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Is it still OK to have a mortgage burning party?
Old 01-13-2008, 11:18 PM   #1
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Is it still OK to have a mortgage burning party?

I'm 38, DW is 33. We're on a bit of a buzz since our recreational lake lot was paid off two weeks ago and the mortgage on our home is going to be paid off this week.

Is it OK to revitalize what is an old fashioned custom by throwing a mortgage burning party? Sitting Pretty: Mortgage-Burning Party

We thought that it would be great fun but since these parties aren't really in vogue these days we aren't sure if having a mortgage burning party might be misunderstood and viewed as showing off or cause jealousy in friends who are older than us and who are still sitting on 6 figure mortgages.

We have squirrelled away money for years to do this, it feels great, and we'd like to celebrate reaching our big milestone with friends, but we'd much rather keep it to ourselves if it could mean hard feelings. Any thoughts?
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Old 01-13-2008, 11:29 PM   #2
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CONGRATULATIONS on this terrific accomplishment!!! You have every right to feel like celebrating.

I don't have an answer to your question. I can understand why you are concerned about your friends' feelings. Personally, I just had a celebratory dinner out with Frank and skipped the mortgage burning. On the other hand, you have every right to celebrate and your friends can always turn down the invitation, I suppose.
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Old 01-14-2008, 12:34 AM   #3
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I'm 38, DW is 33. We're on a bit of a buzz since our recreational lake lot was paid off two weeks ago and the mortgage on our home is going to be paid off this week.

Is it OK to revitalize what is an old fashioned custom by throwing a mortgage burning party?

Hey, any excuse for a party is a good reason. Paying off a mortgage is a real accomplishment that deserves to be celebrated.

As to jealosy, or ill-feelings, perhaps. Depends how well you know the friends you might invite. Perhaps this celebration might be better a more intimate one with just you and DW. And maybe a few close friends you know well enough to know they won't be jealous, but rather envious in a positive manner.
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Old 01-14-2008, 01:38 AM   #4
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I can understand the sentiment - I'll pay mine off in 13 months.

But I wouldn't do it, not because I'd worry about my friends potential bad feelings or jealousy, rather I'd be afraid it would come across as so much bragging.


edited to add: Congratulations, by the way!
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Old 01-14-2008, 02:19 AM   #5
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I think it is ok, I had a small party when I did it years ago. But I was a bit worried about bragging.

I think now days it is far more cool to celebrate winning the refi game, by driving the brand to new Lexus to airport for the two month round the world cruise courtesy of your friendly banker.
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Old 01-14-2008, 09:08 AM   #6
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When we paid off our mortgage, I sure considered a mortgage burning party. We didn't do it though. Kinda' wish I had now. The significance of it passed without much notice or memory. Sad, for it's truly a big event. The trouble though is by the time you pay it off, the monthly payment isn't nearly as significant as when you first got the loan. Still...
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Old 01-14-2008, 09:08 AM   #7
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You probably know which friends would be sincerely happy for you. I'd invite that bunch and have a ball. If they ask if they can bring anything, tell them a match!

Congrats to you!
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Old 01-14-2008, 09:41 AM   #8
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Any excuse for a party is a reason to party.

Someone is born- throw a party
Someone dies- throw a party
Pay off mortgage- throw a party

Consider that people throw parties when a loved one dies, the animosity towards a person paying off their mortgage would be greater (yet everyone is alive and healthy).

Who cares what others think. You can always make new friends.

Of course my wife would probably disagree with my attitude on most of above. If you think friendships would be strained, then those people are not good friends, or you should sit and have a heart to heart with them prior to the party.

congrats!
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Old 01-14-2008, 09:46 AM   #9
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Maybe you would inspire others to pay off their mortage to.
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Old 01-14-2008, 09:55 AM   #10
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I'd say "no," because some people will interpret it as bragging.
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Old 01-14-2008, 11:13 AM   #11
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I'm thinking about a refi party.....................
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Old 01-14-2008, 11:13 AM   #12
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Only if you do a joint bra burning party....
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Old 01-14-2008, 12:16 PM   #13
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I'm thinking about a refi party.....................


Nowadays maybe the next new thing would be a "The Feds Bailed Me Out" party...........
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Old 01-14-2008, 04:12 PM   #14
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I would have the Mortgage Burning Party. (Just make sure you have the ceremonial ignition outdoors. It would be sad to burn down a fully paid off home.)

I would invite everyone. You are to be congratulated on your emancipation from financial serfdom and you are an example to others to get to this milestone.
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Old 01-14-2008, 07:10 PM   #15
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See all the moral dilemma's you get to bypass by never having a mortgage in the first place?
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Old 01-14-2008, 07:29 PM   #16
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Is it OK to revitalize what is an old fashioned custom by throwing a mortgage burning party? Sitting Pretty: Mortgage-Burning Party
It is not OK. Mortgage burning along with flag burning is now a felony.

Ha
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Old 01-14-2008, 07:44 PM   #17
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I would have it. I reget not having one when we paid off ours. People here reconize how important this event is. It's a milestone & you don't get that many in your lifetime.
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Old 01-14-2008, 08:53 PM   #18
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Well, would you throw a 'I reached $X Net Worth' party, or would you feel like you were bragging?

But that is really all you are doing with a 'I paid off the mortgage' party. I'd probably skip it, unless the attendees were also in the process of paying off their mortgage, saw it as a goal, and your accomplishment inspired them.

Else, it seems like bragging to me.

-ERD50
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Old 01-14-2008, 09:15 PM   #19
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Paying off a mortgage is a real accomplishment that deserves to be celebrated.... [But p]erhaps this celebration might be better a more intimate one with just you and DW.
I agree with both of the above points.

While friends might enjoy your success, perhaps they might privately envy (or even resent) you ... why take the chance of hurting their feelings, or harming the relationship?

There's no real need to invite anyone else: you well know the significance of your achievement, and surely you don't need a cast of supporters to drive that point home.

But do celebrate privately!
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Old 01-14-2008, 09:30 PM   #20
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Unwritten rule of modern life: One can only brag of being profligate.
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