My wife and I officially paid off our mortgage today! Sent the check last week, and the website says PAID this morning! Still have a small, very manageable farm loan, but are on track to be debt free this quarter if we so chose!
It's taken several years of living below our means and getting by or doing without. Working a second job, volunteering for OT, side projects for extra cash, & cutting expenses. We've paid off student loans, a car loan, CCs, medical bills, etc. I can't fully capture in words how good it feels to have that weight off my shoulders and having the freedom and latitude to pursue dreams!
A new chapter begins. I am ready for launch! ;D
(This smiley is pretty representative of the you know what eating grin on my face!)
Awesome! I well be glad when I get there myself.
Great news! What a great feeling :)
That is great, you've gotten there much younger than most people. If you can quit paying interest of any sort (credit cards are worst) you have more money to spend or save. Congratulations.
Congrats!!!!
It's a great feeling.
It is a great feeling. Congrats on achieving that at your age!
You can now make a donation to the Forest Forum in honor of you debit free status.
;D (This smiley is pretty representative of the you know what eating grin on my face!)
That has to feel good. 8)
Good for you, It is a good feeling, Just tax's and Ins. now 8) 8) 8) 8) 8)
Fantastic! Good for you guys. That takes discipline to accomplish at your age.
Paid mine off in January. Now I won't to downsize. 1825 sq. feet is too much for a single person by himself.
Good for you!
We are looking to buy a house soon. But student loans for two and vehicle payments for two make it a bit difficult. We don't have any bad credit card habits, we use them occasionally but always pay the balance off each month.
I am closing in on my student loans (I only went for an AAS, so two years) My wife went for 4 years, so hers is going to take awhile longer.
Good for you!!!
Thanks for all the kind words. It's great to share good news. Will be bringing donuts for everyone in my shop tomorrow morning. 8)
Now as soon as work lets up on the OT, it will be time for some badly needed software upgrades for my CNC router, some mill upgrades, and a solar kiln build.
Celliott, keep plugging and you'll get there. Have a plan and vision for what you want and pursue vigorously! If you don't know how long you'll be making payment, work up a spreadsheet or download one. We mostly followed Dave Ramsey's techniques. The "debt snowball" gave me something to focus on and a psychological boost every time a bill was paid off slain.
Quote from: TKehl on April 19, 2017, 08:54:10 AM
...... can't fully capture in words how good it feels to have that weight off my shoulders and having the freedom and latitude to pursue dreams....
YIPPEE HOARY YAHOO Next, decide to continue the lifestyle to build up a nest egg of 10% to 20% of your yearly income.
It is VERY nice having an Oh sh-t fund for unexpected expenses.
Agreed. We try to keep 3 months living expenses on hand. It's usually there, but I have used it to jump on a good deal and to tackle a debt that is close to done a bit early. I did both this time in the past week. Bought a decent 92 4x4 F350 with a snowplow for farm/mill use for $2k and took the bank account lower than I like for the final mortgage payoff. Will recover in short order.
We plan to "splurge" on a new mattress if we can find one we both agree on. ::)
I also need to upgrade my wife's 12 year old minivan. Will probably be looking for something off-lease or maybe a bit older. I promised her a year ago, after a string of repairs, that we would do something this summer, and we are on track. (Happy wife happy life!) We will go with whatever term gives us a good rate, then pay off early. It will be my first car payment, though I inherited one when my wife and I got married. ::) (Kind of like the reverse dowry. I also got her student loan when we wed. :D)
good plans.
get a mini-van with stow-n-go seating.
my 2006 Chrysler can haul full sheets of plywood.
Congrats! What a great feeling it is to be out of debt.
Yes. Fold up seats are high on our list. Current one doesn't have it and taking the seats in and out is awkward.
We will also add a trailer hitch like the current mini. I have a little 4x8 trailer that saves us a ton on gas over taking a bigger vehicle. We'll put the 4 kids in and go to the feed store, KC, an auction, even the livestock sale barn. I built a rack for it out of cattle panels. Will haul ten goats comfortably. Even feeder pigs. :) It gets a lot of looks, but half of them seem to be looking at construction details. ;D
Congratulations, l was about your age when I paid off my first mortgage. Back then mine was 14% interest and we celebrated for a week. 8)
Quote from: TKehl on April 20, 2017, 01:27:00 PM
......I have a little 4x8 trailer ...... It gets a lot of looks, but half of them seem to be looking at construction details. ;D
Photos please.
I'm a little late here but.....
Congratulations. !!!
Keep up the good work.
DDW_OR, it's nothing fancy by any means. I cut down wire cattle panels to fit and bent the wire "spur" around the next panel at the corners for support. Gate is connected the same way with one side closed with wire or spring latches. The board that slides in the back is critical to keep critters from going under the gate.
(https://forestryforum.com/gallery/albums/userpics/44195/Picture0427171040_1.jpg)
This shows it with the top off for collecting bagged leaves for garden mulch. Pulled by the Kia Rio I used to have. Pulled my first 7 gilts home with this car. 3.5 hours one way. ;D
(https://forestryforum.com/gallery/albums/userpics/44195/Picture0427171051_1.jpg)
Usually it's pulled by the minivan now. Wire and ratchet straps to hold the rack down. Easily removable.
(https://forestryforum.com/gallery/albums/userpics/44195/Picture0427171036_1.jpg)
This trailer and hitches on the minivan/Rio have saved me tons over the years over buying a truck+insurance etc. I do have a truck now (F350), but they still save a lot of money in gas over taking the truck for small loads. Plus I can take ALL the kids and don't have to move carseats around. ;D
I still remember my grandparents mortgage burning party. They burnt the note on a cookie sheet right on the kitchen table. After having a mortgage of my own I imagine they were all sorts of happy. Congratulations 8) - I look forward to the day.
Congratulations. What an achievement! We have 5 years to go. The only problem with paying off the mortgage, it makes me realize I am getting old!
Congratulations, great job when so young.
We've paid off several mortgages over the years. I think our first was when I was about 45-46. After that we started buying houses to rent and made the down payment by re-mortgaging our home. Those were then paid off in 5-7 years as well at the rental houses being paid off in 10-12 years. We did that about 5 times, sometimes with home equity loans for the down payment. Then we got older, and after selling 2 rentals we had, we bought our current home ( a duplex, 20 yrs old and it prime area, super condition) for cash. The tenant's rent pays the taxes and over half of the other routine expenses, with no mortgage, no vehicle or other debts either.
Having no mortgage helps one sleep more soundly at night for sure.
I've been doing over 2x+ payments on my house. Money got a little tight last year when pouring a lot of concrete at the cabin build so I had to drop back for a few months. I just re-assesed my mortgage worksheet. I figured that if I bump up another $60 (on top of the 2x), I will make my final payment next January instead of February. My original plan was to be done this September when I started hitting it hard 7 years ago.
Then it will just be another 2.5 years to pay off the cabin loan...