Congratulations Swamp!

I have about 4 yrs left on my mortgage then I'll be eligible for your club membership.

B

Thanks, Graplr! Awesome job and keep it up, that's some aggressive reduction! The satisfaction, and relief, is every bit as great as you think it will be.

Thanks, tank!

Thanks, Hattie. I was one of the fools who did a refi + cash back, early on in my financial excavation, to pay down my debt only to rack it back up again. I've still got plenty of equity but I'm tired of loans and the process in general, even if it might expedite the matter. I'm probably just going to double or triple the payments and pay it off early.

And trust me, there is no danger racking it up again! :o

Thanks, 73...!

That's my line of thinking right now. I'm really just tired of loans.

I upped my 401k contribution to 8% (the company matches up to 4%) figuring I wouldn't really notice it too much since a bigger chunk of that paycheck will be staying home now (and it's probably the time to buy low to sell high:confused:). Once the van is paid then I can really tackle the mortgage.

Thanks, kerry! Very true, even if it's only a recent sensation for me. Now the only lease payment I'll have is the first 4 months of the year for the taxmen. :mad::)

Thanks, Bot! But I wish I was eligible for your club membership! I'm nowhere near where your at, I'm only unsecured debt free (still have one more car loan and a mortgage to go). I'm hoping to get on track about where Chad is now, 14-15 years until I get rid of that mortgage payment. Maybe sooner if the wife ever goes back to work. ;)

http://buildingequity.blogspot.com/2007/04/401k-vs-extra-mortgage-payment.html
"401K vs. Extra Mortgage Payment
If you find yourself with some excess income these days, you may be wondering whether you should put more money into your 401K or pay off your home mortgage faster.

Which is better?

From a purely financial perspective, if you have a low, fixed mortgage rate you are better off putting money into your 401K account. There are 2 reasons for this:


Any extra money you put into your house will have already been taxed. That means that your money has already lost 20% of its value before you are able to use it to pay down your mortgage. 401K contributions are pre-tax, meaning the money goes into your 401k account before any taxes are removed from your paycheck.

Your 401K will likely earn more than what you pay in interest on your house. Let's say your mortgage rate is 6%. Even at a conservative 8%, your 401k will out-earn what you pay in interest by 2%."

I know earning 8% on your 401K seem like a fantasy right now.

I am really proud of you, not many people can say that dude. Just make sure it stays that way.....

Talk up the Navy! Thats what my dad tried, and it didn't quite work.:D

Or the Coast Guard Acadamy...

Things are cheap now, if the interest rate on your mortgage is low I'd pump more into the 401k and maybe buy some good stocks. Like GE, Toyota, etc. Companies that are going to come out of this strong. Thats my 2 cents.

I hope to have my mortgage paid off in a couple of years. Unfortunately, it will be because I have sold the house. I have high hopes for the one after that, though.

What she said.

Congrats on a tough job well done.

Keep that energy up and start putting some away. The more of that you do, the far better you’ll feel about a lot of life’s issues. Not just money ones too.

There are far greater comforts brought via financial freedom than you’ll ever imagine.

Hats off to ya Swamp. Good job.

That is wonderful- great news. I wish everybody could do this.

If it makes you feel any better, you might well have put a lot of this "pissed away" money in the market and lost it , as I did. Lately I have been thinking" Why didn't I run up a credit card debt and live large, instead of being so frugal as not to have had squat all these years". Why did I forgo cable TV, cellphones, new cars, grow my own food? I never had any debt- haven't bought a car on a loan in 20 years , my mom holds our mortgage. Why do I feel so raped and violated these days with regard to a goodly piece of my retirement savings that has gone down a rathole?- but that's another story.:mad:

Rick

Good job!

It motivates me more to hear of people doing that. I'm working on a 2(hopefully) or 3(more realistic) year plan to do the same.

FWIW, stop worrying about the past mistakes, and enjoy your new freedom, you deserve it.

Kudos!

Thanks, Mistress! Now if I can only get this waistline under control...:)

(I'm making progress on that front, too. ;))