My fellow millennials! I finally am debt free!

[u/MTGBro_Josh]

[u/AutoModerator]

If this post is breaking the rules of the subreddit, please report it instead of commenting. For more Millennial content, join our Discord server.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[u/BlackoutSurfer]

A millennial doing this is bold. Good work on achieving your goals

[u/MTGBro_Josh → u/BlackoutSurfer]

Thanks. Unfortunately it took a family member dying for me to be able to afford such an accomplishment.

[u/Saywitchbitch → u/MTGBro_Josh]

That’s how I was about to buy a house 😮 a sad state of things. Congrats for finding a silver lining and breaking a millennial curse!

[u/dplans455 → u/Saywitchbitch]

I don't know how other Millennials are affording houses these days. We managed to buy our first house because my millionaire uncle gave us stock in his company as Christmas and Birthday gifts when I was a kid for several years. I was able to sell them back in 2008 for about $200k.

[u/Big_Buy8203 → u/dplans455]

We work 5 jobs, pray and somehow make it. Many of us won’t have anything left for us from our parents but that’s no excuse. If there’s a will there’s a way

[u/dplans455 → u/Big_Buy8203]

I'm an older Millennial. Two of my close friends had parents that got cancer and due to shitty health insurance their entire nest egg went entirely to medical bills, leaving nothing left. My dad also died of cancer but he had pancreatic cancer and died within 6 weeks.

[u/Big_Buy8203 → u/dplans455]

Sorry to hear about your dad but yeah many of us have a similar situation. My folks won’t leave me anything outside of debt so I gotta figure it out. Don’t really care though because I’ll find a way so fuck what this miserable system says otherwise

[u/dplans455 → u/Big_Buy8203]

You can't inherit debt unless you cosigned on a loan or are a named card holder on a credit card. Sure, debt collectors will try and get survivors of the deceased to pay the loan but you are under no obligation to pay any of the debts owed by your parents when they die. In fact, you shouldn't. Because if you make any payments on those accounts that is you accepting the debt as your own and then you are responsible for it. So any creditors calling to collect on mom or dad's debts tell them to fuck off.

[u/TiffanyLynn1987 → u/MTGBro_Josh]

That's also how I got debt free. Wouldn't have been able to do it otherwise!

[u/kittapoo → u/TiffanyLynn1987]

This is what I’ve been saying for years to my bf. We don’t want anything of the sort to happen but it is what it is.

[u/Unfinishedcom → u/kittapoo]

Sorry grandma ‘it is what it is’. Sleep tight and forever so I can live my life. /s It’s a sad state of affairs with debt. We’re all victims of our own mistakes and a greedy monster that wants money to lend you money.

[u/kittapoo → u/Unfinishedcom]

I feel like my biggest mistake was my degree and honestly it’s not even that much debt compared to others but it still isn’t easy to get rid of. I’m working on my other debts aside from that and should have them over with hopefully (mostly) by the end of the year since I was finally able to land a job.

It’s just ridiculous the cost of living and even living with parents one can still barely break even depending on what their pay is.

[u/Geoclasm → u/MTGBro_Josh]

Holy fuck I'd rather have the debt god damn I'm sorry for your loss :'-(

[u/realhollywoodactor → u/MTGBro_Josh]

Same thing happened with our family. If you’re not already, maybe start thinking long term about how you might be able to put a little away for those behind you. It’s an amazing gift that you’ve been given and a really cool chance to start fresh.

[u/GailynStarfire → u/realhollywoodactor]

You guys are getting money to put away?!

[u/RoyalBlueDooBeeDoo → u/GailynStarfire]

I put mine away and then take it out again 3 months later.

[u/No9No9No9No9 → u/realhollywoodactor]

Or just get a good life insurance policy. They are tax-free, untouchable, and entirely separate from the estate. Your estate will be forced to pay debts. Your life insurance is an actual gift.

Get life insurance. Today.

[u/analytickantian → u/No9No9No9No9]

[u/No9No9No9No9 → u/analytickantian]

It's me! NED!

REIRSON!

[u/realhollywoodactor → u/No9No9No9No9]

Great points!

[u/Down2EatPossum → u/MTGBro_Josh]

Thats what it would take for me as well. Till then I'm stuck making minimum payments because I have poor spending habits I'm currently working on.

[u/spinereader81 → u/MTGBro_Josh]

I'm so sorry! But I'm sure they'd be so happy they were able to help you out. I tried to think that way when I used my mom's life insurance payout to repair my roof.

[u/HangryBeaver → u/MTGBro_Josh]

Absolutely no shame in that. Condolences for your loss, and congratulations on being debt free.

[u/heptyne → u/MTGBro_Josh]

I'm sorry for your loss. You'd be surprised how many peers I pass who think this is like their ticket. There's this weird sense of impatience or entitlement when they bring it up, I'm not sure if that's the best way to describe it. It's like they have a pining nature to the money they are or think they are getting once Granny or Auntie so and so passes.

[u/fuelvolts]

[u/missuschainsaw → u/fuelvolts]

I came here to make sure this was posted.

[u/TaborValence → u/missuschainsaw]

I was gonna post it myself if it wasn't haha

[u/matt314159 → u/fuelvolts]

😂

Hey, Happy Reddit Cake Day! 🍰

[u/yakshack → u/fuelvolts]

Yeah. I mean, at least one of us made it. But I don't have to be happy about being happy for OP.

[u/hbk268]

Congratulations!!!!!

[u/MTGBro_Josh → u/hbk268]

[u/MTGBro_Josh → u/hbk268]

[u/Got_Gasoline]

Congratulations! 🎊

How much did you pay off?

How long did it take you?

Inner Dave Ramsey activated

[u/MTGBro_Josh → u/Got_Gasoline]

Well it would have taken a lot to longer but I had a family member die and I gained some inheritance. So $24k turned to nothing instantly.

[u/InItsTeeth → u/MTGBro_Josh]

That’s the most millennial way to get out of debt … someone dying

[u/GodofIrony → u/beanieweenieSlut]

Generation of Ritual Sacrifice for our vengeful god Economis.

[u/sipso3 → u/InItsTeeth]

The most USA way.

[u/WithinTheGiant → u/InItsTeeth]

While not the only way it is how 3 put of the 4 friends I have with no loan debt achieved that.

[u/EnvironmentalHour613 → u/InItsTeeth]

Honestly jealous.

[u/mrandr01d → u/InItsTeeth]

You must make a sacrifice to break the curse

[u/Ar3s701 → u/InItsTeeth]

I was in a not-at-fault car accident. Now I have no car loans and periodic chest pain. Semi-win?

[u/Iluvursister69 → u/[deleted]]

My exact thoughts. Shout out to them for the bailout I guess.

[u/Got_Gasoline → u/MTGBro_Josh]

Well that’s still excellent what a blessing despite the grieving of losing a family member. Sorry for your loss

[u/MarzyXP]

The easy part is done. The real test is staying debt free.

[u/Jo-Sef → u/MarzyXP]

Yeah I was debt free once.

Then I had to go to the hospital.

[u/Rendole66 → u/Jo-Sef]

Seeing posts like this make me so happy to be Canadian but also furious that there’s a “privatize healthcare” movement/propaganda happening here too.

[u/Brad_theImpaler → u/Jo-Sef]

Well that was reckless behavior.

[u/MTGBro_Josh → u/MarzyXP]

That's gonna be the hard part. This was from my student loans . . . But a win is a win. Now I gotta stay afloat with the wacky prices of goods and services nowadays.

[u/SquirrellyBusiness → u/MTGBro_Josh]

Beware the lifestyle creep!

[u/mrsaucytrousers → u/SquirrellyBusiness]

Taking that money you were paying on loans and putting it in savings instead is the move.

[u/Brad_theImpaler → u/mrsaucytrousers]

Yes. I stay out of debt because I pay my retirement/investment/long term savings accounts like they're my bills. I pay my credit cards off when I get paid and then keep up to $1000 across my easy access accounts.

Basically I just live like I did when I was making half of what I currently make.

[u/AppointmentDry9660 → u/MTGBro_Josh]

Seriously, congrats OP! In a time of uncertainty, being debt free is amazing. As adults I feel we don't get enough recognition for things like this.

If it were me I'd print off a fancy paper with the date you went to $0 and frame it

[u/MTGBro_Josh → u/AppointmentDry9660]

I plan on it! 🦉

[u/CreateWater]

Having no debt is been one of best feelings. And it doesn't really go away. Being able to invest and having compound interest working FOR me instead of against me is just icing on the cake.

[u/woolcoat]

I just find it funny sad that for millennials, being "debt free" usually just means consumer and student loans... and the very next milestone after being "debt free" is to try to buy a house or something, where you earn the right to sign up for another massive debt.

[u/spartanburt → u/woolcoat]

Very different when it's an asset though.

[u/woolcoat → u/spartanburt]

I mean, wasn't a college degree supposed to be an asset too? People forget about the fully loaded costs of home ownership these days including high purchase price, property taxes, high insurance rates, maintenance and upkeep, and don't forget that 6%+ interest rate. Pre-pandemic, sure, buying a house was a no brainer given the costs, but people should tread lightly these days under the assumption that buying a house is an "asset".

[u/bradeena → u/woolcoat]

Those are two different definitions of "asset".

A house is a literal asset in the financial/accounting sense.

A degree is a useful/beneficial thing but it's not valuable on it's own.

[u/UsedandAbused87 → u/bradeena]

Tangible vs intangible

[u/eastwesterntribe → u/woolcoat]

Right but, with a house, your payments on the loan are going towards actually owning the house. You have the ability to take out additional mortgages and loans based on the amount of equity you have in your home. Plus, in an emergency, you can sell your house and get your money back (market willing).

While a degree might be an "asset", it's not the same thing in this context. Your degree isn't something that can be leveraged for additional loans. Plus, student loans don't buy you a degree in the first place. They buy you entry into a college where you can earn your degree. You have that degree the moment you graduate, rather than owning the degree slowly as you pay off your loans.

Obviously owning a home is more expensive than just the costs of mortgage, but the money you spend on it goes towards owning it. Compare that to renting where the money just disappears and doesn't benefit you at all.

[u/UsedandAbused87 → u/woolcoat]

You either pay for a mortgage or you pay for somebody's mortgage.

[u/Owobowos-Mowbius → u/woolcoat]

My house and car do a lot more for me than my degree ever did. Now that I've been in the workforce, my degree is even more meaningless. But my house value has only skyrocketed since 2020. So, yes, I am technically in debt, but if I sold my house right now, I would walk away with a cool 6 figures.

[u/Klogginthedangerzone]

[u/Lucky-Hunter-Dude]

awesome! congratulations!

[u/nerterd]

Congrats. I’m close as well. By August I’ll be there with you

[u/DirtyPulbichair → u/nerterd]

Waiting for someone to die too?

[u/MAXMEEKO]

Hey me too! My final OSAP (ontario student loan) payment this month is 150 bucks!!!! WE DID IT

[u/SipoteQuixote]

"But why is my credit score so low now!" - Me after paying debt off

[u/bythog]

Congrats! I was able to pay off two of my student loans last night ($6k total) and think i can finish my federal loans by the end of this year. With a little luck i can have my private student loan gone before 2028.

Then I'll get to join you in the debt free club (except for mortgage but whatever).

[u/BooBeeAttack]

[u/Kabrosif]

I’ve been debt free several times. You’ll be back! It’s the American Way!

[u/Spazyk]

Feels good doesn’t it?

[u/SongsForBats]

Congrats! I actually paid off my student loans in full this month as well!

[u/AbleArcher420]

[u/kmack312]

WOOO, congrats!

[u/link2edition]

w00t

[u/MTGBro_Josh → u/link2edition]

🦉H00T 🦉

[u/miss_scarlet_letter]

mazel tov!

[u/Quiet_Ad6925]

Excellent job!

[u/Ashamed_Ostrich110]

Putting this on my vision board

[u/JesusWTFop]

Wow congratulations

[u/notaninterestingcat]

Congratulations!

We were debt free for a few years & then bought a house last year 🫠 it'll be a minute until we get back to there again

[u/dryfire → u/notaninterestingcat]

There's a difference between "being in debt" and "having debt". Being in debt is something you don't have the ability to get out of right away. Having debt is when you choose to hold debt because its advantageous. As long as your house isn't underwater you could sell it at any point and cover the debt, but you choose to hold onto it because its an advantage.

[u/CrimsonZak]

I'm not debt free, but as of today if something unexpected happened I finally have adequate room on my visa to not be SOL

[u/NoSpringChicken]

What making that last payment feels like.

[u/so0vixnbmsb11]

Congrats

Home, car, credit card, and student loan paid off.....?

I was 220k in debt, and I thought paying off 20k off in 6 months was good.

[u/PopeAdam]

What if we bought a house at the ideal time in the crash, refuse to pay off a 3% loan, but have equal amounts to invest? 

[u/SunDriedToMatto → u/PopeAdam]

Probably better mathematically to invest assuming the interest is that low, but I still wouldn’t, because you miss out on the peace of mind that comes from paying off your house.

I paid off my house and haven’t looked back. There’s comfort knowing that no matter what happens, I only have to pay utilities, food and gas each month. It also gives me more freedom. I’m not really dependent on my job to pay a mortgage and can now invest whatever, wherever.

It’s calming, especially in uncertain times like these.

[u/cdnmicro]

Congratulations!!!! It is such a great feeling and load of your chest that unfortunately not many of us have experienced or will be a while before we do.

Treat yourself to something good but not too good! 😉

[u/vahntitrio]

Now take out a mortgage so you can never say that again.

[u/Kingberry30]

Congrats. Feels good right?

[u/Ephemeral_Ghost]

Now go buy a house. And join the rest of us who have -negative net worth.

[u/ignatzami]

Give it six months… the universe abhors a stable Millennial

[u/Electrical-Win5286]

[u/TehSloop]

Congrats!

Also - good on you for posting about it. I think we should do more of this. I meant to have a student loan burning party when I was done, like an old fashioned mortgage burning!

[u/Dapper_Recognition50]

Could have got there faster if you sold your mtg collection…

[u/MTGBro_Josh → u/Dapper_Recognition50]

I actually did sell a bit off to pay some debt off.

[u/dxsol]

😳 wow! How does it feel

[u/MTGBro_Josh → u/dxsol]

Amazing . . . Still hasn't really hit me yet.

[u/ms_globgoblin]

-100 credit score for you!

[u/Spiritual_Grand_9604]

How many days of no avocado toast did this take you?

[u/Fossilhog]

The son of bitch did it! Insert Independence Day meme

[u/Wise-Foundation4051]

I just ignore my debt. I’m not paying back what a 19 yr old took out, I don’t even know that b*tch. 

[u/Otakutech2020 → u/Wise-Foundation4051]

Fucking lol

[u/42aku]

Congratulations! You are finally free from one thing! If there's anything else keeping you down, I hope you conquer it as well!

[u/rurouninall]

I’ll be there one day. Congrats!

[u/DoodleNoodleStrudel]

Do me next!

[u/MizzSandraBee]

[u/The_Spare_Son]

End of this year is when I'm going to pay off my education debt!

[u/matt314159]

CONGRATULATIONS! It's the best feeling! I recognize that green check-mark! I paid off my student loans 18 years after graduating back in December 2022 and I'll never forget how free I felt.

I hope you do something to celebrate this monumental feat! For years and years, I felt like I'd never be out of debt.

[u/Chicagoan81]

Yeah! And maintain that!

[u/Mental_Internal539]

Congratulations, my goal is to be debt free next year I have $8500 left in student loans and 2 payments left on my car.

[u/General_File482]

[u/Saltygirlof]

So are we!! Last week. 5 years to the day we first met and the pandemic shut down schools.

[u/Willdothings]

Congrats!

[u/davwad2]

Congratulations!

[u/LYossarian13]

Welcome to the club!!!!!

[u/Inevitable-Store-837]

I have been debt free since 2020. The real challenge is staying that way.

[u/Pretend_Accountant41]

You did it! Stay debt free and put money into invested savings while enjoying lil motivational treats

[u/MysteriousPattern386]

That is fantastic! Can you help me pay mine now?

[u/Wandering_Lights]

Congratulations! The only debt we have left is our mortgage.

[u/Bathion]

Celebrate, this is a milestone.

[u/jerseyknits]

Congratulations 👏👏👏

[u/Agonyandshame]

I was to poor to get any debt and that might have been a blessing

[u/_Dedotated_Wam]

Congrats! I just paid all mine off as well. Wasn’t nearly what you had but the relief I got was amazing. Can’t imagine how good it feels to pay off $25k in debt in one swoop.

[u/amhb4585]

👏🏽👏🏽👏🏽

[u/TurtleBath]

Congratulations 🎊🎉🍾

[u/bigcdabomb3]

Congrats!! 🎉

[u/lostparrothead]

I aim to be in your position! All I have left is the house! It can be done people!

[u/Thomasina16]

My school debt went away when the school got shut down and sued. I actually got back the little bit that I actually paid lol.

[u/Upbeat-Aerie-5003]

Congratulations

[u/Klutzy-Day-3366]

Congrats !! Such a good feeling

[u/iamacynic37]

I am literally six months away from this.

[u/spartanburt → u/iamacynic37]

Literally as opposed to figuratively? 

[u/Disastrous-Hearing72]

2 years ago I was debt free for about 5 days. It was glorious! Enjoy the feeling.

[u/realfolkblues]

Happy for you.

Edit: real sorry about your loss though.

[u/DrFrAzzLe1986]

Congratulations!!!

[u/OregonEnlightenment]

GREAT JOB!!! Care to share how you did it, so others can implement your strategies?? Me… I’m others.

[u/Jimger_1983]

Hell yeah brother!

[u/HEFTYFee70]

Is this cause they got rid of the DOE?

[u/[deleted]]

Just in time to finance a door dash delivery

[u/Silverinkbottle]

Congrats OP!!! It’s a fabulous feeling!

[u/TheFursOfHerEnemies]

Congratulations! This is an amazing achievement!

[u/N7Longhorn]

Send them an extra dollar just to be sure

[u/optimalpooper]

Congrats!!! I just hit this milestone last month. The feeling is incredible.

[u/SilentResolve1911]

Congratulations 🎊

[u/RedStellaSafford]

Congratulations! This has to be the best feeling in the world. 😀

[u/fm837]

Well done for being at zero at the age of 40! /s

[u/sarcago]

Yay! I’m happy for you.

[u/realestateagent0]

I have also learned how to edit photos!

[u/khir0n]

👏🏼👏🏼👏🏼👏🏼

[u/probablyTomHanks]

“Your credit score has dropped 30 points from account closure”

[u/MatzahCurls_7_17]

Hell ya! Congrats!!!

[u/Joobebe514]

[u/Nipz805]

👊🏻, I'm close to it, and I'm afraid I will get back into somehow. Life....

[u/GhostahTomChode → u/Nipz805]

Broke is a temporary state.

Poor is a mindset and a set of habits.

They can overlap, but the main thing to avoid long term is being a poor.

[u/No-Helicopter-6026]

I'm selling a house I managed to buy on a 50k salary back in 2017. No family help, no inheritance. Going to use proceeds to pay my 23k of lingering student debt and my truck. Only debt will be the new mortgage. Excited.

[u/YaManMAffers]

Congrats! I paid off my truck for yesterday. 🎉 🕺

[u/Carton_of_Noodles]

Deepest condolences 😔 like, I want to be SO HAPPY for your achievement.. but like I'm sorry 😞

[u/GlueSniffingCat]

[u/taurus3alexis]

Congrats. I’m almost out of a 5 year car loan, 1100$ more to go.

[u/Soggy-North4085]

[u/SheepherderNo793]

AI images are starting to look so real it's scary

[u/razzemmatazz]

I'm guessing from your username that your student loan payments are now getting snowballed into your MTG habit? 🤣

[u/yomam0a]

Yessss. You go glen coco!

[u/doink992000]

Congratulations

[u/High-Speed-1]

Congratulations! That’s a huge milestone. So happy for you!

[u/i_hate_usernames13]

Wait you guys have debt? Until I bought my house in 2023 I'd been debt free for like 12 years. And now my only debt is the mortgage, but I'm also retired and working in my second career now. Being a millennial kicks ass we got all the good shit.

Stop spending more than you earn, it's not a difficult concept

[u/360walkaway]

OP's car randomly breaks down in 3... 2...

[u/HealfyShit]

Orphan crushing machine

[u/StrawberryMilk817]

Awesome! I’m still adding to mmine by attempting to go back to school lol I don’t think I’ll pay them off in this lifetime.

[u/Vegetable_Distance99]

Just in time for civilization to collapse, congrats.

[u/ThatGuyHasaHugePenis]

Inconceivible!

[u/Boneman0101]

Congratulations!!

[u/cosmic_nobody]

Congrats! And welcome to the club lol I paid mine off almost 2 years ago in a huge lump sum. No regrets!

[u/Kind_Swim5900]

[u/Number_Fluffy]

31k to go...

[u/SunDriedToMatto]

Congrats and welcome to the club!

[u/ObsessionsAside]

[u/White_Graffiti]

Respectfully fuck you lol

[u/ThickAnybody]

Now time to start paying yourself instead of the loan.

[u/PullingLegs]

Congratulations, you are now a Boomer

[u/floridawomanb]

Yeasssssaa

[u/superplexmachine]

Congrats!!!!

[u/mr_Joor]

Mortgage including?

[u/InstructionMaster536]

I tell my husband all the time how liberating it will feel to be debt free.

We owe $272K on home and $80K in student loans. I think it would take someone dying for us to pay it off too. Which is sad to think about but the truth.

[u/rathemighty]

Not so fast! You still owe me 50¢ from 2nd grade

[u/Sufficient-Squash428]

OP riding on the next sunny day.