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Discussion Starter · #1 ·
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.
 

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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:
 

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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.
 

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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!!!
 

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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.
 

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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.
 

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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.
 

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Discussion Starter · #15 ·
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.
 

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Discussion Starter · #16 ·
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+.
 

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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
 
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