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Back Again With An Update: Life After Mortgage!
Old 12-14-2012, 10:53 AM   #1
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Back Again With An Update: Life After Mortgage!

Hello again everyone!

I am back after a few months to report on life after our mortgage payoff.

Some of you may remember me from this "Should We Pay Off Our Mortgage" thread from last year. (available here : The Simple Life vs Mortgage Payoff )

This thread followed our lives over the course of 6 months as we struggled with the plan of paying off our home. The outpouring of support from this community was a big help as we worked our way down to ZERO.

Upon completion of that thread, I promised I would check back in to detail the plans to save a extra money now that the house is paid off. As a reminder, we are 43 & 41, our expenses are low, and our salaries are of the average "blue collar" rural variety.

So, without further adieu' here we go:

* On the day in April we paid off our home, we were down to about $4000 in liquid cash. We knew we were running things tight, but were very comfortable with such.

* We still have no credit card debt (zero balance)

* We are still driving the same old cars (10 and 8 years old respectively).

* We now have about $170,000 in combined IRA's

*And for those who asked, YES, we did change insurance carriers, and saw a 15%-20% savings.

No mortgage, and living below our means has allowed me to save HALF of my "bring home" salary over the last 8 months.

We sit here today, debt free, and with $25,000 cash in the bank , free and clear.

In 2013, we plan to take a modest vacation, and my 10 year old jeep MAY be up for replacement. My job is still a handful, but with this savings rate, I need to stay here as long as possible, and keep on banking the money.

As a side note, you might find it interesting that the wife and I have also had some success turning our weekend "flea market" and "craft show" hobbies into small amounts of extra cash.

I tell you these numbers, not to brag, but to simply track our progress, and prove to others that it can be done. It starts with LBYM, and dragging your butt to work everyday, no matter what.

Will I retire "early"? Yes, but just how "early" depends on what life throws at us, rate of returns, etc. At this point, 50 -55 years old may or may not be realistic, but for now, I am feeling pretty good about where we stand.

I'll be sure to check in from time to time with updates. As always, I appreciate feedback from the community.

With highest regard,

GarMan
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Old 12-14-2012, 10:56 AM   #2
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GarMan, congrats! That is an impressive update and I'm delighted that you shared it with us. Very, very cool!
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Old 12-14-2012, 11:06 AM   #3
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I enjoy reading these kinds of success stories. Congratulations.
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Old 12-14-2012, 11:07 AM   #4
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That's awesome GarMan! Keep up the good work.

omni
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Old 12-14-2012, 12:01 PM   #5
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Congratulations and thanks for sharing. I'm sure this will be inspirational to others facing similar decisions. Keep us posted..
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Old 12-14-2012, 12:03 PM   #6
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Outstanding!
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Old 12-14-2012, 12:46 PM   #7
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Well done! You are well on your way to financial independence. Keep it up and you will be there before you know it!
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Old 12-16-2012, 05:46 PM   #8
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Congrats and enjoy the freedom from the bank!
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Old 12-16-2012, 05:54 PM   #9
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Well done and hope you can keep up the progress!
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Old 12-17-2012, 04:24 PM   #10
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Congratulations !
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Old 12-17-2012, 06:07 PM   #11
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Congratulations! What you are doing is what it takes. LBYM, pay off your debts, invest - result FI/ER. People say it's not rocket science. I beg to differ. It must be rocket science - Very few seem to be able to do it.
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Old 12-18-2012, 09:47 AM   #12
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Congrats! Hopefully with support of this forum you can keep your motivation to achieve ER sooner than later.

I was mortgage free between age 27 and 33. I had paid off my first house, and accumulated a bit of cash during the time, which I used to buy more investments (real estate & stocks) and toys (cars). Unfortunately I did not have the support of like minded people such as on this forum, and I was starting to develop a bad (don't give a sh*t) attitude at work. I didn't think I could retire however, so I ultimately decided to upgrade housing (with a mortgage) in order to have motivation to keep working. In hindsight it was probably a mistake, as I didn't need a bigger place (with larger costs), and I could have accumulated more savings had I remained debt free.

Anyway, stay focused and committed to FIRE and you will get there in no time!
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Old 12-18-2012, 11:15 AM   #13
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Long journey ahead.
GREAT first step!
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Old 12-24-2012, 12:29 AM   #14
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Mortgage free. That must be a great feeling. Congratulations!
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Old 12-24-2012, 01:35 AM   #15
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Well done!
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Old 12-24-2012, 07:25 AM   #16
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Awesome!!!
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Old 02-10-2013, 09:22 AM   #17
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great job.... in the last year, I have also gotten rid of one of my mortgages which allows me to save a big chunk of my salary... youll be surprised how this nest egg can grow in 5 years...
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Old 02-10-2013, 09:41 PM   #18
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Thanks for the update and congratulations!!! We love sending that extra money every month to watch the amount go down!
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Old 02-11-2013, 04:07 PM   #19
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Keep up the great work!
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Old 02-11-2013, 04:26 PM   #20
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Not having to worry about the roof over your head (other than taxes) was a huge relief for me - I paid off our house a few years before jumping and saved and invested all the freed up cash. It really helped to feather the nest. Congrats a big milestone few achieve! Cheers
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