone else.

Got a question for guys on here. Seems different take it would love to hear reasons for thinking how some do. Why work if you can’t or won’t enjoy the money you make? If driving an old pos vehicle that has you tinkering or jumping it constantly so you can stick money back worth it? What’s the use in “building “ a big bank account if you don’t enjoy it? You work all your life. Hand your kids wealth because you did without. You die. You ex remarried and burn through it. I’ve seen that happen way too much. I’ve gotten advice from one person that planned ahead but also seems to buy new things if he wants them. He may be in debt to his eyes but I doubt it.
I know everyone is in different situations. But I’m curious

Im pushing 40. 401k at work House truck and living expenses. Only invested in some gold coins in 2020 because the guy who’s helped me suggested it. ( That’s looking good)

Money gives you the leverage to live life on your own terms

I don’t seek wealth because I desire fancy things.

I seek wealth because I desire complete control over my time without having to anguish over the financial implications and not require any assistance from any government

Right now, as I type this,,

I’m standing crouch deep in the Caribbean Sea,,, it’s totally black out,,,, waiting for the sun to rise in about 30min

There’s no place i would rather be,,,,

It’s going to be an awesome day!!!!

Long term gain tax in USA is 15%, less than income tax rate for most people. If you keep your income below 98k married filing jointly you pay ZERO LT cap gains taxes.

It does tink to pay it but it less than fed income taxes for most and better than paying interest to buy a depreciating asset like a 70k truck.

Maybe its different in Canada tax law?

For the 2026 Tax Year (Filed in 2027):

0% Rate: Up to $49,450 (Single), $98,900 (Married Jointly).
15% Rate: $49,451–$545,500 (Single), $98,901–$613,700 (Married Jointly).
20% Rate: Over $545,500 (Single), Over $613,700 (Married Jointly).

Watch out for sharks?

Nice sounds amazing!!

correct. That figure is credit card debt not student loan, auto, and mortgages

I would prefer to not have debt but did not have cash to purchase a farm last year which I knew was valued at over 4x what I paid. Would you have not purchased it? I did. I went to the bank, got a loan and will have the farm paid off next year. So in 3 years, I quadrupled my money. Is debt always dumb?

Yes, I could have taken investments out, paid the tax penalty, missed the 17% annual earnings on the money last year and paid cash, but instead, I went into debt at 6.5% ag rate and quadrupled my money and diversified my investments with more land.......

Same here,

How ya think most businesses were started? Golden spoon money?

I would say you have lived an interesting life and should write a book of how you have done it. Did you purchase a house and land ever?

I think the 11.5 is just CC debt. Adding in other consumer debt would make it even higher.

Debt is very useful when used responsibly. 11500 is the average credit card debt? That number does not bode responsibility to me. I doubt many people charge and pay off that amount monthly. IMO with the crazy high interest rate on cards the only responsible way to use them is never pay any interest. Never pay an annual fee. Pay them off before the billing cycle is complete. Credit card interest is the kind of interest loan sharks charge. Lottery is just the old Mafia numbers game. Seems banks and governments are using lessons learned from old school gangsters.

Interest on the national debt is now 25% of tax income the government receives. Our whole economy is debt based. Makes me a little nervous.

IMO unless your under 50 years old debt free is a goal you should be reaching for in most cases.

We worked on getting debt free, but to answer the question, we also lived life comfortably. We took the view that you have to do somethings or you may never. Big ticket items waited, 2 years ago I did a Manitoba moose hunt I had save 26 years for. Last summer we went 12 days to Indy to watch out nephew race, Gettysburg, Mooresville, Nashville, seeing family along the way. Augus q4 days to Alaska we have talked of this trip for 40 years. We also made trips, vacations, but believe in sweatequity. To get debt free we paid off our lowest debt then applied that to the next as we paid them off. Bought a 40,000 40 acre hobby farm now worth 400,000. Hunted, trapped, spent time with family. Also financially helped family as needed. Priorities.
Credt card use paid off every month.

Google helped me remember this stat:

Less than half of Americans (approximately 47%) have sufficient cash or savings to cover a $1,000 emergency expense, according to a early 2026 Bankrate survey. Over half of Americans would have to borrow or reduce spending to manage such an expense, with roughly 33% resorting to debt.

Key findings regarding $1,000 emergency access:
Limited Cash Access: Approximately 59% of Americans have difficulty coming up with $1,000, and only a minority can pay for it directly from savings.
Alternative Financing: To cover $1,000+ expenses, people would use credit cards (33%), personal loans, or borrow from family.

Its all in what a guy wants. One grandmother was always broke on social security only. Grandparents on the other side took trips and paid for lodging on the family vacations that included down to grand kids.

The only person that will take care of old you is the young you.


Personally I dont want a shiny new truck that looses 60% of its value in 5 years and gets body damage in the parking lot im also paying intrest on. Its not just the payment its the opportunity cost I miss out on I could deploy that money to. 30 years worth of truck payments vs simple investing into an s and p etf is driving a truck or having a million to live off of. Im happy with old used trucks and buying assets.


What are your goals. I want freedom. If you have payments your a slave not free. A decade of hard work and intentional investing sets the stage.

My definition of wealthy is when your cash flowing assets cover your basic living expenses. This amount will vary depending on your lifestyle. Not having debt my # is pretty low. Im still buying assets. But if I can no longer work due to my ms my basic bills will be covered. Thats comforting. If I lost my job i can get buy much easier since I won't need as much money.

If I want to go in a trip I go. If I wanted a new truck I could buy one but I see that as a very poor investment since its not something I value. If im going to blow money on something its going to be something that brings me enjoyment. Typically that is doing things with and for the family. Im very content and there is very little in the way of material items I want. Its just stuff that Accumulates and often ends up owning you. There are a few guns I would not mind buying. But I dont need them considering I have many that I have not shot in a decade.


If you do what everyone else does expect to have the same results.

YOLO - You only live once is a common mind set. Instant gratification Those same people waell be saying things like it must be nice when talking about the people that worked ot, saved ,invested, and drove old used vehicle in ten years. They want the results but not the workk it takes to get there.

There should be a balance between the YOLO and the supper savers. Enjoy life while your young and can get the experiences but in moderation while saving and investing.

Each person has to decide wh a ts right for them. What works for me won't be right for someone else.