Tuesday, April 22, 2014
I'm a Loan Re-Payment Addict
Is it May yet? I just want to make another extra mortgage payment before anything costly happens like something breaks or whatever, I don't want to think about what can go wrong. I must be patient. There is no way for me to pay it off any faster than I get my paychecks. I think I am addicted to paying off mortgages. Does that mean I'll need another mortgage when this one is done? Saving up for a construction loan was never as motivating because the bank insisted on such a large reserve that I never thought I could reach it. I guess I need that pressure that comes from knowing someone can repossess my house, car, education. Ok, maybe not education but paying off my student loan was "fun" too. When this mortgage is gone, I will just have to figure out a goal that has the same kind of intensity as paying off a bank loan. I don't know what that will be but I have a few years to figure it out.
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Why don't you start building an investment portfolio so you see its balance RISE instead of seeing a mortgage balance FALL?
I did not pay down my student loan and mortgage the same way you did. Instead, I paid them down (and off) in big chunks instead of making an extra payment or a slightly larger payment here and there. I liked writing a big check to make a relatively large balance drop to zero isntantly and many years in advance.
I can think of a whole lot worse things to be addicted to :)
Dave, the last time I had investments besides a 401k they went down instead of up. I find that my investments do much better if they are deducted automatically and I don't look at them more than twice a year. I do plan to increase my 401k contribution and maybe open a ROTH if I have any money left over after I fund all of my projects.
Yes, Lizzie, I could be addicted to shopping and debt! That would be bad.
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