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Tarheel

Cables, Coffee, Cycles, and Cocktails

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Morning Gang

Waiting for my first cup, should be done perkin.

 

Farm run, Carnie Asada Burritos breakfast. 

Ammo, new Scope to deliver.

 

37 outside, 54 in the Cave, foot heaters cranked.

Duggans enhanced Coffee tasting mighty fine.

 

It's Friday, Worker Bee's get a short break.

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Over 3" of rain....yard soaked and puddles all over.  But today a sunny, windy, day to dry things up.

 

Breakfast with 13 old geezers from high school days this morning.

 

Took money out of a Roth to pay off the last of the credit cards.  Officially debt free.  Only taxes, insurance, and utilities now :)

My opinion......property taxes should be terminated upon retirement unless title changes :D

 

Panthers are ready to kick some Bronco butt....

 

Cheers Ladies :emotion-44: and Gents

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Officially debt free.

 

Enjoy the feeling, it's temporary.

 

Tell me about it.

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Took money out of a Roth to pay off the last of the credit cards.

 

I can't remember who told me this but one cardinal rule for retirement planning is to never borrow from your retirement fund.  The same person (maybe my brother) also said that when you pay your bills, always pay yourself first, then the rest of your bills with what's left.  He was referring to the monthly funding of your IRA.

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Tarheel is already retired so paying off his debt with retirement funds is probably OK. But yea while you're still working don't borrow from your retirement fund.

Pay YOURSELF first. Three of the most important words ever penned or spoken. Teach this to your children, they're not going to learn it in school.

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Right babadono....I am retired and since a Roth is tax free I actually save the 13.99% interest I was paying.  House, car all paid off long ago.  Now to cut up cards :o

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Right babadono....I am retired and since a Roth is tax free I actually save the 13.99% interest I was paying.  House, car all paid off long ago.  Now to cut up cards :o

 

 

Sweet!

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Don't cut the cards up just yet.  Most charge no interest if you pay them in full monthly, at least mine do.  You can also accrue points which you can redeem for cash.  If you use it for things you have to buy anyways (gas, groceries etc) and pay it off monthly, you can actually make money with it.

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Not only that but reducing your credit lines will reduce your credit score.  Even if you don't plan on needing it (high credit score) for something major, it's a good thing to have because you just never know.

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I have two cards that pay back cash each month. I have received over $1,000 back on one of those cards. I'm making money! I do pay off balance every month.

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I have two cards that pay back cash each month. I have received over $1,000 back on one of those cards. I'm making money! I do pay off balance every month.

 

 

That's the same thing that I do.  Doing that and paying bills on time got my credit score in the low to mid 800's.

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got my credit score in the low to mid 800's.

 

I'm at the next step I guess.  Don't know or even care about my credit, as I simply don't need it.

I'm not wealthy by any means but I'm not borrowing money.

Solvent is the place to be.

Edited by JL Sargent
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It's better to have it and not need it......................................

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It's better to have it and not need it......................................

If you think about it.  Why would you?  Yes I know if a perfect world a person could save have a retirement fund and an emergency fund.  If you had six months worth of bills put aside or even better six months worth of salary put aside.  You could be prepared for just about anything a credit card would cover.  I know getting to that point would take discipline but its possible.  I work with a kid who is 21, he has never had a credit but is able to handle most emergencies with smart planning.  I think its a good thing to work towards, at least that's my goal.

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If you think about it. Why would you?

 

I was referring to a good credit score not a credit card.

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Furthermore if I need cash Mark is a friend of mine and has more money than Cam Newton :o

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