Having taken 2 months to become very mustachian, set an efficient budget and make a plan of 6 yrs to pay off our mortgage, I am having trouble working out what to do with the extra $4,000 - $4,4000 a month we will have in our pocket once the mortgage is repaid.
So far, I have been having many non-mustachian dreams...getting hubby his private pilots licence, big expensive overseas holidays, upgrading the car to an expensive SUV...it's ridiculous. I need to get all this out of my head, but I can't. Hopefully rational thought will come in soon.
Any tips on what we should do when it's paid off? With our current retirement plan we will be well looked after by our respective employers so no worries there about finances at all (hubby is on track to receive $35,000 per year and I will get about $20,000 per year in retirement) ..plus we can access this at age 55 (early access). I will be 35 when the house is paid off, hubby 37. We have no other debt besides our house mortgage and 2 investment property mortgages. We are keeping our fuel efficient car with 12,000 miles on it for another 7-10 years. We have 1 child (baby) and plan to have another soon. We have a camper trailer and will take camping holidays throughout the years as a family. We put about 67% of our combined income towards the mortgage and live off the rest. We have a managed fund for our kids which is set to be about $30,000 total when they reach age 18.
Any tips greatly appreciated.