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Is it still OK to have a mortgage burning party?
01-13-2008, 10:18 PM
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#1
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Recycles dryer sheets
Join Date: Jun 2007
Posts: 316
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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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01-13-2008, 10:29 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,474
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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-13-2008, 11:34 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
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Quote:
Originally Posted by Grizz
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?
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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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Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
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01-14-2008, 12:38 AM
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#4
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Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
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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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Money's just something you need in case you don't die tomorrow.
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01-14-2008, 01:19 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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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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01-14-2008, 08:08 AM
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#6
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Full time employment: Posting here.
Join Date: Aug 2006
Location: athens
Posts: 802
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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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Can't you see yourself in the nursing home saying, " Darn! Wish I'd spent more time at the office instead of wasting time with family and friends."
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01-14-2008, 08:08 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,294
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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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There's no need to complicate, our time is short..
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01-14-2008, 08:41 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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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!
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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01-14-2008, 08:46 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Maybe you would inspire others to pay off their mortage to.
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01-14-2008, 08:55 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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I'd say "no," because some people will interpret it as bragging.
__________________
Al
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01-14-2008, 10:13 AM
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#11
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Full time employment: Posting here.
Join Date: Feb 2006
Posts: 599
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I'm thinking about a refi party.....................
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01-14-2008, 10:13 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Only if you do a joint bra burning party....
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01-14-2008, 11:16 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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01-14-2008, 03:12 PM
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#14
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Dryer sheet aficionado
Join Date: Jul 2007
Posts: 25
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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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01-14-2008, 06:10 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
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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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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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01-14-2008, 06:29 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
Originally Posted by Grizz
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It is not OK. Mortgage burning along with flag burning is now a felony.
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-14-2008, 06:44 PM
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#17
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Full time employment: Posting here.
Join Date: May 2006
Posts: 858
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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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01-14-2008, 07:53 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,821
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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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01-14-2008, 08:15 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
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Quote:
Originally Posted by RetireeRobert
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.
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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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"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
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01-14-2008, 08:30 PM
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#20
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Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
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Unwritten rule of modern life: One can only brag of being profligate.
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