Frugal Under 40

**ZenZeta** · 06-06-2016, 11:15 PM

Just wondering how many folks here are "getting it" rather early?

I could kick myself. I tread TMMO 10 years ago and only partially took the advice. At that time I got a second job (something that stuck with me) and paid off then my only credit card in a couple of months.

BUT... the income went up and I fell into the trap of SHOWING everyone how well I was doing (expensive import car, big house with only me living in it, shoes galore... the list goes on)

So at 39, I'm DETERMINED to be completely debt free by my 40th birthday next year.

Who else here is under 40 and looking forward to a debt free life?

**old guy** · 06-07-2016, 12:57 AM

Who else here is under 40 and looking forward to a debt free life?

Over the past 50 or 75 yrs (I'm 77) I've seen the public move to cookie-cutter financial planning. Ie, safety - 6 months living expenses, low debt, always pay cash, lots of gov't 'programs'. And I've watched that same public (especially the boomers) fail at EVERY one of those items - they live paycheck-to-paycheck, no savings, lots of revolving debt. The cookie cutter plans lead straight to a mediocre outcome, not to wealth - there can be no other outcome.
The end-game to 'debt-free' seems to be no loans, but also no money - at age 65 all of their income was directed at prepaying debt and none was directed to building wealth. I've become wealthy by doing the opposite all of my life - ie, I carry lots of low interest loans, pay only the minimums, and I direct my income to building wealth.

**mndtrp** · 06-07-2016, 12:11 PM

Debt free at 33. No regrets.

**momoffiveboys** · 06-07-2016, 01:03 PM

Also was completely debt free before 40. Had to move because of terrible neighbourhood and was back to a LOC for two years to pay off our current home but debt free again. Good feeling for sure.

I have always been a stay at home mom because it simply saved us a lot of money (own baking/cooking/canning/gardening etc) and we wanted a parent available for our boys 24/7. Hubby did not always have a high paying job - as a matter of fact, he lost a good job (70K year) six years ago and is now making less than 40K. But we manage fine - just a matter of budgeting.

**Ayanka** · 06-07-2016, 01:46 PM

Well, I definately fall under the age category, but I am not debt free and being debt free is not first on my priority list. Before anyone faints, I have a pretty low mortgage for my place of living, which is my only debt and a bad fixer upper. Repairing it is first on my priority list.

**The Muse** · 06-08-2016, 07:56 AM

I turned 40 last year and paid off my mortgage a month after my birthday. I've been frugal for most of my life.

**miss_cas** · 06-12-2016, 03:52 AM

Even though financial aid was cut for my age group then my father lost his job in his 50s and retired, I graduated and career went nicely in 20s even with modest pay. Then I suffered health problems which affected my ability to work for a while, so was relief to have the good amount of retirement money as unemployment is rarely offered here due to local pressures to screw some employees. I also needed to walk away from some abusive job situations, and it was major relief to have the savings.

My local employment situation has gotten so bad, employers feel like they can do anything to desperate people. The minimalistic lifestyle, low living overhead and savings really make it possible to whether a bad economic situation or make choice to try it somewhere else. Will add, was better to get in touch with others in your industry and field to decide if you want to stay in a place where the job situation just is not treating people okay...when you find out all the other places who screw people regularly, is better just to move it down the road even if you commuted 45-60 minutes each way for a while before you could afford to move.