Congrats buddy 🥂
The rest of us HBOTers buy our mansions with cash đź’°
The rest of us HBOTers buy our mansions with cash đź’°
Paid off the mortgage on Tradition Manor today...
- Thread starter The Tradition
- Start date
I don’t understand this. I have a little less than half of my 15-year mortgage left. Been maxing out my 401k as long as I can remember. The value of our home is a small part of our net worth.
Congrats to the OP!! Remember to pay those taxes.
We paid off our primary residence last April. House was purchased in October 2002. Refinanced at least three times....the last time into a 15-yr mortgage in 2011/12 that we paid off early and we paid off a cheap townhome (student housing) that we'd owned for about 8 years late last Fall. I was really proud of what we had accomplished, but that feeling didn't last too long. We still own a lot of properties with notes still remaining on them that won't be paid off for quite a while (I think the last one is paid off when I'm 72.....I'm 52 right now...yikes).
We paid off our primary residence last April. House was purchased in October 2002. Refinanced at least three times....the last time into a 15-yr mortgage in 2011/12 that we paid off early and we paid off a cheap townhome (student housing) that we'd owned for about 8 years late last Fall. I was really proud of what we had accomplished, but that feeling didn't last too long. We still own a lot of properties with notes still remaining on them that won't be paid off for quite a while (I think the last one is paid off when I'm 72.....I'm 52 right now...yikes).
I think it's fantastic you started off with this post, and then...
...took offense to someone personally attacking you within just a few posts.
hawkeyetraveler
HB Heisman
Sure but one of the big drivers of that that is people buy more home than they need or can truly afford.
We did a fairly similar timeline and events. Paying it off next year. Congrats.
Trad, just wait until you get that document marked "PAID" and have your mortgage burning party. One of the happiest days of my life.
Chis, you tagged a poster in this thread who hadn't even posted yet. You called that poster a childish name, and clearly were looking for a fight. And now you claim that you are the victim, crying that you are getting attacked.
You can't make this shit up.
You're a pathetic hypocrite. Delete your account.
And do you look in the mirror every morning and tell yourself what you typed below?
Serious question, because there is a lot wrong with you and you are an idiot.
******The official don't blame me I voted for the email lady, Biden and Harris thread*****
iowa.forums.rivals.com
Last edited:
Don't question Chis, the most intelligent poster on here!
And never forget or question what Chis recently told us:
I'm not suggesting this Catholic priest was suffering from intrusive thoughts, butt...
iowa.forums.rivals.com
Last edited:
I wonder if Chis truly understands what a pathetic hypocrite he is.
Chis, you tagged a poster in this thread who hadn't even posted yet. You called that poster a childish name, and clearly were looking for a fight. And now you claim that you are the victim, crying that you are getting attacked.
You can't make this shit up.
You're a pathetic hypocrite. Delete your account.
And do you look in the mirror every morning and tell yourself what you typed below?
Serious question, because there is a lot wrong with you and you are an idiot.
******The official don't blame me I voted for the email lady, Biden and Harris thread*****
iowa.forums.rivals.com
This thread? Only? HORT is trash bro. Treat it accordingly.
That’s just not true, a lot of people have 401ks and stuff at the same time. And if you aren’t at least saving a little early you’re missing out on a ton of compounding interest.
And congrats Trad, has to be an awesome feeling.
This. I would also counter that if you were blessed enough to time a sub 3.5 interest rate like I did (2.75%), the smart play is not paying the mortgage off faster but instead investing that extra money in stuff likely to gain far more than 2.75% a year.
The math gets different at 6-7 percent and a lot of the antiquated ideas on not being able to build wealth and need to quickly pay mortgage off are from the days of double digit mortgage rates. So in the end, your mortgage rates are a massive part of the calculus. My parents first mortgage early 80s was 14%. My current mortgage on the house I got January 2021 is 2.75%. Completely different situations.
The wife and I have plans to downsize to a much smaller rental in 12-15 years when we retire so we will always have a housing payment. But I have done the math, it is not as bad as it sounds when you factor in flexibility (we may travel to places and live 6-12 months there), cost of upkeep / repairs avoided, and cost of property taxes and home owners insurance avoided. Currently I pay almost 1k in property tax and insurance a month and average 5-15k a year in repairs and maintenance and improvements.
Also ditto on congrats Trad. Must be a great feeling.
Last edited:
Of course you should invest in a 401K or Roth but look around you. The ones building wealth are past the 401k or Roth stage and they have their debts paid off.
I have been debt free since 2005, and not going to make any huge purchases.
I don’t have my house paid off and I’m absolutely building wealth for retirement.
What do you mean “past the 401k stage”? That is the primary vehicle for building wealth if you exceed the income limits for Roth accounts.
We are of much the same mind and situation. I do have questions on your decision to sell and rent. Wouldn't you pay more in rent than taxes and insurance, especially looking 12-15 years down the road? I would think it holds true even factoring in $5K a year in hiring a lawn service, snow removal service, etc. and replacing items when they actually wear out.
Putting money in a Roth or 401K/IRA is tricky. It all depends on what bracket you expect to be in over your working life and what bracket you expect to be in when you retire and that is hard to determine.
Most people will be in a higher bracket when they are working. In terms of what the brackets will be, no one knows. Trump will likely cut taxes, making them even more attractive in the short run.
For the most part, you probably do save some money by owning vs. renting, but there's a big intangible "peace of mind" factor that comes with renting vs. owning. You also have that backstop of the money you've made from the sale of your house.....which provides extra comfort. You have so much more flexibility in life not being tied down to a house. Some put a higher value on it than others.
I'm not saying I would do it (rent), but I certainly understand those who choose to do it. I could see myself doing it a little later on in retirement.
What worked for me, When the market was going down, or sideways I made double house payments, When it was going up I added more to the market, ended up paying the mortgage off 15 months earlier.
Well if you need the money, I get selling and renting. I also get wanting to be carefree. I just don’t think it is financially the best move, if you don’t need the equity to live.
It's probably not, but it just depends on the value you put on flexibility. We make decisions every day that don't make the most financial sense.
I can easily see why a 70 year-old would like to, for the rest of their life, never have to deal with hassles of finding and paying someone to put in a new roof, driveway, pool, hardwoods, windows, etc. Older people are often more susceptible to getting swindled by unscrupulous service providers. My own father had dementia. Before it was formally diagnosed, he paid thousands of dollars to have his roof (concrete tile in Florida) pressure-washed.........a job that would normally cast a couple hundred bucks.
You can sign a bad lease/rental agreement, but in a year it's done and you can start fresh.
Is renting in lieu of owning, financially prudent? Probably not in most cases.
Are they happier renting, despite this? They just might be. It depends on each person's situation.
Amid all the discussions about the appropriate ways to build wealth, here…
I just want to point out that Mrs. Tradition and I absolutely HATE paying any interest to anybody. And even though the amount of interest we were paying before we wrote the big check to just pay it off was minimal, we are thrilled to not pay it anymore.
We are now officially paying interest to no one. And that is freaking awesome.
I just want to point out that Mrs. Tradition and I absolutely HATE paying any interest to anybody. And even though the amount of interest we were paying before we wrote the big check to just pay it off was minimal, we are thrilled to not pay it anymore.
We are now officially paying interest to no one. And that is freaking awesome.
