The idea of paying off the mortgage is so I can find a fun job that doesn't seem so much like work. Something I am passionate about and something that makes me want to jump out of bed in the morning. That had better be one fantastic job because my number one favorite activity is sleeping in!
If my mortgage repayment plan goes off without a hitch (not likely, but I can hope) I will be mortgage free and totally broke September of 2010. I could quit right away and find that dream job or...I could keep my secure job with benefits and save more cash so that the dream job transition doesn't ruin me.
Here are a few things I should save for once my mortgage is gone:
-A train trip across Canada with Mummy! ($3,800= 2 months of saving)
-Replace emergency fund ($600x12 months=$7,200 = 4 months of saving)
-Health Savings Account contributions for first year ($2,850= 1 1/2 months)
-Health Insurance Deductible ($1,900 = 1 month)
-Car maintenance fund ($1,000 = 1/2 month)
-RV maintenance fund ($900 = 1/2 month)
-Travel fund ($900 = 1/2 month)
-Rental house maintenance fund ($3,800 = 2 months)
Total = 1 extra year of work at current job.
I have no idea if I will do that but it would make my financial life more 'safe'. We will see. (The train trip is a must though, I have promised that to my mom for years) Of course if I just can't bear to quit and want to work there forever I can save for the digging of a well ($36,000 = 1 year and 7 months more work) and then there is the house I want to build ($100,000 = 4 years and 5 months more).
Who knows what life will bring. Sometimes I think I have as many plans as there are seeds in a dandelion. The one thing I know for sure is that I want that mortgage gone!