Also posted in "Share Your Badassity" so apologies ahead of time for a double post. Wasn't sure where the best place to post this was.
Typically, I share my Badassity after I've actually accomplished a bad-ass feat; however, I'm sharing my 'badass' plan in advance because I'm interested in what MMM readers think of it.
Mortgage Situation:
I've got a $59,500 mortgage balance on my home. My plan was to aggressively pay it down over the next 14 months with a target payoff date of Dec. 2015. I BADLY want to be completely debt free - including mortgage.
After reading the Credit Card churning article on MMM, DH discovered an offer from Chase Slate: 0% interest for 15 months and no balance transfer fees. We both applied and have been approved for 20K each.
Currently, in addition to retirement accounts, I have over 100K liquid: 45K in cash (1% savings account), 35K in a Vanguard brokerage account, plus 40K in DRiPs and 529 plans.
My plan moving forward is to use the 40K from Chase and 20K from savings to payoff the mortgage in full. I know I'll still have net debt of 40k, but have the money 'en-stache' for when the final payoff comes due in 15 months.
The minimum monthly payments to Chase will be considerably lower than my current $1640/month mortgage payment thus increasing monthly cash flow.
Am I truly Badass to be using this approach, or would you do something else with 40K "free money"?