zilik
VAF Moderator
We lived like paupers as there was no other way to do it. Our priority was not to pay for the airplane but to get out of debt. I worked overseas in the armpits of the world and we had our house paid off in 12 years. Being out from under a mortgage gives you more freedom to do other things. Get out of debt! That is the most important item in life to do. If you have to purchase with credit/mortgage, don't do it.
We started the plane in '95 finished in Feb 2000. Along the way we doubled the size of the house (all done by me and wife) which included a new heated shop to build the airplane in. Overseas in the armpits of the world paid for the addition.
After flying for a couple of years I wanted a constant speed prop and the wife wanted new eyes. So we borrowed money from our saving for both. We set up a payment plan with interest. Worked well.
We bought a hangar in 2005 and mortgaged the house against it. $100,000 at 2.99% APR as investments were turning an easy 7% it was easy to use other peoples money in that instance. I forgot to tell the wife my plan and she paid off the hangar in 5 years. Good girl! Have I mentioned how nice it is to be debt free?
We drove old cars. Granted we bought my wife's new and finally sold it 21 years later with 396000 miles on it. My trusty old 86 Mustang rag top (bought used)had 400,000 when I let her go for another used car. We still drive used vehicles. My wife's is a 2001 and my winter vehicle is a 2002 (312,000 miles) and summer is a '67 Mustang. Average age of our autos is 1990! I do not believe I will ever buy another new car. Oh, I also maintain all of our cars. If I can build and maintain an RV I can do the same for the autos.
We don't eat out much as we prefer home cooked meals. We have no TV except Amazon Prime and Netflix.
When I started the plane in '95 I made about $40K/year, not much but enough. Through the years the income came up, the overseas work paid well, and when I became unemployed last year at the age of 59 I made about $120K/year. Not much by todays standards but we live debt free.
We now have a nice home (3700 sq ft) a hangar (3000 sq ft) an airplane and 3 used automobiles and a 1942 2N Ford tractor. We don't try and keep up with the Jones's as I like being debt free. Did I mention the debt free ticket to fulfillment?
So now in simi-retirement it is all about getting rid of the years of getting. Old stuff is being tossed and new stuff added. The 6A is scheduled for a panel upgrade to glass and ADS-B. Last week I installed he first piece of the upgrade: a Garmin G5. By 2020 the plane with have a modern glass panel.
We started the plane in '95 finished in Feb 2000. Along the way we doubled the size of the house (all done by me and wife) which included a new heated shop to build the airplane in. Overseas in the armpits of the world paid for the addition.
After flying for a couple of years I wanted a constant speed prop and the wife wanted new eyes. So we borrowed money from our saving for both. We set up a payment plan with interest. Worked well.
We bought a hangar in 2005 and mortgaged the house against it. $100,000 at 2.99% APR as investments were turning an easy 7% it was easy to use other peoples money in that instance. I forgot to tell the wife my plan and she paid off the hangar in 5 years. Good girl! Have I mentioned how nice it is to be debt free?
We drove old cars. Granted we bought my wife's new and finally sold it 21 years later with 396000 miles on it. My trusty old 86 Mustang rag top (bought used)had 400,000 when I let her go for another used car. We still drive used vehicles. My wife's is a 2001 and my winter vehicle is a 2002 (312,000 miles) and summer is a '67 Mustang. Average age of our autos is 1990! I do not believe I will ever buy another new car. Oh, I also maintain all of our cars. If I can build and maintain an RV I can do the same for the autos.
We don't eat out much as we prefer home cooked meals. We have no TV except Amazon Prime and Netflix.
When I started the plane in '95 I made about $40K/year, not much but enough. Through the years the income came up, the overseas work paid well, and when I became unemployed last year at the age of 59 I made about $120K/year. Not much by todays standards but we live debt free.
We now have a nice home (3700 sq ft) a hangar (3000 sq ft) an airplane and 3 used automobiles and a 1942 2N Ford tractor. We don't try and keep up with the Jones's as I like being debt free. Did I mention the debt free ticket to fulfillment?
So now in simi-retirement it is all about getting rid of the years of getting. Old stuff is being tossed and new stuff added. The 6A is scheduled for a panel upgrade to glass and ADS-B. Last week I installed he first piece of the upgrade: a Garmin G5. By 2020 the plane with have a modern glass panel.
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