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Posted: Fri Apr 20, 2012 6:09 pm
by ktn
I don't have anyone else I could share this with and expect understanding from. I know there are many people here who think it is a silly thing to do. But silly me did it.
I P-A-I-D O-F-F M-Y O-N-E A-N-D O-N-L-Y L-O-A-N T-O-D-A-Y.
Whew. There, I said it.
I could not think of any other way to celebrate my (upcoming) 40th birthday. So INTJ me decided this would be it. Now I have almost no investments whatsoever but the home. But yeah, it feels nice to be debt-free again.
I fretted over taking on a mortgage for many years. I finally bit the bullet and then discovered this website right after. I have always been a saver, but thanks to Jacob I have been doubly-focused on saving the max so I could pay down this debt. To me it felt like the first (easy) step I needed to take in my quest for FI. The next is going to be the harder part - figuring out an investment strategy and executing it while I continue to save.
I was broke at 30. I have a home at 40. I want to be FI by 50. Wish me luck!


Posted: Fri Apr 20, 2012 6:14 pm
by S
Congrats!


Posted: Fri Apr 20, 2012 6:40 pm
by livinlite
Major congrats!!!
I felt the same way when I paid off my student loans a couple months ago. They'd just been sitting there for years and I'd kind of ignored them. Now it's one less debt (just have a car loan left I want to get rid of...but am waiting on the wife to approve).


Posted: Fri Apr 20, 2012 7:08 pm
by Ralphy
Well done! I'm another one who put a big chunk of money into fully repaying student loans, and I don't regret the decision at all. If you keep up your high savings rate, the investments will build up quickly.


Posted: Fri Apr 20, 2012 7:30 pm
by Lorraine
It's such an awesome feeling, isn't it? I paid off a mortgage last fall and felt compelled to announce it here to the people who understand. Congratulations.


Posted: Fri Apr 20, 2012 8:13 pm
by Canadian Dream
Way to go!!!!!! That is a great first step to FI!
You are helping me to stay motivated to kill my mortgage off later this year.
Thanks,

Tim


Posted: Fri Apr 20, 2012 8:46 pm
by celliott
KTN, Absolutely Outstanding!!!!!!
The ones who usually think it unwise have never done it. It's all mathematical equation and calculation to them. However, there are very few things that open the door to FI like a paid off house. I paid my last house off in 19 months. Taxes and Insurance equate to ~2.5% of my income. It will always be manageable.
Enjoy the success and liberating feeling. Your investments going forward will be sweeter also. Trust me, you'll be more relaxed about your investments now as you move forward.


Posted: Fri Apr 20, 2012 10:35 pm
by ktn
Thanks, Y'all. So good to hear there are others here who've done or are doing the same.
@livinlite: Good luck on getting rid of the car loan. If you are like me, it will feel good to be debt-free. I was there once and have been yearning for that state since.
@putski: It hasn't really sunk in yet. By the way, I'd like to see a journal update from you soon. :-)
@Tim: I look forward to hearing the announcement. You are a good 5 years ahead of me FI target-wise. Keep it up.
@celliott: 19 months! Wow. I did mine in 23.


Posted: Fri Apr 20, 2012 10:53 pm
by riparian
Congrats! I paid mine off last summer. FI through no housing expenses is the best strategy IMO, otherwise you're always a slave to some form of getting big chunks of money.


Posted: Fri Apr 20, 2012 10:54 pm
by BeyondtheWrap
Awesome!


Posted: Fri Apr 20, 2012 11:09 pm
by aussierogue
That is amazing news...40 is a great effort....
Dont forget to celebrate major milestones....just dont go into debt doing it!


Posted: Fri Apr 20, 2012 11:33 pm
by Dragline
Awesome!


Posted: Sat Apr 21, 2012 12:01 am
by DutchGirl
Congrats and well done, must be a great feeling!


Posted: Sat Apr 21, 2012 5:00 am
by prosaic
Big congrats!


Posted: Sat Apr 21, 2012 4:46 pm
by Hoplite
Congratulations! Posting it here seems even better than a mortgage-burning party!


Posted: Sat Apr 21, 2012 5:24 pm
by ktn
Thank you, thank you.
A mortgage burning party? I had to look it up.
Then I ran into this:

http://www.npr.org/templates/story/stor ... =106242731
There is whole world out there that is sooo different. I had assumed most people would want to pay off their mortgages asap. I feel like a hermit who has lived in a cave too long.
I think I'll take aussierogue's advise and treat my two closest friends to brunch on my birthday day.


Posted: Sat Apr 21, 2012 5:26 pm
by ktn
<deleted - accidentally posted twice - sorry>


Posted: Sat Apr 21, 2012 5:58 pm
by Hoplite
The world became very different with refinancing (resetting the clock), "harvesting equity" by borrowing, and all the other come-ons from the mortgage lenders to send the serfs back to the plow. Actually owning a house never seems to occur to people anymore.
But it sure is worth celebrating the liberation!


Posted: Sat Apr 21, 2012 11:03 pm
by BPA
Congratulations!!!
I hope to be there in 3 years or less.


Posted: Sun Apr 22, 2012 4:26 am
by dot_com_vet
Congrats!
This is fantastic for your finances! It's makes a high savings rate even higher.