This week, I finally paid off my mortgage, and I couldn’t be happier! It’s more a mental shift than a financial one, but life milestones like these feel huge as you get older. So, I make sure to celebrate them whenever I can. We had 4 years left at a 3.25% interest rate, and while investing might have been the standard advice, I’m nearing retirement. I have enough in fixed income to cover 4-5 years of expenses, so the extra earnings over the mortgage rate were minimal. Now, I can redirect my monthly payments into long-term equities. It’s a great feeling to have this flexibility.
Congratulations on reaching this significant milestone! It’s truly remarkable to have your mortgage fully paid off, especially as you approach retirement. Your strategy of redirecting those monthly payments into long-term equities sounds prudent. Have you considered allocating a portion of that freed-up cash flow towards enhancing your quality of life? Perhaps investing in a hobby you’ve always wanted to pursue or planning a celebratory trip? It could be a great way to reward yourself for years of financial discipline while still maintaining a focus on your long-term financial health. Whatever you decide, savor this moment of financial freedom – you’ve earned it!
congrats on paying off ur mortgage! thats a huge accomplishment. have u thought about treating urself to something special with the extra cash? maybe a nice dinner or a weekend getaway? u deserve to celebrate this milestone!
Wow, congrats on the huge milestone! That must feel amazing. I’m curious, how do you plan to celebrate this achievement? And now that you’ve freed up those monthly payments, have you thought about any fun or meaningful ways to use that extra cash flow?