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Old 12-13-2009, 09:44 AM   #21
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Congratulations on one of life's great financial milestones, your velocity to FI will only increase...
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Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
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Old 12-13-2009, 10:03 AM   #22
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Congratulations! I paid mine off 2 years ago and it is great being debt free. I found I can live off less than my soon to materialize annuity with no changes in living expenses with no mortgage. I saved my extra money. It is amazing how fast it piles up.
I FIREd myself at start of 2010!
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Old 12-13-2009, 10:26 AM   #23
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Posts: 14 I'm getting jealous! I want to pay off my mortgage! :-)
We're working on the debt first, though.
One day at a time.
"It is not how much money you make, it is how you spend it."
"I owe, I owe, it's off to work I go..." Dave Ramsey (Total Money Makeover Disc 1)
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Old 12-13-2009, 11:22 AM   #24
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Originally Posted by W2R View Post
I saved most of mine. It was absolutely amazing to see how quickly it accumulated becaue I was completely debt free after paying off my mortgage.
Same here. I paid mine off in 1998, 9 years after I obtained it (with a refi in 1992 which initially cut $200 a month from it). My peak earnings years were from 1998-2000 (before I switched to working P/T in 2001) so I saved a bundle in that time. One biweekly paycheck more than covered my monthly expenses so I was just awash in surplus money every 2 weeks. Combine that with a bull market in those years and my NW just zoomed upward!
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Old 12-13-2009, 11:39 AM   #25
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Congrats Chinaco! I thought it was an awesome feeling to have a house which was all ours once we paid it off.

And now onwards to your next big milestone in 2011 - great work
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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Old 12-13-2009, 01:05 PM   #26
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Paid off the house the other day (about 7 years ahead of the mortgage schedule).
Big, no GIANT, congrats.

I can still recall the sense of accomplishment that I felt 10-12 years ago when I figured out, and acted on, this crazy idea of paying off the mortgage with that stash of cash that was just sitting there in my MMF.
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
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Old 12-13-2009, 01:49 PM   #27
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Huge, absolutely huge! The snowball starts to grow....
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Old 12-13-2009, 07:02 PM   #28
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Originally Posted by chinaco View Post
No debt! Paid off the house the other day (about 7 years ahead of the mortgage schedule). We intend to downsize (to simplify our situation) once the real estate market recovers.

The long slow (disciplined) slog to FI seems to be working. The portfolio was diminished by the crisis but seemed to survive and hold up (diversification).

We are still on target for my ER date. I should be able to ER in 1.5 to 2 years (planned timeframe). DW hung it up a couple of years ago.
Congratulations! Eliminating all debt was such a big part of my own ER experience that quite frankly I struggle to understand how it sometimes seems to become such a contentious issue. For myself, the zero debt made such a nice sleep well at night comfort blanket that all of my trepidation before ER seems for naught!
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Old 12-13-2009, 08:20 PM   #29
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Congratulations Chinaco!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Great accomplishment
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
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Old 12-21-2009, 08:58 AM   #30
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Originally Posted by ikubak View Post
Now that the house is paid off, you'll look at your neighbors with house payments and two car payments and wonder how they survive.

We are retired and have a mortgage and 2 car payments. One of our portfolios has 35 different dividend-paying stocks and preferred stocks. The total value is approximately equal to our mortgage balance. The dividend income is also approximately equal to the mortgage & car payments.

The cars will be paid off in 4-5 years, reducing our payments by about $1000/mo. The mortgage in another couple of decades (should I live that long.)

The preferreds were bought at a discount, and had an average built-in capital gain of about 15%-20%.

OTOH, my neighbor isn't so lucky. They have a paid-off house and 2 paid-off cars. And he's working part-time at the local marina to make ends meet.
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Old 12-21-2009, 09:58 AM   #31
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Congratulations! I hope to be posting a message like this is 15 years or so. We are planning to pay down our mortgage (currently $295k at 5.25%) once our childcare expenses go down. We have a PT nanny right now that we pay about $10,000/year for our child. Once our daughter is in school full-time (Jan 2011) we'll start paying that extra $10k to the mortgage and have it paid off in 15 years. I can't wait!
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Old 12-21-2009, 10:39 AM   #32
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An inspiration to those of us working towards that!
Make no mistake, my friend, it takes more than money to make men rich. - A. P. Gouthey
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