Mortgage payoff experiences

[Imp4]

Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.

Congratulations on your accomplishments!!!
Did you analyze the opportunity cost you incurred by choosing to go this route?
And did you use that opportunity cost analysis as part of your decision making process?

 

[007]

Originally Posted by Imp4
Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.

Congratulations on your accomplishments!!!
Did you analyze the opportunity cost you incurred by choosing to go this route?
And did you use that opportunity cost analysis as part of your decision making process?


You guys did good!

 

[pandus13]

Originally Posted by Imp4
Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.

Congratulations on your accomplishments!!!
Did you analyze the opportunity cost you incurred by choosing to go this route?
And did you use that opportunity cost analysis as part of your decision making process?


Life has a finish line: it does not matter how you get there or how quick. Just get there.

 

[pandus13]

Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.


Phew. Now that's a weight lifted out of yous life.

Now you have to think about:
-retirement
-risk (life/death/umbrella insurance coverage for you and wife)
-kids education/skills/trade
-make them/freed-up cashflow grow
-make your mind grow/never stop learning
-find a good CPA/Taxes guy/gal

Note the 2 your best skills, and make them work for you.

All the best.

 

[emmett442]

Originally Posted by Imp4
Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.

Congratulations on your accomplishments!!!
Did you analyze the opportunity cost you incurred by choosing to go this route?
And did you use that opportunity cost analysis as part of your decision making process?


Well, as far as building wealth, the opportunity cost was a gamble.

At the time, I knew I didn't like my odds on the markets, as high as they were and as long of a run as they'd had.

Turns out, the markets are at or below when I made this decision in the original post, so no harm done. In fact, I consider myself ahead, now, as I at least "earned" my mortgage interest rate which has outpaced the markets.

A bit of luck, involved, for sure.

Now, I'm free to pump the additional cash flow into the markets at the same levels, if I choose.

 

[emmett442]

Originally Posted by pandus13
Originally Posted by emmett442
As of today, we did it. Completely debt free.

We paid it off in a little less than 6 years. She is 34 years old, I'm 35. Saved approximately $100k in interest and, with no home, auto, credit card, or other debt, have allowed ourselves some pretty sizeable cash flow and thus a huge amount of financial flexibility. Literally, all I need is to pay now is property taxes, insurance, and keep the lights on and fridge full. Will really come in handy as the kids get older or if we ever fall on hard times.

I know this is can be a hot topic with no right or wrong answers. Many hem and haw over it, like I did myself for a while. For those who are considering this path or who are on this path: We've no regrets.


Phew. Now that's a weight lifted out of yous life.

Now you have to think about:
-retirement
-risk (life/death/umbrella insurance coverage for you and wife)
-kids education/skills/trade
-make them/freed-up cashflow grow
-make your mind grow/never stop learning
-find a good CPA/Taxes guy/gal

Note the 2 your best skills, and make them work for you.

All the best.



Thanks.

-Retirement was never sacrificed.
-Insurance coverage was never sacrificed and has been progressively improved, including umbrella (now that there's something to take away!)
-Planning on working with the cash flow.
-Still a DIYer in every aspect of my life. For better or worse, I always want to learn!
-Wife is mandating a good CPA!

Thanks for the tips!

 

[Mr Nice]

529 plan is also a good idea for the kids.

 

[pandus13]

Originally Posted by Mr Nice
529 plan is also a good idea for the kids.

529 is basically the 401k/403b plan for education/college.

Like retirement plans options, Just one of the available tools. Keep investing in yourself especially financial education.