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Started By
Message
Paid off my house today.
Posted on 6/17/22 at 12:00 pm
Posted on 6/17/22 at 12:00 pm
Pretty bad arse feeling. Zero debt. Sorry for the brag, but on cloud 9.
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%, but what would I have invested that money in during these times?
Pretty big feeling of comfort and security for my family if anything happened to me.
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%, but what would I have invested that money in during these times?
Pretty big feeling of comfort and security for my family if anything happened to me.
74
Posted on 6/17/22 at 12:02 pm to BabyTac
Where the paid off home mortgage has taken the place of the BMW as the status symbol of choice
Posted on 6/17/22 at 12:04 pm to BabyTac
My brother recently did the same thing. He said it decreased his credit rating. 
Ain't that some shite.
Ain't that some shite.
Posted on 6/17/22 at 12:05 pm to BabyTac
Congrats, that must be a comforting feeling.
I'm at the point where if everything goes to hell, I can make a little over $200k from selling my house. That would give me enough to pay cash for some land and a double wide in Livingston Parish.
Posted on 6/17/22 at 12:06 pm to BabyTac
That must be nice my man, I got 29 years left
Posted on 6/17/22 at 12:08 pm to BabyTac
Now take what would have been your mortgage payment and send it to your Roth IRA account each month.
Posted on 6/17/22 at 12:09 pm to BabyTac
quote:
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%
frick this
quote:
Pretty big feeling of comfort and security for my family if anything happened to me
this is way more valuable than like 2% on an investment. i truly cannot be convinced otherwise.
you have so much financial freedom now and can do a whole bunch of shite with that money every month. yeah, be smart, but comfort and security is worth way more than many people believe.
Posted on 6/17/22 at 12:10 pm to BabyTac
Posted on 6/17/22 at 12:10 pm to BabyTac
quote:
3.50%
Fify
Posted on 6/17/22 at 12:10 pm to BabyTac
Congrats! How far into your mortgage were you?
Posted on 6/17/22 at 12:12 pm to BabyTac
Me too. Feels good knowing that I can pick up the stakes and wheel this house anywhere I want.
Posted on 6/17/22 at 12:14 pm to BabyTac
quote:
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%,
Congrats on paying off the mortgage but 3.5% is such a low amount it wasn’t the best move to pay off your mortgage early. Dollar would go a lot further in the market over a 30 year period.
Posted on 6/17/22 at 12:14 pm to BabyTac
congrats. I am 3-5 years away and can't wait.
Posted on 6/17/22 at 12:17 pm to BabyTac
quote:
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%, but what would I have invested that money in during these times?
High interest savings accounts will have rates higher than 3.5% soon.
Got an email today mine just bumped to 2%
Some pretty safe bond funds are prob at 5% now
This post was edited on 6/17/22 at 12:19 pm
Posted on 6/17/22 at 12:26 pm to BabyTac
quote:
Paid off my house today.
Just in time to help afford higher home owner's insurance and property taxes.
Posted on 6/17/22 at 12:26 pm to BabyTac
You are no longer a slave. Most of us are.
Also who cares if the interest rate was 0%? Its about how you assess risk. There is no risk of foreclosure on a paid off house.
Congrats
Also who cares if the interest rate was 0%? Its about how you assess risk. There is no risk of foreclosure on a paid off house.
Congrats
Posted on 6/17/22 at 12:27 pm to BabyTac
When is the last argument you and John Brady got into?
Posted on 6/17/22 at 12:27 pm to BabyTac
Happy for you.
The math says if you had 300k in an account earning 8% avg for 20 years it would be worth $1.4mm. Take out 4% for inflation annual (conservative vs usual 2%) and you would have $660k.
BUT like you said, it feels damn good to have it paid off! I don’t blame you
The math says if you had 300k in an account earning 8% avg for 20 years it would be worth $1.4mm. Take out 4% for inflation annual (conservative vs usual 2%) and you would have $660k.
BUT like you said, it feels damn good to have it paid off! I don’t blame you
Posted on 6/17/22 at 12:28 pm to BabyTac
Congrats 
Paid mine off about 5 years ago and it definitely takes a weight off.
Paid mine off about 5 years ago and it definitely takes a weight off.
Posted on 6/17/22 at 12:34 pm to BabyTac
I'd take that new found money and send it monthly into an investment account just like it was a required mortgage payment.
I was making extra mortgage payments each month and stopped doing it this month. I figured my 2.875% mortgage interest rate won't be hard to beat if I start buying into this Bear market.
I was making extra mortgage payments each month and stopped doing it this month. I figured my 2.875% mortgage interest rate won't be hard to beat if I start buying into this Bear market.
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