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PostPosted: Fri Apr 20, 2012 6:09 pm 

Joined: Wed Jul 21, 2010 10:33 pm
Posts: 116

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!




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PostPosted: Fri Apr 20, 2012 6:14 pm 

Joined: Thu Jul 22, 2010 8:02 pm
Posts: 288

Congrats!




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PostPosted: Fri Apr 20, 2012 6:40 pm 

Joined: Tue Feb 14, 2012 7:38 pm
Posts: 108

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).




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PostPosted: Fri Apr 20, 2012 7:08 pm 

Joined: Wed Jul 21, 2010 11:41 pm
Posts: 196
Location: Iowa

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.




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PostPosted: Fri Apr 20, 2012 7:30 pm 

Joined: Wed Apr 20, 2011 6:00 am
Posts: 26

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.




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PostPosted: Fri Apr 20, 2012 8:13 pm 

Joined: Mon Nov 07, 2011 8:04 pm
Posts: 32

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




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PostPosted: Fri Apr 20, 2012 8:46 pm 

Joined: Sun May 08, 2011 2:37 pm
Posts: 63

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.




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PostPosted: Fri Apr 20, 2012 10:35 pm 

Joined: Wed Jul 21, 2010 10:33 pm
Posts: 116

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.




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PostPosted: Fri Apr 20, 2012 10:53 pm 

Joined: Tue Oct 25, 2011 4:00 am
Posts: 626

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.




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PostPosted: Fri Apr 20, 2012 10:54 pm 

Joined: Thu Jul 22, 2010 3:38 pm
Posts: 366
Location: NYC

Awesome!




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PostPosted: Fri Apr 20, 2012 11:09 pm 

Joined: Thu Nov 10, 2011 1:02 pm
Posts: 379

That is amazing news...40 is a great effort....


Dont forget to celebrate major milestones....just dont go into debt doing it!




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PostPosted: Fri Apr 20, 2012 11:33 pm 
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Joined: Wed Aug 24, 2011 1:50 am
Posts: 1846

Awesome!




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PostPosted: Sat Apr 21, 2012 12:01 am 

Joined: Tue Sep 06, 2011 1:49 pm
Posts: 785

Congrats and well done, must be a great feeling!




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PostPosted: Sat Apr 21, 2012 5:00 am 

Joined: Sun Jan 01, 2012 8:54 pm
Posts: 101

Big congrats!




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PostPosted: Sat Apr 21, 2012 4:46 pm 

Joined: Sat Dec 04, 2010 1:03 am
Posts: 489

Congratulations! Posting it here seems even better than a mortgage-burning party!




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PostPosted: Sat Apr 21, 2012 5:24 pm 

Joined: Wed Jul 21, 2010 10:33 pm
Posts: 116

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/story.php?storyId=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.




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PostPosted: Sat Apr 21, 2012 5:26 pm 

Joined: Wed Jul 21, 2010 10:33 pm
Posts: 116

<deleted - accidentally posted twice - sorry>




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PostPosted: Sat Apr 21, 2012 5:58 pm 

Joined: Sat Dec 04, 2010 1:03 am
Posts: 489

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!




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PostPosted: Sat Apr 21, 2012 11:03 pm 

Joined: Fri Jun 24, 2011 5:02 pm
Posts: 110

Congratulations!!!


I hope to be there in 3 years or less.




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PostPosted: Sun Apr 22, 2012 4:26 am 
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Joined: Mon Jan 31, 2011 2:07 am
Posts: 589

Congrats!


This is fantastic for your finances! It's makes a high savings rate even higher.




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PostPosted: Sun Apr 22, 2012 11:54 pm 

Joined: Sat Feb 04, 2012 3:24 pm
Posts: 179
Location: Chicago, IL

Congrats on paying off the mortgage! I paid mine off in November of 2010, and it was such a wonderful feeling!




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PostPosted: Mon Apr 23, 2012 3:09 am 
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Joined: Mon Jan 31, 2011 2:07 am
Posts: 589

I think a reasonable, paid-off house could be almost as cheap as RV or van living.


Taxes and insurance aren't that much. A little sweat equity can keep up on maintenance. If bought correctly, you could sell for more than you paid.


The money tied up in a house isn't liquid, but if we're talking modest housing, it shouldn't be a majority of one's net worth.


I do think long term camping in a VW van would quite fun though!




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PostPosted: Mon Apr 23, 2012 6:20 am 

Joined: Thu Aug 25, 2011 8:16 pm
Posts: 267

congrats!




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PostPosted: Mon Apr 23, 2012 11:47 pm 

Joined: Mon Apr 16, 2012 1:10 am
Posts: 12

Congrats, I did this several years ago also. I wonder what percent of the US has no debt?




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PostPosted: Tue Apr 24, 2012 12:01 am 

Joined: Sun May 08, 2011 2:37 pm
Posts: 63

That group would probably be the real 1%ers.




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