The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: TicoHombre - I'm back....||Date: 12/31/2012 10:06 PM|
|Author: TicoHombre||Number: 306575 of 308411|
For those of you here that remember me, I'm sure you thought I fell off the face of the earth. No, the rumors of my demise were greatly exagerated. It's been a very interesting year and I'll only offer the highlights (or lowlights, if you will) and an update:
Previous update on... I really can't remember. This was the last one I
The goal was/is to pay off the rental houses in true
snowball fashion by 12/31/2015. We have had to adjust that to July, 2016. Unforseen circumstances have invaded our lives:
Last December, 2011 my wife was diagnosed with Thyroid Cancer. The last year has included many trips to MDAnderson Cancer Clinic in Houston, TX. My wife is a trooper. Last year she had a numerous tests, a tumor (Lymphnode in the neck) surgically removed, a total thyroidectomy, an invasive female procedure, a shoulder surgery to remove a calcium deposit from her rotator cuff in her shoulder with a re-attachment of the tendon to the bone, etc... Good news is that she is in remission and healing well from the last year. We like to say she is "Faster, Stronger, Better..." Remember the 6 million dollar man and the 10 million dollar woman?
Actually, last years medical bills totalled in the neighborhood of $60k
We are so glad we purchased health insurance...Out of pocket was about $4,350.00 for our Blue Cross policy. Whew!!! If you don't have a health insurance plan, get one!!!
Aside from that....
Our rental properties mortgages last totalled: $196,920
The Current Balance: $178,479
We can currently add $3,400 per month to the existing payment to pay off the last three of 6 rental properties. This should result in the
complete payoff of the last three rental properties by July, 2016
Rental Properties eFund: $ 3,518
Personal eFund: $ 0
Cash & Investments: $ 3,518
We had bought a 29' 1996 Travel Trailer for some volunteer work we are heavily engaged in as well as a '97 Ford F250 7.3 liter Diesel truck to pull it with. This was an expentiture of approximately $21,500 dollars paid for with cash. Something very important to us both.
This has depleted our e-fund to $0. We are self-employed owning a Commercial Cleaning Service (a.k.a. Janitorial Service) which does very well. Fortunately, we only have to invest maybe 10 hours/week for secular work.
Bottom line: It's not been an easy year by any stretch of the imagination. The word "Cancer" is frightening. We are certainly very empathetic to any who must unfortunately go though the experience. Health insurance was a fortuitous blessing and I highly recommend that all have it. At 51 and 49, we are debt free, owning our home and trying to pay off the last three of the 6 rental properties we own to assist with future retirement. I love investing in Dividend Growth Companies, but the older, now more conservative and risk-averse side of me is focusing on the guaranteed 4.5% return from the accelerated rental property payoff.
Tomorrow we leave for 9 days in Mexico to see some Mayan/Aztec ruins. I wanted to touch base with you folks.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|