could you do it in 5 years???

**sinopa27** · 08-06-2011, 02:06 AM

I was talking with a lady who swears she heard "someone" speak about the economy and how it is going to be in 5 years. She claims that in 5 years 70% of Americans will be unemployed and the other 30% who are working will have to take a pay cut. I have not been able to verify this information.
So.....I am asking, what if it were true......could you have yourself financially stable enough in 5 years? Could you pay off ALL existing debt within 5 years from now? Do you think this is possible?

**TheRootedNomad** · 08-06-2011, 06:43 AM

In the spirit of the question and avoiding the background information could I have all my debt paid off in 5 years?

Yes. Sometimes something else pops up like a medical bill. However, we only routinely have our mortgage payment now and our balance is under $30,000 so the goal is to have it paid off in less than 3 anyway even while still investing quite a bit in repair/remodel projects.

**AmyBoz** · 08-06-2011, 07:03 AM

No, we couldn't. Our only debt is our home, which we just purchased, and therefore haven't paid down at all and dh just bought a new car, as mine is just about in the ground, so he got a new one and I'm taking his old one. So, in 5 years, there is no doubt we will still have the house and the car debt.

Other than those two, however, we do not carry a debt. I'm a public school teacher, but I'm in NJ, so who knows whether I'll have a job in 5 years if our Governor has his way with public education. Dh has a great job, but I've learned to never say never.

Scary times!

**nuisance26** · 08-06-2011, 07:51 AM

Originally Posted by sinopa27

I was talking with a lady who swears she heard "someone" speak about the economy and how it is going to be in 5 years. She claims that in 5 years 70% of Americans will be unemployed and the other 30% who are working will have to take a pay cut. I have not been able to verify this information.
So.....I am asking, what if it were true......could you have yourself financially stable enough in 5 years? Could you pay off ALL existing debt within 5 years from now? Do you think this is possible?

~Well if the economy really did tank like that, what would be the point of having all your debt paid off? In such dire circumstances it would probably be better to have a large store of cash.
As far as debt goes, we only have the mortgage and we could pay it off this year if we wanted to raid the retirement fund.~

**frugalwarrior2** · 08-06-2011, 08:08 AM

yes,we could pay off all the debt but w/ no income taxes and house insurance would go unpaid. But FYI 70% is so silly.

**Telephus44** · 08-06-2011, 10:24 AM

I also think that scenario is totally unrealistic - 70% unemployment? There would be rioting long before that. Also, if the economy is that bad, I don't think me owing money or not is going to make a difference. So will just about everybody! If I'm one of 126 MILLION people who have no job and can't pay their mortgage, well... I can't see it being that bad. What can they possibly do that will hurt 126 million people?

But to answer the question, no. Although I'm paying a little extra, we still have about 23 years left on my mortgage. I wouldn't be able to pay that off in 5 years even if we tried.

**craftypam** · 08-06-2011, 10:42 AM

This is just me; but I choose to not think of such negative scenarios. I used to watch the news all the time and since our economy has gotten bad; I refuse to because the newscasters cannot find anything good to say, they only talk about all the bad things and that is not just the finances of our world.

**beks37** · 08-06-2011, 11:03 AM

Originally Posted by nuisance26

~Well if the economy really did tank like that, what would be the point of having all your debt paid off? In such dire circumstances it would probably be better to have a large store of cash.
As far as debt goes, we only have the mortgage and we could pay it off this year if we wanted to raid the retirement fund.~

Good point.

We have a 5-year plan, but it doesn't include having all debt paid off. We'd still have 10-years left on a 15-year mortgage. But, both cars would be paid off and no other debt with a small amount in savings.

**Maine Girl** · 08-06-2011, 05:05 PM

I will have my credit card and car paid off but my student loan will not be paid off yet

**pollypurebred39** · 08-06-2011, 06:09 PM

Perish the thought! and No. Our total debt can not be paid off in 5 years.

I've heard lots of craziness of talks of revolutions. Thanks, no. I have no desire to participate in such thing and believe we (the church) are commanded by God against such behavior. The Christian and Civil Government (Romans 13:1-7) | Bible.org - Worlds Largest Bible Study Site

I take little heed to news reports, other than being aware and using the wisdom God imparted to me on how to take care of my family in these times. If I've learned anything in these last 4 years it's that our (my families) sustenance is not from anyone other than God. A friend of mine put it like this

A "double dip recession" is what they are saying after today's drop of 513 points! Aren't you glad that the earth is the Lords and everything in it? If we need anything He is never limited, never impacted by unemployment rates, or the stock market.

So while such reports momentarily make me stop and take stock, it's not what drives me to change my lifestyle. That is dictated purely from wisdom from God. He says to owe no man anything (Romans 13:8), and we (my family) have certainly fallen short of that. So to that end we work to free ourselves from the snare of debt that we willingly walked into.

I know my thought process on things is not a welcome one to a lot of people, and that's okay. I'm not asking anyone to think like me, or believe what I believe. I'm not judging anyone, or pointing fingers. I just believe that that is how I and my family have been commanded to live.

**sinopa27** · 08-07-2011, 12:10 AM

@pollypurebread39........I adore your response!! It is very welcomed by me! I agree with you!
I don't want to think of anything ever happening like this. But it has happened in other countries. Why would we be any different?
The media likes to keep up this financial debt drama stuff to make us feel like we are doomed. I have had patients come in the ER worried about the debt crisis. At first, I was like...for real!!!???!! But then I thought about the way the media likes to prey on our fears.

**sinopa27** · 08-07-2011, 12:11 AM

When I think about this, why would we worry about debt if this was the scenerio. I guess this had the implication that this situation would be temporary and I was wondering if anyone would be prepared enough to survive this situation if need be.

**Palooka** · 08-07-2011, 12:34 AM

Some peeps spend way too much time "thinking."

**pollypurebred39** · 08-07-2011, 12:37 AM

Sinopa, Yes things like this have happened in other countries. But don't let fear (media) of it rule you. Let God's wisdom lead you, and prepare your household. Remember the Proverbs 31 woman? She looketh well into the ways of her household. God's got your back, just listen to His voice, and be aware. Walk in faith, not in fear.