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,