20+ years ago I joined this forum when I was in engineering school. I have gotten an MBA, married my wife, had 3 kids, helped her get her two masters degrees, moved 4 states, changed careers a bunch and kept grinding. Today I paid off my last student loan. While my wife works, she is a pretty low paid teacher who does her job because it is her calling; not due to financial award. I paid off 2 bachelors degrees and 3 masters while effectively being a single earner family(she stayed at home for 9 years as well).. So today, when I scheduled that last payment.. I cried like a baby........
So keep grinding.. It pays off... Even if it takes 20 years. Only debt is the mortgage now.
Now I guess I need to gather myself up to go to a zoom meeting.. Have a great day.
Duke
MegaDork
3/4/21 8:29 a.m.
Massive congratulations! Excellent work.
wae
UberDork
3/4/21 8:31 a.m.
Outstanding! Congratulations!
Many, many years ago when I paid off my deferred and deferred and deferred student loans, I invited a bunch of friends to happy hour to celebrate. I had planned on picking up the tab for drinks and dinner for everyone, but a friend, a really good friend stepped up and paid the whole bill. Double celebration!!!
Congratulations and now more funds for toys!
Congrats!
Recently paid off SWIMBO's law degree. That as a pretty good day. Went SCUBA diving as a treat. Now to get started on paying off mine.
First thought: Thank god this isn't a thread about putting down a dog. (Because then I too would cry like a baby).
Second thought: Congrats!
I like how you guys treated yoruself to something after this..
I will go buy a grill this weekend. My old weber finally rotted out and I "deserve" a grill.
Heck yea, that's what it's all about. Congrats!
Congratulations! We paid off our mortgage 2 years ago, and it was very liberating. Celebrated that one big.
alfadriver (Forum Supporter) said:
Congratulations! We paid off our mortgage 2 years ago, and it was very liberating. Celebrated that one big.
Mortgage is the next one... If i stick around here that is.. If I do.. then refi to 15 year and pile it on.
Fueled by Caffeine said:
alfadriver (Forum Supporter) said:
Congratulations! We paid off our mortgage 2 years ago, and it was very liberating. Celebrated that one big.
Mortgage is the next one... If i stick around here that is.. If I do.. then refi to 15 year and pile it on.
As your income grows, re-fi the mortgage to match it, which will shorten it by a lot. If I had carried it to it's real term, I would have paid it off next year w/o the added mortgages for remodels. Those would have added another 5-10 years. We saved hundreds of thousands of dollars.
In reply to alfadriver (Forum Supporter) :
latest mortgage is 3.1% 30 year fixed... refinancing off of there is tough.. so maybe just piling on extra cash is the best strategy
Fueled by Caffeine said:
In reply to alfadriver (Forum Supporter) :
latest mortgage is 3.1% 30 year fixed... refinancing off of there is tough.. so maybe just piling on extra cash is the best strategy
right, plus no closing costs in just paying extra toward the principal each month. And if something bad happens, you can dial it back easy. Not so easy if you refi'd to a higher payment on a shorter term.
Helluva job! 
My son is still paying for a BFA that is not the field he works in, his poor wife will be paying for her doctor diploma until she's about 70.
slefain
PowerDork
3/4/21 10:12 a.m.
That is a hell of an accomplishment sir! Guess all that caffeine fuel paid off!
Robbie (Forum Supporter) said:
Fueled by Caffeine said:
In reply to alfadriver (Forum Supporter) :
latest mortgage is 3.1% 30 year fixed... refinancing off of there is tough.. so maybe just piling on extra cash is the best strategy
right, plus no closing costs in just paying extra toward the principal each month. And if something bad happens, you can dial it back easy. Not so easy if you refi'd to a higher payment on a shorter term.
There are zero cost re-fi options. And if you are in a secure position, forcing yourself to pay it vs. volunteering doing the same makes you do it.
Congratulations! Maybe you can cut back on the caffeine now.
Congratulations! I am very happy for you.
Duke
MegaDork
3/4/21 10:36 a.m.
Fueled by Caffeine said:
In reply to alfadriver (Forum Supporter) :
latest mortgage is 3.1% 30 year fixed... refinancing off of there is tough.. so maybe just piling on extra cash is the best strategy
You can probably beat that rate with a 10- or 15-year fixed rate. But if I were you I would at least double your principal payment every month (or more if possible). Just do it every time, don't ask yourself every month if you can or not. Depending on where you are in your mortgage it will start out very reasonable and slowly ramp up as the P/I ratio changes over the amortization table. You'll still trim years and thousands of dollars off your repayment.
KellyMofo is currently half way through her Masters in Social Work. Has four pointed every class while being an Investigator for Child Protective Services and she married me, so that's another full time job. She deserves a Purple Heart when Canonized for sainthood.
Congratulations on the milestone!
