Financial blogger pays home loan in three years

[fiby41]

http://nypost.com/2015/12/03/no-one-is- ... n-3-years/

Inspiring.

I don't think I have the endurance to juggle two jobs and at the same time produce creative work (of any sort) right now. But I do have enough time to develop it though.
Time management is definitely something I have to work on improving.

Listening to Radical Personal Finance podcast's interview with Jacob, I remember not wanting the home loan burden was one of the reasons that set Jacob on this journey that finally lead to the blog.

Naturally different people have different values (house, car, FI, kids) and optimize with that in mind. Personally, it would also benefit me to adopt Sean's determination and single minded focus.

His blog: http://seancooperwriter.com/

[jacob]

Listening to Radical Personal Finance podcast's interview with Jacob, I remember not wanting the home loan burden was one of the reasons that set Jacob on this journey that finally lead to the blog.

It worked too. We paid cash for the house. Not having a mortgage is nice.

[fiby41]

Yup, read that in the update blog post.

[SimpleLife]

I'll second not having a mortgage is nice. I paid cash for my first house just a little over 2 years after my first "real job", where I was making around 60K a year. Took the bus, lived cheaply in my long time apartment, and took advantage of the real estate decline in a so-so location, on a mid century house that had been remodeled. Celebrated 5 years of ownership the other day, and although it's been a rental for the past 2.5 years, I did live in it for the first 2.5 years, so I could do it again if I fell on hard times. It's a huge weight lifted off your shoulders. It's not really on the forefront of my mind all the time, but whenever I see someone mention it, I remember how awesome it feels to have a paid off roof over your head. Not a mansion by any means, but still a good house, and I'd rather have it and not have to work or worry as much, vs. being forced to work and worry all the time about maintaining my paycheck.

Had enough cash to pay off second house, but decided to buy third house, which was a good call, as I'm up 60K+ in just over a year since I bought it. And I've since replenished the funds needed to pay off second house, though I only pay $200 a month in actual interest over what I would pay if the place was paid off. With a 3.25% fixed 30 year mortgage, and a low payment even with only 5K down (11K total with fees), I'm in no hurry to pay it off. PMI will fall off in 2 more years, as I got one of the last loans where it still falls off after 5 years and 20% equity. House went up 120K since I bought it.

[thrifty++]

Such industriousness. Im too heath oriented for such an approach to things. But it does make me think I should focus more on my secondary consulting work which pays so much more than working in a supermarket. At this point I have limited my work to weekends but maybe I should start doing more work on weeknights to get more cash rolling in.

[GandK]

I read that a few days ago. Some of the comments/tweets were horrible.

Edit: Original story and comments.

[cmonkey]

I paid off my mortgage in just under 3 years as well and it was my first true FI goal (before even knowing what FI was). I paid it off just under 3 years ago. Agree with the others, its nice not having to think about the payments.

I was thinking about it a few weeks ago, it will take me just under 3 years to achieve FI at this point, yet its a substantially larger sum of money involved than paying off the house which had the same timeline. Then again I was only paying 1K / month to the house. I'm putting a lot more toward FI. I would have had the house paid off in 12 months at my current savings rate. We have come a long way in a short time.

[Did]

We moved to Ireland in part due to the cheap real estate, and now live in a mortgage free home. I haven't solved everything.... but I do enjoy not having to pay rent.

[IlliniDave]

In my first phase of adult life I was paying off a 30 yr mortgage on schedule, In my second phase, post divorce as a single full-time dad, I started at 80/20 while cash flowing college and working off some other debt and had it all paid in about 4 years. Worked a lot of overtime to get in done. Occasionally I still debate whether I should have played the return differential game, but in the last nine months I've had a lot of employment uncertainly and every time that comes to mind I derive a lot of relief from being debt-free.

[Peanut]

We purchased both the homes we have owned outright, but I think the grass is almost as green on the other side. I was always a little disappointed we couldn't take advantage of the mortgage deduction. I also think it's kind of nice to have so little invested in a house that if it all falls apart you haven't really lost anything.