No more stackin, paying mortgage off early! Or at least thats the plan.

[maverick]

No more stackin, paying mortgage off early! Or at least that's the plan.

Hey everyone, yup, no more stackin for me! So, I came up with this crazy idea about a month ago to get my mortgage over and done with early ( I have just over 6 years left ) to free up the extra money to do bigger and better things with ( besides let my bank get richer from interest on my mortgage ) like more CRHing and starting a new side business plus dabble in other buying and selling that I used to do. I average now about one principal payment a month in my Silver finds so I am just going to keep selling my finds at the end of each month and and send that check to my mortgage in a principal payment, if I am lucky enough I should cut my time down to about 3 years or less, this is if everything goes smoothly which it never does . I put a pick of my log book for this year which shows January's finds, I actually made about 2 principal payments worth of finds in January. Yes I am sure that people will say that I am giving the Silver away somewhat but, is it really worth holding on to each month and paying out about 500 a month in interest just to hold my Silver, NOT IN MY BOOK. So I'm not sure how smoothly this is going to go but going to give it a try, I am going to try and add a few more boxes a week to my searches to try and find just a bit more this year to make up for the principal payments getting larger as the loan gets closer to the end. Having my mortgage done in 3 years will open up a whole world of new opportunity for me and my family. Of course this all depends on my finds, not getting shut down anywhere, not having orders missed ( which happened this week already ) not getting sick and yada yada yada.... but it should work for the most part.

If you look at my January finds ( which were exceptional I'll admit) I made over $1500.00 in selling Silver, that is about 2 principal payments to my mortgage, see how that works . I sell to Provident Metals in case anyone is wondering. I have checked the other companies and Provident always has the better price so I use them. All right, so that's my story and I'm stickin to it! Good luck to everyone this week! HH, Maverick. Oh and this week totally sucked for me, I ended up short on boxes so only got to search 1 bag ( which was a dump and 12 boxes this week, I have 4 boxes left to search this weekend from that batch but my hopes aren't high at all..... so far for the week I'm sitting at 16 40's and 4 90's whaa whaa whaaaaaaa .

 

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[bill from lachine]

maverick,

Sounds like a good plan....I had the luxury of retiring at 52 why the main reason mortgage and debt free....and the company gave me a 3 year bridge to early retirement at 55.....it beats paying interest every month to the bank....go luck with your plan.

Regards + HH

Bill

 

[maverick]

maverick,

Sounds like a good plan....I had the luxury of retiring at 52 why the main reason mortgage and debt free....and the company gave me a 3 year bridge to early retirement at 55.....it beats paying interest every month to the bank....go luck with your plan.

Regards + HH

Bill

Thanks Bill, I hope it works! I am 44 right now and the goal was to have this place paid for by the time I am 50 but, if I can do it earlier, even better! This is going to become a rental property for us, we are going to build another cookie cutter house on the lot that we already own next to us and rent that out and then go look for our real goal which is a huge lot of land and "Get out of Dodge" as the old sayin goes. HH, Maverick.

 

[bertmaster2000]

Setting short-term and long-term goals gives us a purpose in life. I commend you!

My wife and I worked very hard over the years and went without a lot of luxuries to pay off our mortgage really early. We achieved it 4 years ago despite the fact we also have 3 mouths to feed. I LOVE not paying mortgage interest to a bank...I'm confident you'll achieve your goal because you seem to be a motivated person!

HH

 

[maverick]

Setting short-term and long-term goals gives us a purpose in life. I commend you!

My wife and I worked very hard over the years and went without a lot of luxuries to pay off our mortgage really early. We achieved it 4 years ago despite the fact we also have 3 mouths to feed. I LOVE not paying mortgage interest to a bank...I'm confident you'll achieve your goal because you seem to be a motivated person!

HH

Thanks Bert! I concur with the mouths to feed lol, I have a daughter that is turning 6 and a son that is turning 13, where the time went I don't know, but it went by wayyyy too fast! We are going to give it our best shot without starving our selves to hit our goal, if not earlier! I just can't wait to not have to say " uhg, the mortgage is coming up are we ready?" HH, Maverick.

 

[LooseChange]

It might make financial sense depending on your mortgage interest rate.

My mortgage rate is 2.5% and I get that same percentage from my savings.
So, for me it would be a wash between putting cash in savings and putting it towards mortgage principal.
If/when interest rates come back, my mortgage balance will actually be a money maker.

 

[Spizzerinctum]

You ABSOLUTELY should pay the mortgage off if you can. We've never had a large income, never bought things on credit or stuff we didn't need. We paid our house off 10 years early and consequently now own 2 rentals free and clear.

 

[maverick]

It might make financial sense depending on your mortgage interest rate.

My mortgage rate is 2.5% and I get that same percentage from my savings.
So, for me it would be a wash between putting cash in savings and putting it towards mortgage principal.
If/when interest rates come back, my mortgage balance will actually be a money maker.

6.5% on our 15 year back then, I know I know, but it was a good rate back then and we've gone through some things that have unfortunately made us unable to change that so the only choice right now is get it paid for as fast as we can. You get 2.5% in savings? Nice! HH, Maverick.

 

[maverick]

You ABSOLUTELY should pay the mortgage off if you can. We've never had a large income, never bought things on credit or stuff we didn't need. We paid our house off 10 years early and consequently now own 2 rentals free and clear.

That's been our plan for years, we have the rental thing all figured out, just have to get this dang mortgage out of the way! We already own the city lot right next to us out right to put the next rental home on as soon as this one is paid for, then we move and rent both homes out, should give us a solid $2000.00 a month easy. HH, Maverick.

 

[TheMastermind]

Nice plan! Good luck.

 

[maverick]

Nice plan! Good luck.

Thanks MM, I'm going to try and keep you guys up to date this year on how it goes, should be interesting. HH, Maverick.

 

[mxh5891]

Thanks MM, I'm going to try and keep you guys up to date this year on how it goes, should be interesting. HH, Maverick.

I hope it works out for you

 

[maverick]

I hope it works out for you

Me too! I honestly was kinda skeptical about posting it ( ya know, with the whole evil eye and envy thing, I kinda believe that peoples envy is a strong power, but that's a whole other ball of wax) but I thought that it would also be interesting to get some opinions on it, and everyone may find my concept interesting. HH, Maverick.

 

[bill from lachine]

maverick,

Another thing to consider is trying to build up a cushion of 3 months or preferably 6 months to a year living expenses before you decide to pack it in.

It'll help you sleep easier at night when you decide to pull the pin....we also have a garden and make most of our meal from scratch which helps to stretch the budget.

Regards + HH

Bill

 

[maverick]

maverick,

Another thing to consider is trying to build up a cushion of 3 months or preferably 6 months to a year living expenses before you decide to pack it in.

It'll help you sleep easier at night when you decide to pull the pin....we also have a garden and make most of our meal from scratch which helps to stretch the budget.

Regards + HH

Bill

Thanks for the advice, we do have a safety net, if god for bid something did happen we could sustain for a year, plus I'm not selling all of my Silver that I have found these past years ( that is stashed away safe) just selling what I find moving forward.

Nice on your garden! Really we want to move to our own land to self sustain as much as we can, I'm kinda done with society so to speak ( that has always been the plan) we have a few very close friends ( couples, we've all known each other since about 14 years old) that want to go in on a huge lot of land and live there ( in our own houses of course) and each of us has a skill, I'm very mechanically inclined, one friend is a Dr. sorta speak, the other is trained in carpentry so on and so forth ect... have animals and not depend so much on grocery stores and what not, ya know, but not like go off grid or to the extreme, gotta have internet and such lol, but I think you get the jist, I want to be able to shoot my guns with out having to worry about hitting anything, sounds like you're kinda there or getting there your self. HH, Maverick.

 

[TrueBlueL.]

I really commend your toughts & plans for you and your family, i wish you the best of luck in obtaining the real American dream living debt free and pursuing what brings you happiness!
P.s. i highly recommend looking into Dave Ramsey money programs in paying off debt

 

[ArkieBassMan]

I can't think of a better reason to spend real money than paying down interest-laden debt. Good plan, and good luck Mav.

 

[maverick]

I really commend your toughts & plans for you and your family, i wish you the best of luck in obtaining the real American dream living debt free and pursuing what brings you happiness!
P.s. i highly recommend looking into Dave Ramsey money programs in paying off debt

Thanks TrueBlue, I appreciate that! Honestly, our mortgage is the only debt we have, no credit debt, no car payments, we learned our lesson with that already ( kinda why we have no credit debt now) just a big mortgage payment we have now. HH, Maverick.

 

[maverick]

I can't think of a better reason to spend real money than paying down interest-laden debt. Good plan, and good luck Mav.

Hey Arkie, that's what I thought too, why am I paying interest on this and stacking Silver, it's costing me more to stack than to just pay our debt with it and then start stacking again. HH, Maverick.

 

[baddbluff]

Awesome plan, Mav! But why not just sell all of it now and pay it off even faster? I don't hold on to any of my silver anymore - paranoid it's gonna go down to nothing.