Goal setting...

[rw86347]

I love thinking of new ways to motivate myself.

My wife and I are now focusing intently at paying off our land. (We built our house paycheck my paycheck)

Tonight I took a picture of our land from google maps, and turned it into a grid. Each square is worth $2000. Currently we are paying off almost $2k of principle each month.

It is sobering to think I have still not paid for the land under my house. Prior to the great depression the note on home mortages could be called at any time. If our bank did that today I would loose the roof over my child's head! I want to know my land is mine!!!

1/3 of the squares have been filled in. I hope to fill in the rest of the map in the next 18 months.

rw

[Spanky]

Good luck in getting it paid off.

[chris2008]

I love that idea to keep track of your progress. Much more impressive than a statement from your bank.

[Lazarus]

How much land? I have 5 acres paid for. I look at multi-hundred acre properites and wish I had them. Can't afford them though.

[rw86347]

I have 5.9 acres which I bought 4 years ago for $85K. My wife and I build a house on the land paycheck by paycheck. As of today we owe $58K. We hope to pay off the remaining land in the next 18 months.

Below is a satilite image of my property. The green section is my land. by clicking on the push pin you can see and image of my house.

http://maps.google.com/maps/ms?ie=UT...a1aeb792&msa=0

I love listening to Dave Ramsey. And he has convinced me to be 100% debt free. So my wife and me have been living like college students in order to pay off our land and my rental. In total I believe this will take 5 years. But when I am done my passive income will equal my monthly expences!!! :-D Then I was thinking about saving $200K for one more duplex.

[justin]

rw86347,

Is that a proposed superhighway approximately 230 ft from your house?

[Sarah in SC]

How COOL! the house is amazing! Beautiful!

I love the idea of the grid, that would have been fun for us as well!
We paid cash for the land (4 acres), and spent another $75k in cash towards the house, then borrowed $60k to finish it up. We will be writing the last check to pay it off in August, and you can bet we'll be calling up to shout "we're debt free"!

Way to go!

Sarah

[rw86347]

Quote:

Originally Posted by justin rw86347, Is that a proposed superhighway approximately 230 ft from your house?

yes, maybe even less. If it goes through it will mean I will loose my entire property. Some of my nieghbors are up in arms. I am at peace with it. It will be a private highway designed for 125 mph safe travel (85 mph speed limit). It will be 200 miles long.

[justin]

Quote:

Originally Posted by rw86347 If it goes through it will mean I will loose my entire property. Some of my nieghbors are up in arms. I am at peace with it.

That's a good attitude to have. They'll pay you what it's worth (and then some, probably).

[rw86347]

Quote:

Originally Posted by mclesters How COOL! the house is amazing! Beautiful! I love the idea of the grid, that would have been fun for us as well! We paid cash for the land (4 acres), and spent another $75k in cash towards the house, then borrowed $60k to finish it up. We will be writing the last check to pay it off in August, and you can bet we'll be calling up to shout "we're debt free"! Way to go! Sarah

Thank you so much for the compliment. I love my sweet *little* house. And I think it has been a good witness to my nieghbors. I make three times the average income for keenesburg, and live in 1/2 the house.

Please record the show and email it to me!!! I don't want to miss it. I will be able to tell my wife, "yep I know her from online!".

I can't wait to have everything paid off. Someday I will be able to sit back in my little home, spending time with my daughters putzing around in my shop. :-D

[milmoose]

Tonight I took a picture of our land from google maps, and turned it into a grid.

I'm not sure I agree with the concept of pre-paying your mortgage that aggressively, but the "grid" is pretty cool. Congrats on at least having a plan...

- M

[rw86347]

Quote:

Originally Posted by milmoose Tonight I took a picture of our land from google maps, and turned it into a grid. I'm not sure I agree with the concept of pre-paying your mortgage that aggressively, but the "grid" is pretty cool. Congrats on at least having a plan... - M

This last July I was laid off from my job. I found a job 2 weeks later. But, having my house paid for would allow me to live off of unemployment. Knowing I could live off of unemployment will be invaluable. And once I am done paying off everything my NW should reach $1M. I see it as security and wealth building. I would really like to own $700k worth of paid off real estate, $400k working for me.

One more duplex would bring in close to $4k/mo. And without a job, I might enjoy some part time maintnance.

In the mean time I am continueing to save $20,000/yr in retirement savings.

[Lazarus]

I have about 15K in my 5 acres. Of course it has no view or any attractive qualities, other than the price. Pretty much out in the boonies. No cell phones or cable TV. Trees on two sides. I am planting more on the third side. Two acres of it are across a big ditch which needs a foot bridge to get to it. Otherwise you walk through the muddy ditch. Twenty miles to Wal Mart. Wish it was farther.

[PPT]

Quote:

Originally Posted by rw86347 yes, maybe even less. If it goes through it will mean I will loose my entire property. Some of my nieghbors are up in arms. I am at peace with it. It will be a private highway designed for 125 mph safe travel (85 mph speed limit). It will be 200 miles long.

Sorry, I have to ask. Are you looking around for (before your neighbors) at a place to move?

[CCdaCE]

Quote:

Originally Posted by rw86347 <snip> It will be a private highway designed for 125 mph safe travel (85 mph speed limit). It will be 200 miles long.

The needle on my BS meter is pegged to redline. :

But, back on topic, supposedly a single digit percentage of people actually write down goals. The grid concept sounds like a pretty darned good one.

-CC

[OKLibrarian]

Quote:

Originally Posted by CCdaCE But, back on topic, supposedly a single digit percentage of people actually write down goals. The grid concept sounds like a pretty darned good one. -CC

Agreed--I've always been a natural plan/goal writer, and I've always been surprised how many people don't. How do you get where you wanna go if you don't have a destination or a map? Somehow I doubt that only a single digit percentage of folks on this board write down their goals, which probably proves my point.

[Darryl]

Wow RW great program keep running it.
I like to listen to Dave Ramsey too, only one day a week on my day off as the podcasting was ending up on my son's IPOD and causing a family crisis. Not sure about all the financial advice but the behavior advice is excellent and the weekly session is akin to group therapy. Much like this board is group therapy (put down that mouse don't sell, mainatain your AA)
Love your LBYM triple the income 1/2 the house. Excellent!!!!
Love the grid, that is the behavior that creates wins!

[rw86347]

Quote:

Originally Posted by Darryl Wow RW great program keep running it. I like to listen to Dave Ramsey too, only one day a week on my day off as the podcasting was ending up on my son's IPOD and causing a family crisis. Not sure about all the financial advice but the behavior advice is excellent and the weekly session is akin to group therapy. Much like this board is group therapy (put down that mouse don't sell, mainatain your AA) Love your LBYM triple the income 1/2 the house. Excellent!!!! Love the grid, that is the behavior that creates wins!

We just got back from our QMR (Quarterly Marriage Retreat). On this retreat we grade 4 aspects of our financial lives. It was great. We drove to KC to listen to Dave Ramsey. It was a huge motivator. I really believe we will have our house paid for by its 5 year birthday!

We grade ourselves in 4 areas...

Frugality test ... all non-mortgage required expeces have to be less than $1700/mo.
Savings goals ... This has never been an issue for us, but we have increased it to $24k/yr
Home payoff ... right now we are slightly ahead of our goal.
Tithe ... We relized we came up $250 short this last year.

... Oh and I got to fill in 3 more squares on my map! :-D

[rw86347]

Quote:

Originally Posted by PPT Sorry, I have to ask. Are you looking around for (before your neighbors) at a place to move?

Nope.

I will wait until I have cash in hand. I don't mind being homless for a short period of time. :-D

[rw86347]

Quote:

Originally Posted by CCdaCE The needle on my BS meter is pegged to redline. :

I don't get the BS meter... The local speed limit in Colorado is 75.