Hi everyone! I just started a blog about my journey to becoming completely debtfree (no more “debt free except my mortgage”), which is part of my FIRE plan. If anyone else here is paying off their mortgage earlier than the original term, I’d love to interview you for my blog!
Good for you. I do think “debt-free except the mortgage” is not the same as “completely debt-free.”
I tackled credit card debt and car loans first. Then student loans. Then real estate and business loans. Then the mortgage.
We’ve been totally debt-free for 15 years and it is AWESOME. People argue about the rationality of paying off debt and the opportunity costs of investing. Blah Blah Blah. I EMOTIONALLY felt a weight lifted off me when I became debt-free. I didn’t even know I carried that stress until it was gone.
Not to mention the feeling of pride and safety knowing I truly own my house. It is palpable.
When people tell me I was stupid to do that I ask them to explain it because I truly am stupid. They mention the tax deduction. I said all I know is I paid out $10K in interest each year. At most, I got $3k back as a tax benefit. Would they please give me $10 so I can give them $3? I usually get a confused stare at that point.
Now interest only flows to me, never away from me.
Congratulations on taking the plunge into the world of blogging! It’s a big leap of faith.
Love the blog name and design. Looks like you already have some great content!
I’m no fan of all of the debt-free disclaimers myself. Either you’re debt-free, or you aren’t, simple as that. My wife and I paid off our own 15-year mortgage in a little over three years by throwing every penny of savings that we could at it as part of our plan to downsize to a single income household, start a family, and achieve FIRE.
Welcome to the forums and good luck!
Cool name, welcome!
Welcome! Looks like you have a great start to the content on your site. My wife and I paid off our mortgage 4 years ago (30 year mortgage, paid off in 4 years). I would be happy to do an interview if you’re interested.
Welcome! I love the name. We’re paying down our mortgage to coincide with our target FI date. I’d be glad to do an interview.
My husband and I disagree about paying off our mortgage. We have the money to do it, but I’d prefer to invest it to diversity rather than having so much tied up in one asset (we live in an expensive city) that is not liquid. He hates debt and it’s emotional to him where I mostly look at the numbers. I’d rather have the flexibility to do other things with the money. I get both sides of the discussion though. Definitely don’t want a mortgage at retirement and if we lived in lower cost of living area I’d feel differently as well.
Thank you everyone for your words on encouragement! I was terrified to launch my blog, but you have all made me feel a million times better about it.
Hahahaha I love your name!
I’m a huge fan of debt free including mortgage free. We have been actively paying off our mortgage well ahead of schedule. My husband remains reluctant about this effort tho!
Great to hear! Welcome to the group.
That’s a tough one, Peacock
How will you handle it?
For better or worse my wife defers to me on a lot of financial decisions. In general we both hate debt and are frugal so it works out okay.
She was very nervous when I took on a lot of “good debt” to buy a practice, building, surgery center, etc. Eventually it turned out great and all debt was paid off. That experience built her comfort and trust.
Sometimes setting aside a significant sum as an “emergency fund” can allay the fears of the more nervous spouse. Maybe set aside 6 mo or a year of money and invest the rest?
Or you could just pay off the mortgage. It would make him feel better and financially it isn’t a bad deal at all. It may be a small price to pay for marital harmony.
Also, remember, the formula for Net Worth. Assets - Liabilities. Either investing or reducing debt gets you to the same place. Keep growing net worth one way or the other.
I’m going for it, but not with as much gusto as most people in this community. In the end, I’ll kill off the mortgage just a few months short of 20 years, rather than the 30 year term on my ARM. I’m a couple months shy of 13 years right now, and I spent almost 12 years of that underwater on my mortgage, so it still feels like a big accomplishment, even if it sounds like a pretty normal occurrence.
10 years early is a great accomplishment!
Nice blog! Well done!
Read a couple of articles. Good job with the layout!