HOW I PAID OFF MY $115,000 3O YEAR MORTGAGE IN 23 MONTHS !!!!!

[boarder42]

...
 I am amazed at how there are so many so-called followers of MMM on here when he specifically says that "YOUR DEBT IS AN EMERGENCY" lol  But hey anyway to each their own and I really appreciate your input because you sound like you actually try to teach instead of just scolding me. So I give you a thumbs up for that. I guess that I'm just set in my ways and my ways have worked rather well for me.

Doug - this may help explain it a bit better:
http://www.mrmoneymustache.com/2012/02/24/pay-down-the-mortgage-or-invest-more-a-winwin-question/
there's also a great deal of back-and-forth discussion (much of it very insightful on both accounts) here:
http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/

A key component is what kind of debt you have and what your rates are.  Literally no one (except as a joke) would argue that credit card debt at 15% isn't a hair-on-fire sort of financial emergency. However, there are very good reasons for holding onto a 3.0% fixed mortgage, and it can be MORE risky to pay that debt off in many cases.

Im trying to open up my mind here and learn. What are the risks of paying off a 3% mortgage. I mean the only risk that I see is that if an opportunity came up on a steal of a deal on a car or a house your cash would be tied up in your paid off house. Thats the only risk that I see. Whats your thoughts ?

the risk is the opportunity cost ... did you actually read thru any of those other posts.  say you have 2 guys

person A 200k mortgage - putting every dollar he has towards it as you are 30k per year extra lets say

person b 200k mortgage investing the rest 30k per year.

takes person A a little over 6 years to pay it off. 

Say year 4 is 2008 Person A is follwoing your advice and attacking their debt 100% and not investing.  they lose their job.  they cant pay their mortgage they lose their house.

Person b has invested their extra 30k per year in VTSAX since 2005 and their 120k worth of contirbutions is worth 87k(due to the 08 crash) they can continue to make their mortgage payments and live and feed themselves when they were laid off at the same time.  yeah they lost some in that crash but better than losing everything.  say they spend 40k per year ... and dont get a new job til 2010.  in 2010 they now have 25k in the bank and have a new job and still own their home but wait they spend 40k per year how do they have 25k your math sucks - no its b/c the market recovered in 2009 and 2010

in your case with what you're preaching they are homeless.

[nereo]

Im trying to open up my mind here and learn. What are the risks of paying off a 3% mortgage. I mean the only risk that I see is that if an opportunity came up on a steal of a deal on a car or a house your cash would be tied up in your paid off house. Thats the only risk that I see. Whats your thoughts ?

the links I gave will give more detail (plus Neo Von Retorch's post), but here's a brief list
* Inflation hedge
* Net Worth not dominated by a single, illiquid asset
* Better potential returns elsewhere ("Opportunity cost")
* More Cash-On-Hand
* Mortgage Interest Deduction

Some of those will matter more in some circumstances than others. Personally, I've kept my mortgage (despite having the assets to pay it off) primarily because of the first two items, though I enjoy all but the deduction (which I don't qualify for).

[TheViking]

... I CANNOT WAIT TO NUT OUT THE NEXT 30 YEARS...

Personal, but my interest is piqued.

[marty998]

Doug,

Bless your wife for enduring your enthusiasm.

Would love to see you bite into a $500,000 mortgage now.

[ohmylookatthat]

i'm planning to open an IRA or Roth, but not sure which one yet as for my income level?

[TheViking]

i'm planning to open an IRA or Roth, but not sure which one yet as for my income level?

How many bottles do you collect per week?

[doug111]

Congrats on your mortgage paydown!

(Feel free to reply in regular case, not upper case.  It hurts my eyes. :) )

The $60 beer bottle supply at the marina is a sweet gig.  How often can you pull that off?  Once a week, after the weekend?
52  * $60 is serious cash! 

One of the things I did was compare my various sources of income with how many hours I had to put into them.  That way, if I have to choose between one activity or another, I know which one to prioritize.  (Assuming, of course, that adding more hours would yield more money!)

So, out of curiosity, how much per hour are you making on the marina beer bottle caper?


I definitely like the idea of being debt free.  We just bought a house last December and decided to invest the money from selling my deceased mom's house sale rather than pay off our mortgage early.   We're on a 15yr fixed at 2.75%.  Pure math tells me it's the right choice but gosh, I sure hate being that much in debt.

We may revisit that decision when we go FI next year and just pay it off for peace of mind.

We just started our own rental property business 2 years ago.  We have 4 houses to rent out, 2 of which have been fixed up and rented out.   We still have work to do on the 3rd rental and our old house before we rent them out.  It's been slow going this year on those tasks. :(   We have one HELOC on our old house that we used to buy rental #3 with.  I'll be glad to get rid of that, too.

By the way you made it to my buddy list, feel honored. lol

[doug111]

Mortgage interest compounding
This may vary based on locality and financial institution, but... my credit union mortgage interest is calculated on the first of the month, based on that balance. Because of this, the optimal way to make an extra payment is on the last business day of the previous month.

(I've only been making extra payments to reach 78% LTV and eliminate PMI.)

Money and math
As others have pointed out or hinted out, if you have a low interest mortgage, the better financial move (based on math) is to invest the extra money and keep your mortgage. Of course, for some, that extra money wouldn't be invested, so they might as well pay off their mortgage. Just be aware that it's not optimal (and this site is somewhat engineer-heavy, so optimization is pretty much our favorite.)

You said "(I've only been making extra payments to reach 78% LTV and eliminate PMI.)" You might eliminate the entire mortgage to eliminate SBD, which stands for SLAVERY , BONDAGE , AND DEBT !!!!! lol !!!!!  But hey its your life do what you want to.

[doug111]

I guess that I'm just set in my ways and my ways have worked rather well for me.

In other words, you want people to listen to you, but you have nothing to learn here.

Additionally, you are once again contradicting yourself.

I dont buy stocks because id rather start a company

I am not even doing calculated risk, there is ZERO risk

Please explain to me the facts behind there being zero risk in starting a company?

There is zero risk in starting a company for me, because I started out 100% debt free. lol I started my carlot with not one bank loan period. The only risk that I've had maybe, barely, is having to pay a measly $250 a month for rent at our carlot. lol Good thing that I never ever went to business college, they might have brainwashed me into thinking that I might have to take out a huge loan and buy a ton of cars and a building all at once.  Personally I would never borrow money to start a business period. But hey maybe thats why Ive never failed. Marriage is the same way. I have a 10th degree black belt in that too, Ive been married for almost 3 decades. lol Why so long have I made it in my marriage you may ask ? Because debt free is the key. If you focus on debt free you dont have the usual money fights that CRUSHES marriages !!!!

[doug111]

i'm planning to open an IRA or Roth, but not sure which one yet as for my income level?

How many bottles do you collect per week?

A lot,  and a whole lot more and Oregon I heard is going to 10 cents per can or bottle after the 1st of the year !!!!! So YooHoo !!!!! I probably average about 100 a week in bottles. More in the summer of course.  The key is going to the marinas and knowing someone there to get the gate code. Thats where you will find a massive concentration of beer bottles.

[doug111]

i'm planning to open an IRA or Roth, but not sure which one yet as for my income level?

Do you have any debt ? Credit cards, car loan, student loans, or a home loan ? You can do what you want of course, but if it were me I would go 1OO% debt free 1st. Im all about the power of focus. I like to conquer one thing at a time and move to the next. I think that a lot of people get to deluded  and accomplish nothing really in life but a huge story off all the things that they do.

[doug111]

Im trying to open up my mind here and learn. What are the risks of paying off a 3% mortgage. I mean the only risk that I see is that if an opportunity came up on a steal of a deal on a car or a house your cash would be tied up in your paid off house. Thats the only risk that I see. Whats your thoughts ?

I already gave you an example, and I'm not the only one!

If your income is $50k per year, and you have $150k in cash and a $200k mortgage...

Option 1:
Pay $150k of cash into your mortgage. Have $50k mortgage remaining.
Option 2:
Put $150k of cash into investments. Have $200k mortgage remaining.

The next day... you lose your job. It takes you more than the grace period the bank allows to start replacing your income.

Outcome of Option 1:
Bank takes your home. Doesn't care whether you have $50k mortgage or $200k mortgage - you are unable to make your payments.

Outcome of Option 2:
(Worst case... markets are down, you lost some of your investment but...) you are able to make payments to the bank by selling investments. You still have your home.

You said, The next day... you lose your job. It takes you more than the grace period the bank allows to start replacing your income.
, well Ive been retired for many years now so Im far from worried about losing my job, so maybe my ways are good for me and bad for others.

[boarder42]

Your philosophy is just plain wrong and backwards

Telling someone to pay down low interest debt over funding an IRA.

IS A FUCKING AWFUL STATEMENT

I HOPE YOU CAN READ THIS SINCE ITS IN CAPS.

IM OUT.

Moderator Note: Please read, and abide by, the forum rules.

[doug111]

Your philosophy is just plain wrong and backwards

Telling someone to pay down low interest debt over funding an IRA.

IS A FUCKING AWFUL STATEMENT

I HOPE YOU CAN READ THIS SINCE ITS IN CAPS.

IM OUT.

Have you ever thought that an IRA is actually risky ? Ask yourself who is touching it ? Who controls it ? Here's some advice to you. Never trust anyone that can touch your nest egg. I like to think of my house and houses as my own bank that I own. I simply pay them off And I start stashing the payment into saving up for the next 100% debt free house. I control everything that I put money into. You know not everyone has to agree with you. You sound crazy. It's one thing to disagree but to blow up all in caps is just nutty sir. Try to have a great day. Nothing that we are talking about on here even comes close to world hunger or people Dying in North Korean work camps. Let's keep this in perspective.

[doug111]

Doug,

Bless your wife for enduring your enthusiasm.

Would love to see you bite into a $500,000 mortgage now.

I actually have 4 more houses to KNOCK OUT !!!! The total between the 4 more houses is around $600,000 !!!! With compounding the old all done payments into the next ones this will be easy !!!!!! Should take no more than 8 years from now !!!! IM GONNA KICK THESE DEBTS ASSES INTO THE NEXT GALAXY !!!!!  Thanks for blessing my wife. lol !!!!

[nereo]

Have you ever thought that an IRA is actually risky ? Ask yourself who is touching it ? Who controls it ? Here's some advice to you. Never trust anyone that can touch your nest egg. I like to think of my house and houses as my own bank that I own. I simply pay them off And I start stashing the payment into saving up for the next 100% debt free house. I control everything that I put money into.
...

Just some clarification, Doug.
An IRA is simply an individual retirement account.  It's one "bucket" to hold assets in.  The rules are very wide open for what assets a person can have in their IRA; you can hold ETFs or mutual funds, sure, but also bonds, cash, REITs... even gold.
It's up to the individual to decide what to put in their IRA.

It's also apparent that you are using the term "risk" in a much different way than how it is discussed in financial circles.  Literally every transaction has some risk associated with it.  Paying off a mortgage carries risk. Purchasing stocks or bonds has risk. Starting a business has risk. Many times the risk we ate talking about has to do with "opportunity cost" - or the loss of other options (or increased vulnerability to unexpected events, called 'stressors').
Just something to be aware of.

[driftwood]

I'm surprised at all the haters on here.

I'm jealous of Doug's enthusiasm and excitement.  My own road to financial freedom is much more boring and though I like where I'm going I'm not very excited at all.

If he's happy with his 'extreme' methods, then so be it.  I'd like to have a 10th of his excitement about life.  Even if what I'm doing is more mathematically sound, I'd wager the benefit of his happiness outweighs the financial differences in the results of our methods.

[Yankuba]

I'm jealous of Doug's enthusiasm and excitement. 

+1

Such passion - I love it. He was jumping out of his seat while posting to another thread. Looking forward to seeing Doug's journal!

[blrkdales@centurylink.net]

I'm not sure where all the negativity is coming from.  Doug is doing exactly what being a Mustachian is supposed to. Wow.  I guess its too easy in today's day and age to feel free to act like a tool to others while typing away.  And keeping bankers in your pocket to chase interest rate hedging is a serious counter angle to what this website is all about.  Freeing up your money is making you free to live your life on your own terms.  Before you start sniping you should take a hard look at yourself.  Great job Doug.

[marty998]

I'm not sure where all the negativity is coming from.  Doug is doing exactly what being a Mustachian is supposed to. Wow.  I guess its too easy in today's day and age to feel free to act like a tool to others while typing away.  And keeping bankers in your pocket to chase interest rate hedging is a serious counter angle to what this website is all about.  Freeing up your money is making you free to live your life on your own terms.  Before you start sniping you should take a hard look at yourself.  Great job Doug.

I wonder if there is a hint of jealousy in some of the responses ;)

Ok look, I too may find some of the posts a little OTT. But props to Doug for sticking his neck out, having a crack by running a business and paying off debt quickly (and passionately). Cue Sinatra... "I did it myyyyyyyyyyyyyy waaaaaaaaay"

Personally I've found that it's a nice little antidote to the political shitfighting that has taken over many of the subforums lately.

On ya Dougie

[planepoo]

It was a multitude of things !!!! I sold massive stuff sitting around my house on OFFERUP which is like craigslist.
I sold massive credit card points from credit card churning for about $30,000 of the $115,000.
I returned massive pop bottles to the store for a nickel a piece.
I always check every vending machine coin slot as I walk by it.
I never buy coffee out and I always know who as all the free coffee out there.
I am always buying car parts for my carlot and the big name dealers have free coffee where I buy the parts.
The credit unions have free coffee. The banks have free coffee, the tire stores have free coffee.
I do intermittent fasting so I save by eating no breakfast.
I eat dandelion salad from dandelions in my backyard which are actually extremely healthy for you.
I drive a 1992 Geo Metro that I get about 68 MPG from it because I shut the engine off and coast a on of miles for free and I pump the tires up to 50 pounds of air and duct tape the grill shut.
My wife gives me all of her change after she purchase stuff at the store.
I always tuen off lights when not in use.
I take a shower as fast as I can to limit the natural gas being used.
ETC. ETC. ETC. !!!!!!
BASICALLY EVERY LITTLE BIT HELPS TO KICK THE BANKSTERS OUT OF YOUR LIFE !!!!! LOL !!!!!

Hey Doug can I get your phone number. I wanna hangout sometime and talk about how to be more of a cheap skate.  It's so amazing that you paid off a 30 year loan in only 23 months. That's less than 2 years. Private message me or call me.

[Nick_Miller]

I guess that I'm just set in my ways and my ways have worked rather well for me.

In other words, you want people to listen to you, but you have nothing to learn here.

Additionally, you are once again contradicting yourself.

I dont buy stocks because id rather start a company

I am not even doing calculated risk, there is ZERO risk

Please explain to me the facts behind there being zero risk in starting a company?

There is zero risk in starting a company for me, because I started out 100% debt free. lol I started my carlot with not one bank loan period. The only risk that I've had maybe, barely, is having to pay a measly $250 a month for rent at our carlot. lol Good thing that I never ever went to business college, they might have brainwashed me into thinking that I might have to take out a huge loan and buy a ton of cars and a building all at once.  Personally I would never borrow money to start a business period. But hey maybe thats why Ive never failed. Marriage is the same way. I have a 10th degree black belt in that too, Ive been married for almost 3 decades. lol Why so long have I made it in my marriage you may ask ? Because debt free is the key. If you focus on debt free you dont have the usual money fights that CRUSHES marriages !!!!

One of my fav comments I've read on the forums.

Doug, I love your enthusiasm and I'm also in the "low risk" camp. Your example of starting your car lot with cash does have risk,  but it's risk you've already assumed (buying all the inventory). So yes, looking forward, risk is very minimal since you obviously keep expenses low. To me, it's far superior to the "buy inventory on credit and hope to sell enough each month to make the payment on a big loan." Talk about pressure! (Both on the business and on the marriage)

[fishnfool]

Congrats on paying off mortgage!

I agree, little things can make a difference. My late GF used to always drive his Datsun pickup with the tailgate down for better gas mileage. I also take advantage of free coffee at my credit union. Always pack my own lunch etc etc. Nothing wrong with being frugal. Hope to pay off my mortgage someday too.

Aloha

[AutoZealot]

for the knowledge pool:

Driving with the tailgate down lowers fuel economy.  The tailgate up creates a re-circulation area in the bed.  Think of the area moving in small circles roughly in the shape of an egg.  This "egg" actually helps push the air up so it hits the top of the tailgate.

With the tailgate down, this recirculation area is largely lost and the air gets pulled down to the bed floor, increasing the distance where it changes direction, ultimately increasing the lift force at the back (a component of drag)

[MasterStache]

Congrats on your mortgage payoff.

I am in the process of refinancing to free up more money for investments. I've gone over the math countless times and can't justify financially paying off my mortgage early.

[golden1]

I can't say I agree with your strategy, but I do appreciate your enthusiasm. 

It always interests me how personal philosophy intermingles with financial decisionmaking.  The decisions you make about what you believe and who you are directly translate into your financial behavior.

You sound like you really relish having control over all of your financial assets, and that is your primary guiding financial principle.  I would personally argue that this desire for complete control is likely costing you, as it usually does for most people in the end, but I understand that it makes you feel empowered and comfortable.  Maybe that's the ultimate key to be successful - aligning your financial decisions properly with your personality and principles. 

[Filliteracy]

God I like this guy!  Congrats!

Your a great person !!!! Thanks for the LIKE !!!!! Theres a ton of haters on here, probably just jealous !!!! I understand why, because paying off your house is like climbing mount everest and most people just simply dont have the discipline in them to accomplish that task. They would rather be less than nice to people that do. lol !!!!!

Doug, you have it all wrong. Think about where you are. A forum with (compared to society) a disproportionately highly educated (heavy on the engineering), focused on saving, etc, community. I'd be very surprised anyone here is hating on you because of jealousy. More likely a combination of:
Your punctuation is absolutely ridiculous. Lol is not interchangeable with a period. 5+ exclamation marks can be appropriate once a post/paragraph to delineate extreme excitement (ending 50% of your sentences that way makes me think you are a high-strung annoying individual IRL). Capitalizing whole sentences is the equivalent of yelling those words IRL. The way you post alone is nauseating.

On top of that, in stark contrast to the way MMM posts (stating assumptions, deliberate problem solving laying out the data and then calculating a solution for all to see), you use a click-bait worthy title in which you claim this thread will explain "HOW" you paid off your mortgage. Your post then, in no apparent logical fashion, with no actual numbers, lists several items (some of which, like selling extra unused items, could probably bring in a substantial amount of side income depending on how much junk you had previously), others completely inane (i.e. - give me an actual number for the total amount of change you found under counters/vending machines/sofas - is it greater than 100$? I doubt it).

As stated several times - everyone is proud of you for paying off your mortgage - I think a lot of people want their time back from your inability or reticence to actually explain how you did it and from reading your abysmal grammar.

[2Birds1Stone]

God I like this guy!  Congrats!

Your a great person !!!! Thanks for the LIKE !!!!! Theres a ton of haters on here, probably just jealous !!!! I understand why, because paying off your house is like climbing mount everest and most people just simply dont have the discipline in them to accomplish that task. They would rather be less than nice to people that do. lol !!!!!

Doug, you have it all wrong. Think about where you are. A forum with (compared to society) a disproportionately highly educated (heavy on the engineering), focused on saving, etc, community. I'd be very surprised anyone here is hating on you because of jealousy. More likely a combination of:
Your punctuation is absolutely ridiculous. Lol is not interchangeable with a period. 5+ exclamation marks can be appropriate once a post/paragraph to delineate extreme excitement (ending 50% of your sentences that way makes me think you are a high-strung annoying individual IRL). Capitalizing whole sentences is the equivalent of yelling those words IRL. The way you post alone is nauseating.

On top of that, in stark contrast to the way MMM posts (stating assumptions, deliberate problem solving laying out the data and then calculating a solution for all to see), you use a click-bait worthy title in which you claim this thread will explain "HOW" you paid off your mortgage. Your post then, in no apparent logical fashion, with no actual numbers, lists several items (some of which, like selling extra unused items, could probably bring in a substantial amount of side income depending on how much junk you had previously), others completely inane (i.e. - give me an actual number for the total amount of change you found under counters/vending machines/sofas - is it greater than 100$? I doubt it).

As stated several times - everyone is proud of you for paying off your mortgage - I think a lot of people want their time back from your inability or reticence to actually explain how you did it and from reading your abysmal grammar.

^ Nailed it.

[nereo]

I wonder if Doug's been turned off from this forum - he registered back in September and posted frequently for five days, but hasn't been back for over a week. 
I do think what was perceived as 'hating' by some was in fact critical examination designed to challenge assumptions.

[joewalsh]

God I like this guy!  Congrats!

Your a great person !!!! Thanks for the LIKE !!!!! Theres a ton of haters on here, probably just jealous !!!! I understand why, because paying off your house is like climbing mount everest and most people just simply dont have the discipline in them to accomplish that task. They would rather be less than nice to people that do. lol !!!!!

Doug, you have it all wrong. Think about where you are. A forum with (compared to society) a disproportionately highly educated (heavy on the engineering), focused on saving, etc, community. I'd be very surprised anyone here is hating on you because of jealousy. More likely a combination of:
Your punctuation is absolutely ridiculous. Lol is not interchangeable with a period. 5+ exclamation marks can be appropriate once a post/paragraph to delineate extreme excitement (ending 50% of your sentences that way makes me think you are a high-strung annoying individual IRL). Capitalizing whole sentences is the equivalent of yelling those words IRL. The way you post alone is nauseating.

On top of that, in stark contrast to the way MMM posts (stating assumptions, deliberate problem solving laying out the data and then calculating a solution for all to see), you use a click-bait worthy title in which you claim this thread will explain "HOW" you paid off your mortgage. Your post then, in no apparent logical fashion, with no actual numbers, lists several items (some of which, like selling extra unused items, could probably bring in a substantial amount of side income depending on how much junk you had previously), others completely inane (i.e. - give me an actual number for the total amount of change you found under counters/vending machines/sofas - is it greater than 100$? I doubt it).

As stated several times - everyone is proud of you for paying off your mortgage - I think a lot of people want their time back from your inability or reticence to actually explain how you did it and from reading your abysmal grammar.

Ive been reading about this Doug guy, and he sounds like a dedicated Dave Ramsey worshipper. I personally know several extremely wealthy people worth 10 million plus that are Dave Ramsey worshippers also. This Doug guy may be a lot wealthier than most people on this forum so I wouldn't count him out yet. I read his entire story of paying off his house in only 23 months and that in my opinion is extremely impressive. He sounds very eecentric to say the least. Ive met a lot of very wealthy eccentric individuals in my life and he sounds like his thought patterns are actually very much so like Mr. Money Mustaches also. Just saying.

[marty998]

I actually thought maybe he had some form of mental illness... didn't want to offend by saying anything :S

[joewalsh]

I actually thought maybe he had some form of mental illness... didn't want to offend by saying anything :S

Yes he sounds a little crazy, but I've met a ton of loo loos that are disciplined with their money.

[Mark331]

It was a multitude of things !!!! I sold massive stuff sitting around my house on OFFERUP which is like craigslist.
I sold massive credit card points from credit card churning for about $30,000 of the $115,000.
I returned massive pop bottles to the store for a nickel a piece.
I always check every vending machine coin slot as I walk by it.
I never buy coffee out and I always know who as all the free coffee out there.
I am always buying car parts for my carlot and the big name dealers have free coffee where I buy the parts.
The credit unions have free coffee. The banks have free coffee, the tire stores have free coffee.
I do intermittent fasting so I save by eating no breakfast.
I eat dandelion salad from dandelions in my backyard which are actually extremely healthy for you.
I drive a 1992 Geo Metro that I get about 68 MPG from it because I shut the engine off and coast a on of miles for free and I pump the tires up to 50 pounds of air and duct tape the grill shut.
My wife gives me all of her change after she purchase stuff at the store.
I always tuen off lights when not in use.
I take a shower as fast as I can to limit the natural gas being used.
ETC. ETC. ETC. !!!!!!
BASICALLY EVERY LITTLE BIT HELPS TO KICK THE BANKSTERS OUT OF YOUR LIFE !!!!! LOL !!!!!

Congratulations ! I wish that I had 20% of your discipline. You are my hero !

[nereo]

It was a multitude of things !!!! I sold massive stuff sitting around my house on OFFERUP which is like craigslist.
I sold massive credit card points from credit card churning for about $30,000 of the $115,000.
I returned massive pop bottles to the store for a nickel a piece.
I always check every vending machine coin slot as I walk by it.
I never buy coffee out and I always know who as all the free coffee out there.
I am always buying car parts for my carlot and the big name dealers have free coffee where I buy the parts.
The credit unions have free coffee. The banks have free coffee, the tire stores have free coffee.
I do intermittent fasting so I save by eating no breakfast.
I eat dandelion salad from dandelions in my backyard which are actually extremely healthy for you.
I drive a 1992 Geo Metro that I get about 68 MPG from it because I shut the engine off and coast a on of miles for free and I pump the tires up to 50 pounds of air and duct tape the grill shut.
My wife gives me all of her change after she purchase stuff at the store.
I always tuen off lights when not in use.
I take a shower as fast as I can to limit the natural gas being used.
ETC. ETC. ETC. !!!!!!
BASICALLY EVERY LITTLE BIT HELPS TO KICK THE BANKSTERS OUT OF YOUR LIFE !!!!! LOL !!!!!

Congratulations ! I wish that I had 20% of your discipline. You are my hero !

[boarder42]

same guy commenting on his own post.  !!! FUN !!! YAY !!!

[MasterStache]

same guy commenting on his own post.  !!! FUN !!! YAY !!!

Well at least he did knock off a few exclamation points as a diversion. But still left the space between the punctuation and the end of the sentence. Multiple accounts Fail!

[TexasRunner]

...

I didn't buy anything and I was never tempted to spend either. I guess that I'm a lucky guy. I am extremely content. I went to the grocery store with my wife and they always have free samples there. I usually eat free lunch every day at the grocery store deli because they have free 1/4 sized sandwiches. So thats my big consumer splurge for the day. I burn some calories which is human fuel to get to the free same counter.

Definitely Doug.  lol.  Super dedicated troll!

[Mark331]

...

I didn't buy anything and I was never tempted to spend either. I guess that I'm a lucky guy. I am extremely content. I went to the grocery store with my wife and they always have free samples there. I usually eat free lunch every day at the grocery store deli because they have free 1/4 sized sandwiches. So thats my big consumer splurge for the day. I burn some calories which is human fuel to get to the free same counter.

Definitely Doug.  lol.  Super dedicated troll!

Your soooooooo right and you get the genius reward !!!!! YOU FIGURED ME OUT !!!!! LOL !!!!! By the way I am a little blown away with the people on here that shut down my account, whoever it may be.  What amazes me the story of paying off my house is 100% true, I walked to the bank every single day of the week and paid off a portion of my principal. My closest friends that really know me,  that originally told me about MMM always say Doug you are more MMM than anyone that I know thats on that MMM site. So I thought hey I will check it out. So I post my own story of knocking out my home loan in 23 months, and yes some people love the story and then there are some that scrutinize every single bean counting penny as to make me out to be a God Damn lier about it. I really dont care if people believe my fucking story about paying off my house in 23 months for it will make absolutely zero difference in my life. I told the story in a nut shell to inspire people that yes if they pinch fucking pennies YOU GET RESULTS THAT MULTIPLY BEYONG YOUR WILDEST DREAMS !!!! Yes I took back pop cans, yes I churn massive credit cards and sell the sign up bonus points x 2 because my wife did it also to pitch in to pay off the house, yes I checked coin slots, yes I sold massive and I mean massive shit that I used to consume like all the other Americanized consuming whores out there. Yes I drive a Geo Metro and love every second of it.  But what I dont understand is that when somebody posts a fucking story on here that could possibly inspire and help other people that are fucked up financially,  why do some people whoever they are close that persons account ? Thats just plain fucked up. To all that likes my 23 month mortgage payoff I wish you luck and for all the haters well you know what I think of you.

[nereo]

Doug/Mark

You can ask a moderator why your account was shut off, though per forum policy bans come from behavior from certain posts.  The forum rules are available for all to read.

I am glad you are enthusiastic but I don't like your negative attacks on others intelligence and methods.  As I said before many of the comments you've taken offense to are people questioning your methods. There is nothing wrong with that, and it's how this forum thrives.

Cheers
Nereo

Eta: http://forum.mrmoneymustache.com/forum-information-faqs/forum-rules/

[Mark331]

Doug/Mark

You can ask a moderator why your account was shut off, though per forum policy bans come from behavior from certain posts.  The forum rules are available for all to read.

I am glad you are enthusiastic but I don't like your negative attacks on others intelligence and methods.  As I said before many of the comments you've taken offense to are people questioning your methods. There is nothing wrong with that, and it's how this forum thrives.

Cheers
Nereo

Ok well I apologize, sometimes I come off as a dictator but I am my own worst dictator sometimes, and I guess that can be a huge benefit because it helps me just plain get shit done. Maybe its extreme type A personality. Maybe I should humble myself and open my ears a little and maybe I can learn something here or there. Maybe when people were asking me every little detail I took it as maybe people thought that I was bullshitting them so I got a little pissed. Hopefully my 23 month story will help a few people and show them that it can be done. I love to inspire people to do things that are far from normal. I am working on my next house now and down roughly $3,000 already and I have 4 more houses to go, so time to take off and kick some mortgage ass !!!!!

[Mark331]

same guy commenting on his own post.  !!! FUN !!! YAY !!!

Well at least he did knock off a few exclamation points as a diversion. But still left the space between the punctuation and the end of the sentence. Multiple accounts Fail!

You have a keen eye for detail !!!!!!!

[Mark331]

same guy commenting on his own post.  !!! FUN !!! YAY !!!

You LIKE THAT EH ??????  !!!!!!! LOL !!!!! DOUG IS BACK !!!!! THE MORTGAGE PAYOFF KING !!!!! THE MOST DISCIPLINED TRUE MUSTACHIAN EVER !!!! YES I DO KICK ASS !!!!! Woking on my next mortgage and 4 more to go !!!!! The next one should be done in 19 months and I'm starting at $136,000, now I have the help of my previous payment from my last mortgage helping me along now !!!!!

[Yankuba]

What did the bank workers say when you came in every day to pay down the mortgage?

[Mark331]

What did the bank workers say when you came in every day to pay down the mortgage?

Well, its funny that you ask, when I 1st started paying of this 1st mortgage I was in debated with was  a mortgage company called Ocwen mortgage and they sucked bad, endless mistakes, but my 1st extra payment was $4.27 and they gave me shit asking me who makes a $4.27 principal payment !!!! So I relied, someone who is in fucking debt with you moron !!!!! But luckily they sold my mortgage to chase bank and its been very nice ever since, because they are literally across the street fro my house. Every time that I make an extra principal payment its SUPER EASY !!!!! They even cheer me on !!!! They are wonderful there for slave runners !!!!! lol !!!!!

[MasterStache]

Doug/Mark

You can ask a moderator why your account was shut off, though per forum policy bans come from behavior from certain posts.  The forum rules are available for all to read.

I am glad you are enthusiastic but I don't like your negative attacks on others intelligence and methods.  As I said before many of the comments you've taken offense to are people questioning your methods. There is nothing wrong with that, and it's how this forum thrives.

Cheers
Nereo

Ok well I apologize, sometimes I come off as a dictator but I am my own worst dictator sometimes, and I guess that can be a huge benefit because it helps me just plain get shit done. Maybe its extreme type A personality. Maybe I should humble myself and open my ears a little and maybe I can learn something here or there. Maybe when people were asking me every little detail I took it as maybe people thought that I was bullshitting them so I got a little pissed. Hopefully my 23 month story will help a few people and show them that it can be done. I love to inspire people to do things that are far from normal. I am working on my next house now and down roughly $3,000 already and I have 4 more houses to go, so time to take off and kick some mortgage ass !!!!!

Perhaps you should try narcissism. On another board you are telling folks they should be working instead of spending time with their kids or exercising. If you need validation, there are probably thousands of other forums on the Internet where you can achieve that. Here, you are just trolling.

[Slee_stack]

The OP is railing against exactly what he is preaching....being more effective at growing your savings.

It is rather odd.

Know your audience!

[sailinlight]

I actually thought maybe he had some form of mental illness... didn't want to offend by saying anything :S

Probably just drugs. Don't worry

[K-ice]

my 1st extra payment was $4.27 and they gave me shit asking me who makes a $4.27 principal payment !!!! So I relied, someone who is in fucking debt with you moron !!!!! But luckily they sold my mortgage to chase bank and its been very nice ever since, because they are literally across the street fro my house. Every time that I make an extra principal payment its SUPER EASY !!!!! They even cheer me on !!!! They are wonderful there for slave runners !!!!! lol !!!!!

You must of had an open mortgage.  My bank would not let me make such a small payment. I do not think I can deposit change unless it is rolled so that would be a $5 bill minimum or a $2 role of nickles.

My mortgage was closed and limited my pre-payments to 15% plus double monthly payments.  Under my lender's rules the fastet I could pay off a mortgage of $115,000 with double monthly payments and the max 15% ($17,250) would be  45 months. Assuming 4% interest and a 25y term that would be an interest savings of over $58,000.

My closed mortgage was larger than yours. I was not able to make the max prepayments but still got rid of it in less than 6years. Interest savings $143,000.  Bank still made $45,000 off of me so that's more than enough.

Depending on how fast a Mustacian wants to pay off their mortgage they should consider different mortgage types and rules.  Many people focus on the interest rate but not all mortgages are the same.

Too bad this thread has gone so sideways and it is not offering that kind of mortgage advice/discussion. 

Things to consider:

Open/closed
Rates
Terms
Amortizations
Pre-payment options (fees)
HELOC vs Traditional
etc.

Mark331 what kind of mortgage did you have again?

[boarder42]

my 1st extra payment was $4.27 and they gave me shit asking me who makes a $4.27 principal payment !!!! So I relied, someone who is in fucking debt with you moron !!!!! But luckily they sold my mortgage to chase bank and its been very nice ever since, because they are literally across the street fro my house. Every time that I make an extra principal payment its SUPER EASY !!!!! They even cheer me on !!!! They are wonderful there for slave runners !!!!! lol !!!!!

You must of had an open mortgage.  My bank would not let me make such a small payment. I do not think I can deposit change unless it is rolled so that would be a $5 bill minimum or a $2 role of nickles.

My mortgage was closed and limited my pre-payments to 15% plus double monthly payments.  Under my lender's rules the fastet I could pay off a mortgage of $115,000 with double monthly payments and the max 15% ($17,250) would be  45 months. Assuming 4% interest and a 25y term that would be an interest savings of over $58,000.

My closed mortgage was larger than yours. I was not able to make the max prepayments but still got rid of it in less than 6years. Interest savings $143,000.  Bank still made $45,000 off of me so that's more than enough.

Depending on how fast a Mustacian wants to pay off their mortgage they should consider different mortgage types and rules.  Many people focus on the interest rate but not all mortgages are the same.

Too bad this thread has gone so sideways and it is not offering that kind of mortgage advice/discussion. 

Things to consider:

Open/closed
Rates
Terms
Amortizations
Pre-payment options (fees)
HELOC vs Traditional
etc.

Mark331 what kind of mortgage did you have again?

he wont read or try to understand any of what you say.  optimize pshhh why optimize when you can sustain on dandelion leaves.

[nereo]

You must of had an open mortgage.  My bank would not let me make such a small payment. I do not think I can deposit change unless it is rolled so that would be a $5 bill minimum or a $2 role of nickles.

K-ice.  FWIW, most mortgages in the US are open mortgages, and the most common is 30 year fixed. In fact, in some states it is against the law for the banks to offer closed mortgages (i.e. ones where there is isn't possible or there is a penalty to make additional payments).  Compare that to Canada where the longest term typically offered is 25 years, and the overwhelming majority of mortgages are closed, and your mortgage re-sets every few year to whatever the going rate is.

Coming from the US to Canada I was a bit shocked at the differences.  The US system is much more friendly towards borrowers, the Canadian system is much more friendly to the banks.
Other than it being really annoying for the tellers, in the US there's nothing stopping you from paying extra on your mortgage every single day.  Why you'd physically go into a branch instead of just making online payments (or lumping them together and making a larger payment once or twice a month) is beyond me.