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Just curious....
ETA: Oh, also, how did your parents finances or contribution affect your debt? Or did it?
School loans, wedding, honeymoon, ebay. (in no particular order) LOL
The only debt I have are my student loans. My parents paid for a portion of school and I paid for the rest. They are very generously paying for our wedding (although even if they weren't we would not have gone into debt for it). The only other debt we're looking to have in the future is when we purchase a house, but I consider a mortgage an investment! :D
I have been 100% financially independent of my family since age 17. I have no debt because I made it a priority to live below my means, and because I am a scientist working in a high-paying field. My husband and I both really believe in living below our means, never buying something we can't pay for outright (except for a house, eventually), and having a large cushion to fall back on!
I paid for school but parents helped sometimes. The only other debt I have is my car and a few very small credit cards. My parents will contribute to the wedding, but we are paying for a lot of it.
I have about 7000 in student loans, and just under 2000 in CC debt. My dad has money but I hated asking him for help after I moved out, so I payed bills with my visa. Definitely not the smartest plan by any means but at least my interest rate isn't crazy high...
Cannot wait until I get a FT job and can start paying more than minimum.
Between FI and I, we have very little debt (basically just a car payment and 2 credit cards with pretty low balances). What college I did attend was paid for by my parents and grandmother. My parents are paying for about half of our wedding and we'll be covering the rest (a few other family members are chipping in as well as FI's family). We're paying for our portion of the wedding cost out of savings.
We don't believe in unnecessary debt. If we want to make a big purchase, we do so out of savings.
my parents have debt. i paid for grad school (masters and phd), wedding, living expenses, travel (thats the 'somewhat uncessary part!)......i don't have MAJOR debt, at least i dont think. i just tend to live slightly beyond my means. my debt goes up and down. i have never missed payments or been unable to pay so i have extremely good credit ratings. i pay it down or get close to....until the next big thing comes (now that thing is wedding!).
Well no option for had debt now have no debt. I had alot of debt from student loans, immaturity and basically having to be on my own since 18. and not understand money and budgets. I got myself in the whole with medical bills and utility bills but once I graduated, I was able to start paying things off. Then I got married and my DH had zero debt because he was taught, unlike myself, the value of money and how to manage it. His parents had money invested for him before he was 18, and this was his money not theirs. It was his money he saved from working etc. Well after getting married, we paid off all my debt in about 6 mths, about 17k. Funny thing is, now I am the budget queen and manage all the finances. We did not have a huge wedding because we were building a house. And honestly our mortgage is the only debt we owe. Its a great feeling, not going to lie.
Student loans.....tons of student loans... and a little CC debt. My FI on the other hand has NO debt (he recently paid off his student loans). I wanna be like him
Car and mortgage. The car was before I came along, it is FIs and if I were in the picture he would of put a lot more down then he did. But here we are! only two and a half more years till it is paid off.
I have a mortgage and am currently carrying an interest-free loan for graduate school; I'm going to be paying off the balance of that loan upon graduation before it accrues any interest.
I am very, very, very, very lucky--and very aware of that. I worked really hard (started earning money and saving it in middle school, from babysitting, then got my first "real" job as a freshman in high school, and have been working part- or full-time since), got some scholarship money, saved my earnings where possible, and have had additional help (especially in the undergrad college expenses department) from my parents. I would not be where I am without help from my family, and we as a couple wouldn't be where we are without the help we have had from both sets of parents. I will always be grateful.
I have debt because school is expensive in my chosen field, it was not 'somewhat' nesseary, so I chose 'other'. If I didn't have my student loans (around 70k if you're curious) My loans are paid on time every month and I don't have a lot of CC debt. So... unesseary debt I don't have a lot of nessesary debt I have tons of. I love my career, so I can't complain too much.
my debts are student loans and mortgage...and I think both are extremely necessary so I am totally ok with them!
I have debt, my parents helped me, but I think everything I owe (almost) was totally necessary.
Mortgage- obviously
school loans- my parents did what they could, and I went to a state school and worked as much as I could and got out as fast and as cheap as I could... but law school is expensive!
car- this is the (almost) part. I definitely needed a car because mine was dying and becoming unsafe. I probably didn't need the car I bought. So I'll say about 1/2 of this debt was unnecessary.
FI has the same story except his parents didn't help at all. Worked his butt off, got through fast, but school is expensive. Same with car. Prob didn't need the one he got, but oh well.
We did not go into debt for the wedding (yay!)
My parents paid for my education to make sure I got one. Neither of them went to college (by choice), but they wanted to make sure that I did.
I paid for most of my car, but the rest was a graduation present.
I refuse to let anyone go into debt over a wedding, so I will cut what has to be cut in order to make it affordable.
But when grad school comes, I will be screwwwwwwwed.
When I was in HS my mom put somethings in my name and she ended up not paying for the end balance, or was late on payments and it messed up my credit. But other than that I have student loans..thats about it!
I don't have any debt because my parents have always been upfront about what they'd contribute to my college education and my wedding. I worked a part time job or two all throughout high school, every summer full time, and all throughout up my bachelors, and then worked fulltime while finishing my masters. I also took advantage of AP classes and got scholarships.
For my wedding I stayed within my budget, saved up for our portion, cut what I didn't need, made what I could, and sold everything afterwards! Now we are living off one of our incomes to save up for a house and take on the first debt of our lives- a mortgage after 20%+ down!
So I can't say I did it all on my own, my parents contributed and I'm both lucky and thankful that they were able to and willing to, but in general I live a hardworking, thrifty spending life with my husband that allows us to travel and save our pennies for what is important! Just like with a wedding, challenging what "has" to be done or bought and figuring out how to do without or do differently always pays off in the long run!
I had student loan debt but DH/I paid it off in the last year. If it weren't for him, I would still be making my monthly payments!
So is there a member out there that seriously won the lottery?? Wanna share any of your winnings?? lol
We have debt!
Mortgage, car and student loans.
Mortgage - obviously, unless you're rich we all have mortgage debt.
Car- obviously
Student Loans- my husband has been financially indepdent since 16 so he had to pay for college somehow. Architects get paid crap.
My father passed away when I was very young. My mom and brothers did the best they could for me and imo WAY beyond what they had to. I wasn't going to ask for even more from them or take more from them even though they offered. So I have a small student loan debt.
We have no debt, for the most part. We still owe about $3,000 on one car. We have a credit card, but we pay it off entirely every month. That's pretty much it.
We paid for school ourselves. We paid for the wedding mostly ourselves. We don't own a home yet, so that'll change then!
My parents said they would put me through college if I went to a state school or they would pay the equivalent for me to go to a private college. I wish I could slap my 18-year-old self that thought it would be worth it to go to a private school sometimes :/. It was a great experience, though, and I'm sure I'll feel like it was worth it once I have a job!
We don't have debt except a mortgage. Part of that was helped by our parents giving us money for school and the wedding. I also received insurance money that has helped me out. But we also save a lot on our own. Almost my entire paycheck is unspent.
We have debt: Mortgage, car loan, and student loans. All of it is pretty standard. My parents have money, but they did not pay for my education. I never expected them to, but it sucked I couldn't qualify for financial aid because of their income (even though I lived on my own and supported myself). By the time I got married and was considered independent I finished my bachelors.
I am currently medical student, so I am in debt with the school loans, but my parents are nice enough to help out with a few things and with the wedding!
I have no debt outside of mortgage because I live within my means. I didn't used to - learned my lesson in my early 20s. It helps that I am in a profession where I have a very nice salary.
After 8 years of school, I have a lot of student loan debt, but not nearly as much as I could. That's thanks to my parents, scholarships, working, and being as thoughtful about all of it as possible. Unfortunately FI is going to have a bunch more, as his parents paid for undergrad but not grad school. Still, compared to others in our situation, we're doing alright.
I voted "I won the lottery" although that's not exactly accurate, so I'll explain.
I had a ton of debt. Student loans, personal loans to family, car payment, mortgage, and a crapload of credit card debt. It came from 10 years of marriage to someone who was complicit in poor spending and saving habits, of taking care of EVERYTHING related to our house/children/basic living & medical expenses while my ex enjoyed a monthly "allowance" to spend on himself as he pleased (this is while we were still married)...for example, he drove an $80K BMW and had Prada shoes while I bought clothes for myself and our kids at Target because I also had to pay for groceries, bills, everything else out of our house account. And I was bitter and resentful about that so I incurred credit card debt to at least be able to enjoy some occasional "perks" with the kids. So I don't blame him entirely; I was definitely responsible with him for us mismanaging our money, although I was less fiscally responsible when we first got married and by the time we divorced, I was a penny-pinching tightwad. ;-)
Anyway, more debt came about after we divorced and he "couldn't afford" to pay me the agreed-upon child support and alimony (but he could still afford that BMW!), and I couldn't find a job, so I was very dependent on my family.
In our divorce, though, we agreed that we would split the proceeds from a substantial amount of stock that he had in the company he works for, once it went public, IF it ever went public...and it did, in December.
So we were able to sell of a portion of that stock, and with the proceeds, I paid back my family and paid off all my credit cards, student loans, and my car. I have finally been able to do some much-needed work to my house, pay cash for a variety of wedding- and honeymoon-related expenses, give my parents some money, and a few other things. I also have a chunk of change sitting in savings for the first time in my life.
So it was kind of like winning the lottery, except I do feel that I earned that money too. My ex, by his own admission, would not have been as successful in his career if I hadn't been behind the scenes doing pretty much everything for him.
It is an amazing feeling to be debt-free (well, except for the mortgage). I am a cash-only girl now. I don't even trust myself to get a credit card and pay it off every month...I will NEVER use a credit card again!! If I don't have the cash, I don't buy it...and that's that. I feel very, very fortunate to have been given a second chance at having healthy finances, and I don't take it for granted!
I just have student loan debt, though my dad did help with some of it. We own our car outright, and we have family helping to pay for the wedding.
I don't have debt because my parents refuse to let me have debt. They paid for college, grad school, wedding, etc etc. I am so blessed!!! But my fiance has student loans so we'll have debt when we get married :)
My parents paid for college (undergrad, not grad school), but I have paid for everything myself since then (wedding included). I have no personal debt, although my husband does have student loan debt.
Grew up on welfare. Parents have poor spending habits even now.
I'm debt free other than my mortgage. Cars are paid for in cash. I don't buy anything without cash and live well below my means.
Considerable amount of money in savings, stocks and mutual funds.
My mother's spending habits will eventually land her penniless and homeless. She has over $60,000 in credit card debt, mortgaged the fully paid for house to get at even more money (the house was free and clear when my parents divorced more than 30 years ago) and she makes less than $10,000 a year. My sister and I end up paying for her heating oil every winter only because our physically/mentally handicapped brother still lives with her. She buys her groceries with his assistance money.
Watching her spend money she doesn't have, has helped me be as fiscally responsible as I am.
I've never had any debt in my life. I don't buy what I can't afford. It's a great spending habit I inherited from my dad.
My car is ten years old and paid off long time ago (even then it was bought on credit just so I can build good credit), we don't own a house and my parents paid for my education (college and MBA).
As far as the wedding goes, I'm 35 so too old to take money from my parents. They're well off and contibuted a small amount to the wedding, but it was out of their generosity. I paid for most of it through my hard earned savings accumulated through the years. My husband paid for my engagement ring and the honeymoon. He's younger and just starting his career, so he didn't have the savings to really contribute to the wedding.
No debt for me. I'm almost 30 years old and was always a good saver... not cheap, just... frugal ;) I drive a 13 year old Lexus that mom handed down when she got a new car. I'm an only child and my parents paid for my public college education including bills, apartment, food, books, etc. I was never tempted by credit cards in college and didn't get my first until I was 26 years old. I recently left corporate to open my own small business. My salary was more than cut in half but I made adjustments and am comfortable.
FI is 32 and has about $100 in student loans every month and is paying off his convertible, but not for much longer. He also puts more toward the car than he needs to to pay it off faster. He rents the first house he bought for higher than the mortgage, and we're selling it this summer. The house we live in together is also in his name but I pay him a lump sum every month to offset the mortgage. He has an awesome, lucrative career that he loves... although it puts him out of town Mon-Fri :/
My family is being unbelievably generous with our wedding. I'd imagine that FI and I will be picking up the tab for maybe $3000 worth of wedding bills, and either one of us could pay that off immediately. We're pretty fortunate and definitely grateful for being debt free!
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