[QUOTE=Feather Blade;1209025]
Quote:
Originally Posted by HomerMcvie
I can't imagine trying to raise 3 kids. I'm 48, became debt free 3 years ago(paid off 8 rental properties and my house), bought a vacation home in Nashville, and only work about 4-5 days a month now.
Wow! That is amazing! Bravo to you, paying off all those mortgages. Now you have me wondering what line of work you are in, though I suppose it is more about discipline than income and most of us are not that strong. Good for you.  |
Thank you. It is all about discipline. I was on 30 year mortgages, and doing pretty well. While on the phone with the mortgage company about insurance(this is back when rates were about 7%), as I was hanging up, they asked if I'd be interested in refinancing, at 4.5%(on a 15 year mortgage). I said, "I don't think so". She said, "if you want to do a 10 year mortgage(refinancing all of them), that she could do 4%. I did the math, and it was going to save me 80K, not to mention being debt free in 10 years! I did it, and about 5 of those years were very hard getting by, but I hung in there(paying $4400/month) and made it! Never late on a payment, either!(although I knew that the 9th was the latest day of the month that I could mail it, and it clear in time) I had two months of payments in the bank, that I refused to touch, come hell or high water, NO MATTER WHAT. Because if it all hit the skids, I had two months to figure out how to fix it. And I only had to dip into it one time...