lots of stuff happening

730virgil · Apr 2, 2021

as many of you know I sold my cows(Scotch Highland)
About the same was approached by a neighbor about selling my bare dirt. If this goes as planned I be be debt free for first time since I was 18.
No more calves in middle of night or hay getting rained on as weather guesser was WRONG.
Will have time to go to tractor and car shows small town festivals with my girl friend Sue B.

Bruce from Can. · Apr 3, 2021

If that fits your plan, good for you. Debt can be both a blessing and a curse . A blessing when you can make it work for you, and a curse if you are just working to feed it.One thing to understand about debt though. It is easy to qualify to borrow money when you are young, but it can be much more difficult to borrow once you get older. The lenders simply just dont want to lend to older customers, because they may run out of life/ability to repay before the note is paid out. So best to make certain that you will not need any farther use of borrowed funds, before closing out a loan completely. Could be difficult or impossible to re borrow later.

Geo-TH,In · Apr 3, 2021

730,
Before I retired at 55, I was debt free. A very good feeling.
George

rrlund · Apr 3, 2021

I hope the boredom doesn't get to be too much. I still have my cattle and all of my land, no debt in 10 years or more. I'll probably take my SS in August, I'll be 66 and 2 months. Drawing Social Security is about as close to being retired as I can stand to be for now. Can I call myself retired when I take it? I guess if my health goes down hill and I'm dying, I'll get rid of the cattle.

Bret4207 · Apr 3, 2021

(quoted from post at 06:37:06 04/03/21) If that fits your plan, good for you. Debt can be both a blessing and a curse . A blessing when you can make it work for you, and a curse if you are just working to feed it.One thing to understand about debt though. It is easy to qualify to borrow money when you are young, but it can be much more difficult to borrow once you get older. The lenders simply just dont want to lend to older customers, because they may run out of life/ability to repay before the note is paid out. So best to make certain that you will not need any farther use of borrowed funds, before closing out a loan completely. Could be difficult or impossible to re borrow later.

I realize you are in Canada and tax laws are different there, but I've never seen anyone "make debt work for you". I'm wondering what that means?

1948CaseVAI · Apr 3, 2021

(quoted from post at 09:15:57 04/03/21)

(quoted from post at 06:37:06 04/03/21) If that fits your plan, good for you. Debt can be both a blessing and a curse . A blessing when you can make it work for you, and a curse if you are just working to feed it.One thing to understand about debt though. It is easy to qualify to borrow money when you are young, but it can be much more difficult to borrow once you get older. The lenders simply just dont want to lend to older customers, because they may run out of life/ability to repay before the note is paid out. So best to make certain that you will not need any farther use of borrowed funds, before closing out a loan completely. Could be difficult or impossible to re borrow later.

Click to expand...

I realize you are in Canada and tax laws are different there, but I've never seen anyone "make debt work for you". I'm wondering what that means?

I can't speak for the other poster but I have used that phrase in the context of, for example, borrowing $10,000 to invest in something that will throw off $15,000 eventually (time period is important - but varies). So the $10,000 debt worked for me to the tune of $5,000 profit that I would not have made save for going into the 10k debt.

lots of stuff happening

730virgil

Well-known Member

Bruce from Can.

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Geo-TH,In

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rrlund

Well-known Member

Bret4207

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1948CaseVAI

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