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Old 10-11-2007, 11:29 AM   #21
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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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Old 10-11-2007, 12:48 PM   #22
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Absolutely wonderful to do that at age 29! I am SO impressed!

CONGRATS!

TG
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Old 10-11-2007, 02:57 PM   #23
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Quote:
Originally Posted by Breitling View Post
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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Old 10-11-2007, 03:42 PM   #24
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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!
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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Old 10-11-2007, 06:31 PM   #25
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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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Old 10-11-2007, 08:25 PM   #26
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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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Old 10-11-2007, 09:24 PM   #27
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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.
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Old 10-11-2007, 09:25 PM   #28
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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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Old 10-11-2007, 09:29 PM   #29
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Woohoo, that's great! Mine will be gone next summer at the 10 year point.
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Old 10-11-2007, 10:00 PM   #30
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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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Old 10-12-2007, 12:58 AM   #31
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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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Old 10-12-2007, 07:27 AM   #32
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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.
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.
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Old 10-12-2007, 07:54 AM   #33
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I would pay off the mortgage in full. .... and wired the pay off balance to the mortgage holder.

Man did that feel good!
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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Old 10-12-2007, 09:26 AM   #34
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Next goal Brietling is to beat my FIRE date 39 and 9 months.
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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Old 10-12-2007, 04:04 PM   #35
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39 years, 9 months and 1 week. I'm behind!

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Old 10-12-2007, 04:10 PM   #36
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Congrats! Geez, 29 .... WOW!

I just can't bring myself to payoff a 4.875% fixed 15 year note.
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Old 10-12-2007, 04:36 PM   #37
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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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Old 10-12-2007, 04:44 PM   #38
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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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Old 10-12-2007, 05:18 PM   #39
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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.
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