A Very Good Day In This Scrappers Life...

As of yesterday, my home mortgage is paid off. Yippee! There will probably be a celebratory party around the first part of December as that also coincides with my wife's 50th. Anyone is welcome to stop by for a free grilled hamburger and a beer (as long as you bring a 40th birthday present for my wife... if she knows I told you she was 50...)

I am just finalizing the arrangements to have a nice size shop/shed dropped in the yard and a privacy fence to make the yard more part of the living area (we have received complaints when I nudey sunbathe... Hell! It is MY yard!) We are also going to have the back porch enclosed so we can enjoy the porch during our bitter Sarasota, Florida winters. I feel like I am on top of the world!

Congrats !

Mortgage free is a great place to be. Congrats.

Very well done! So do tell, how much of the mortgage was paid off through the fruits of your scrapping labor?

congrats, sad that we have to be so old before stuff is paid for :P. Always said we should be born old and grow young, would look better tanning to LOL.

anyways well done and hope to have many more years of success !!!

Welcome to the world of 'debt free'.
In a few years you will be saying "You pay HOW MUCH for your mortgage?

And words like "My house" have a whole differemt meaning.

Its traditional to have a BBQ and burn the last bill on the fire in front of everyone.

Originally Posted by webuyselltradestuff

rock on sir...granted I am of the school that no ALL debt is BAD debt...you CAN do a HELOC and use the money to buy more stuff and get to write off the interest still on your taxes.

Anyways, anytime a huge bill like that is gone, I say raise a beer!

I am not sure a HELOC is a good idea at this time. HELOC's generally have a variable rate that can go up as rates rise and they also generally have a balloon at the end. I have HELOC now that was opened ten years ago and it is now in the payback phase. I was just informed that it is no longer an interest only payment, and the payment tripled. This was not a problem because the amount was relatively small and I was already paying more than the new payback payment. I am doing a cashout refinance which will pay off the HELOC and have a 3.5% locked for 15 years. So, technically, I will not be debt free, but the big mort is retired. The new mort is as small an amount as can be rolled into a mortgage and the payment is already accounted for with the HELOC payment and the amount I pay for the shop/storage. I will now start paying student debt, but that will be smaller than the old mort payment.

Originally Posted by snorton1

Very well done! So do tell, how much of the mortgage was paid off through the fruits of your scrapping labor?

Since money is fungible, I guess it accounts for some, but scrap money is generally placed into the garage sale purse and that money builds on its own. I use the money I make scrapping and garage sales to invest into things I can flip sale or that I believe will hold value. Scrapping and my handyman business does not have a robust retirement plan, so that is where the money goes.

Originally Posted by eesakiwi

Welcome to the world of 'debt free'.
In a few years you will be saying "You pay HOW MUCH for your mortgage?

And words like "My house" have a whole differemt meaning.

Its traditional to have a BBQ and burn the last bill on the fire in front of everyone.

My wife and I are already saying "our house" with much more enthusiasm. As I said, you are all welcome to stop by for a burger and the burning of the last bill (which, by the way, still had the pay amount listed as a regular payment amount and did not adjust for the reduced amount of principle owed). I am really looking forward to having my shop at my house and being able to work anytime rather than having to travel to a shop across town. I really feel my efforts will be much more focused and I think I will be much more productive.

I am really looking forward to this new phase in my life. Thanks to all for your kind thoughts.
Todd

Congrats, man...a very good day for you!

Very cool!!!