Free, free at last.

37 comments

• Papi_Chulo

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  5 years ago

  Congrats!
• Uprightcitizen

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  5 years ago

  Nice job!
• twentyfive

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  5 years ago

  Good for you, I went to pay off my mortgage a few times, but my FA kept dropping the Interest rate on me and my mortgage is so small at 1.7% there is very little incentive I also own some commercial property also with such small interest rates there's no incentive to pay that off either.
• BabyDoc

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  5 years ago

  Congrats to you and your wife both.
  
  Now for some very serious advice. Don’t waste a single day. You never know how many you have left and they go by faster and faster the older you get. Enjoy retirement.
  
• WinningdaChumpsGame

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  5 years ago

  Thought you might be making fun of CJKent's attack on the Constitution....
  
  Oh well, good for you. Slay that homeowner pussy😃
  
  WCG
• Papi_Chulo

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  5 years ago

  Now you know how black people feel
• shadowcat

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  5 years ago

  It's a good feeling going into retirement that you are financially secure and owning your home is a great feeling. Enjoy.
• SirLapdancealot

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  5 years ago

  Congrats gSteph. I'm hoping to reach the same milestone in 3-5 years.
  
  Now all those mortgage payments can go to the club funds. 😁
• san_jose_guy

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  5 years ago

  Some people have sold houses, not yet paid off, and opted for a simpler life style, to be free.
  
  SJG
• MackTruck

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  5 years ago

  Congrats mane!
• Tiburon

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  5 years ago

  Legitimate question here: how old are you?
• TFP

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  5 years ago

  Congratulations! The most I've done is pay off a car and even that was a great feeling although it pales in comparison to what it must feel like to outright own your home.
  
  If it's not too personal, what do you plan on doing with all that money that no longer has to go to mortgage payments?
• FishHawk

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  5 years ago

  Congrats, that’s quite a milestone.
• DeclineToState

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  5 years ago

  In 15 years, assuming I'm still alive and posting here, I'll have to pull a gSteph and say same thing
• nicespice

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  5 years ago

  Woo 😋
• gSteph

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  5 years ago

  Thanks all, it feels pretty good.
  
  And like a good edible, the good feeling is growing.
  Stopped at a club for quick celebration. One quick dance and out the door with a sweet buzz.
  
  66. Our post retirement income will drop approximately what our mortgage pmt was, so no big windfall besides owning it free and clear. But that's great.
• RandomMember

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  5 years ago

  Congrats, but holding on to mortgage debt is not always bad. If you have a low fixed-rate mortgage and you consider the mortgage tax breaks you can make more by investing the money somewhere else. And if interests rise (as they surely will at some point) that fixed-rate mortgage debt becomes even more attractive.
• san_jose_guy

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  5 years ago

  ^^^^ can also put such money into your own affairs, not just into things you have no predictive knowledge of and no control over.
  
  Promoting financial speculations just for a feel good is one of the ravages of this era.
  
  SJG
• WinningdaChumpsGame

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  5 years ago

  ^^that's right
  
  Investing for retirement is almost as bad as being broke and divorced
  
  WCG
• EndlessSummer

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  5 years ago

  🥂 To freedom! 🥂
• san_jose_guy

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  5 years ago

  Most of the time "Investing" is a scam, so it accelerates moves towards being broke and divorced.
  
  Tragic that in the last 30 years our country has gotten this way. Never historically had been like this, had been based on starting small businesses.
  
  These could fail, but the odds are better, and even if it gets hard, still something is gained.
  
  Our national character has been poisoned, along with our politics.
  
  SJG
  
  Real Good:
  https://www.youtube.com/watch?v=VyBayf_d…
• gSteph

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  5 years ago

  And the edible is coming on, dinner in the oven, penciled out taxes today, getting back a grand, my cohomeowner is on the way home, going dancing tomorrow night. Life is good.
• Call.Me.Ishmael

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  5 years ago

  Congratulations. Good man yourself.
• jackslash

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  5 years ago

  Have a great retirement! I've found retirement to be the best time of my life.
• Tiburon

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  5 years ago

  I see. Yeah, I'm gonna say wow, kind of an old age to enjoy a house free and clear and all your youth gone working to pay off extra money to the mortgage company. Not hating on you, glad your debt free, but I'd rather have a home free and clear by 40 instead of 66 just so I can have less to worry about when playing with my kids.
• twentyfive

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  5 years ago

  @Tiburon debt isn't always bad, take for example a person with money in the markets many times what debt that person owes. I might opt to buy a car for example with financing offered at under 2% and keep my money in the fund that is returning 9-10% on that same amount of cash, It's the same with mortgages.
• shadowcat

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  5 years ago

  Risks Associated With Money Market Funds
  Credit Risk. Unlike bank certificates of deposits (CDs) or savings accounts, money market funds are not insured by the Federal Deposit Insurance Corporation (FDIC). ...
  Inflation Risk. ...
  Liquidity Risk. ...
  Price Risk. ...
  Interest Rate Risk.
  
  When you are young and working you can take risks but once you retire and are on a mostly fixed income it's hard to recover from a loss.
• Tiburon

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  5 years ago

  @twentyfive that's not the same as simply working to make money to pay off a mortgage. What your talking about, at least in my books is trying to game the market. This is assuming your net worth probably can equal or better than the cost of your personal home.
  
  HOWEVER, even then I am not a big fan of that, especially if I can afford something down to the expected repair 5+ times over. I like to live by the rule of five for personal purchases and when I do, I don't want to waste time on earning 2% on personal purchases (this does not include rental/flipping properties). But that's my personal preference
• twentyfive

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  5 years ago

  ^ My point was that simply paying off debt isn't simply a goal to me, and I don't consider how I live to be gaming anything, Debt is a tool and can be used well or poorly that's up to the individual.
  And congrats to the OP have a burn the mortgage party I have attended a few in my time'
• TFP

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  5 years ago

  @Tiburon no shit folks would want to pay off a house by 40 but for most that's not feasible. A lot of mortgages are 30 year affairs, you gonna become a homeowner at 10? Yeah you can also get a 15 year mortgage but the monthly payment will be high and your credit better be stellar. At age 25 most people don't have the credit or the finances to take on a mortgage like that.
• Call.Me.Ishmael

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  5 years ago

  lol
• WinningdaChumpsGame

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  5 years ago

  If that guy could actually afford to pay off a house in Tiburon by age 40 he needs to buy us all a 30 vip session
  
  WCG
• georgmicrodong

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  5 years ago

  Feels good, doesn't it? Been like 5 years for me. :)
• bdirect

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  5 years ago

  being debt free, wow ,,,,, you did it the right way, traditional american values,, hope the stock market keep making money for the tradional 401k people in 2020,
• gSteph

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  5 years ago

  Yep, paying off the house by 40 would have been cool. So sad I was 41 when we bought it.
  
  Yeah, george, feels great. Even the dancer in my lap yesterday, dropped her stripper persona for a minute, looked at me, said that's really cool, and gave me a high-five. I told her she was the 1st (impulsive) part of celebration.
• joatmon

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  5 years ago

  sounds like you are the right path. Congrats
• Warrior15

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  5 years ago

  Two thumbs up gSteph. Very wise not to carry any debt into retirement. That is one monthly expensive not to have to worry about.
  
  Because my interest rate is so low, I keep using available cash to make additional investments and buy additional properties. But I do have a vision not too long into the future of getting my totally paid off.
  
  Congrats !