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Other => Off Topic => Topic started by: Kris on November 01, 2018, 01:25:56 PM

Title: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 01, 2018, 01:25:56 PM
But I know you all will understand...

I just paid off our mortgage.

Feels good, man.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Loretta on November 01, 2018, 01:34:50 PM
Congratulations on going mortgage-free!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Loren Ver on November 01, 2018, 01:49:22 PM
SCORE!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: former player on November 01, 2018, 01:54:01 PM
You can tell us anything!

Congrats - not owing anything to anyone is a great feeling.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 01, 2018, 01:58:16 PM
You can tell us anything!

Congrats - not owing anything to anyone is a great feeling.

This is a very exciting moment for us, for sure. We haven't had a car payment for many years, but... wow. No mortgage, no debt whatsoever, is going to take some time to sink in.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: magnet18 on November 01, 2018, 01:59:28 PM
Woot woot!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: carozy on November 01, 2018, 02:12:34 PM
Congratulations!  What a milestone!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: marty998 on November 01, 2018, 02:18:22 PM
Well done Kris!

Now where does all the extra cash flow go?
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 01, 2018, 02:36:53 PM
Well done Kris!

Now where does all the extra cash flow go?

Investments of various kinds. DH is also retiring in February (at 60), so part of the incentive to do this was so we'd need less money to live on at that point.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: mm1970 on November 01, 2018, 02:40:02 PM
congratulations!

Good thing you-know-who isn't here anymore.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 01, 2018, 02:41:14 PM
congratulations!

Good thing you-know-who isn't here anymore.

:D Yeah, he wouldn't approve. And I totally get why -- his reasoning is solid. But in our case it makes the most sense for us. Our near future also includes spending significant amounts of time abroad. And having this home base paid for -- and capable of being rented out in our absence -- was a big motivator.

Then when we're done sowing our wild oats, we'll have a paid-for home to come back to, in a place where the market likely would have priced us out if we'd sold and tried to buy in again later.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: AccidentalMiser on November 01, 2018, 02:50:42 PM
Congratulations!  I'm not in a hurry to rid myself of my mortgage for reasons others have stated but I'm sure it feels great!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: DS on November 01, 2018, 02:51:19 PM
Party at your house!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Peter Parker on November 01, 2018, 02:54:38 PM
Although I'm in the "do not payoff your mortgage" camp, I understand your feelings!  And I want to echo others and say "congrats!"  Enjoy your freedom and peace of mind!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: OtherJen on November 01, 2018, 03:49:17 PM
Congratulations!

I look forward to saying the same in 15 years (as of today, we're halfway through our 30-year mortgage).
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: wenchsenior on November 01, 2018, 05:37:27 PM
Congratulations, Kris!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: katsiki on November 01, 2018, 05:40:05 PM
Joining the congrats train.  Awesome job!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: BudgetSlasher on November 01, 2018, 05:52:55 PM
Paint the front door red (mostly a Scottish thing, I think). Our house came with one and we have earned it. I plan on keeping it when the door gets replaced.

I like having it blatantly out there, but no one really knowing what it means.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: MaybeBabyMustache on November 01, 2018, 06:00:42 PM
Congrats! It's a huge milestone!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Prairie Stash on November 01, 2018, 06:10:42 PM
Congrats Kris. It's truly a remarkable accomplishment. May I suggest that this should be in the Badassity section, because you're truly Badass?

@BudgetSlasher Thanks for the really obscure factoid! I never knew door colours meant something.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Irishtache on November 01, 2018, 06:19:59 PM
Congratulations Kris! We did the same in May! I posted it on the 'wrong' forum and got a put down for it! No matter. It!s a nice feeling and l retire tomorrow, Friday! IT
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: RetiredAt63 on November 01, 2018, 06:30:59 PM
It is lovely having no mortgage, especially in retirement.  Congratulations.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Financial.Velociraptor on November 01, 2018, 06:36:21 PM
Gogogogogogogo!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: HappierAtHome on November 01, 2018, 06:50:57 PM
Congratulations Kris!!

Paint the front door read (mostly a Scottish thing, I think). Our house came with one and we have earned it. I plan on keeping it when the door gets replaced.

I like having it blatantly out there, but no one really knowing what it means.

We're planning on this when our mortgage is completely offset (Australian thing, basically means paid off). I know that no one around me will know what it means, but I have to do SOMETHING to celebrate.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: calimom on November 01, 2018, 07:04:56 PM
Congratulations! I'm 7.5 years away from my own completely paid-off mortgage and look forward to the day.

Doing anything to celebrate? It does seem a bottle of mid-range bubbly something or other might be in order. Oh, and is it OK to ask what you're doing with the newly freed up monthly $$. VTSAX?
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: EscapeVelocity2020 on November 01, 2018, 07:36:38 PM
Well, I'm happy for you if you are happy (or if it was like a 4% note), but the Finance Buff said it well when he paid off his low rate mortgage - most people don't get excited or boast to others when they buy a US Treasury bond...  c'est la vie.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 01, 2018, 07:58:12 PM
Congratulations Kris! We did the same in May! I posted it on the 'wrong' forum and got a put down for it! No matter. It!s a nice feeling and l retire tomorrow, Friday! IT

Holy cow! HUGE congrats to you!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Money Badger on November 01, 2018, 08:30:44 PM
Bad ass.   Plain and simple... and awesome!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: okits on November 02, 2018, 12:33:03 AM
Congratulations, Kris!  Enjoy the feeling, you worked for it!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: OzzieandHarriet on November 02, 2018, 06:39:45 AM
We paid ours off in January for much the same reason. It was kind of an anticlimax! We haven’t felt the benefit of the reduced expenses because ... well ... we spent the excess 😕 (slaps self on wrist). In our defense, we have no other debts and good savings, and the things we spent it on were worthwhile. Also, our payment was pretty low. Now that DH is retired, that money will mostly go to health insurance.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: GuitarStv on November 02, 2018, 07:37:32 AM
Biggest mistake of your life.  Obviously you're an idiot unable to do math.  Also, welcome to the club!  :P
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: tarheeldan on November 02, 2018, 07:46:37 AM
I just paid off our mortgage.

Congratulations!!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: brute on November 02, 2018, 07:49:31 AM
Wooooooooooo! Congrats!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 02, 2018, 07:56:52 AM
Biggest mistake of your life.  Obviously you're an idiot unable to do math.  Also, welcome to the club!  :P

:D  Funnily, as I wrote the OP, I was filled with happiness and pride, mixed with some shame because I was already anticipating the tsks of people who would be muttering "idiot" under their breath when they read the post.

Ah well. They can't take away my joy!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Nick_Miller on November 02, 2018, 08:22:54 AM
Now if you had only purchased a shiny new car, you could have posted on social media much to the delight of many, complete with all the little ":0" faces from your admirers!! But sadly you are relegated to posting your awesome news in this weird little forum. Makes a lot of sense, huh?

Congrats!! You and your husband should be very proud of yourselves.

Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: FrugalToque on November 02, 2018, 08:32:10 AM
Now if you had only purchased a shiny new car, you could have posted on social media much to the delight of many, complete with all the little ":0" faces from your admirers!! But sadly you are relegated to posting your awesome news in this weird little forum. Makes a lot of sense, huh?

Congrats!! You and your husband should be very proud of yourselves.

Yeah, there's a distinct divide between bragging about purchases and bragging about being good at saving.  One is socially acceptable and the other invites scorn.

It's not like society doesn't value willpower in general.  After all, if you wanted to tell people about weight loss, you'd be celebrated.

Somehow, telling people that you have successfully exhibited financial willpower invites a strange notion of discomfort.  This is followed by tales of woe and Excusitis, about how lucky you are that you can save so much.  It just makes us feel so unbecoming.

Also, our relatives then want to borrow money from us.

Toque.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: accolay on November 03, 2018, 12:24:17 PM
Congrats and fuck Wells Fargo!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 03, 2018, 12:34:02 PM
Congrats and fuck Wells Fargo!

No kidding! Can’t wait to cut all ties with those fuckers.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: 2Birds1Stone on November 03, 2018, 12:37:54 PM
Congrats!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Boofinator on November 03, 2018, 01:22:54 PM
congratulations!

Good thing you-know-who isn't here anymore.

:D Yeah, he wouldn't approve. And I totally get why -- his reasoning is solid. But in our case it makes the most sense for us. Our near future also includes spending significant amounts of time abroad. And having this home base paid for -- and capable of being rented out in our absence -- was a big motivator.

Then when we're done sowing our wild oats, we'll have a paid-for home to come back to, in a place where the market likely would have priced us out if we'd sold and tried to buy in again later.

Congrats on paying off the mortgage!

On the topic of B42: His reasoning was not always solid, and it was extremely dogmatic; goes to show if you bash somebody over the head enough times, they will begin to believe anything. You made the optimal choice (not in expected return, but in expected success rate) by paying off the mortgage close to retirement, unless you had an extremely low interest rate and many years of payments remaining. Here's the plots:

Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: iris lily on November 12, 2018, 11:13:50 AM
I am a double dose idiot because I have not had a mortgage on multiple properties we own save for 4 years when I bought my first house as a single person decades ago.

I also understand the math. And I dont care. Interest is The Enemy, I hate it. HATE it. Not all financial decisions need to be devoid of emtion.

So, congrats on retiring your mortgsge.

Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: onlykelsey on November 12, 2018, 11:18:43 AM
I also understand the math. And I dont care. Interest is The Enemy, I hate it. HATE it. Not all financial decisions need to be devoid of emtion.
Brains are weird.  I would never have opened a HELOC in order to invest in the market, but when I had one (because I only had 15% down and needed to put 20% down), I didn't prioritize paying it off over investing.  So, essentially, I took out a HELOC in order to invest in the stock market.

Congrats, Kris!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on November 12, 2018, 12:26:06 PM
Big congrats! Now hurry up and FIRE so you can enjoy your trip 'round the world :D
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: MasterStache on November 12, 2018, 12:44:12 PM
Congrats Kris. I am sure a big weight lifted off your shoulders.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: LoanShark on November 27, 2018, 03:38:34 PM
Hell yeah! Congrats!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Just Joe on November 28, 2018, 08:02:43 AM
I envy y'all Kris! Our goal math be damned. We want the stability of a paid off mortgage.

I've daydreamed about that day. Would we hold a mortgage burning party for people close to us? No. It might be awkward b/c few are paid off.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on November 28, 2018, 08:13:52 AM
I envy y'all Kris! Our goal math be damned. We want the stability of a paid off mortgage.

I've daydreamed about that day. Would we hold a mortgage burning party for people close to us? No. It might be awkward b/c few are paid off.

Yep. Mr. Kris and I were talking about that, actually -- we remember back in the day mortgage-burning parties were a thing among our parents' set, but we were puzzling because we really don't hear about them anymore.

Then we realized that these days, people rarely actually pay off mortgages. They just move into bigger houses and start new ones.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: slow hand slow plan on November 28, 2018, 09:10:40 AM
Where is boarder42 when you need him... ; )

JK Congratulations! 
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Zola. on November 28, 2018, 09:13:23 AM
Well done!

What a chain to get off the neck. A significant step towards FI.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: sisto on November 28, 2018, 12:19:59 PM
Congratulations! I used to be in the payoff your mortgage camp too, but the math swayed me to the other side. So happy for you though and I bet it feels amazing. So funny how we can't share such amazing news with people and have to come here to tell our MMM friends who get it. I had some recent amazing news myself. I ended up getting an unexpected raise. We normally have a rating session at the end of every year and raises come in April of the following year. The result of last year earned me a promotion with a nice raise that kicked in on the April 15 check. Well then all of a sudden I got a stock grant and more money on my November check. Turns out a market evaluation showed some people were underpaid and they gave us raises early. It was 2.91% which is about what usually occurs with the regular one when you aren't promoted. So for this year I should get something similar again next April. Definitely a welcome surprise! Who doesn't like free money right?
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: steveo on November 28, 2018, 02:59:43 PM
Congrats. We paid off our house and it was a huge step forward on the path to financial independence.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Poundwise on November 28, 2018, 05:25:52 PM
Congratulations, homeowner!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: meghan88 on November 29, 2018, 04:29:05 PM
A belated congrats - just when rates are creeping higher, which is a win-win for sure!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: igetit on December 02, 2018, 10:16:45 AM
That is just super!  Congratulations on achieving this milestone.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: waltworks on December 02, 2018, 08:55:30 PM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: BussoV6 on December 03, 2018, 05:44:48 AM
Yeah, nice one!  I know it's possibly not the best investment, but we did it and sleep better for it. Peace of mind makes it worthwhile.

Enjoy...
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Just Joe on December 03, 2018, 08:10:15 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

Maybe host a BBQ/cookout and then spring it on them... Oh by the way we are announcing...
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: gooki on December 04, 2018, 12:13:51 AM
Congrats. Achievement unlocked.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Nick_Miller on December 04, 2018, 05:17:50 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Prairie Stash on December 04, 2018, 07:28:48 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on December 04, 2018, 08:06:35 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.

If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.

Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Nick_Miller on December 04, 2018, 08:14:13 AM
Well, I mean don't people have house-warming parties anymore? I thought they did.

Isn't that just a big "come check out our big new purchase!" party? It seems illogical that it's considered acceptable to celebrate incurring debt, but not acceptable to celebrate eliminating debt. I am not a big Dave Ramsey fan, but I like the idea of celebrating being mortgage-free.

And people have retirement parties? Isn't the message there "I worked my butt off for a long time, so come celebrate my accomplishments"? It sounds pretty damn close to a mortgage-burning party to me, thematically at least.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: HPstache on December 04, 2018, 08:16:10 AM
Where is boarder42 when you need him?!

Totally kidding, that is amazing... congrats!!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: EscapeVelocity2020 on December 04, 2018, 08:26:16 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.

If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.

I had a good friend that sold assets to pay off his mortgage in 2009!  Bought a 400k house with the proceeds of stock sales.  He probably felt OK with the decision at the time we were discussing it, although I did mention that he was now sitting on a 400k illiquid asset.  I was in the market for a house, but was only going to put the 20% minimum down and keep what I had in the stock market.  I visited him recently - certainly doesn't look like a million+ dollar home :)

Reminds me of those employees during the 90's tech boom that sold shares to buy a fancy car, then laugh that they now have a half-million dollar Porsche.

To each their own, but I do hope you aren't 'overweighted' in illiquid assets / low yield bonds for your age.

Just saying all this so you don't assume everyone you talk to is financially illiterate or jealous, some folks may know what they are talking about and think a young person bypassing today's cheap borrowing / relatively generous equity + yield environment is short-sighted.  Maybe not 2009 crazy, in hindsight, but you never know.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Philociraptor on December 04, 2018, 08:29:50 AM
Congrats! We just finished with my student loan and have been contemplating paying down the mortgage vs. investing our new surplus into the market. With rates creeping up (ours adjusts in 2020) and closing costs out of control (last time I checked they wanted over 4% of what we owe in closing costs) it might be the right decision. Cheers!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: DS on December 04, 2018, 08:58:17 AM
Just saying all this so you don't assume everyone you talk to is financially illiterate or jealous, some folks may know what they are talking about and think a young person bypassing today's cheap borrowing / relatively generous equity + yield environment is short-sighted.  Maybe not 2009 crazy, in hindsight, but you never know.

If someone wouldn't come to the mortgage burning party because they are that concerned about the person's portfolio, that's a whole other level of crazy and probably not a friend.

Poor reaction to the idea of the party points towards ignorance more than fine-tuned financial knowledge.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Just Joe on December 04, 2018, 10:14:06 AM
Hey collectively (in this forum) we've seen some weird stuff over the past decade or so. Basically everything discussed in the "Anti-Mustachian Shame and Comedy" department.

No wonder that people might react badly to being invited to someones' mortgage burning party. Just doesn't fit in the same with housewarming parties or new car debt parties.

Opening debt is better than closing debt. Right? What do you mean you don't have any debt? That doesn't make sense!!!  ;)
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on December 05, 2018, 06:42:38 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.

If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.

That's weird. My friends would be ecstatic for us if we had a mortgage burning party. But I guess my friends aren't typical. We have one set of close friends who made it their goal to have a paid-off house before they were 30, and we were there to celebrate with them when they succeeded. I have another close friend who lives in a bus that she paid $7K for and renovated. And another couple who are one track to retire by 40 (we discovered MMM independently and were thrilled to learn that we were both working to FIRE). My boss is also an MMM-reader and he's recommended it to all of my co-workers (most of them are reasonable with their money, but not necessarily frugal). Yeah, now that I think about, my friends aren't typical at all.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Davnasty on December 05, 2018, 07:18:43 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.

If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.

That's weird. My friends would be ecstatic for us if we had a mortgage burning party. But I guess my friends aren't typical. We have one set of close friends who made it their goal to have a paid-off house before they were 30, and we were there to celebrate with them when they succeeded. I have another close friend who lives in a bus that she paid $7K for and renovated. And another couple who are one track to retire by 40 (we discovered MMM independently and were thrilled to learn that we were both working to FIRE). My boss is also an MMM-reader and he's recommended it to all of my co-workers (most of them are reasonable with their money, but not necessarily frugal). Yeah, now that I think about, my friends aren't typical at all.

Your boss is a fan of a blog promoting FIRE and recommends it to his employee's? I don't know what kind of business you're in, but they may not be around much longer.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on December 05, 2018, 08:28:05 AM
We actually attempted the mortgage-burning party back in 2010 I think (we finished paying it off as a birthday present to me, jeez, what dorks). Initial responses from our friends IRL were... not good. We canceled that idea.

What I'm trying to say is, great job Kris! Enjoy it!

-W

I don't want to derail, but surely other people here are as curious as I am about the sorta responses you received?
I'm curious too. I told a friend about a year after, when directly asked how much longer I had on my mortgage, that it was paid. The response was encouraging, IRL most people I know don't like mortgages.

I can't imagine too much poor response IRL, although I haven't told people because I was concerned about those not good responses. So...I guess I'm ignorant and curious.

If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.

That's weird. My friends would be ecstatic for us if we had a mortgage burning party. But I guess my friends aren't typical. We have one set of close friends who made it their goal to have a paid-off house before they were 30, and we were there to celebrate with them when they succeeded. I have another close friend who lives in a bus that she paid $7K for and renovated. And another couple who are one track to retire by 40 (we discovered MMM independently and were thrilled to learn that we were both working to FIRE). My boss is also an MMM-reader and he's recommended it to all of my co-workers (most of them are reasonable with their money, but not necessarily frugal). Yeah, now that I think about, my friends aren't typical at all.

Your boss is a fan of a blog promoting FIRE and recommends it to his employee's? I don't know what kind of business you're in, but they may not be around much longer.

He owns a consulting firm that he started 14 years ago. Business isn't going anywhere. He could quit at any time, but he loves the business and he's really good at it. I'm 100% positive that I'm the only one in the office who is planning to retire in my 40s, but the reality is that MMM offers a sober look at finances, freedom, recognition of opportunities, and a level-headed approach to risk-taking. My boss doesn't want anyone at this job just because they need the paycheck. I respect him for that, and I hope this is the job that I retire from.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Prairie Stash on December 05, 2018, 08:40:06 AM
If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.
Very nice response. I will stick with my silence strategy. I can still host parties for other things I suppose, it makes me wonder wat the list of acceptable vs. non-acceptable would be.

Acceptable party reasons:
Wedding
Divorce
Housewarming
Getting Older
Baby showers
Friday's

Unacceptable
Paying off a mortgage (improving fiscal resilience)
Retiring Early (under 55?)

Any other unacceptable reasons? its seems like a short list.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: waltworks on December 05, 2018, 08:40:32 AM
That's weird. My friends would be ecstatic for us if we had a mortgage burning party. But I guess my friends aren't typical. We have one set of close friends who made it their goal to have a paid-off house before they were 30, and we were there to celebrate with them when they succeeded. I have another close friend who lives in a bus that she paid $7K for and renovated. And another couple who are one track to retire by 40 (we discovered MMM independently and were thrilled to learn that we were both working to FIRE). My boss is also an MMM-reader and he's recommended it to all of my co-workers (most of them are reasonable with their money, but not necessarily frugal). Yeah, now that I think about, my friends aren't typical at all.

At that point in time, my wife and I were graduate students/pseudo professional athletes (ok, with the benefit of hindsight: wannabe professional athletes). Our friends were mostly penniless graduate students and penniless mountain bike racers who lived in shared student-ghetto rental houses.

The idea of *having* a mortgage or owning a home was pretty foreign to the whole crowd. So yes, the initial reaction when we mentioned the mortgage-burning party was disbelief followed by jealousy. Now, nobody would have outright been a jerk about it or immediately terminated the friendship or anything. But it became clear to us pretty fast that it would harm our relationships with most of our friends to, so to speak, rub their faces in our financial success.

We now live around a ton of really rich people (or, at least, people who earn a ton of money - doctors, IT pros, etc) and it's still awkward because we're the couple that are both volunteering at school and coaching sports teams and out in the middle of the day mountain biking or skiing while all our neighbors are working 60 hours a week. Everyone around here assumes we're trustfunders but since we have basically zero nice possessions they also think maybe we're dirt poor.

I think if you really are financially literate and have FIRE as a goal/have achieved FIRE, you are always going to deal with some level of awkwardness when it comes to discussing money with your friends/family/neighbors. I mean, our neighbors who work their asses off and never see their kids have 3 BMWs in the garage. We ride our bikes and own one car worth maybe $1000 if you're extremely generous. Things get awkward fast when lifestyles and financial choices are that different, but for me it makes more sense to just not talk about money (this includes throwing a party involving paying off a mortgage) in situations where it will cause problems.

-W

Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: GuitarStv on December 05, 2018, 09:37:06 AM
If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.
Very nice response. I will stick with my silence strategy. I can still host parties for other things I suppose, it makes me wonder wat the list of acceptable vs. non-acceptable would be.

Acceptable party reasons:
Wedding
Divorce
Housewarming
Getting Older
Baby showers
Friday's

Unacceptable
Paying off a mortgage (improving fiscal resilience)
Retiring Early (under 55?)

Any other unacceptable reasons? its seems like a short list.

I'm not sure that divorces should be a cause for celebration.  "I made a really bad decision and now have to break my oath.  Let's party?"
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on December 05, 2018, 10:03:15 AM
If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.
Very nice response. I will stick with my silence strategy. I can still host parties for other things I suppose, it makes me wonder wat the list of acceptable vs. non-acceptable would be.

Acceptable party reasons:
Wedding
Divorce
Housewarming
Getting Older
Baby showers
Friday's

Unacceptable
Paying off a mortgage (improving fiscal resilience)
Retiring Early (under 55?)

Any other unacceptable reasons? its seems like a short list.

I'm not sure that divorces should be a cause for celebration.  "I made a really bad decision and now have to break my oath.  Let's party?"

Yep. A divorce-party would be much more poorly received in my social group than a mortgage-burning party.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on December 05, 2018, 10:07:01 AM
That's weird. My friends would be ecstatic for us if we had a mortgage burning party. But I guess my friends aren't typical. We have one set of close friends who made it their goal to have a paid-off house before they were 30, and we were there to celebrate with them when they succeeded. I have another close friend who lives in a bus that she paid $7K for and renovated. And another couple who are one track to retire by 40 (we discovered MMM independently and were thrilled to learn that we were both working to FIRE). My boss is also an MMM-reader and he's recommended it to all of my co-workers (most of them are reasonable with their money, but not necessarily frugal). Yeah, now that I think about, my friends aren't typical at all.

At that point in time, my wife and I were graduate students/pseudo professional athletes (ok, with the benefit of hindsight: wannabe professional athletes). Our friends were mostly penniless graduate students and penniless mountain bike racers who lived in shared student-ghetto rental houses.

The idea of *having* a mortgage or owning a home was pretty foreign to the whole crowd. So yes, the initial reaction when we mentioned the mortgage-burning party was disbelief followed by jealousy. Now, nobody would have outright been a jerk about it or immediately terminated the friendship or anything. But it became clear to us pretty fast that it would harm our relationships with most of our friends to, so to speak, rub their faces in our financial success.

We now live around a ton of really rich people (or, at least, people who earn a ton of money - doctors, IT pros, etc) and it's still awkward because we're the couple that are both volunteering at school and coaching sports teams and out in the middle of the day mountain biking or skiing while all our neighbors are working 60 hours a week. Everyone around here assumes we're trustfunders but since we have basically zero nice possessions they also think maybe we're dirt poor.

I think if you really are financially literate and have FIRE as a goal/have achieved FIRE, you are always going to deal with some level of awkwardness when it comes to discussing money with your friends/family/neighbors. I mean, our neighbors who work their asses off and never see their kids have 3 BMWs in the garage. We ride our bikes and own one car worth maybe $1000 if you're extremely generous. Things get awkward fast when lifestyles and financial choices are that different, but for me it makes more sense to just not talk about money (this includes throwing a party involving paying off a mortgage) in situations where it will cause problems.

-W

I definitely don't live among people like that. I get that it's a thing, but it's a thing that we consciously avoid. I don't want our children to grow up thinking that's normal.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: AnswerIs42 on December 05, 2018, 10:27:41 AM
If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.
Very nice response. I will stick with my silence strategy. I can still host parties for other things I suppose, it makes me wonder wat the list of acceptable vs. non-acceptable would be.

Acceptable party reasons:
Wedding
Divorce
Housewarming
Getting Older
Baby showers
Friday's

Unacceptable
Paying off a mortgage (improving fiscal resilience)
Retiring Early (under 55?)

Any other unacceptable reasons? its seems like a short list.

Funny, isn't it - Weddings, Housewarmings, and Baby showers could also be taken as "being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat" to Singles / Renters / Childless people, but people don't tend to think this way because it would be a bit uncharitable and ridiculous. But finances seem to trigger this jealousy for some reason...
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on December 05, 2018, 10:31:24 AM
If I had to guess, I'd say the reaction was jealousy, which expressed itself outward as hostility toward Waltworks and accusations that he was being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat.

Sigh.
Very nice response. I will stick with my silence strategy. I can still host parties for other things I suppose, it makes me wonder wat the list of acceptable vs. non-acceptable would be.

Acceptable party reasons:
Wedding
Divorce
Housewarming
Getting Older
Baby showers
Friday's

Unacceptable
Paying off a mortgage (improving fiscal resilience)
Retiring Early (under 55?)

Any other unacceptable reasons? its seems like a short list.

Funny, isn't it - Weddings, Housewarmings, and Baby showers could also be taken as "being a boastful a-hole to shove it in people's faces like that and expect them to come to a party whose sole purpose was to gloat" to Singles / Renters / Childless people, but people don't tend to think this way because it would be a bit uncharitable and ridiculous. But finances seem to trigger this jealousy for some reason...

Yup. And it's even okay to "celebrate" something like "buying" (read: signing a loan on) a new, expensive car or house. Just not paying them off.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: waltworks on December 05, 2018, 11:27:50 AM
I definitely don't live among people like that. I get that it's a thing, but it's a thing that we consciously avoid. I don't want our children to grow up thinking that's normal.

That is a consequence of living in a ski/mountain town. You have your idle rich/actual trustfunders,  you have people who make big bucks and work a lot, and you have ski bums/dudes who bus tables to afford to ski 100 days a season.

Really, this is going to be the case basically anywhere I'd want to live. C'est la vie.

I don't think intelligent children with parents who care are going to be harmed by growing up around rich people, workaholics, or even ski bums.

-W
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Mississippi Mudstache on December 05, 2018, 12:17:59 PM
I definitely don't live among people like that. I get that it's a thing, but it's a thing that we consciously avoid. I don't want our children to grow up thinking that's normal.

That is a consequence of living in a ski/mountain town. You have your idle rich/actual trustfunders,  you have people who make big bucks and work a lot, and you have ski bums/dudes who bus tables to afford to ski 100 days a season.

Really, this is going to be the case basically anywhere I'd want to live. C'est la vie.

I don't think intelligent children with parents who care are going to be harmed by growing up around rich people, workaholics, or even ski bums.

-W

I mostly agree with you, but I know from experience that it can be tough for kids to ditch the influence of their peers, even if their behavior isn't modeled by the parents. My parents were well-educated and well-mannered, but I grew up surrounded by rednecks. It took until about my junior year of college to realize that I wasn't a redneck and had no interest in copying their lifestyles, beliefs, or mannerisms. But to your point: my parents' influence, and the influence of more diverse set of college peers, eventually won out.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: DS on December 05, 2018, 12:22:41 PM
Yup. And it's even okay to "celebrate" something like "buying" (read: signing a loan on) a new, expensive car or house. Just not paying them off.

I would be cool with celebrating the move-in and the payoff, and any ongoing parties. Let's do this! Haha.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: John Galt incarnate! on December 05, 2018, 01:05:30 PM
You can tell us anything!

Congrats - not owing anything to anyone is a great feeling.

This is a very exciting moment for us, for sure. We haven't had a car payment for many years, but... wow. No mortgage, no debt whatsoever, is going to take some time to sink in.

Good for you!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Kris on December 23, 2018, 06:53:19 PM
I must say, I am currently sitting in our place, looking around as I watch a Christmas movie with Mr. Kris...

And I keep saying to myself, “This is ours. No one can take it from us.”

It’s quite a feeling. I am so happy to look around and know it is all mine.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: marty998 on December 23, 2018, 08:12:37 PM
I must say, I am currently sitting in our place, looking around as I watch a Christmas movie with Mr. Kris...

And I keep saying to myself, “This is ours. No one can take it from us.”

It’s quite a feeling. I am so happy to look around and know it is all mine.

This is what cannot be quantified in the "to payoff or not to payoff" the mortgage debate.

Well done.

Edit to add: Whoops! just realised I posted in this thread 6 weeks ago :D  Nonetheless, sentiment still stands!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: calimom on December 23, 2018, 08:57:32 PM
I must say, I am currently sitting in our place, looking around as I watch a Christmas movie with Mr. Kris...

And I keep saying to myself, “This is ours. No one can take it from us.”

It’s quite a feeling. I am so happy to look around and know it is all mine.

That sounds delicious and well earned.

And for most of us who pay our mortgages online, what would mortgage burning party look like anyhow? Setting our laptops on fire? Wasteful AND environmentally unfriendly!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: DreamFIRE on December 23, 2018, 11:05:52 PM
Just keep paying your taxes!
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: Just Joe on December 27, 2018, 09:35:54 PM
I must say, I am currently sitting in our place, looking around as I watch a Christmas movie with Mr. Kris...

And I keep saying to myself, “This is ours. No one can take it from us.”

It’s quite a feeling. I am so happy to look around and know it is all mine.

That sounds delicious and well earned.

And for most of us who pay our mortgages online, what would mortgage burning party look like anyhow? Setting our laptops on fire? Wasteful AND environmentally unfriendly!

Print out a copy of the last bank statement?
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: waltworks on December 27, 2018, 09:45:26 PM
And for most of us who pay our mortgages online, what would mortgage burning party look like anyhow? Setting our laptops on fire? Wasteful AND environmentally unfriendly!

When you pay off the mortgage, you actually do get quite a bit of physical paperwork documenting the whole affair (much like the giant pile of crap you get at a closing when you buy a house). So there are plenty of pieces of ordinary paper you could burn, most of them are even provided with duplicates so you can still file them away.

-W
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: accolay on January 08, 2019, 12:30:44 PM
Hey Kris, I know this is late, but I'd attend your mortgage burning party. Bring you a bottle of wine.
Title: Re: Because I'd feel weird and boastful announcing this to IRL friends...
Post by: MrDelane on January 08, 2019, 03:40:56 PM
Super late to the party, but just wanted to say congratulations on the steady and hard work of getting it done.
That's great, and I hope to join your club at some point in the next decade.