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TomberLawn
08-08-2008, 08:16 AM
As of 8:08am on 8-8-08, I am completely debt free! It's time to start making some real money now!

I bought my Ferris in April 2007 and paid it off completely in less than 18 months, while also paying off my truck and buying other equipment (hand helds, Lawn Boy, Cub Cadet, etc). It feels really good to know that all the money I make is going to me, except for what the gov't thinks is theirs.

By the way, I did this with just 10-12 accounts plus some mulching and hedge trimming. I can't take any credit, however. If it was not for the Lord blessing me with customers, I'd still be changing truck tires for $8.50/hr. Remember to thank God everyday for the ability to work and earn a living.

bryansong
08-08-2008, 08:26 AM
Amen, and good for you. Congratulations!

Bryansong

MAD87
08-08-2008, 08:30 AM
That is great! I know the feeling, I just paid my Exmark off 2 months ago and it felt great to get that load off my chest. I've almost got my truck paid off so that will get me totally out of debt.

I too am working through college, and there is no way I could do it without the good Lord on my side. Amen!:clapping:

KrayzKajun
08-08-2008, 08:33 AM
COngrats!! Im almost there too!

jdramr4
08-08-2008, 08:36 AM
Congrats God willing I will be debt free also by the end of the summer. All I have left is my truck.

Lawn Enforcer
08-08-2008, 08:43 AM
I can't wait for the day I'm debt free, it will be awesome!

larryinalabama
08-08-2008, 09:07 AM
Ive been debt free for over 10 years, your gonna Love it. I plan on going full time next year, I have everything purchased but a Box van and ZTR. Im looking for a good deal on both right now.

ALC-GregH
08-08-2008, 10:16 AM
I'm sure it is a great feeling to be "debt free" but the ones saying their debt free, does that include your mortgage, CC's, wifes car payment, medical bills etc..... or do you mean, I finally paid my mower off?
"Debt free" to me means I don't have any bills to pay other then utilities.

Icepuck72
08-08-2008, 10:29 AM
I'm sure it is a great feeling to be "debt free" but the ones saying their debt free, does that include your mortgage, CC's, wifes car payment, medical bills etc..... or do you mean, I finally paid my mower off?
"Debt free" to me means I don't have any bills to pay other then utilities.

I'm sure the man is talking about being debt free with his business. Don't rain on the man's parade!!!

ALC-GregH
08-08-2008, 10:33 AM
No, not raining at all matter of fact, I think it's great that he was able to do it. I was just wondering what he meant by debt free.

larryinalabama
08-08-2008, 10:42 AM
I'm sure it is a great feeling to be "debt free" but the ones saying their debt free, does that include your mortgage, CC's, wifes car payment, medical bills etc..... or do you mean, I finally paid my mower off?
"Debt free" to me means I don't have any bills to pay other then utilities.

Yes it does include my house cars etc. I dont owe anyone anything. However I do live a modist life style.

mississippiturf
08-08-2008, 12:11 PM
Congrats on paying off the Ferris and thanks for giving credit where credit is due. God has blessed my business as well. Bought my Exmark in April and it's almost paid for.

Charles
08-08-2008, 12:56 PM
Thats great! I don't waste any time paying stuff off business wise either. I have been debt free in that department for quite awhile now. My Lazer is showing its age/hours now though. With house payments and other bills, its hard to save the cash to buy a new one.

Stillwater
08-08-2008, 01:16 PM
OK good, now is the time to put a foundation under you business not all investment should be in equipment. continue to make those payments you were making paying your notes off. but pay the business by investing in CD's and the like. invest save save save.

TomberLawn
08-08-2008, 01:20 PM
To answer ALC-GregH's question, I am completely debt free, but I do still live with my parents. I don't have any credit cards, just personal debit and business debit cards. Nothing I bought was financed through a commercial company. My dad paid cash for the mower and I made payments to him, although not on a defined schedule. Some months I'd pay a few hundred dollars or even $1000, and some months I wouldn't make any payments, like during the winter. Today I wrote a check for $2950 and finished it off, and that was almost half of the mower.

I'm hoping to never have to be in debt again, except for buying/building a house. Huge houses don't really appeal to me (there's more to maintain, clean, and pay for), so I want just a modest, but comfortable home. To build my business, I want to use personal and business equity to buy equipment. I'm working on developing a business model that would get a new crew up and running for right around $15,000 and start turning a profit easily within 6 months.

One thing I've learned from watching the news about the mortgage crisis is that huge homes, boats, motorcycles, RVs, and other luxuries will put you in the poor house or no house if you leverage your credit too far. Too many people see a low introductory payment and buy something without thinking about making those payments for 3+ years, or even 30 years for a home. A lot of people have no money left after making the payments on all of their toys, so when something unexpected happens (like a medical condition or job layoff), they have nowhere to turn. I don't want to live like that.

TomberLawn
08-08-2008, 01:26 PM
OK good, now is the time to put a foundation under you business not all investment should be in equipment. continue to make those payments you were making paying your notes off. but pay the business by investing in CD's and the like. invest save save save.

Great advice, thanks. I always keep at least $1000 in my business checking (not much, but I'm still a very small business). Over the next 2 years, I'm going to save, save, save. Then, when I graduate from college with a marketing degree, I'll put my education to work, invest in some good marketing, and have enough money saved to build my business. I also plan to open a retirement account this year so that I'll have some money when I'm 50+.

corey4671
08-08-2008, 01:50 PM
Congratulations!!! Call Dave Ramsey this afternoon and scream I'M DEBT FREE!!! He'd love that especially since you are a college student! 888 825 5225

Big C
08-08-2008, 02:31 PM
That's what I 'm talking about

chub
08-08-2008, 03:07 PM
Just curious how you like your ferris, You dont here to much about them here. Is the cut comparable to other mowers? My local dealer is pushing one very hard I was thinking about trying a demo. Thanks
chub

LawnTamer
08-08-2008, 04:44 PM
Congrats! Debt is a horrible taskmaster.

TomberLawn
08-08-2008, 05:31 PM
Just curious how you like your ferris, You dont here to much about them here. Is the cut comparable to other mowers? My local dealer is pushing one very hard I was thinking about trying a demo. Thanks
chub

I really love it. The cut is pretty good. I change out the blades and sharpen them about once a week (I usually only mow on Thursdays and Fridays so this works out well). With some sharp blades and good grass, it'll cut smooth and stripe like an Exmark. In dry, weedy grass, a few stragglers are left. I suppose cutting lower would help, but I don't want to mow too low and burn the grass.

Definitely do a demo. I bought mine without even driving one around, but I had assembled a couple for the dealer and had seen first hand that Ferris made a quality machine. Which model are you thinking about trying? I've driven a 3100 and liked it a lot. My friend has a 5100 diesel that I want to try soon.

There's not as much talk about Ferris as Exmark, Scag, JD, or the others, but if you do a search, you'll find some good threads.

mattfromNY
08-08-2008, 05:34 PM
I'll be old and gray before I will ever be able to claim debt freedom. Congratulations on your accomplishment, you seem to have a great head on your shoulders.
Keep, keeping on and good luck with your debt-free future.
Matt.

Daily Lawn/Landscape
08-08-2008, 05:56 PM
Congratulations! Now that's what I'm talking about. Only buy what you can pay for and no more. Most people fail in life because they barrow, barrow, and barrow. Keep up the great work and you will be a millionaire. And like someone said earlier keep making those payments in a good in vestment portfolio. Also call Dave Ramsey and tell him your story, This is something everyone needs to hear. And than go to his website and contact a local ELP for investing and talk with them. You are on the right track, now stay on it.

James