This weeks preps check-in

[Brent S]

A helicopter tour, sex on a remote beach, scuba diving, sailing..... not necessarily in any specific order. All good things to do in Hawaii!

 

[JackDW]

We've talked about debt here on this site many times, but I don't think the importance of living debt free has really been covered that much.
When it comes to discussing debt, many people leave out mortages on homes and property. They feel that they'll never pay off their home mortgage anyway. Sadly I know people who are older than I am who are still making a mortgage payment, and in some cases a car payment.
Many people, including some in my own family, get close to, or have paid off their home, who have fallen for the Home Equity loan trap. So now they're back in debt again.
As Brent said above, it's much easier to get in to debt than it is to get out. I was brought up in the days where it was common to hear things like "live within your means", debt was bad, save for your future, because no one else will, and if you can't afford it, do without.

My plans is to fully retire early next year (1st or 2nd quarter). Before I even considered retirement I made a commitment (at least to myself) to make sure the Mortgage and all cars are paid off FIRST. I now have both mortgages paid off and no vehicle debt. I do have one small HELOC (Home Equity) which I will pay off before end of year. That will leave a couple fairly small CC debts which can be easily paid off. I use the Credit Cards so that will most likely stay and continue to follow me around like a puppy dog. Notice, I did talk about two mortgages. Once I retire, one of the homes will be sold and the proceeds will add to retirement funds.

Arcticdude, I 100% agree with you. No one should even consider retirement if they still have a mortgage and definitively not with a vehicle loan. If you are thinking about retiring and you still have a mortgage or car loan and don't have the funds to pay them off, TIME TO DOWNSIZE. Get a smaller (cheaper) house and/or car using the equality in your current property. If you don't have enough equality, you can't afford to retire.

 

[KateMTx]

Speaking of blowing money needlessly, my wife decided that we needed a vacation. So she booked a trip to Hawaii...with her sister, brother, bil and their teenage daughters. I've been to Hawaii before and found it the be overrated and expensive. I guess she rented a nice house on the beach in Maui. At least it has a swimming pool. I can just hang out at the pool smoking cigars, drinking Scotch and sleeping until it's time to leave.

My coworker and I were talking about this the other day, how so many people go into debt to go on vacation. I mean, vacations are great and all but but not THAT great.

 

[Brent S]

My coworker and I were talking about this the other day, how so many people go into debt to go on vacation. I mean, vacations are great and all but but not THAT great.

There are very few things worth going into debt for. Most people will to buy their first house. Even that can be adjusted by buying a house that is more realistic to your ability to repay it quickly vs one that you really want. I don’t see cars as worth it, but it’s probably the most common form of debt in the US. Sure you need a car to be able to get to work, so buy the cheapest one you can afford. By learning to save money you can ensure you will never have to borrow again. By not learning to save you will guarantee you will borrow again.

 

[DrHenley]

The last time I borrowed money on a car was in 1986.

 

[Mountain trapper]

I have no problem with debt, as long as it's short term and you have a plan, and the money, to pay it off. Long term debt is what I have a problem with. My wife and I use a credit card a lot. We get milage points with it. My wife hasn't bought a plane ticket in several years because she uses the milage points for her tickets. We pay the card off monthly so we aren't charged interest, and we still have close to a million points left.
When I had a home mortgage (15 year) I paid twice a month. That alone cut out several years on the loan. Plus every year I'd make a lump sum payment too.
I bought my JD tractor on a zero interest loan. I had the money to pay cash for it but it was worth it to me at the time to use their money. I paid it off in a couple years.
Debts are like gambling, don't do it if you don't have the money in the bank to pay for it.

 

[Mountain trapper]

I have no problem with debt, as long as it's short term and you have a plan, and the money, to pay it off. Long term debt is what I have a problem with. My wife and I use a credit card a lot. We get milage points with it. My wife hasn't bought a plane ticket in several years because she uses the milage points for her tickets. We pay the card off monthly so we aren't charged interest, and we still have close to a million points left.
When I had a home mortgage (15 year) I paid twice a month. That alone cut out several years on the loan. Plus every year I'd make a lump sum payment too.
I bought my JD tractor on a zero interest loan. I had the money to pay cash for it but it was worth it to me at the time to use their money. I paid it off in a couple years.
Debts are like gambling, don't do it if you don't have the money in the bank to pay for it.

 

[Brent S]

I have no problem with debt, as long as it's short term and you have a plan, and the money, to pay it off. Long term debt is what I have a problem with. My wife and I use a credit card a lot. We get milage points with it. My wife hasn't bought a plane ticket in several years because she uses the milage points for her tickets. We pay the card off monthly so we aren't charged interest, and we still have close to a million points left.
When I had a home mortgage (15 year) I paid twice a month. That alone cut out several years on the loan. Plus every year I'd make a lump sum payment too.
I bought my JD tractor on a zero interest loan. I had the money to pay cash for it but it was worth it to me at the time to use their money. I paid it off in a couple years.
Debts are like gambling, don't do it if you don't have the money in the bank to pay for it.

I agree with using cards that give points, as long as it ALWAYS gets paid off each month. I too get points for buying stuff that I was allready buying. I also have not paid a bank any interest in years. It makes sense to use other peoples money as long as you are disciplined enough to make sure you follow the rules in the fine print. I would rather keep the money in my savings account when it’s a 0% loan. There are loans out there though that if you’re late on one payment then all the interest retroactively comes due from the beginning of the loan. It could be an expensive game if a person had some unexpected reason they couldn’t meet the loan obligation like they thought, which is why Dave Ramsey is adamantly against even these free loans. For me though, I have no problem with using the system to my advantage.

 

[Mountain trapper]

I agree with using cards that give points, as long as it ALWAYS gets paid off each month. I too get points for buying stuff that I was allready buying. I also have not paid a bank any interest in years. It makes sense to use other peoples money as long as you are disciplined enough to make sure you follow the rules in the fine print. I would rather keep the money in my savings account when it’s a 0% loan. There are loans out there though that if you’re late on one payment then all the interest retroactively comes due from the beginning of the loan. It could be an expensive game if a person had some unexpected reason they couldn’t meet the loan obligation like they thought, which is why Dave Ramsey is adamantly against even these free loans. For me though, I have no problem with using the system to my advantage.

That's the "secret" to using debt to your advantage; pay it off before the interest starts to accumulate. My strategy of using other people's money (zero interest) is to ensure that I have the money in the bank to pay it off in case something happens. Being disciplined is the key to proper debt management.

 

[DrPrepper1]

I have no problem with debt, as long as it's short term and you have a plan, and the money, to pay it off. Long term debt is what I have a problem with. My wife and I use a credit card a lot. We get milage points with it. My wife hasn't bought a plane ticket in several years because she uses the milage points for her tickets. We pay the card off monthly so we aren't charged interest, and we still have close to a million points left.
When I had a home mortgage (15 year) I paid twice a month. That alone cut out several years on the loan. Plus every year I'd make a lump sum payment too.
I bought my JD tractor on a zero interest loan. I had the money to pay cash for it but it was worth it to me at the time to use their money. I paid it off in a couple years.
Debts are like gambling, don't do it if you don't have the money in the bank to pay for it.

When you say you pay twice a month, does that mean you made bi weekly payments to equal the full amount in one month?
Or did you make two full mortgage payments in one month?

 

[Brent S]

When you say you pay twice a month, does that mean you made bi weekly payments to equal the full amount in one month?
Or did you make two full mortgage payments in one month?

He was talking about two full payments. Even if you can’t make a whole extra payment paying anything extra, espechially in the early years, will cut a lot off the interest and number of the payments. An extra 50$ makes a huge difference on an average 30yr mortgage. I kind of feel though that if you can’t afford a 15yr mortgage then you should look at a less expensive house though.

 

[DrPrepper1]

He was talking about two full payments. Even if you can’t make a whole extra payment paying anything extra, espechially in the early years, will cut a lot off the interest and number of the payments. An extra 50$ makes a huge difference on an average 30yr mortgage. I kind of feel though that if you can’t afford a 15yr mortgage then you should look at a less expensive house though.

I have been paying an extra $100 per month for at least 10 years probably closer to 13 years. I know I will pay it off a little early, but I am ready. I am 17 years in and counting.

 

[Brent S]

I have been paying an extra $100 per month for at least 10 years probably closer to 13 years. I know I will pay it off a little early, but I am ready. I am 17 years in and counting.

Most people get some extra money every once in a while, like tax returns, birthday gift, inheritance or the sale of something. If all this is thrown at the debt, along with the extra 100 a month it can cut a quarter of the time to the pay off. I think looking at the statements often and actually see how much interest is paid, what the balance is and a current expected payoff date is a good motivator to help you stay inspired.

 

[Doreena]

That's the "secret" to using debt to your advantage; pay it off before the interest starts to accumulate. My strategy of using other people's money (zero interest) is to ensure that I have the money in the bank to pay it off in case something happens. Being disciplined is the key to proper debt management.

That’s what the financial businesses are doing to us, so why not?


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[Mountain trapper]

When you say you pay twice a month, does that mean you made bi weekly payments to equal the full amount in one month?
Or did you make two full mortgage payments in one month?

Actually I was paying biweekly. My total monthly payment was the same, but by paying half 2 weeks early really cut down the total interest. When I had the money then I'd pay two full payments twice a month. I also rounded my payments up. Example, if my monthly payment was $835 I'd pay $850. All these little things really cut the total interest down, and reducing the years on the mortgage or loan.

 

[DrPrepper1]

Actually I was paying biweekly. My total monthly payment was the same, but by paying half 2 weeks early really cut down the total interest. When I had the money then I'd pay two full payments twice a month. I also rounded my payments up. Example, if my monthly payment was $835 I'd pay $850. All these little things really cut the total interest down, and reducing the years on the mortgage or loan.

Great! That’s what I am doing as well. I have paid about 3/4 of the total loan already, but I was hoping it would be sooner.

 

[jimLE]

I'm a firm believer of staying out of debt.i might be barely getting by.but yet.I'm not in debt with a bank.car lot or what ever..i know a couple who replaces their vehicles when ever the factory warranty gets close to running out.which means their making car payment's every month.instead of spending it on something else. and here they are barely getting by.

 

[Mountain trapper]

Another thing to remember about debt; never ever enter in to any kind of loan that has a pre-payment penalty.

 

[Mountain trapper]

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[DrPrepper1]

I went to a gun show and got a better knife and a back pack for my son and his family. I am going to fill it with useful things and give it to him for Christmas.

My air conditioner is not keeping up with the Texas heat. We called a repairman but he can’t come out until Tuesday. We have a small window unit in our garage. We put it in our bedroom window so we have a nice cool room to sleep in.

It pays to be prepared

 

[tmttactical]

DrPepper.

If water is cheap and plenty-full run, a soaker hose across your roof ridge line and wet down the roof. This methods turns your entire roof into an evaportive cooler. That will help your A/C system maintain a reasonable temp. A/C units are sized for square footage at a typical high temp average (95*). Your unit may be working just fine but was not designed to over come 100* plus days.

 

[DrPrepper1]

DrPepper.

If water is cheap and plenty-full run, a soaker hose across your roof ridge line and wet down the roof. This methods turns your entire roof into an evaportive cooler. That will help your A/C system maintain a reasonable temp. A/C units are sized for square footage at a typical high temp average (95*). Your unit may be working just fine but was not designed to over come 100* plus days.

Thank you that’s an excellent idea, but unfortunately I have a high arched roof. I would never be able to get a soaked hose over the top.
The city will only allow is to water 2 days a week only. We have water restrictions.
But I do hope the air conditioner will be able to keep up when it gets cooler.

 

[Brent S]

I'm a firm believer of staying out of debt.i might be barely getting by.but yet.I'm not in debt with a bank.car lot or what ever..i know a couple who replaces their vehicles when ever the factory warranty gets close to running out.which means their making car payment's every month.instead of spending it on something else. and here they are barely getting by.

I’ve always felt that it’s not how much you make as it is how well you do with it. I’ve known lots of people that made great money and were broke.

 

[Doreena]

DrPepper.

If water is cheap and plenty-full run, a soaker hose across your roof ridge line and wet down the roof. This methods turns your entire roof into an evaportive cooler. That will help your A/C system maintain a reasonable temp. A/C units are sized for square footage at a typical high temp average (95*). Your unit may be working just fine but was not designed to over come 100* plus days.

That is an interesting solution but you also bring to light a pet peeve of mine... HVAC should be sized by much more than square footage. Windows, insulation, roof type, even landscaping all change the requirements. I would be highly skeptical of any hvac person that only uses sf alone!


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[Mountain trapper]

That is an interesting solution but you also bring to light a pet peeve of mine... HVAC should be sized by much more than square footage. Windows, insulation, roof type, even landscaping all change the requirements. I would be highly skeptical of any hvac person that only uses sf alone!


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That's a very good point. It's also likely that they could sell you a system that's much larger than needed or unnecessary components. I'd rather go over sized than under though. I built my house with double the "needed" insulation in the roof and extra insulation in the wall's and floor and top quality windows. I also went with a larger heat pump and heating/AC system than necessary for my sized home.
The point is if you're going to add an HVAC system to your home is to do some research in the recommended systems, and in to the contractor. Be involved and ask questions throughout the entire process.

 

[Brent S]

Since we are on a prepping site we should consider how to heat and cool without electricity. The houses built in the 20’s and 30’s were pre AC. Take cues from their designs. High windows that could let the naturally rising heat out, windows that lined up from 2 sides of the house so a breeze could blow right through, porch overhangs that provide shade. Using both the modern improvements like insulation and multi pane windows and the old designs that made the best of heat removing natural processes just makes sense. There’s a really good chance we will be without electricity one of these days so including it in any building design is much smarter than making something that can’t function in the warm summertime months.

 

[Doreena]

That's a very good point. It's also likely that they could sell you a system that's much larger than needed or unnecessary components. I'd rather go over sized than under though. I built my house with double the "needed" insulation in the roof and extra insulation in the wall's and floor and top quality windows. I also went with a larger heat pump and heating/AC system than necessary for my sized home.
The point is if you're going to add an HVAC system to your home is to do some research in the recommended systems, and in to the contractor. Be involved and ask questions throughout the entire process.

I would also advise against an oversized unit unless you are getting a variable power one, otherwise an oversized unit will move more air than needed, making a unit cycle too often and wasting your money. I am no expert, but my expert says get a unit sized correctly or you will regret it...


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[Doreena]

Since we are on a prepping site we should consider how to heat and cool without electricity. The houses built in the 20’s and 30’s were pre AC. Take cues from their designs. High windows that could let the naturally rising heat out, windows that lined up from 2 sides of the house so a breeze could blow right through, porch overhangs that provide shade. Using both the modern improvements like insulation and multi pane windows and the old designs that made the best of heat removing natural processes just makes sense. There’s a really good chance we will be without electricity one of these days so including it in any building design is much smarter than making something that can’t function in the warm summertime months.

Yep. That is why if I were building, I would go with an ICF house that is tightly sealed and I would never install fixed glass windows.


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[Mountain trapper]

I would also advise against an oversized unit unless you are getting a variable power one, otherwise an oversized unit will move more air than needed, making a unit cycle too often and wasting your money. I am no expert, but my expert says get a unit sized correctly or you will regret it...


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Your correct about the system being right sized for your house. An undersized unit would stay on too much and work too hard trying to keep your house warm or cool. My system is more of a backup. My primary heat will be wood and I don't expect the AC to be used more than a few days per year. So far this summer the inside of the house hasn't gotten above 70 degs. The house is built in the trees so very little sun ever hits the house, plus I have 2 celling fans that move a lot of air.
Our cabin gets a lot more sun and I've used the AC one day so far this summer.

 

[Mountain trapper]

Since we are on a prepping site we should consider how to heat and cool without electricity. The houses built in the 20’s and 30’s were pre AC. Take cues from their designs. High windows that could let the naturally rising heat out, windows that lined up from 2 sides of the house so a breeze could blow right through, porch overhangs that provide shade. Using both the modern improvements like insulation and multi pane windows and the old designs that made the best of heat removing natural processes just makes sense. There’s a really good chance we will be without electricity one of these days so including it in any building design is much smarter than making something that can’t function in the warm summertime months.

Now days many people, around here anyway, build their homes out in the open and on a hill to take advantage of the views. Down south of me it's pretty much desert with no trees around and summers can get over 100 degrees during July and August. It's be misrable living if they ever lost power.
When we were trying to decide where to build our house on this property we were tempted to build on a hill overlooking several mountain ranges. The views would have been spectacular, but we'd also be exposed to the high winds and drifting snow in winter and sun all day during summer.
So the site we ended up building on is at the top of a small valley with a ridge on 3 sides and surrounded by large trees. We still have a great view to the west where we can see the storms coming in over the mountains but we're protected from the wind.
The design of our house incorporates many of the features that you mention above. The living room, dining room and kitchen ceiling's are two stores high with dormers and large windows to let natural light in, and the heat out. The rest of the house has 9 foot walls with cathedral ceilings. We have one large fixed picture window in the living room, the rest open. On the outside of the house we have covered porches on three sides. During summer the sun doesn't hit the house directly anywhere. But in winter when the sun is low it will shine on the decks.
Our wood stove has a flat surface for cooking if things went bad and we can no longer get propane.

For some reason I can't post pictures anymore.