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-   -   Paid off Mortgage- Should I share? (https://www.early-retirement.org/forums/f27/paid-off-mortgage-should-i-share-57290.html)

rcbrad 08-05-2011 06:54 PM

Paid off Mortgage- Should I share?
 
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!

LightningDawg 08-05-2011 07:10 PM

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.

JOHNNIE36 08-05-2011 07:12 PM

Quote:

Originally Posted by rcbrad (Post 1097198)
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!

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.

Aiming_4_55 08-05-2011 07:17 PM

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.

KingB 08-05-2011 07:25 PM

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.

Sarah in SC 08-05-2011 07:30 PM

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!

GregLee 08-05-2011 08:19 PM

We'll help you celebrate. Congratulations! There, now, what could be more fun than that?

Keim 08-05-2011 08:31 PM

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

ERD50 08-05-2011 09:27 PM

Quote:

Originally Posted by rcbrad (Post 1097198)
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!

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

packrat44 08-05-2011 09:45 PM

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.

kumquat 08-05-2011 09:48 PM

Quote:

Originally Posted by erd50 (Post 1097276)
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

b-i-n-g-o

arebelspy 08-05-2011 09:55 PM

Quote:

Originally Posted by Keim
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

Awesome! :D

bbbamI 08-05-2011 09:56 PM

I couldn't keep my yap shut when we paid our mortgage off. :laugh:

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:

Bestwifeever 08-05-2011 11:51 PM

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!

Beryl 08-06-2011 02:18 AM

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.

Ronstar 08-06-2011 04:57 AM

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.

obgyn65 08-06-2011 06:14 AM

I would keep quiet about it.

freebird5825 08-06-2011 06:21 AM

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:

rescueme 08-06-2011 06:51 AM

Quote:

Originally Posted by Ronstar (Post 1097348)
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.

+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...

pimpmyretirement 08-06-2011 06:56 AM

I would only share with people having a similar level of financial success.


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