1167: Never Regret a Paid Off Debt by Craig Stephens of Retire Before Dad on How to Design a Debt-Free Lifestyle

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🗓️ 20 May 2020

⏱️ 10 minutes

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Summary

Craig Stephens of Retire Before Dad shares why you should never regret a paid off debt. Episode 1167: Never Regret a Paid Off Debt by Craig Stephens of Retire Before Dad on How to Design a Debt-Free Lifestyle Craig Stephens of Retire Before Dad is a 43-year-old IT professional, investor, and blogger based in the Washington, DC metro area. His primary financial goal is to retire at age 55, one year before his Dad retired. He writes about how to build income streams so you can explore the unusual. His first love is his beautiful wife and three kids. His second love is travel. Combining both in early retirement is the ultimate goal and his primary motivation for financial independence. The original post is located here: https://www.retirebeforedad.com/never-regret-paid-off-debt/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is where I read to you
0:02.0	episode 1167, never regret a paid-off debt
0:05.8	by Craig Stevens of retire before dad.com.
0:09.4	And I'm Dan, I'm your host, and this is where I read to you
0:11.8	from some of the best blogs on personal finance
0:14.2	every day including weekends and holidays and we have five shows where we actually do that but covering
0:19.4	all different topics so you should search for optimal living daily wherever you're hearing this to find
0:24.5	all five of our narration style podcasts.
0:27.6	But for now let's get right to it as we continue optimizing your life. Never regret a paid-off debt by Craig Stevens of Retire Before Dad.
0:41.0	Over the years I've been indebted many times for one reason or another, mostly car loans and a few mortgages but a few personal loans too.
0:48.5	After college my parents lent me $5,500 to buy a used Mazda.
0:53.0	The interest rate was better than a traditional car loan,
0:56.0	so I was grateful to take the deal.
0:58.0	But I paid that thing off as fast as I could.
1:00.0	I didn't want it hanging over me.
1:02.0	After traveling overseas for 14 months, I bought a brand new car with zero money down and a
1:07.0	$221 monthly payment.
1:09.0	I paid that five and a half year loan off in two and a half years. Then not long ago we eliminated our
1:15.2	minivan loan in one big payoff chunk. It was suffocating our cash flow even though the
1:20.0	interest rate was just 0.9%. The last payment felt great. I've sworn off car debt for the
1:25.7	rest of my life. I've had he-locked debt, a second mortgage, short-term loans from the bank of
1:30.9	mom and dad, and even some minor credit card debt after college.
	...

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