Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: MetalDecathlete Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5068  
Subject: Re: FIRE Update Date: 1/3/2013 10:02 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
SRenaeP
#1 concern is the age old question - invest or pay extra to the mortgage. #2 is what is the FIRE plan - right now, it's only an idea with no details. I'm thinking payoff the house then semi-retire meaning working part-time or in more interesting/lower paying jobs. With no mortgage, we would be able to keep the same standard of living with less income. However, we would still need to save something for retirement and get cheap health insurance. After 10 years, dial back even more when the pensions kick in (assuming our current employer doesn't get rid of it before then).

-Steph


I've gone back and forth on this myself. A few years I'll pay down on the mortgage. Then a few years I'll put more towards investments.

As of now, I have it timed so that it looks like I'll have the mortgage retired pretty close to the time I think I can Fire. Which is about 6 years for me.

DW and I almost had our 1st home paid off. We were one year away from being mortgage debt free at the age of 34. It was only worth about $100k back in 1996 but it was in the country with 1 acre and suited us well. Then DW got the new home bug and we got into debt, big time with a 3000 squ foot home on 5 acres with pool, 3 car garage, expensive furniture and other nonsense. Then another move after a job change to a slightly smaller home with the end result being I got little traction on mortgage debt reduction from 1996 to 2006.

So now I try to max out our 401k's at work with a combo of regular and roth 401ks and put the rest towards the mortgage. Then make occasional adjustments here and there so they'll both be done around FIRE time.

MetalDecathlete
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement