So this last November 2018, I started the actual theory on the item I learned it from, The mortgage. I put $2,000.00 down on the mortgage. Instantly the mortgage calculation did a savings of close to $1,000.00 savings in just interest alone. Saving up to 6 payments.
I would have to say not bad for a start. it is December same year. I bought an expensive birthday present and well, I am still not that far behind my schedule I did for paying off the house. The next scheduled payment is in February 2019. Then every 3 months after. The plan is to end next year at or close to $51,657.28 for the mortgage left. I am entering the year with $63,930.85.
Just over 4 years with this calculation and some savings along the way and the mortgage will be paid off. Of course, the question is when does one start looking at what to do after that? How early is too early, or too late to start looking at what to do?
I would say it is never too early to have a plan. So I started to research on what to do after a house is paid off tonight. Not surprising I see invest it. Put it into a brokerage and such. That might be an option, but I still want to investigate other options like Self Directed IRA's or other avenues. Not just the typical stance people suggest.
I did not go by the conventional methods to get all this debt taken away, and I did not go the conventional route to start paying this house completely off. So why should I stick with the conventional methods of what to do after? I do plan on buying the land up in Kentucky as well and start the retirement preparations there. Winters will be hard, but I will find a way to manage, even if I have to dig into the ground for warmth. I say that half joking by the way.
No comments:
Post a Comment