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Paid off my place!

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Geo-TH,In
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PostPosted: Tue Jul 09, 2019 12:14 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

20 + years ago I paid off my house. 15 years ago, my youngest graduated college with no student debt because I paid for it, I paid off my last rental, I had zero debt and I decided to RETIRE.

That is definitely a good feeling having zero debt.

I've never lived in a city and never have plans to live in a city or a community with a HOA>
 
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tim s
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Joined: 01 Nov 2008
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Location: Somerset Ohio

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PostPosted: Tue Jul 09, 2019 1:36 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

It's a good feeling to Burn mortgage papers....
 
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bobfeather
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PostPosted: Tue Jul 09, 2019 2:08 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

last time i checked, the ones that owed money ended up in the same place as the ones that had money
 
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SVcummins
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PostPosted: Tue Jul 09, 2019 4:54 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Congratulations 🍾 🎊 .
 
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Philip d
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PostPosted: Tue Jul 09, 2019 4:56 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Congratulations!!! We paid off our place by selling off the cows and quota this spring. It?s a huge weight off ones shoulders.
 
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Paul from MI
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PostPosted: Tue Jul 09, 2019 6:05 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Congrats. I did it twice, last time in 1979, best feeling ever.
 
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730virgil
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PostPosted: Tue Jul 09, 2019 6:51 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

party time ! hip hip hooray!
 
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NEKS
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PostPosted: Tue Jul 09, 2019 7:40 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

In 1980 the banker called me and said the 120 acres next to you is for sale and we want 250 a acre. I had to say no because interest was around 12 percent and I had just been laid off. Today I get to look across the fence and watch someone else farm it.
 
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hrRoss
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PostPosted: Tue Jul 09, 2019 8:21 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

good for you! we paid of everything nov 2008, right during recession. my idea was to take payments and put into retirement to build up more, BUT, we still had milk cows, university extention told all dairy farmers they were going to loose $1000 per cow that year. we skimmed by without bowering any money, sold cows 2yrs later, bought a couple rentals for cash flow
 
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huntingreen2day2
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PostPosted: Tue Jul 09, 2019 8:37 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

When I financed my home my lending agency told me if I would split my monthly payment up and pay half of it at the first of the month and the other half on the payment due date I could reduce my 15 year note to 12 years. That is exactly what I did.
 
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Ark68SS
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Joined: 02 Feb 2013
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PostPosted: Tue Jul 09, 2019 8:53 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Congratulations! Very Happy Now start working on that retirement plan.
I know all about urban creep. When we bought our little 2 acres in 1976 we were 7 miles from the biggest city in the state. I'm still in the county, but the city limits and fancy neighborhoods are right across the highway.
BillL
 
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Ultradog MN
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Location: Twin Cities

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PostPosted: Wed Jul 10, 2019 1:34 am    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Congratulations Morgan.
Was looking at the mtg statement just yesterday and noticed it's getting down there.
Have been Very faithful about paying quite a bit extra every month since the first payment - even when it hurt.
I'm guessing a little over a year to go.
Means I'll have paid off a 30 year in about 13 1/2.
 
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r.w.b.
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PostPosted: Wed Jul 10, 2019 1:45 am    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

I used to haul corn,wheat midds and soybean meal to tysons,georges and cargill in chickendale.just north of town was a nice big farm that grew real nice alfalfa.that was in 90 92 then growth ate that big farm.sad to say how huge it is now,cant hardly tell bentonville to fayetteville.
We quit going to the feed mills 10 years ago too easy to crassh too many illegals driving and that turn off 412 to tyson isnt truck friendly
 
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Frank 41
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PostPosted: Wed Jul 10, 2019 3:52 pm    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

Now you will be working for yourself instead of the bank.
 
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W_B
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PostPosted: Thu Jul 11, 2019 11:31 am    Post subject: Re: Paid off my place! Reply to specific post Reply with quote

CVPost-Butch(oh) wrote:
(quoted from post at 18:24:21 07/09/19) Financial adviser said it was worst thing we could do with our money,,.,


He is right if you take your savings/investments to pay it off. You might just need the cash, and real estate is not an especially liquid investment. We could pay ours off but we can still make the payments from retirement income. We might need those investments once inflation eats up that fixed income. Besides, if we live long enough it will get paid off naturally.
 
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