On July 29th 2010, I walked into Bank of America and wired funds to payoff my mortgage held at Chase (formerly Washington Mutual). The excitement/nervous wait then began until official word was received on Friday July 30th 2010 from a Chase representative that our mortgage balance was considered "Paid In Full". Thus marked a milestone in my wife's and my own financial education and growth. We took out our 30 yr mortgage in February 1999 a few years removed from college. Looking back over the years, we like all young couples made many foolish spending choices. Over the course of the last 11 years, we have grown immensely in our financial lives. We are living debt free: no credit card debt, no home equity loans, no mortgage. Please understand that we have made many sacrifices along the way to achieve our current state. Our vehicles are 1998 model years (Acura & Honda). Plenty of Home cooked meals. We purchased our first flat panel tv last year, a 32in from Costco for about $600, obviously far from big screen luxury.
My occupation in the financial services field often (Securities/Wall Street)focuses on investments. Many working families can get better returns by reducing debt, owning their cars and home all the while reduce their cost of living.
The one thing I am very proud of is that my wife turned 40 in July and I just turned 40 at the end of August. We paid off our mortgage at/before turning 40 yrs old. A little piece of mind with the state of current economy is priceless. May peace of mind be with each of you in the future.
