Hi everyone,
After nine years of struggling, I finally sold my business and have made a nice windfall. Rather than go out and spend the money on a bunch of things we don't need, I have instead been studying arduously (including reading this blog) and figuring out exactly how I could take my life back from the banks.
One particular issue that I really had a hard time with was whether to pay off my mortgage (@4.25% with 26 years to go) or invest the proceeds in the market. I read a lot of posts on this forum and today I finally made a decision. I walked into the bank just two hours ago and wrote them a check for $742,000. With the exception of a rental property (which I am selling in a few months), we are completely out of debt!
Like many of you, I realized that I could probably make a few extra points in the markets over the next 26 years with that money. However, there was a peace-of-mind factor too (more for my wife than me, but hey, that has benefits for me as well). But the thing that really kicked it over the edge was realizing that I was paying $2,500 a month on interest. So maybe I don't have that money in the bank, but now I will have the continual enjoyment of knowing that I just gave myself a $30,000 a year raise (and yes, that money is going right back into savings).
Anyway, just wanted to celebrate and say thanks to everyone for all of the good discussions.
