How much debt have you paid off?: $500,000
What was it for?: Houses and a commercial building.
From deciding to become debt-free to making the last payment, how long did it take you?: I can’t quite recall.
What age did you take on your first debt, and how old are you now?: Age 22 with a mortgage for a home. Now 65 years old, and all well and truly paid off.
Did you do it alone or as a family?: Family
Did you pay off debt from your regular income, take on extra work, or change jobs to speed it up?: All of the above.
What people, books, websites, podcasts, budgeting tools, debt trackers and resources helped you?: Noel Whittaker's book from the late 1990s, Making Money, Made Simple.
Did you keep an emergency fund while you paid off debt? If so, how much?: Yes
What tips/hacks could you share?: Slow and steady wins the race.
Was there a structure to your debt payoff? i.e. paying smallest to largest, or highest interest rate to lowest?: All long-term property debt. We always buy things that depreciate using cash and never borrow for things that go down in value.
How did you stay motivated, and what was the most challenging part of paying off your debt?: We took a long-term view of getting to financial security.
How did you celebrate making your final payment?: I don’t recall
Was getting out of debt worth it, and what have you learned about yourself?: Yes, very worthwhile. No debt gives you choices.
Will you ever go back into debt again?: No.