How much do you owe?

[Disco Dan]

so i take it you people who dont owe anything aslo arnt on the property ladder

More of a "hydroslide" than a ladder.

[smoky]

It’s kind of irrelevant asking how much someone owes – in isolation, they may have capital and what about debt to income ratio.
Just for example;
1. If someone owes nothing (well done to you guys) and owns a handful of devaluing asset such as a car, some bikes and a cool stereo worth over $10k, earns $40k

2. And another someone who owes $300k to the bank but has properties worth $750k and rental income paying some of the mortgage. Capital value that’s called. Earns $40k

3. Or someone who owes a small or no mortgage at all, owns their own home, has no other debt and some expendable cash flow from earnings of $40k - so they can enjoy life a bit.

Who’s better off?
Wonder if capital will continue to grow?
The real estate market seems to be holding up – only just. Sales in our area are definitely taking a while to happen.

[klyong82]

Don't owe anything on the bike. Will never take a loan on depreciating items like bikes cars unless it is used for business.

[McJim]

[excluding mortgages and student loans], what do you owe on credit cards/finance/HP's/personal loans?

so i take it you people who dont owe anything aslo arnt on the property ladder

I have a huge millstone called an "Auckland Property" round my neck. This is the direct cause of me having no disposable income with which to service another debt.

[The Lone Rider]

Except for the $90,000 left on my mortgage, I owe nothing to nobody no how!

[bane]

Yeah, me too. ($0)

No option in the poll buddy. Less than $1000 doesn't cut it.

Given the overall scale of debt these days, <$1000 effectively "sweet FA"

It’s kind of irrelevant asking how much someone owes – in isolation, they may have capital and what about debt to income ratio

Agree, however Im interested in how much "non appreciating asset" debt people have (hence why mortgages and student loans excluded).

I find it pretty amazing just how many people have zip. Perhaps its just a media beatup that we all live on the never never. We all save up for the "wants"?

[johnnyflash]

so i take it you people who dont owe anything aslo arnt on the property ladder

Reason its called a ladder is because you need one for the rest of your life trying to climb out, and fortunately we succeded

[Coldrider]

I'ma only build new houses and take the capital gain tax free type of guy. (one of the pricks that Bollard refers to ).
Will need a mortgage at the end of the month though.

[jade]

1500 on the credit card
6k on the loan for bike
3k in fines (cunts)
800 to my mum for the 1000 she had to give the baliffs to stop them from taking my bike
500 ipod on hp

currently all my pay goes on trying to get myself outa debt by the end of the year
wont catch me ticking up anything after that..
maybe a house one day
or a wife

[Disco Dan]

1500 on the credit card
6k on the loan for bike
3k in fines (cunts)
800 to my mum for the 1000 she had to give the baliffs to stop them from taking my bike
500 ipod on hp

currently all my pay goes on trying to get myself outa debt by the end of the year
wont catch me ticking up anything after that..
maybe a house one day
or a wife

Yeah I hear they are expensive

[JimO]

Reason its called a ladder is because you need one for the rest of your life trying to climb out, and fortunately we succeded

the two houses i own have tripled in value in the last few years

[RC1]

dont have a paying job and dont owe anything to anyone since you said excluding morgage

[avgas]

Don't owe anything on the bike. Will never take a loan on depreciating items like bikes cars unless it is used for business.

Suppose - but i dont mind for bikes as i have never had one depreciate.
I guess i have been most fortunate on my choice of bikes over the years. That and i dont buy new.
Saying that - i would not take a loan of more than 5K for a vehicle as the intrest would not make it worth my while.

[johnnyflash]

the two houses i own have tripled in value in the last few years

Another wise old saying states that there is much more to life than money, and personally we have enough to lead a very happy life. Just how much do you NEED?, there are far more important things in life. Hope you find it with your money

[JimO]

Another wise old saying states that there is much more to life than money, and personally we have enough to lead a very happy life. Just how much do you NEED?, there are far more important things in life. Hope you find it with your money

whatever.....one is the home i live in the other my 82 yo mother in law lives in rent free......i also have a happy life, let me know what bridge you live under i will give you a tootle on the horn as im passing