Well, I知 debt free now. Sad and excited LOL

[broketriathlete]

So, I finally did it. I知 debt free. Not crazy extremes to do it. I just had to sell my dream car LOL. I sold my Mclaren 570s Spider and took the equity to pay off my student loans and daily vehicle. I知 looking forward to acquiring a few of rentals in the next two years and really start creating wealth.

Every time I lust after something (well, with exception of the car...LOL) I come here and look at that thread about what痴 the stupidest thing you池e lusting for. In fact, I needed inspiration today. I really do miss my car though. It wasn稚 even a financial burden and insurance was surprisingly cheap ($152/month).

I wanted to give credit to these boards as it痴 changed my perception of money and materialistic things. So thank you.

[K_in_the_kitchen]

Congratulations on being debt free!  One thing we told ourselves when we sold things to achieve the debt free dream was that there'd probably be a time in the future when we could replace what we'd sold if we really wanted to.  So far we've had no desire to buy another pickup truck -- indeed, we find the little hatchback a more than adequate replacement for anything but towing, and towing would mean owning another travel trailer and we don't want that either now.

Getting underused depreciating vehicles out of the driveway enabled us to pay off the mortgage (we were already well on track and it was our final debt), and by removing the mortgage payment we reduced our monthly expenses and achieved FI, so it was worth it.

[Dave1442397]

Nice job! Personally, I'd regard any McLaren (except the F1) as a ticking time bomb, both in terms of depreciation and possible maintenance issues.

I know they've improved since the MP4-12C, but still...  https://www.youtube.com/watch?v=Ldjhd-osu_c&t=93s

[johndoe]

Congrats!  I've never driven such a beautiful (or expensive) car, I imagine going back to "normal" cars will be tough.  I have you think you made the right call.  And once you get that car desire, remember:

Miata
Is
Always
The
Answer

[broketriathlete]

Nice job! Personally, I'd regard any McLaren (except the F1) as a ticking time bomb, both in terms of depreciation and possible maintenance issues.

I know they've improved since the MP4-12C, but still...  https://www.youtube.com/watch?v=Ldjhd-osu_c&t=93s

I致e heard the same thing. I lucked out with mine as it was reliable while I owned it.

[broketriathlete]

Congratulations on being debt free!  One thing we told ourselves when we sold things to achieve the debt free dream was that there'd probably be a time in the future when we could replace what we'd sold if we really wanted to.  So far we've had no desire to buy another pickup truck -- indeed, we find the little hatchback a more than adequate replacement for anything but towing, and towing would mean owning another travel trailer and we don't want that either now.

Getting underused depreciating vehicles out of the driveway enabled us to pay off the mortgage (we were already well on track and it was our final debt), and by removing the mortgage payment we reduced our monthly expenses and achieved FI, so it was worth it.

Thank you and definitely right. Getting rid of depreciating liabilities is definitely a fast track to financial freedom. I just hate that they池e so fun lol.

[broketriathlete]

Congrats!  I've never driven such a beautiful (or expensive) car, I imagine going back to "normal" cars will be tough.  I have you think you made the right call.  And once you get that car desire, remember:

Miata
Is
Always
The
Answer

Haha love the acronym. When I drive my other car (SUV) I always tell her how comfortable it is but so boring lmao. Definitely a transition for sure, but like you said... the right call.

[Retireatee1]

Congrats!  I paid off my anti-mustachian sports car earlier in the year and am 100% debt free.  I'm keeping it.  Now every month I watch my credit rating sink due to having a "thin fine".  Oh well.

[okisok]

Congratulations! You're well on your way now that you're debt free.

For comparison, my ten-year old Subaru is insured for 6 months for what your McLaren was for one :)

[iris lily]

Congrats!  I've never driven such a beautiful (or expensive) car, I imagine going back to "normal" cars will be tough.  I have you think you made the right call.  And once you get that car desire, remember:

Miata
Is
Always
The
Answer

But Fiattas turn more heads.

[broketriathlete]

Congrats!  I paid off my anti-mustachian sports car earlier in the year and am 100% debt free.  I'm keeping it.  Now every month I watch my credit rating sink due to having a "thin fine".  Oh well.

That痴 what I知 afraid of lol. Fortunately I知 a guarantor on a couple of vehicle loans for my business so I still have installment loans still. Personally, debt free LOL.

[trygeek]

Heres the deal set a goal for yourself. When I own 20 rentals or 10 rentals paid off, I can buy a McClaren for cash. Or when my net worth is 2 million or whatever works for you but is a real hard goal because you will drive yourself to get there. What I have found is that sometimes when I drive myself to reach the goal I often don't spnd the money on the thing. Good Luck

[broketriathlete]

Heres the deal set a goal for yourself. When I own 20 rentals or 10 rentals paid off, I can buy a McClaren for cash. Or when my net worth is 2 million or whatever works for you but is a real hard goal because you will drive yourself to get there. What I have found is that sometimes when I drive myself to reach the goal I often don't spnd the money on the thing. Good Luck

Wholeheartedly agree with this. I've found that if I make a goal or plan for what I want to do the frivolous spending ceases.

[John Galt incarnate!]

Heres the deal set a goal for yourself. When I own 20 rentals or 10 rentals paid off, I can buy a McClaren for cash. Or when my net worth is 2 million or whatever works for you but is a real hard goal because you will drive yourself to get there. What I have found is that sometimes when I drive myself to reach the goal I often don't spnd the money on the thing. Good Luck

My rule of thumb  is that if after  mulling the purchase of an expensive vehicle one still really wants it they should buy it when their portfolio reaches $1 million.

A portfolio value of $1 million is a major accomplishment so I have no reservations about such a self-rewarding purchase  for achievement of this  7-figure, financial milestone.

HAPPY NEW YEAR!

[Retire-Canada]

I just had to sell my dream car LOL.

Congrats. Being debt free is way more satisfying than owning a fancy car. As others have noted if you really really really enjoy/value owning a fancy car you can have one...once you hit your other personal financial goals and you can pay for it without taking on debt.

When I started working towards FIRE I had a motorcycle and I would have told you it was an important part of my life. Something I really enjoyed, etc... After a few years I sold it to reduce my costs and increase my savings rate to accelerate my FIRE progress. As it turns out that differential had little to no impact on my FIRE date, but I didn't know that at the time. That said making some sacrifices and being willing to cut out unnecessary expenses is a valuable tool in my pocket for how to deal with challenges during the many decades of FIRE.

I could go pay cash for a much nicer moto now, but having been without one for years my perspective has changed and I am not excited about recreating with motors...both because of the cost and the fact they are not beneficial to my health the way recreating via human power is.

Set yourself a bunch of financial goals as you move towards FIRE and allow yourself some sensible luxuries if you meet them...just ensure these non-essentials really make you happy without derailing your financial plans.

[John Galt incarnate!]

Congrats. Being debt free is way more satisfying than owning a fancy car.

Hear, hear!

I would never incur substantial debt to purchase a vehicle.

[meandmyfamily]

Congratulations!