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10-11-2007, 10:29 AM
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#21
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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
Posts: 22,708
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Hey, its all about the right motivation. Its clear that customer service and doing the job arent priorities anymore, but covering the ass sure is.
Do what works...
"I dont have time to get insurance. I'm playing with matches!"
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10-11-2007, 11:48 AM
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#22
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 229
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Absolutely wonderful to do that at age 29! I am SO impressed!
CONGRATS!
TG
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10-11-2007, 01:57 PM
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#23
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Recycles dryer sheets
Join Date: Mar 2007
Posts: 161
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 Quote:
Originally Posted by Breitling
I got my mortgage statement yesterday and noticed that my 2 year ARM rate reset this month. I had already decided that as soon as my ARM resets, I would pay off the mortgage in full. So thats what I did today, walked down to the Fidelity office and wired the pay off balance to the mortgage holder. Man did that feel good!
Exciting times! I feel so far ahead of the game right now, 29 years old, no cc debt, no car payments, no mortgage and a few hundred thousand left in my retirement accounts!  |
Good job!!!! And at 29 that's just unreal.....Now just sit back and watch the "cash flow" to your accounts now!! FI comes next!! Don't blow it 
Hillbilly
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10-11-2007, 02:42 PM
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#24
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Full time employment: Posting here.
Join Date: May 2007
Posts: 549
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Man ....you are soooo far ahead of the curve....outstanding!!
I'm FIRED'd at 52 and STILL have a mortgage....although it's actually my choice....as the funds are invested instead and I've made much more than the mtg has cost me....but still......that has GOT to be some kinda feeling! 
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10-11-2007, 05:31 PM
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#25
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,600
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Congrats! Now you can really save if you can get in the habit of investing the amount equal to your former house payment every month. I wish I would have done that.
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10-11-2007, 07:25 PM
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#26
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Recycles dryer sheets
Join Date: Jan 2006
Posts: 346
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Sweet, good job man...I feel like a chump. I'm 32 and oh so close to having my mortgage paid off. It's sitting at 32K and I have 31K in a high interest account set aside to pay off the mortgage. Two more weeks and I'll be there. Actually I'll probably wait the 12 months until renewal because paying it off early means a 3 month prepayment penalty. Once that rolls around I can sock away every last red cent into my retirement plans and hopefully be FIRE at around 48...
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10-11-2007, 08:24 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,708
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Congratulations. Very impressive at 29. I celebrated reaching FI 3 years ago at 46 by paying
mine off. Nice to be debt free.
__________________
learn, work, save, invest, fire
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10-11-2007, 08:25 PM
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#28
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Dryer sheet aficionado
Join Date: Mar 2007
Posts: 26
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Thanks Guys!
My pre-penelty payment reset the same day my ARM went up a full 3%. In all, I only held the mortgage for 2 years and 10 days. Long enough for me!
Next months household bills: $350.00!
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10-11-2007, 08:29 PM
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#29
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Dryer sheet wannabe
Join Date: Sep 2007
Posts: 13
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Woohoo, that's great! Mine will be gone next summer at the 10 year point.
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10-11-2007, 09:00 PM
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#30
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Recycles dryer sheets
Join Date: Feb 2006
Posts: 403
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Congratulations! I imagine it must feel great. I can't bring myself to do this as the rate is low 5% fixed and I believe the market will return 10% or close to it. And there would still be property tax, utility bills anyway. But I do think it would be a great feeling to be debt free and a very impressive feat at your age!
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10-11-2007, 11:58 PM
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#31
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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 thought I was doing well to pay off my mortgage at 32, 29 is fantastic! congratulations. I always made the distinction when people would ask "do you own this house. " I use to say "well some but the bank owns most", it was nice to be able say yup free and clear.
Next goal Brietling is to beat my FIRE date 39 and 9 months.
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10-12-2007, 06:27 AM
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#32
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by clifp
I thought I was doing well to pay off my mortgage at 32, 29 is fantastic! congratulations. I always made the distinction when people would ask "do you own this house. " I use to say "well some but the bank owns most", it was nice to be able say yup free and clear.
Next goal Brietling is to beat my FIRE date 39 and 9 months.
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I think 29 and 32 are BOTH fantastic! It took me until age 58 before I had a paid off house and I think you are both doing very well.
__________________
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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10-12-2007, 06:54 AM
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#33
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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: 26,891
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Quote:
Originally Posted by Breitling
I would pay off the mortgage in full. .... and wired the pay off balance to the mortgage holder.
Man did that feel good!
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Congrats on being able to save/invest enough money to cover your mortgage at your age. Wow, that is an accomplishment!
On the flip side of the 'feel good' statement though - how do you feel when you look at the account balance at Fidelity, and see that it is down by that
mortgage amount?
I'm going to run the numbers when my rate is adjusted at the end of this year (it was fixed at 5% for five years), and that's the part I dread if I pay it off - less money in my account! I look at that account everyday!
-ERD50
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10-12-2007, 08:26 AM
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#34
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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
Posts: 22,708
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Quote:
Originally Posted by clifp
Next goal Brietling is to beat my FIRE date 39 and 9 months.
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39 and 8 months  But then, I sold it all at 74 so I had an edge.
Everyone's brave when we're in the 5th year of a bull market. I'll take the debt free 13.6% annualized return I've gotten since retiring in april 2000.
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10-12-2007, 03:04 PM
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#35
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,145
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39 years, 9 months and 1 week. I'm behind!
Audrey
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10-12-2007, 03:10 PM
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#36
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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Congrats! Geez, 29 .... WOW!
I just can't bring myself to payoff a 4.875% fixed 15 year note.
__________________
FIRE'd since 2005
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10-12-2007, 03:36 PM
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#37
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 154
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Yes, at a low interest rate it is better to keep the money invested elsewhere and take the tax deduction.
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10-12-2007, 03:44 PM
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#38
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Hmmm - well heck, I thought it was amazing they gave me a new 30 year mortgage at age 62 - they're more optimistic than the IRS with their RMD who just 'know' I'm going to croak at 84.6.
Just kidding!
Congrats.
heh heh heh
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10-12-2007, 04:18 PM
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#39
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Full time employment: Posting here.
Join Date: Jun 2004
Location: Calgary
Posts: 805
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Congratulations!
We also paid off our mortgage early - I was 29 and DH was 31. I think we had our mortgage for a record of 2 MONTHS. Since then, we've been socking away what would have been our mortgage payment into after-tax investments to get out of the rat race ASAP.
__________________
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
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