It seems my
post on eliminating expenses out of my life has generated some really strong feedback.I have gotten comments on the blog, e-mails sent directly to me, and pretty strong feedback from individuals I see weekly.
I have gotten statements like …
* Joe, you have to live a little!
* Way to go!
* Why are you doing this?
* You should also considering cutting …
* This seems extreme
* You should invest all of this extra money instead of paying down the mortgage.
* You're crazy!
Why is it that all of the people who are suggesting that I am a little off of my rocker for doing this all have house payments?
Folks, I am not doing this to be normal. If I wanted to be normal, I would still have car payments, student loan payments, credit card payments, furniture payments, and dog payments. That is what normal is in America - I've lived that way (except for the financed puppy), and TRUST ME I like the debt free life better!
I CHOOSE to NOT be normal!!! As I like to say when teaching my class - you can call me crazy, weird, a nerd, or anything else - just don't call me broke anymore!
Who's with me?
November 19th, 2007 at 04:38 pm 1195490337
As long as you are not impinging on others negatively now or in the future as a result of your choices, what difference does it make? So whatever. Ho hum, again.
I also don't think you need to even think about norms. Again, what difference does it make if you or anyone else considers you normal or not normal, weird or not, a nerd, crazy, or anything else. Who cares one way or the other. Not only should people you talk to not care, but maybe you should not care. Just live by your values, right? Whatever, ho-hum.
I read blogs like yours out of curiosity, but really it doesn't make a whole lot of difference to me how others live as long as they are not hurting me or others.
November 19th, 2007 at 04:47 pm 1195490852
November 19th, 2007 at 09:42 pm 1195508540
I understand the peace of mind of paying off debts. Contrary to all I just said, I prepaid my student loans because I hated having them. I could have earned far more investing the money but preferred to be rid of the loans.
So I've done it both ways.
November 19th, 2007 at 11:00 pm 1195513205
As for pre-paying your mortgage.... You know, I think that's a great thing as well. Certainly better than blowing it all at the race track.
At the same time, because we ARE SAers, I think it's also important-- as Steve pointed out-- to consider if there are indeed better places where our money can be put to greater use. Certainly, if one has a very high interest rate credit card, that needs to go first! On the other hand, if all you have left is the mortgage... perhaps that's fine as well, especially if your interest rate is relative high somehow.
I myself am still in debt-- primarily with student loans-- and if I really wanted to, I could have paid it off by now. On the other hand, I realized that I am getting a much greater bang for my buck right now by focusing on my 401k. So, for the time being, that's where I've directed most of my money instead.
November 20th, 2007 at 04:13 pm 1195575188
I am so "with you" on your overall goals, but for my situation it would be financially foolish to pay down my mortgage faster. On the flip side I have a plan to pay it off at age 45 with little effort. I also have a plan to have $1 mil in retirement. There is no way I could accomplish both if I started hitting the mortgage hard today. Of course, I don't see the point of living a deprived life in the meantime either. I am trying my best to have my cake and eat it too. & the mortgage helps me have my cake and eat it too. Of course our mortgage has bought us tremendous financial freedom in many ways, and is also not a huge part of the budget. I LOVE my mortgage. If I HATED my mortgage I would certainly pay it. I have never had a debt outside my mortgage (besides the 0% variety). & I never plan to. But not all debts are created equal - not at all.
More to say, not everyone who has a mortgage is "normal." & I think the concerns about "living a little" our valid. There is middle ground there.
But hey, if you hate your mortgage, pay it back. Just understand some of us don't hate our mortgage and truly are better off for it.