topper1296 wrote: ↑Thu Mar 04, 2021 6:29 pm[Thread merged into here --admin LadyGeek]
Today I called my bank to make my last payment on my mortgage and now I am completely debt free.
The bank also said they have stopped my future autopayments and I have to call back in a couple days after the final payment is posted to request the letter stating it is paid in full. The bank also told me they will send the funds in my escrow account to me within 20 days. I'll follow up on both items.
I think the next steps are to call my insurance company to notify them and also call the country property tax office about having my property tax bill sent directly to me. I'll also have to follow up with the county to make sure my lien/deed has been released and then receive something in mail from the county stating that (I think), but I don't know how long yet that is supposed to take in TN. Am I missing anything else here?
I know that my credit score that is currently in the 830's will take a hit, but I don't care. And tonight I plan on celebrating with an Old Fashioned or two.
Congratulations!
And thank you for the reminder. I have to do the same as I just recently paid mine off too. It certainly is a great feeling!
topper1296 wrote: ↑Thu Mar 04, 2021 6:29 pm[Thread merged into here --admin LadyGeek]
Today I called my bank to make my last payment on my mortgage and now I am completely debt free.
. . . . .
I know that my credit score that is currently in the 830's will take a hit, but I don't care. And tonight I plan on celebrating with an Old Fashioned or two.
Congratulations on paying off your mortgage. It's awesome to be debt free .
Sad but true about the credit rating. You are more creditworthy and your credit score drops.
Still worth paying off the mortgage.
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
Here's an odd financial milestone for us: In the past 12 months our portfolio value increased by more than 10 times my highest ever salary. Index fund investing works.
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livesoft wrote: ↑Thu Mar 18, 2021 12:51 pm
Here's an odd financial milestone for us: In the past 12 months our portfolio value increased by more than 10 times my highest ever salary. Index fund investing works.
Now THAT’S impressive!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
After coming super close and then dropping back, I've crossed the $1,000,000 mark in my IRAs, 401(k) and brokerage account combined! It may drop below again, but it was nice to notice it crossing at least once. I started saving in the fall of 2004 with my first real job upon graduation. Salary ranged from $62K to $132K during this time.
livesoft wrote: ↑Thu Mar 18, 2021 12:51 pm
Here's an odd financial milestone for us: In the past 12 months our portfolio value increased by more than 10 times my highest ever salary. Index fund investing works.
Congrats Daddy Warbucks!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
DawgFan2001 wrote: ↑Thu Mar 18, 2021 1:31 pm
After coming super close and then dropping back, I've crossed the $1,000,000 mark in my IRAs, 401(k) and brokerage account combined! It may drop below again, but it was nice to notice it crossing at least once. I started saving in the fall of 2004 with my first real job upon graduation. Salary ranged from $62K to $132K during this time.
Congrats!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
topper1296 wrote: ↑Thu Mar 04, 2021 6:29 pm[Thread merged into here --admin LadyGeek]
Today I called my bank to make my last payment on my mortgage and now I am completely debt free.
The bank also said they have stopped my future autopayments and I have to call back in a couple days after the final payment is posted to request the letter stating it is paid in full. The bank also told me they will send the funds in my escrow account to me within 20 days. I'll follow up on both items.
I think the next steps are to call my insurance company to notify them and also call the country property tax office about having my property tax bill sent directly to me. I'll also have to follow up with the county to make sure my lien/deed has been released and then receive something in mail from the county stating that (I think), but I don't know how long yet that is supposed to take in TN. Am I missing anything else here?
I know that my credit score that is currently in the 830's will take a hit, but I don't care. And tonight I plan on celebrating with an Old Fashioned or two.
Congratulations!! Must be a great feeling! I am still 2 years away from that moment, but I already feel giddy about it
We wiped out the rest of our mortgage this week. Feels great and just wanted to share with the community as I plan on keeping this relatively quiet in my personal life. Wife and I never made over 120k combined HHI, 35/34 year old electrician and x-ray tech with two kids. Low cost of living state with good jobs and a lot of discipline.
kjbasser wrote: ↑Tue Mar 30, 2021 10:22 am
We wiped out the rest of our mortgage this week. Feels great and just wanted to share with the community as I plan on keeping this relatively quiet in my personal life. Wife and I never made over 120k combined HHI, 35/34 year old electrician and x-ray tech with two kids. Low cost of living state with good jobs and a lot of discipline.
Next stop early retirement!
Congratulations! That is an enormous accomplishment - great job!
A couple of things to do now that the mortgage is paid off;
1) Contact your home insurance company to have them take the lender off of your home insurance policy.
2) Be sure stop any automatic mortgage payments. If you had an escrow account then be sure that your home insurance and property taxes get paid on time even if you do not get a bill.
3) It may take a month or more for the paperwork to clear to remove the mortgage lien from your property. Save the paperwork that says the lien was removed since that can be important. Be sure to check with your county to to make sure that the lien was actually removed even though you got the paperwork saying that it was. The problem is that once in a blue moon it will not actually be removed and it can be a mess if you do not find this out until decades from now and have to get it fixed long after the lender is merged with some other company. It will be much easier to get any problems fixed now. In my area you can see lien on a property on the counties web site but in some area you may need to go into the county courthouse to ask how to check on that.
Nice job! That is a great accomplishment for a couple so young.
We were starting the mortgage on our current home at age 36. It was paid off earlier than the length of the mortgage. As well, we put down about 50%, so the mortgage wasn't all that much of a burden.
OP, are you formally mapping to early retirement because of your trade? Sometimes trades really take it out of you, physically. My BIL is a mechanic, aged 63, and he is very selective on the job tickets he picks up. He has back issues due to twisting and turning to get to the various systems he has to work on. His father was a mechanic, and he had back issues, also.
I imagine you do some physical work similar in your job.
Again, congrats!
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
kjbasser wrote: ↑Tue Mar 30, 2021 10:22 am[Thread merged into here --admin LadyGeek]
We wiped out the rest of our mortgage this week. Feels great and just wanted to share with the community as I plan on keeping this relatively quiet in my personal life. Wife and I never made over 120k combined HHI, 35/34 year old electrician and x-ray tech with two kids. Low cost of living state with good jobs and a lot of discipline.
Next stop early retirement!
Congratulations .
"Everything should be as simple as it is, but not simpler." - Albert Einstein |
Wiki article link: Bogleheads® investment philosophy
Broken Man 1999 wrote: ↑Tue Mar 30, 2021 3:02 pm
Nice job! That is a great accomplishment for a couple so young.
We were starting the mortgage on our current home at age 36. It was paid off earlier than the length of the mortgage. As well, we put down about 50%, so the mortgage wasn't all that much of a burden.
OP, are you formally mapping to early retirement because of your trade? Sometimes trades really take it out of you, physically. My BIL is a mechanic, aged 63, and he is very selective on the job tickets he picks up. He has back issues due to twisting and turning to get to the various systems he has to work on. His father was a mechanic, and he had back issues, also.
I imagine you do some physical work similar in your job.
Again, congrats!
Broken Man 1999
These days I work more in controls and automation, not too much construction. Eventually I’ll will transition to a supervisory role if I stay put when I’m ready to put my tools down. In all reality who knows if I’ll retire early, but the flexibility is what I’m after.
My main goal was the house so we can enjoy the extra cash flow, ramp up investing even more and slow down a little bit.
Thanks for all the support, it’s much appreciated. Still doesn’t feel real, maybe it won’t since we’ve been pretty methodical about it.
madtryx44 wrote: ↑Fri Oct 02, 2020 7:47 am
Male, Married, 1 child (38/39/1 y/o), VHCOL
Exceeded 2mm in investments and home equity this morning while tabulating quarterly data. NW as percentage: 48.52% tax-advantaged, 30.08% taxable, 21.4% home equity. All self-built (ie no inheritance). Hoping to exceed this threshold in investments only in next 2-3 years. The power of compounding is starting to be noticeable - thank you Bogleheads!
I can't believe it but surpassed 2mm in investments alone due to investment appreciation/normal contributions. NW as percentage: 50.21% tax-advantaged, 31.59% taxable, 18.2% home equity. Current thinking/target is between 4-5mm for a 'non-traditional retirement' (work on my schedule, on my interests, where money is not critical). Hoping to achieve this around 50 yo (11.5 years to go). Thank you all again!!
VAslim16 wrote: ↑Wed May 17, 2017 6:42 am
...Now I probably jinxed things and will be back under 100K in a few hours when the market opens.
I hope that in not too many years a one-day drop or rise of $100,000 in your portfolio will cause you to merely raise one eyebrow and say, "Hmm, that's interesting."
Broken Man 1999 wrote: ↑Tue Mar 30, 2021 3:02 pm
Nice job! That is a great accomplishment for a couple so young.
We were starting the mortgage on our current home at age 36. It was paid off earlier than the length of the mortgage. As well, we put down about 50%, so the mortgage wasn't all that much of a burden.
OP, are you formally mapping to early retirement because of your trade? Sometimes trades really take it out of you, physically. My BIL is a mechanic, aged 63, and he is very selective on the job tickets he picks up. He has back issues due to twisting and turning to get to the various systems he has to work on. His father was a mechanic, and he had back issues, also.
I imagine you do some physical work similar in your job.
Again, congrats!
Broken Man 1999
These days I work more in controls and automation, not too much construction. Eventually I’ll will transition to a supervisory role if I stay put when I’m ready to put my tools down. In all reality who knows if I’ll retire early, but the flexibility is what I’m after.
My main goal was the house so we can enjoy the extra cash flow, ramp up investing even more and slow down a little bit.
Thanks for all the support, it’s much appreciated. Still doesn’t feel real, maybe it won’t since we’ve been pretty methodical about it.
Congrats! Doesn't feel real? It will feel real when there is no debit out of your checking account except the one that is directed to your ER fund. You should call up Dave Ramsey and do a Debt Free Scream! that will make it feel real!
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
We are halfway to the two comma club. Broke $500,000 net worth (home value included) on yesterday's monthly spreadsheet update, no debts. Aiming to retire in ten-ish years, at 62.
Many thanks to the contributors and discussions on this site. It sounds trite, but we couldn't have done it without your help.
planetmike wrote: ↑Fri Apr 02, 2021 8:32 am
We are halfway to the two comma club. Broke $500,000 net worth (home value included) on yesterday's monthly spreadsheet update, no debts. Aiming to retire in ten-ish years, at 62.
Many thanks to the contributors and discussions on this site. It sounds trite, but we couldn't have done it without your help.
Congratulations! That’s wonderful.
With no debts to hold you back, I expect that you make it to the two-comma club sooner than your plan.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
planetmike wrote: ↑Fri Apr 02, 2021 8:32 am
We are halfway to the two comma club. Broke $500,000 net worth (home value included) on yesterday's monthly spreadsheet update, no debts. Aiming to retire in ten-ish years, at 62.
Many thanks to the contributors and discussions on this site. It sounds trite, but we couldn't have done it without your help.
Tallied up our accounts for the monthly spreadsheet entry and our retirement accounts have now cracked $200,000! Took from July 2012 to get from first invested dollar to November 2019 to reach $100,000 invested. Then seventeen months to get from $100,000 to $200,000.
I have a spreadsheet that calculates how many X I have for a given amount annual expenses. It has multiple columns, one for each annual expense level (hope that makes sense). As of this morning I have exceeded 25x for the last (highest) expense column on the spreadsheet (which I had never actually considered realistic). So technically my portfolio is now off the chart.
IMHO, Investing should be about living the life you want, not avoiding the life you fear. |
Run, You Clever Boy! [9085]
I updated my net worth in March and realized that I passed $1M in my individual retirement accounts at 43 (excluding my husband’s accounts as he started saving later than me).
We are at $1.5M combined so on our way to early retirement!
msjohn07 wrote: ↑Fri Apr 02, 2021 12:03 pm
Updated my wife (32) and I (37) balance sheet yesterday. Finally broke the 2 comma club with home equity. Feel like the plan is finally rolling.
1.05M
Next step, 2 comma club on investments only. Hopefully by the end of the year.
Congratulations! We went through that one-two punch of milestones in the past year, and it is a nice feeling.
Global Market Portfolio + modest tilt towards volatility (80/20->60/40 as approach FI) + modest tilt away from exchange rate risk (80% global+20% U.S. stocks; currency-hedge bonds) + tax optimization
LiterallyIronic wrote: ↑Fri Apr 02, 2021 10:42 am
Tallied up our accounts for the monthly spreadsheet entry and our retirement accounts have now cracked $200,000! Took from July 2012 to get from first invested dollar to November 2019 to reach $100,000 invested. Then seventeen months to get from $100,000 to $200,000.
Good job! The first 100k always seems to be the hardest, probably because that's when even small unexpected expenses can knock your proverbial financial boat askew.
I'm really excited that I finally have a retirement plan in place.
I'm young but anxiety around finances kept me putting it off for like 3 years because I just couldn't do it.
1 week on the bogleheads wiki and forum...it's set
I went with the 3 fund with % bonds = age for simplicity.
Couldn't believe how easy this all actually was.
Now I'm feeling ready to actually learn more (back door roth maybe!) and try to optimize some more.
I owe a million thanks to everyone here
I am spreading the word
william.don wrote: ↑Tue Apr 06, 2021 8:21 pm
I'm really excited that I finally have a retirement plan in place.
I'm young but anxiety around finances kept me putting it off for like 3 years because I just couldn't do it.
1 week on the bogleheads wiki and forum...it's set
I went with the 3 fund with % bonds = age for simplicity.
Couldn't believe how easy this all actually was.
Now I'm feeling ready to actually learn more (back door roth maybe!) and try to optimize some more.
I owe a million thanks to everyone here
I am spreading the word
Congratulations!
Spread the word!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”