“Remember this Saying, That the good Paymaster is Lord of another Man’s Purse. He that is known to pay punctually and exactly to the Time he promises, may at any Time, and on any Occasion, raise all the Money his Friends can spare. This is sometimes of great Use: Therefore never keep borrow’d Money an Hour beyond the Time you promis’d, lest a Disappointment shuts up your Friends Purse forever” – Benjamin Franklin
I had mentioned a while back that when I purchased the Beta Site in December I was a wee bit short and had to borrow $30k from someone. They were very generous and supportive, and loaned me $30k for three years at 6%. No paperwork, no signatures, just a handshake and a solemn promise. Clearly someone had some trust in me…which kinda surprised me, but whatever.
And…paid the last of it today…31 months ahead of schedule.
So that means the Beta Site is 100% mine..so Ive got that goin’ for me, which is nice. But more importantly, it means that it frees up the money that I’ve been throwing at it every week. Think about that for a minute..how fast, and how well, could you appoint a piece of bare land when you have a chunk of money every week to put towards it? And, that was the only debt I was carrying sooooo…..a good bit of freedom to spend as I see fit.
I try not to pat myself on the back because I know my history has more than enough failures to keep me humble, but I am a little pleased with myself in this particular episode.
My coworkers give me $hit for my 2000 GMC pick-up having 231,000 miles on it. Some of the factory parts are a bit slow or no longer work (looking at you thermometer – compass rear view mirror) but it still starts and drives fine. I bought it from my boss in 2003 with 72,000 miles on it.
They tell me its too old and I should sell it and buy a newer car. I remind them I paid for it in 2004, having 24 years of no car purchase payments. I ask them how much have they spent on vehicle purchases in past 24 years. Mighty quiet. :^)
Good job on getting the purchase over and done with. Enjoy !!
My next vehicle will be a pre-electronics one and I’m doing a frame-up restoration and rust-proofing on it…
I hear ya…Iwas cruising Craigslist the other day and saw an old Toyota Land Cruiser jeep in there and seriously thought about taking a swing at it. I’m of the mind that one of the things I need to acquire is the clssice ‘bug out vehicle’ so I can get to the property under virtually any condition.
The Landcruisers I’ve looked at in MT have all had BAD car cancer. There’s an orange IH Harvester sitting in a field up by Arlee. Looks rough, but…
Well done, CZ
I’ve found the best sleep aid is no mortgage, no car payments
It’s nuts how many people I have met who keep remortgaging their home as house prices have gone up. They cannot work out it’s not free money.
The pat on the back is well deserved. Good on you for having a plan ( and a budget) and sticking with it.
reminds me of when i was young and foolish after being out of work for a bit, no car… a friend said your gonna buy my car… I said no man I cant afford that car, yes you can cuz your gonna pay me what you can when you can and we will work it out. no interest no contracts. He kept the title in his name so he came with me to the DMV to register said vehicle the clerk said straight to him i dont care how good a friend he is your stupid you will never see your money! we smiled and said thanks for your opinion. needless to say he was paid in full sooner then he expected. also a hand shake and my word it does feel good to have people who believe in you and help when its needed. i have since paid it forward and never lost a cent… and no you guys cant have a loan!!! LOL congratz on the payoff!!
Congratulations!
I bet it felt good shifting those numbers around on the preponomicon.
Well, whats really fun is how much $ it frees up each week for tools, supplies, and other gear necessary for the Beta Site.
Well done.
Very impressive CZ. I’ve long owned my land but still unfortunately pay exorbitant taxes on it but what can one do? Grin and pay it I guess.
congratulations! I admire your discipline!
Congratulations. After I became debt free life became great. So many more possibilities!
Nice! Congrats!!