Post your Financial Milestone Announcements Here

US Local Chapters, Wiki, and general Bogleheads community discussion, news, events, and announcements.
Post Reply
FlyOverState
Posts: 107
Joined: Sun Feb 26, 2012 1:35 am

Re: Post your Financial Milestone Announcements Here

Post by FlyOverState »

A couple weeks ago we reached two commas without using home equity, but now we are back to one comma.

On the bright side, we get to do it again!
Thanks, | John | | FlyOverState
PFInterest
Posts: 2684
Joined: Sun Jan 08, 2017 11:25 am

Re: Post your Financial Milestone Announcements Here

Post by PFInterest »

StevieG72 wrote: Sun Jan 14, 2018 10:56 pm I am broke.

Thats my story, and I am sticking to it!
Unemployed for the first time next week!
warpork
Posts: 13
Joined: Thu Nov 27, 2014 9:13 am

Pulled the trigger and paid off the house today

Post by warpork »

[Thread merged into here, see below (next page). --admin LadyGeek]

Just need to shout out and say, once again, we are completely debt free by paying off the remainder of our primary residence! Wanted to use this forum as an outlet to let out some joy somewhat anonymously.

This is the 2nd personal residence we've paid off. Lesson learned the first time, don't tell any friends/family except the closest......we had a big party the first time and invited all our friends. Long story short, we found out who our "real" friends were as there were quite a few that were very jealous and really stopped being our friends. These were the ones that always seemed to have more than us (new cars, jet skis, 4wheelers, etc), but always living pay check to pay check. Guess thought they were doing better than us then felt bad after they found out what we had been doing/done. So that being said, not planning on telling any friends this time except maybe 2 (who are also Bogleheads).

I understand there are better financial things I could have done with the money (although it wasn't all that much at this point), but once again, I feel the weight of the world off my shoulders (and that's priceless). Thanks to all for the other threads and discussions in the countless other topics on this subject!
User avatar
SmileyFace
Posts: 9184
Joined: Wed Feb 19, 2014 9:11 am

Re: Pulled the trigger and paid off the house today

Post by SmileyFace »

Congratulations.
Certainly a mortgage pay off party sounds like it is asking for trouble in a number of ways. Not only would I fear the resentment but I would also fear the expectations of others for me to start covering the dinner checks, etc.
User avatar
jfn111
Posts: 1377
Joined: Fri Nov 08, 2013 9:42 pm
Location: Minnesota

Re: Pulled the trigger and paid off the house today

Post by jfn111 »

Congratulations! It's a good feeling to be free of home loan debt. :sharebeer
nexesn
Posts: 183
Joined: Mon Jan 01, 2018 8:15 pm

Re: Pulled the trigger and paid off the house today

Post by nexesn »

warpork wrote: Fri Jun 29, 2018 11:44 am Just need to shout out and say, once again, we are completely debt free by paying off the remainder of our primary residence! Wanted to use this forum as an outlet to let out some joy somewhat anonymously.

This is the 2nd personal residence we've paid off. Lesson learned the first time, don't tell any friends/family except the closest......we had a big party the first time and invited all our friends. Long story short, we found out who our "real" friends were as there were quite a few that were very jealous and really stopped being our friends. These were the ones that always seemed to have more than us (new cars, jet skis, 4wheelers, etc), but always living pay check to pay check. Guess thought they were doing better than us then felt bad after they found out what we had been doing/done. So that being said, not planning on telling any friends this time except maybe 2 (who are also Bogleheads).

I understand there are better financial things I could have done with the money (although it wasn't all that much at this point), but once again, I feel the weight of the world off my shoulders (and that's priceless). Thanks to all for the other threads and discussions in the countless other topics on this subject!

Congratulations!!!!! Throwing a little virtual party for you! :sharebeer :sharebeer

Sorry about the experiences in the past, but better to learn early about the friends than invest too much time with them and realize later the true colors of who they were.

Well done getting ride of the collection bank hovering over your houses roof :)
User avatar
mhc
Posts: 5257
Joined: Mon Apr 04, 2011 10:18 pm
Location: NoCo

Re: Pulled the trigger and paid off the house today

Post by mhc »

congratulations! life isn't just about making financial decisions.
52% TSM, 23% TISM, 24.5% TBM, 0.5% cash
FireHorse
Posts: 225
Joined: Sat Nov 25, 2017 6:03 pm

Re: Pulled the trigger and paid off the house today

Post by FireHorse »

Congrats!!!
No jealous here, only happy for you. One step forward to your ultimate achievement!!
Texanbybirth
Posts: 1612
Joined: Tue Apr 14, 2015 12:07 pm

Re: Pulled the trigger and paid off the house today

Post by Texanbybirth »

Congratulations on a paid off mortgage! :beer (I'm super jealous, but still very happy for you.)

And congrats on having flesh and blood friends who are Bogleheads. I've always wondered if any one of my friends is on this forum, as I don't talk much about BH specifically (maybe the principles and theories in general) to any friends. (Is it YOU?) :D
Last edited by Texanbybirth on Fri Jun 29, 2018 11:54 am, edited 1 time in total.
“The strong cannot be brave. Only the weak can be brave; and yet again, in practice, only those who can be brave can be trusted, in time of doubt, to be strong.“ - GK Chesterton
soccerrules
Posts: 1380
Joined: Mon Nov 14, 2016 3:01 pm

Re: Pulled the trigger and paid off the house today

Post by soccerrules »

Congrats ! :beer
Don't let your outflow exceed your income or your upkeep will be your downfall.
User avatar
Cyclesafe
Posts: 1474
Joined: Wed Dec 31, 2014 12:03 pm

Re: Pulled the trigger and paid off the house today

Post by Cyclesafe »

It simply doesn't matter that there could have been financially better alternatives. Getting completely out of debt is second only to finally achieving FI as a financial milestone.

Congratulations.

The reaction you are getting from your friends is partially a sense of regret that their "stuff" didn't give them anywhere near the same level of happiness that paying off your mortgage gave you. Give them time.
"Plans are useless; planning is indispensable.” (Dwight Eisenhower) | "Man plans, God laughs" (Yiddish proverb)
WhiteMaxima
Posts: 3338
Joined: Thu May 19, 2016 5:04 pm

Re: Pulled the trigger and paid off the house today

Post by WhiteMaxima »

risk free 4% return or risky 7% investment?
naclt
Posts: 33
Joined: Wed Feb 07, 2018 7:15 am

Re: Pulled the trigger and paid off the house today

Post by naclt »

Awesome, good for you! Hope to be in your shoes in the near future. :beer

And sad that you can’t celebrate more publicly...self contained excitement and gratification!
DesertDiva
Posts: 1555
Joined: Thu Mar 01, 2018 11:49 am
Location: In the desert

Re: Pulled the trigger and paid off the house today

Post by DesertDiva »

DaftInvestor wrote: Fri Jun 29, 2018 11:48 am Congratulations.
Certainly a mortgage pay off party sounds like it is asking for trouble in a number of ways. Not only would I fear the resentment but I would also fear the expectations of others for me to start covering the dinner checks, etc.
+1 Privacy prevents many unintended consequences 8-)
Congrats
foamypirate
Posts: 142
Joined: Sun Jul 09, 2017 9:36 pm

Re: Pulled the trigger and paid off the house today

Post by foamypirate »

Congratulations! We hope to be in the same boat in about 4.5 years, if things go according to plan. :sharebeer
User avatar
N1CKV
Posts: 864
Joined: Wed Mar 21, 2012 8:18 am

Re: Pulled the trigger and paid off the house today

Post by N1CKV »

Congratulations on your achievement.
BradJ
Posts: 622
Joined: Sun Jan 21, 2018 5:06 pm

Re: Pulled the trigger and paid off the house today

Post by BradJ »

Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
Exafchick
Posts: 166
Joined: Thu Nov 09, 2017 9:40 am

Re: Pulled the trigger and paid off the house today

Post by Exafchick »

Wow, good for you! I had been paying extra toward the principle but decided to build up my emergency fund so I'd have enough to buy a new car with cash. But, once the fund gets to a number I feel comfortable with I will go back to adding extra to mortgage. What a big relief it must be!
User avatar
djpeteski
Posts: 1078
Joined: Fri Mar 31, 2017 9:07 am

Re: Pulled the trigger and paid off the house today

Post by djpeteski »

:sharebeer
User avatar
SmileyFace
Posts: 9184
Joined: Wed Feb 19, 2014 9:11 am

Re: Pulled the trigger and paid off the house today

Post by SmileyFace »

BradJ wrote: Fri Jun 29, 2018 12:40 pm Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
My advise is ask yourself the question "Do I really need a bigger, nicer house?".
Why do you need to "upgrade"?
If the house is "just right" why would you upgrade?
When I was your age my wife and I spent time looking as we were thinking of upgrading our house. It seemed to be what everyone was doing - as soon as you could afford to do so - you go and upgrade your house. Then we thought about it and decided we didn't need it. I live in a smaller house than everyone that works for me that makes less than me (although most of them don't know it) and also drive a less expensive car than nearly all of them. But unlike any of them I am debt-free and I know that I will retire in a pretty comfortable state which I am pretty sure I can't say for many of them.
If you can afford it and a bigger house would truly make your and family happy you should do it. But don't do it simply because you can. A lot of people make decisions to keep-up-with-the-Jonses that aren't the right decisions for them.
User avatar
Cyclesafe
Posts: 1474
Joined: Wed Dec 31, 2014 12:03 pm

Re: Pulled the trigger and paid off the house today

Post by Cyclesafe »

DaftInvestor wrote: Fri Jun 29, 2018 12:47 pm
BradJ wrote: Fri Jun 29, 2018 12:40 pm Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
My advise is ask yourself the question "Do I really need a bigger, nicer house?".
Why do you need to "upgrade"?
If the house is "just right" why would you upgrade?
When I was your age my wife and I spent time looking as we were thinking of upgrading our house. It seemed to be what everyone was doing - as soon as you could afford to do so - you go and upgrade your house. Then we thought about it and decided we didn't need it. I live in a smaller house than everyone that works for me that makes less than me (although most of them don't know it) and also drive a less expensive car than nearly all of them. But unlike any of them I am debt-free and I know that I will retire in a pretty comfortable state which I am pretty sure I can't say for many of them.
If you can afford it and a bigger house would truly make your and family happy you should do it. But don't do it simply because you can. A lot of people make decisions to keep-up-with-the-Jonses that aren't the right decisions for them.
+1

If you need the bigger/better house go for it. But if you don't splurge here, you'll be able to splurge in many other areas that could bring you more happiness. FIRE is a wonderful, wonderful thing.
"Plans are useless; planning is indispensable.” (Dwight Eisenhower) | "Man plans, God laughs" (Yiddish proverb)
Cascade425
Posts: 18
Joined: Fri Jun 08, 2018 10:12 pm

Re: Pulled the trigger and paid off the house today

Post by Cascade425 »

BradJ wrote: Fri Jun 29, 2018 12:40 pm Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
You also need to think about how to downsize as your family situation evolves over time. We have kids in high school now and in four years when they go to college we will cut our square footage in half. So, we're renting right now and have bought our next home in the city where we can walk everywhere.
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

Congrats to the OP! :beer

On the subject of parties and friends.... I would never throw a party (or even share with anybody other than immediate family) because I paid off a mortgage. It could easily come across as bragging about success (right there with co-workers who threw parties to celebrate the promotion they got that ten of the invitees were also hoping for). Have a nice dinner with your significant other and kids (as applicable) and move on to the next step in your investing life. This is a great opportunity to take the equivalent of that monthly mortgage check and plow it straight into an after-tax equities investment. Pretend you're still making a mortgage payment.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
User avatar
greg24
Posts: 4511
Joined: Tue Feb 20, 2007 9:34 am

Re: Pulled the trigger and paid off the house today

Post by greg24 »

:sharebeer
:sharebeer
:sharebeer
User avatar
JoeRetire
Posts: 15381
Joined: Tue Jan 16, 2018 1:44 pm

Re: Pulled the trigger and paid off the house today

Post by JoeRetire »

warpork wrote: Fri Jun 29, 2018 11:44 amI understand there are better financial things I could have done with the money (although it wasn't all that much at this point), but once again, I feel the weight of the world off my shoulders (and that's priceless).
Congratulations.

I find that most folks are happy with their decision - the ones that don't pay off their mortgage, the ones that do because they believe it's the optimal financial choice, and the ones that do and know it isn't the optimal financial choice.
This isn't just my wallet. It's an organizer, a memory and an old friend.
BostonButterfly
Posts: 145
Joined: Tue Jun 06, 2017 11:49 am
Location: Boston

Re: Pulled the trigger and paid off the house today

Post by BostonButterfly »

Congratulations! Cheers to you!
I am on track for nine more years until mortgage payoff. Seems like a lifetime, and right around the corner at the same time.....LOL. I can't wait to experience paying it off!

warpork wrote: Fri Jun 29, 2018 11:44 am Long story short, we found out who our "real" friends were as there were quite a few that were very jealous and really stopped being our friends. These were the ones that always seemed to have more than us (new cars, jet skis, 4wheelers, etc), but always living pay check to pay check. Guess thought they were doing better than us then felt bad after they found out what we had been doing/done.
Comments like above make me so sad. It bothers me that money can cause so many issues. We are striving for retirement in ten years at age 58. We are working very hard towards that goal. I have found that whenever we discuss our plan with family or friends, the reaction is quite often negative. People seem to imply that we don't realize just how much money we would need, and we couldn't possibly have saved enough by then. We are also warned that we'll be so bored and non-productive by retiring early (as if 58 is THAT early!). These conversations always leave us feeling frustrated and irritated, so now we just avoid conversations that might lead to this topic. Retiring early, and even being on a purposeful path to reach the goal, is such major accomplishment - you'd think people would just be genuinely happy for you. Sadly, it seems like it just brings out the ugly side of some people. Very sad.
ALinLI
Posts: 172
Joined: Thu Jun 02, 2011 9:04 am

Re: Pulled the trigger and paid off the house today

Post by ALinLI »

Congrats on this achievement. Nice work. Keep saving and investing. FI is on the horizon
runner3081
Posts: 5993
Joined: Mon Aug 22, 2016 3:22 pm

Re: Pulled the trigger and paid off the house today

Post by runner3081 »

DaftInvestor wrote: Fri Jun 29, 2018 12:47 pm
BradJ wrote: Fri Jun 29, 2018 12:40 pm Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
My advise is ask yourself the question "Do I really need a bigger, nicer house?".
Why do you need to "upgrade"?
If the house is "just right" why would you upgrade?
Completely agree. Going from an 1,000 sq ft condo to 1,200 sq ft house to 1,900 now, has mad use realize how big our house is for three people now. Could easily ratchet back to 1,400-1,500. As far as upgrading, if it is in a relatively safe, who cares.
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

BostonButterfly wrote: Fri Jun 29, 2018 1:36 pm
warpork wrote: Fri Jun 29, 2018 11:44 am Long story short, we found out who our "real" friends were as there were quite a few that were very jealous and really stopped being our friends. These were the ones that always seemed to have more than us (new cars, jet skis, 4wheelers, etc), but always living pay check to pay check. Guess thought they were doing better than us then felt bad after they found out what we had been doing/done.
I have found that whenever we discuss our plan with family or friends, the reaction is quite often negative. People seem to imply that we don't realize just how much money we would need, and we couldn't possibly have saved enough by then. We are also warned that we'll be so bored and non-productive by retiring early (as if 58 is THAT early!). These conversations always leave us feeling frustrated and irritated, so now we just avoid conversations that might lead to this topic.
Exactly. It continues to baffle me why anybody would be willing to share such plans with anybody beyond spouse and responsible adult children. It's nobody else's business, and I wouldn't tell them anything even if it was. I adopted a policy decades ago of wanting everybody other than my immediate, immediate family to think I was on the brink of bankruptcy and would be lucky to keep the house.
Retiring early, and even being on a purposeful path to reach the goal, is such major accomplishment - you'd think people would just be genuinely happy for you.
Not me. I would expect the exact reactions you got.
Sadly, it seems like it just brings out the ugly side of some people. Very sad.
Most of us learned very early on in life that if we bragged about ourselves, it would indeed bring out the ugly side of people. This will never change.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
ALinLI
Posts: 172
Joined: Thu Jun 02, 2011 9:04 am

Re: Pulled the trigger and paid off the house today

Post by ALinLI »

As they say in the Navy loose lips sink ships
bloom2708
Posts: 9860
Joined: Wed Apr 02, 2014 2:08 pm

Re: Pulled the trigger and paid off the house today

Post by bloom2708 »

It is a funny world. If you went out and bought a new huge boat with a big boat loan all your friends/neighbors would want a ride and be all smiles.

If you paid off the boat loan, they are jealous. Ah. Good times.

Congrats on the mortgage payoff. Now, don't do it again. :wink: :shock: :oops:
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

runner3081 wrote: Fri Jun 29, 2018 1:58 pm As far as upgrading, if it is in a relatively safe, who cares.
Yes!! :sharebeer

I've reminded myself at times that the current house was something we really looked forward to and appreciated twenty years ago. The house hasn't changed, so why should I be any less happy with it today? Sure, if you watch the TV shows you will find out that your perfectly good cabinets and appliances need to be replaced because they aren't grey and stainless steel. Wait five years, and we'll be back to natural wood colors and white or black appliances. It still won't matter! Who knows, Harvest Gold and Avocado may even make a comeback. 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
cj2018
Posts: 205
Joined: Tue Jun 12, 2018 3:49 pm

Re: Pulled the trigger and paid off the house today

Post by cj2018 »

Warm congrats to this milestone! And thanks for sharing the story about your first party - very insightful :sharebeer
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

bloom2708 wrote: Fri Jun 29, 2018 2:08 pm It is a funny world. If you went out and bought a new huge boat with a big boat loan all your friends/neighbors would want a ride and be all smiles.
While also gossiping behind your back that your boat is ridiculous and stupid (because it is bigger, newer and faster than the boat they're stuck with).
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Wellfleet
Posts: 636
Joined: Sun Jan 26, 2014 7:18 pm

Re: Pulled the trigger and paid off the house today

Post by Wellfleet »

Congrats Warpork! :beer :beer :beer
BostonButterfly
Posts: 145
Joined: Tue Jun 06, 2017 11:49 am
Location: Boston

Re: Pulled the trigger and paid off the house today

Post by BostonButterfly »

FIREchief wrote: Fri Jun 29, 2018 2:05 pm I adopted a policy decades ago of wanting everybody other than my immediate, immediate family to think I was on the brink of bankruptcy and would be lucky to keep the house.
This conversation is getting off topic, but when does this cross the line into being deceitful? People's money is none of my business. But I do think if a friend or relative of mine spent a lifetime crafting an image of scraping pennies to get by, when in fact they were very wealthy, I would feel like the relationship was built around a gigantic lie. I don't know - clearly I need to spend some time thinking about this stuff!
Wellfleet
Posts: 636
Joined: Sun Jan 26, 2014 7:18 pm

Re: Pulled the trigger and paid off the house today

Post by Wellfleet »

BostonButterfly wrote: Fri Jun 29, 2018 2:24 pm
This conversation is getting off topic, but when does this cross the line into being deceitful? People's money is none of my business. But I do think if a friend or relative of mine spent a lifetime crafting an image of scraping pennies to get by, when in fact they were very wealthy, I would feel like the relationship was built around a gigantic lie. I don't know - clearly I need to spend some time thinking about this stuff!
I'd think the line is the same when we discuss being frugal versus cheap. Frugal is driving a used Corolla, cheap is refusing to attend family events like a celebratory dinner because of the cost (if you could afford it otherwise).
bloom2708
Posts: 9860
Joined: Wed Apr 02, 2014 2:08 pm

Re: Pulled the trigger and paid off the house today

Post by bloom2708 »

BostonButterfly wrote: Fri Jun 29, 2018 2:24 pm
FIREchief wrote: Fri Jun 29, 2018 2:05 pm I adopted a policy decades ago of wanting everybody other than my immediate, immediate family to think I was on the brink of bankruptcy and would be lucky to keep the house.
This conversation is getting off topic, but when does this cross the line into being deceitful? People's money is none of my business. But I do think if a friend or relative of mine spent a lifetime crafting an image of scraping pennies to get by, when in fact they were very wealthy, I would feel like the relationship was built around a gigantic lie. I don't know - clearly I need to spend some time thinking about this stuff!
I think it is another stage you move into. At some point your normal sized house is good enough. Your older cars are good enough. We drive a 2001 and a 2004 car. Our house is middle of the road size wise. Do those things imply anything? Maybe, maybe not. If we added on that we haven't had a mortgage since 2007 and both cars are beautiful older Lexus vehicles that drive like new, that may or may not help. I tend to dress very casual at work (I can) and maybe that implies that I'm a poor dresser. :wink:

Best to just do what you want to do and ignore thinking about what others might think.
Dottie57
Posts: 12379
Joined: Thu May 19, 2016 5:43 pm
Location: Earth Northern Hemisphere

Re: Pulled the trigger and paid off the house today

Post by Dottie57 »

Congratulations. Good feeling isn’t it?!
warpork
Posts: 13
Joined: Thu Nov 27, 2014 9:13 am

Re: Pulled the trigger and paid off the house today

Post by warpork »

BradJ wrote: Fri Jun 29, 2018 12:40 pm Well done and congratulations! What is your advice for us young folks who are on the brink of either paying the house off or going for a bigger, nicer home? My family and I live in a home that is a level right below "just right", but we can pay it off in about 4-5 years (before we are 40). We arent sure to upgrade once she starts working or go all the way and pay it off.
Thanks!

I'll tell you what, I was in the same boat as you, but had already paid off the first house, when the DW decided we needed to upgrade due to our expanding family....we had 1 kid at the time, pregnant with our second, and were planning on having a 3rd (with 2 dogs as well). I had just completed the basement myself as well. I was very against getting a new house, but went looking with her as well. We looked for a while (had our 2nd child), and the house was starting to feel small. Just so happened this was all during the 2008-2009 housing crash and we happened to find a sweet deal on a much larger house (nicer neighborhood and school district to boot). I still didn't want to get a mortgage for the new house, but agreed it was a great deal, great house, and overall we'd be much happier there even with the mortgage. Got a 15 year loan and aggressively attacked it from day 1 (while still maxing retirement, ESPP, and investing in taxable accounts). 9 years later (wow can't believe it's been that long) and back to being free. So I say as long as you have a plan and can afford it, go for it, especially if it makes the family happy.
SurfCityBill
Posts: 547
Joined: Tue May 01, 2012 10:15 pm

Re: Pulled the trigger and paid off the house today

Post by SurfCityBill »

bloom2708 wrote: Fri Jun 29, 2018 2:08 pm It is a funny world. If you went out and bought a new huge boat with a big boat loan all your friends/neighbors would want a ride and be all smiles.

If you paid off the boat loan, they are jealous. Ah. Good times.

Congrats on the mortgage payoff. Now, don't do it again. :wink: :shock: :oops:
I recall seeing an interview with someone in a hugely successful band from the 90's. He said, "we wish our friends well, but not too well."
He was unfortunately referring to all the friends he used to have when he was a moderate success only to lose them when he became a big success.
Of course, there are probably a lot more dynamics in play here then just his success, but the point was as his success/money/fame grew the more jealous his old friends became.

Similarly, I'd be willing to bet all my friends would be very happy for me if I won a five figure lotto payout. Many less if that was a 7 or 8 figure payout.
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

BostonButterfly wrote: Fri Jun 29, 2018 2:24 pm
FIREchief wrote: Fri Jun 29, 2018 2:05 pm I adopted a policy decades ago of wanting everybody other than my immediate, immediate family to think I was on the brink of bankruptcy and would be lucky to keep the house.
This conversation is getting off topic, but when does this cross the line into being deceitful? People's money is none of my business. But I do think if a friend or relative of mine spent a lifetime crafting an image of scraping pennies to get by, when in fact they were very wealthy, I would feel like the relationship was built around a gigantic lie. I don't know - clearly I need to spend some time thinking about this stuff!
Hey, if I am scraping pennies in order to fully fund my FIRE fund, and others interpret it to mean that I am broke; well, that's their problem. You don't need to lie to them and tell them you are broke, as many/most want to believe that version rather than the fact that you are getting ahead of them financially by living well below your means. I once had a direct report at work make a smart aleck comment to me about my decade old Chevy. Not sure what he was driving, but I'm FIRE'd and he's likely stuck at Megacorp for another ten to fifteen years. To each his own. :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Atilla
Posts: 1612
Joined: Tue Feb 09, 2010 6:44 pm

Re: Pulled the trigger and paid off the house today

Post by Atilla »

I wanted to frame the fancy paid off mortgage certificate we got and put it on the wall where people would see it.

Wife won't let me.
User avatar
Artful Dodger
Posts: 1952
Joined: Thu Oct 20, 2016 12:56 pm

Re: Pulled the trigger and paid off the house today

Post by Artful Dodger »

Congratulations! :sharebeer

We're about three years away. It's on my list to complete prior to retirement.
User avatar
Elsebet
Posts: 1606
Joined: Mon Feb 08, 2016 1:28 pm
Location: Erie, PA

Re: Pulled the trigger and paid off the house today

Post by Elsebet »

Congratulations, paying off debt is always something to celebrate.
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
GT99
Posts: 758
Joined: Wed Jun 20, 2018 5:26 pm

Re: Pulled the trigger and paid off the house today

Post by GT99 »

FIREchief wrote: Fri Jun 29, 2018 1:05 pm Congrats to the OP! :beer

On the subject of parties and friends.... I would never throw a party (or even share with anybody other than immediate family) because I paid off a mortgage. It could easily come across as bragging about success (right there with co-workers who threw parties to celebrate the promotion they got that ten of the invitees were also hoping for). Have a nice dinner with your significant other and kids (as applicable) and move on to the next step in your investing life. This is a great opportunity to take the equivalent of that monthly mortgage check and plow it straight into an after-tax equities investment. Pretend you're still making a mortgage payment.
I agree. Not trying to be rude, but it seems like the friends not being friends out of jealousy is an assumption that may not be accurate. They could just have been turned off by the flaunting of financial success. Don't get me wrong, paying off the mortgage is something to be proud of. But I'm not going to flaunt it anymore than I'd flaunt getting a six figure bonus.
User avatar
FIREchief
Posts: 6916
Joined: Fri Aug 19, 2016 6:40 pm

Re: Pulled the trigger and paid off the house today

Post by FIREchief »

Atilla wrote: Fri Jun 29, 2018 2:57 pm I wanted to frame the fancy paid off mortgage certificate we got and put it on the wall where people would see it.

Wife won't let me.
Keep her!
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
grettman
Posts: 768
Joined: Mon Sep 29, 2014 1:47 pm

Re: Pulled the trigger and paid off the house today

Post by grettman »

GT99 wrote: Fri Jun 29, 2018 3:10 pm
FIREchief wrote: Fri Jun 29, 2018 1:05 pm Congrats to the OP! :beer

On the subject of parties and friends.... I would never throw a party (or even share with anybody other than immediate family) because I paid off a mortgage. It could easily come across as bragging about success (right there with co-workers who threw parties to celebrate the promotion they got that ten of the invitees were also hoping for). Have a nice dinner with your significant other and kids (as applicable) and move on to the next step in your investing life. This is a great opportunity to take the equivalent of that monthly mortgage check and plow it straight into an after-tax equities investment. Pretend you're still making a mortgage payment.
I agree. Not trying to be rude, but it seems like the friends not being friends out of jealousy is an assumption that may not be accurate. They could just have been turned off by the flaunting of financial success. Don't get me wrong, paying off the mortgage is something to be proud of. But I'm not going to flaunt it anymore than I'd flaunt getting a six figure bonus.

I agree the assumption could be erroneous. I try to think of how I would feel, and I would be annoyed.... not jealous.....
renue74
Posts: 1893
Joined: Tue Apr 07, 2015 7:24 pm

Re: Pulled the trigger and paid off the house today

Post by renue74 »

Congrats!

I honestly never thought that paying off a house would be an opportunity for jealousy. I'm 43 and only know a few folks who paid theirs off "and" I knew about it. I've always told them "that's great! what a relief to know your largest debt is over with!"

Enjoy the weekend.
User avatar
LadyGeek
Site Admin
Posts: 95691
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Post your Financial Milestone Announcements Here

Post by LadyGeek »

warpork - I moved your thread into here. Brag away.

Congrats!
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
Post Reply