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Mortgage Burning


Ro-bear
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If celebrations of life's little victories annoy you, stop reading now.

 

 

I never thought I'd own a home. Never thought I'd marry and have kids. But here I am, married, a parent, and after twenty years a homeowner with no debts. I've always had car payments, house payments, student loan payments, etc. Before that, it was even worse: I was throwing away my money on rent.

 

The roof leaks, the lawn is full of weeds, and the heating/AC system is on its last legs, but it is mine. Well, at least as long as my wife puts up with me.

 

I guess it's time to start saving up for the girls' college fund. I sure hope they get some heavy-duty scholarships so I can quit teaching at 65 and not go to work as a Wal-Mart greeter-geezer. :HaHa:

 

I don't want to be rich; I just don't want to be poor. And, in my dotage, I'd like to be comfortably idle. Well, and healthy too but let's not get carried away. :grin:

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If celebrations of life's little victories annoy you, stop reading now.

 

 

 

Ro-bear, that is such nice news to hear! Good for you! :3: You should be real proud of yourself! Sounds like all your hard work paid off! Congratulations to you and your family. Best of everything to you..

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If celebrations of life's little victories annoy you, stop reading now.

 

Congratulations, Ro-bear! It made me feel happy for you when I read your post. Thanks for letting us celebrate with you! :)

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Congradulations- I hope to be at that point someday... probably a few decades from now.

 

 

 

If celebrations of life's little victories annoy you, stop reading now.

 

But what good is this little victory if you aren't using it to dismiss other peoples' problems?

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Congrats Ro. As for your kid's college savings, have a look into your state's 529 plan. It can give you great tax benis and if your state has a 529 tuition plan, you can buy prepaid credits today, locking in prices at today's rates. Unlike a 401k or IRA, there is no tax on 529 withdrawals as long as the money is used to pay for school.

 

One last note, if you have at least 5 years until they attend school, putting your 529 money in a stock fund is likely your best way to go, despite all the doom and gloom about the markets people like to throw around. Stocks have always outperformed other investments over time. Right now, I'm betting blue chip dividend paying stock funds are the way to go. Throughout the last decade, dividends accounted for 87% of the S&P 500's total returns, so in bad years, you want to own beaten down, strong companies that have long track records of earnings and a consumer base that isn't going away; e.g., proctor and gamble, big tobacco, apple, et al.

 

Some are buying the financials here; Warren Buffet just bought $5B in BAC (bank of am); he's a smart guy, but this sector is too risky for the average joe IMO. You may make buckets of money on it or you may lose it all. I'd take the middle road here if I were you, but that's just me.

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If celebrations of life's little victories annoy you, stop reading now.

 

 

I never thought I'd own a home. Never thought I'd marry and have kids. But here I am, married, a parent, and after twenty years a homeowner with no debts. I've always had car payments, house payments, student loan payments, etc. Before that, it was even worse: I was throwing away my money on rent.

 

The roof leaks, the lawn is full of weeds, and the heating/AC system is on its last legs, but it is mine. Well, at least as long as my wife puts up with me.

 

I guess it's time to start saving up for the girls' college fund. I sure hope they get some heavy-duty scholarships so I can quit teaching at 65 and not go to work as a Wal-Mart greeter-geezer. :HaHa:

 

I don't want to be rich; I just don't want to be poor. And, in my dotage, I'd like to be comfortably idle. Well, and healthy too but let's not get carried away. :grin:

Congrats. I should be paying my AZ home off in the next 6 months or so and about that time it'll go on the market and the proceeds will pay off the house I live in now. It's a nice place to be, although I have only token amounts set aside for "retirement" which in my case likely isn't going to actually happen. But that's not the end of the world. Retirement is a concept that didn't exist on any scale a hundred years ago and won't exist on any scale a hundred years from now, I'll wager.

 

Your real wealth is in your obvious contentment, and for that, sir, I salute you :-)

 

--Bob

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Retirement is a concept that didn't exist on any scale a hundred years ago and won't exist on any scale a hundred years from now, I'll wager.

 

--Bob

 

Thanks Bob - I needed to hear this today!!:grin:

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Retirement is a concept that didn't exist on any scale a hundred years ago and won't exist on any scale a hundred years from now, I'll wager.

 

 

 

We may indeed go back to a time when parents moved back in with the children. It is still this way in many Asian countries. The parents will move back in with the children, and will then act as sort of assistant parents for the grandchildren. It is considered as one's duty in most Asian cultures (the letting your parents move in with you part).

 

I couldn't help but overhear a good christain lady at the chinese buffet say "retirement is not in the bible"

 

With how short lifespans were in that era, I am not surprised.

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Thank you, thank you to all well-wishers.

 

Right on schedule, the week after we make the last payment, my wife calls in a tree specialist to look at our trees. Three old maples need some root work, some judicious trimming, maybe a cable or three here and there. Apple tree needs pruning.

 

Total cost: less than $1700! Yay!

 

Part of the fun of being a homeowner is wondering where the next big expense will manifest itself. Still beats rent, I guess. :HaHa:

 

Vig, I'll look into the 529 thing. One kid is three years away from college, the other five.

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Vig, I'll look into the 529 thing. One kid is three years away from college, the other five.

 

http://www.fool.com/how-to-invest/thirteen-steps/step-8-cover-your-assets.aspx?source=ii1sitlnk0000001

Rule 2: If you need the money in the next one to five years, choose safe, income-producing investments such as Treasuries, certificates of deposit (CDs), or bonds.

Whether it's your kid's college money or the retirement income you'll need in the not-so-distant future, stay away from stocks.

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Congrats.

Now take your house title (deed?) from the bank and put it in a safety deposit box.

It'll help prevent the bank from taking possession of it in a clerical error that you will have to prove was made by them.

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Ro-bear,

 

As much as we have sniped at each other....I am truly happy for you...congrats..... :3:

 

 

It's all good fun. If you ever find yourself near Knoxville, we'll go have a beer. :grin:

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Congrats, Ro!

 

Makes me wonder how I'll look back at my current grad-school strugglingself years from now. I'm not exactly optimistic, but hey, I guess you never know.

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Congratulations Ro-bear! Might join you in about 5 years.

 

Does full ownership bring thoughts of renovation to your head?

 

We do little things, like replacing a shower enclosure, etc. We have been converting the walk-in basement to usable space for the last year. The floor and walls are marble, so it has potential as basements go. We have a big TV down there with surround sound and all that crap. It's really like being at the movies, except the furniture is comfier. It's still a bit spidery down there though. But I have a pool table and a fridge full of beer, so we're off to a good start.

 

I want a big koi pond now. We have a big back yard with a privacy fence and lots of old trees. I've let the pond linger at the bottom of my priority list for years, and I see it moving up now. Ro-bear needs a peaceful place to watch fish swim around.

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