Paid off Mortgage- Should I share?

R

rcbrad

Dryer sheet wannabe
Joined
May 16, 2011
Messages
18
I have paid off my mortgage really quickly- it took less than 10 yrs on a 30yr mortgage. I was able to really save even with just a moderate salary and I had put down a fairly big down payment.

I was wondering if it is a good idea to share this status with family members/friends or should I keep it to myself? Certainly it is very good news to share and I do not anticipate any negative reactions/problems, but at the same time I do not want everyone to think that I am Mr. money bags! (which I am not)

All things about ourselves do not have to be revealed. What do others think?

I am in late 40's and I think that I am going to have to continue to work full time for at aprox 7 to 10 more years and then maybe part time.

thanks for any comments!
 
Ours is paid off also....and I haven't shared this information with ANY family members. IMO, it is none of their business. However, if any of them point blank asked me if I had a mortgage, I would then tell them.
 
rcbrad said:
I have paid off my mortgage really quickly- it took less than 10 yrs on a 30yr mortgage. I was able to really save even with just a moderate salary and I had put down a fairly big down payment.

I was wondering if it is a good idea to share this status with family members/friends or should I keep it to myself? Certainly it is very good news to share and I do not anticipate any negative reactions/problems, but at the same time I do not want everyone to think that I am Mr. money bags! (which I am not)

All things about ourselves do not have to be revealed. What do others think?

I am in late 40's and I think that I am going to have to continue to work full time for at aprox 7 to 10 more years and then maybe part time.

thanks for any comments!
Click to expand...

Congratulations! We likewise don't have a mortgage and I'm proud of it.
However, I wouldn't go around telling everybody about it as they may see it as bragging. I told my folks on that happy day but they played a part in our success so I had to share it with them. When the topic comes up, DW will always blurt it out "we don't have a mortgage". I could just cringe! We're just diffent in that regard.
 
Congrats. I would keep it to myself.

Why do they need to know? How does it benefit you if they know?

I paid off my primary home mortgage at 38, but have 2 mortgages on my rentals that were my primary residence previously.
 
We paid off our mortgage and DW and I kept it to ourselves. We did not tell anybody including the kids. Sometimes our friends will be "fishing" for our mortgage status and we just change the subject. That will leave them wondering about our finances.
 
We had a really fun mortgage burning party with about 30 of our friends and a few family members. I felt like they needed to celebrate the 4 years it took to get our home paid off after we built it. We also thought that they could perhaps be inspired by our example. (Fat chance on that, I'm afraid)

We made fun invitations, had a simple dinner, and set fire to the paperwork in front of the fireplace with everyone cheering us on.

It was fabulous, and I wouldn't change a thing! And someone gave us an adorable Pig shaped piggy bank with "Mortgage" and a big "X" across it, made with a marker. We still use it every day!
 
We told our parents-discussed the pros and cons with them while making our decision. Hadn't intended to tell anyone else. But my older bro gave me to good of an opportunity:

I was visiting with him one day while he was working with a bank on a re-fi. He looked at me and said "Little Bro, the rates right now are outstanding. You should consider a re-fi." The look on his face when I said "Uhhh, we just paid off our mortgage last month," was priceless.


:D
 
rcbrad said:
I have paid off my mortgage really quickly- it took less than 10 yrs on a 30yr mortgage. I was able to really save even with just a moderate salary and I had put down a fairly big down payment.

I was wondering if it is a good idea to share this status with family members/friends or should I keep it to myself? ...

thanks for any comments!
Click to expand...

You shouldn't have even shared it with us! You'll start another one of those - should I pay off my mortgage or invest the money debates! ;)

Seriously, congrats on having the financial discipline to save enough money to be able to pay off the mortgage.

Why tell family/friends? It's not their business, you'll probably come across as bragging. I can see no good coming from it. If you had that same amount of money in an investment account, would you feel that you needed to share that info with someone? Why?


-ERD50
 
Keep it to yourself.

DW and I built our house from ground up. It took us many years because we were on a cash basis. One sister is frequently stating how easy we have it without a mortgage and how rough they have it with a mortgage. Yeah, right. While they were buying new vehicles and taking expensive vacations, we were spending our money of building supplies.
 
erd50 said:
you shouldn't have even shared it with us! You'll start another one of those - should i pay off my mortgage or invest the money debates! ;)

seriously, congrats on having the financial discipline to save enough money to be able to pay off the mortgage.

Why tell family/friends? It's not their business, you'll probably come across as bragging. I can see no good coming from it. If you had that same amount of money in an investment account, would you feel that you needed to share that info with someone? Why?


-erd50
Click to expand...

b-i-n-g-o
 
Keim said:
We told our parents-discussed the pros and cons with them while making our decision. Hadn't intended to tell anyone else. But my older bro gave me to good of an opportunity:

I was visiting with him one day while he was working with a bank on a re-fi. He looked at me and said "Little Bro, the rates right now are outstanding. You should consider a re-fi." The look on his face when I said "Uhhh, we just paid off our mortgage last month," was priceless.

:D
Click to expand...

Awesome! :D
 
I couldn't keep my yap shut when we paid our mortgage off. :LOL:

I didn't get a banner and string it across the house, but I did tell my family and friends...the ones who would be proud for me.

If you're worried about some looking at you like Mr. Money Bags, then share your accomplishments here. We'll celebrate with you.

Congratulations. :flowers:
 
If you still have parents that you are close to and know they would react positively to your accomplishment, I think you should tell them as they would be mighty proud of you.

Congratulations!
 
Congrats!

I did the same last year, 6 months before retiring. I keep it to myself but have shared with a couple of people in a similar position.
 
Don't tell anyone. I told a few relatives / friends a long time ago and now I hear stuff like "It's easy for you to get by - you don't have a house payment". It's upsetting. I don't have these issues with friends / relatives that I have not told.
 
The only problem I see with announcing your wonderful news :dance: is that it might serve as an unintended attractant to "hey brother can you lend me a grand?" type of requests.
If the news does get out, and you are approached for a loan, you can claim empty pockets because you did pay off the mortgage and it "emptied out" ;) all your cash reserves. Sometimes a little white lie is needed to fend off unsolicited hard luck stories. :angel:
 
Ronstar said:
Don't tell anyone. I told a few relatives / friends a long time ago and now I hear stuff like "It's easy for you to get by - you don't have a house payment". It's upsetting. I don't have these issues with friends / relatives that I have not told.
Click to expand...
+1...

That has been our experience with anything related to money - paying off a note/mortgage, getting a salary increase or promotion (when still employed), or doing anything from a financial standpoint that puts you into being "better".

Or maybe it's due to our family just suffering from a bad case of envy, due to their own personal circumstances...
 
Be happy and proud of your achievement. Go to dinner at a nice restaurant and spring for an expensive bottle of wine.

But I see a lot of downside and no upside to sharing the information with family and friends.
 
There is sharing, and there is bragging. What some intend as the first (sharing) others see as the second (bragging). Sometimes there is nothing you can do to change that except keep your good fortune to yourself.
 
Congrats.

We shared it with family and a few friend if the topic came up.

On our current home... I paid off some of my mortgages in about 2.5 years (doing refi's).;)

But we used 15 year fixed.

Still each time we refi'd we were back at 15 years. I paid extra principle the whole time... reduce the payoff a few years.

But we paid off our debt right at 10 years from the date we bought it.


After the meltdown happened and interest rates began to reek... I decided there was little reason to hold it... I certainly was not going to refi with less than 5 years left in payments... and we had a pile of money in fixed assets.
 
You should not tell anybody who isn't a member of your personal fan club, with a lifetime's interest in having you succeed in absolutely everything. Everybody else is either uninterested, jealous, or will think you're strangely obsessed with money.

Or this board, which is specifically set up to let us discuss our strange money obsessions.

Amethyst
 
You must log in or register to reply here.

Similar threads

N
Mortgage into retirement?
Replies
6
Views
509
pb4uski
pb4uski
M
Should I Sell?
2 3
Replies
69
Views
4K
l8_apex
L
E
Pay off HELOC??
Replies
9
Views
630
Koolau
Koolau
Tranquility Base
Borrowing Against Investment Portfolio For Home Purchase
Replies
15
Views
477
pb4uski
pb4uski
R
SSA - A Good Story
Replies
7
Views
327
mistermike40
mistermike40

Latest posts

Back
Top Bottom