Another MM LOL. Debt free by 40

[papie]

Including mortgage.  That board makes me feel like I live in a different planet, not a different country. 


I can't stop laughing.  One poster was all "Oh yeah, we were done paying our mortgage at 26-27, then upgraded and plan to be done by mid-thirties."


I am 35.  The idea of paying off my mortgage entirely is just so hilarious right now.  I guess if we cashed in all our retirement savings, but even then, I don't think so, because we would have to pay $$$ in taxes for doing so.  AND we need to add/renovate or move in the next few years as we only have 3 bedrooms. 



So, at what age are YOU planning on paying off your mortgage? Me: 55? I bought at 30 with a 25 year mortgage. 

[eddy]

Well we took out this mortgage when we were 30 so hopefully by 60 lol!

[Deleted]

LOL, I'm STILL saving up to buy a house!! Damn HCOl area!! I will probably never pay mine off, just sell it to get some equity to move to my "retirement village" LOL!!

[speckledfrog]

We might be done around then. Both of our parents paid for our college education and we came out with no debt. MH's parents also gave him money through the years and it was enough for our downpayment. We have been very lucky.

ETA:  I mention the college thing because it allows us to put what we might have been spending to repay loans towards extra on our mortgage.

[Deleted]

Well, we have to buy a house before we can pay it off.

Lol.

I'd like to have that done by the time I'm 60.

I'm 26 now.

[cinco]

At this rate 65, but we'll probably have to take loans out for college, which if I'm calculating correctly puts us roughly at never.

[luckyval]

That's not something that's even close to a top money goal for us.

We'll stay here while we raise the kids, sell the house when they're gone and then start over again with a new mortgage on our retirement home.

[jennysmitten]

When I am 52 and we pay a little extra each month, lol.

[2boys2danes]

45... we hate debt of any kind. I get twitchy and actually pay my Amex as soon as the charge goes thru pending status and before its billed. I think this is sort of wierd and unhealthy but I'll admit to it.

[Jalapeñomel]

We won't be able to afford a house until we are 40, if even then.

[Deleted]

What do these people DO exactly to be able to afford that? We are barely scraping by with our puny little mortgage and life necessities. Apparently I am in the wrong career :/

[iamgrace]

Yeah. nope.

[Deleted]

May 1, 2013 13:55:36 GMT -5 eddy said:

Well we took out this mortgage when we were 30 so hopefully by 60 lol!

My goal (after first buying a house) is to pay it off by retirement.

And I don't know if we'll ever be able to 100% retire.

So...yay!!!

/sits with sameoldash and signs rent check.

[mushmouse]

I was mortgage free by 40. BECAUSE MY HUSBAND'S PARENTS LEFT HIM A HOUSE. lol

Owning a house is really great. But honestly it's where all of your money goes from that day forward. Enjoy the renting life while you have it!

[iamgrace]

May 1, 2013 14:08:12 GMT -5 @riversong said:

What do these people DO exactly to be able to afford that? We are barely scraping by with our puny little mortgage and life necessities. Apparently I am in the wrong career :/

2 towels!

[TrickyBob]

I bought my house at 20, so when I'm 50? Lol

[cheeseandcrackers]

Yeah, i don't think that's too common, anywhere.
My parents though somehow managed to have 2 paid off houses (around 400K total) with one income a little below 100K. They are both 62. I'm not sure how they did it, but I know my mom is a HUGE saver.

[ijack]

For A LOT of the posters over there, that isn't even a goal. Honestly paying off your mortgage isn't usually the best MM decision, especially at current interest rates.

[nomad100]

We bought our forever home when I was 41, so newp, that isn't us. We hope to have it paid off by 60.

[2boys2danes]

May 1, 2013 14:08:12 GMT -5 @riversong said:

What do these people DO exactly to be able to afford that? We are barely scraping by with our puny little mortgage and life necessities. Apparently I am in the wrong career :/

Our ability came from both good and bad things that happened.  Our first downpayment and a good chunk came after my H's mom committed suicide (I've mentioned this before here.. she lay dead in the house for three months because she had alienated everyone in her life) and we sold her house and used the proceeds to help us buy our second house.  My husband and his dad also owned a large electrical contracting company in town that employed about 120 folks for the last 40 years.  H and FIL sold the business and retired last year so we used some of that to pay off our house.

Even before that though, neither H nor I can stand to owe anything to anyone so we pay cash (or AMEX for the points) or dont buy it.  We both make/made six figures for the last many years.  Even with all that being said, we dont live a lavish lifestyle.  We both have new cars but they are just normal Mazdas and we'll keep them until they get high miles on them.  I get twitchy with cars when they hit 100K miles.

I fully realize I have some mental money issues... but arent we all goofy about something??

[fluffaluff]

I don't know if we will ever own..I'm just focused on the 7k we have left of student loans and the credit card..

[papie]

I realize some people DO pay off their mortgage early, but most of these people have special circumstances. It is still laughable to make a thread about it as if it is some common goal that a lot of others will relate to.

[VeryViolet]

I am totally not MM so this totally wouldn't make sense for me but I read an article recently that said it was a really bad idea to pay off your mortgage early. Basically the argument was that with interest rates as low as they are you can have your money making more money for you in other places. I am not explaining this well nor am I smart enough to have my money make me money but the article made a compelling case lol.

ETA If we never move, our mortgage will be paid off shortly before I am 60 I guess. We got a 30 year loan when I was 28. 

[Deleted]

i'm into financial security and am fortunate to have a good job. but there's something to be said for living while you're young and not just looking at every single day solely as an opportunity for funding the future.

and then there's also reality. yay reality!

[Captain Serious]

Our goal is to use the money from the sale of our house to pay off our new, more rural home when we move in 2015. I'll be 40 then.

But I know that our situation is *highly* unusual, and would not be possible on my state employee's salary alone. Luckily, my husband has been blessed to work in a very high-paying field for 18 years, and we burrowed away all our savings to make this move, him taking some well-deserved time off, and us transitioning into a much lower-cost lifestyle possible.

[angelaa73]

Hahahahaha

I just interrupted my DocuSign for my new mortgage to come in here and laugh. I'm 40!

sent from my posse's on broadway

[Deleted]

It's looking like we won't even buy our first house until we're 35 so hopefully we'll be able to pay it off in time for retirement?

[angelaa73]

And I fucking love tax shelter

sent from my posse's on broadway

[Yankees21]

With interest rates so low, I don't see any rush in paying off my mortgage, especially since we will upgrade at some point. As long as it's paid off before we retire, I'm good with that!

[Deleted]

That would be awesome, though.

Let's see, we refinanced when i was 28, so 58. Lol. Maybe as we advance financially we'll start paying it off faster. No plans to move or upgrade.