Poll: Should Engineer pay off his house with savings...

[AlienCraft]

sweet...
Say, I hear there's a lot of investment property in Lousiana and Mississippi.

 

[Engineer]

Update #2: Not only house paid off but a car paid off as well. One more car to go (only around $7,150 left) to go!

Brag!

 

[CTrain]

Thats fantastic.
You did it with wife and 2 kids nonetherless.

I'm trying to pay mine off in 5 yrs as I have a 5/1 ARM.

 

[Engineer]

Originally posted by: CTrain
Thats fantastic.
You did it with wife and 2 kids nonetherless.

I'm trying to pay mine off in 5 yrs as I have a 5/1 ARM.

I'll tell you that my wife is a great woman!

She is a bargain hunter and she has taught my kids the same way. They are just as happy with items from Goodwill as they would be from Old Navy (new).!

 

[Zim Hosein]

I admire the way that your wife taught the kids

Cheers to your wife Engineer :beer: or :wine: , I'm not sure what she fancies

 

[LS20]

Originally posted by: Engineer


6 years and 8 months on a 30 year loan!

almost around how long my parents took -- 2001 to last December


congratulations dude... now you can blow your money on cars hookers and cocaine

 

[jlmadyson]

Originally posted by: LS20

Originally posted by: Engineer


6 years and 8 months on a 30 year loan!

almost around how long my parents took -- 2001 to last December


congratulations dude... now you can blow your money on cars hookers and cocaine

No way, stocks and bonds.

 

[bernse]

BTW Engineer - I meant to post this a couple weeks back but forgot. I joined the club about a month ago, but today I received my Mortgage Discharge Papers in the mail so its now offical for me too.

It's bubbly time tonight. :wine:

Edit: Took 4 years.

 

[Engineer]

Originally posted by: bernse
BTW Engineer - I meant to post this a couple weeks back but forgot. I joined the club about a month ago, but today I received my Mortgage Discharge Papers in the mail so its now offical for me too.

It's bubbly time tonight. :wine:

Edit: Took 4 years.

:thumbsup:

:wine: <clink>:wine:

4 years is awsome...absolutely awsome. Now time to invest more!

 

[Dirigible]

I'm very jealous. I still owe over $500k on my 1300sqft 2bd/2ba house on 0.08 acre in Oakland, complete with crappy public schools. Even with a high income and my good savings habits, it'll take me a looooong time to pay it off.

The scary thing is that I consider myself lucky to have bought this place so cheap.

Ah, well. Must console myself with the weather.

 

[Engineer]

What I paid for. 2,000 sq ft, 4 bed, 3 bath.

 

[Dirigible]

Originally posted by: Engineer
What I paid for. 2,000 sq ft, 4 bed, 3 bath.

Jeez! I already said I'm jealous. You don't have to rub it in!

That's it. I need a beer. :beer:

Or five. :beer::beer::beer::beer::beer:

 

[SearchMaster]

Originally posted by: Engineer
What I paid for. 2,000 sq ft, 4 bed, 3 bath.

Nice, except for that hideous thing in the front yard. j/k

I'm jealous. Mine will be paid for in about 7 years, giving me 4 years to have the kids' college funds completed. It never ends...

 

[Engineer]

Originally posted by: SearchMaster
It never ends...

QFT. It never does. I've got 6 years to get my first in college and 6 years after that. the 2nd one will be starting. Time to buckle down on savings/investment!

Hideous thing in front yard close up!

 

[spidey07]

Originally posted by: Engineer

Originally posted by: SearchMaster
It never ends...

QFT. It never does. I've got 6 years to get my first in college and 6 years after that. the 2nd one will be starting. Time to buckle down on savings/investment!

Hideous thing in front yard close up!

Yes, Yes it is. Very much so.

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Engineer

Originally posted by: SearchMaster
It never ends...

QFT. It never does. I've got 6 years to get my first in college and 6 years after that. the 2nd one will be starting. Time to buckle down on savings/investment!

Hideous thing in front yard close up!

Yes, Yes it is. Very much so.

Mrs. Engineer sends a trout slap your way! *whap*

:shocked:

 

[spidey07]

no, no - time to invest.

she c@n rec@nt the trout sl@p. you edited.

 

[Excelsior]

Originally posted by: spidey07

Originally posted by: Engineer
By the way, I'm at the 6.5 year mark of 30 years. Of course, I paid a little extra along the way!

now just imagine how much more you would have had if you invested that.

But now he doesn't have to pay a house payment for the next ~23 years.

That makes sense to me.

 

[spidey07]

Originally posted by: Excelsior

Originally posted by: spidey07

Originally posted by: Engineer
By the way, I'm at the 6.5 year mark of 30 years. Of course, I paid a little extra along the way!

now just imagine how much more you would have had if you invested that.

But now he doesn't have to pay a house payment for the next ~23 years.

That makes sense to me.

10-20% > 6.5%

 

[Engineer]

Originally posted by: spidey07

Originally posted by: Excelsior

Originally posted by: spidey07

Originally posted by: Engineer
By the way, I'm at the 6.5 year mark of 30 years. Of course, I paid a little extra along the way!

now just imagine how much more you would have had if you invested that.

But now he doesn't have to pay a house payment for the next ~23 years.

That makes sense to me.

10-20% > 6.5%

So I would have made 10 to 20% per year over the last 5 years? I had a solid return of 7% (mortgage rate) on the mortgage payoff AND I no longer owe on it. Has the NASDAQ or Dow went up an average of 7% per year over the last 5? Has the Dow even went up 7% total over the last 5?

It's not that I haven't invested anything as I max out retirement accounts (all of them) regardless of mortgage. Now I can take the money that would have went to the house over the next 23 years and invest and see how things turn out!

 

[Excelsior]

Originally posted by: spidey07

Originally posted by: Excelsior

Originally posted by: spidey07

Originally posted by: Engineer
By the way, I'm at the 6.5 year mark of 30 years. Of course, I paid a little extra along the way!

now just imagine how much more you would have had if you invested that.

But now he doesn't have to pay a house payment for the next ~23 years.

That makes sense to me.

10-20% > 6.5%

So it is possible to have a guaranteed 10-20% return on investments these days? How?

Edit: Seems like you are just jealous that he has paid his house off so early.

 

[Engineer]

Originally posted by: spidey07
no, no - time to invest.

she c@n rec@nt the trout sl@p. you edited.

Sorry, I thought you meant the island in my yard!

oops.

Originally posted by: Excelsior

So it is possible to have a guaranteed 10-20% return on investments these days? How?

Edit: Seems like you are just jealous that he has paid his house off so early.

Place GOP in office and buy energy stocks!

(just kidding)

I don't think Spidey is jealous at all. Some people prefer investing and keeping the debt. I chose to rid myself of debt early and invest just a tad later. Like I said, I've invested nearly 20k per year (401k, Roth) along with house so I'm still OK!

 

[Ricochet]

Congrats from a fellow engineer. :beer:

 

[spidey07]

Originally posted by: Engineer
Place GOP in office and buy energy stocks!

(just kidding)

I don't think Spidey is jealous at all. Some people prefer investing and keeping the debt. I chose to rid myself of debt early and invest just a tad later. Like I said, I've invested nearly 20k per year (401k, Roth) along with house so I'm still OK!

heh, not je@lous.

Just prefer to m@n@n@ge debt @nd be@t the r@te.

free money.

plus th@t whole compounding thing. just differernt directions. I look 10-15 ye@rs down the ro@d.

 

[Miramonti]

Paying off a mortgage is a good thing. Even if it makes you sweat a little...that increases motivation to work extra hard and refill the savings again.

I don't have a mortgage but have some debt, and even tho I can pay it off easily (and am paying off slowly), I have a very insecure job and need to have cash available, just in case.