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Thread: It's Mine!

  1. #1
    Member Zippyjuan's Avatar
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    Default It's Mine!

    Personal finance milestone.

    Just sent in the final mortgage payment. Now I am completely debt free. Paid it off early- 30 year mortgage done in less than 15. I could have done a 15 year but payments would have been tighter on the budget which would have been a problem if any financial crisis arose (which it did when my company went on strike for five months- I was able to keep up with my payments during the whole time) and pay extra when I was able to. My costs of living are now incredibly cheap. Including property taxes and homeowners fees (condo) I can now live on less than $1000 a month if I have to. Prices of similar units are still about 50% higher than what I paid too. This is part of my retirement plan- keep the expenses as low as possible and you can live comfortably on less money. Same effect as having large amounts of savings (wouldn't call my savings huge but I have adequate money there too for now and can put more money there now too).
    I am Zippy and I approve of this message. But you don't have to.



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  3. #2
    Truth is treason ... Occam's Banana's Avatar
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    Congratulations! (me: envious)
    tu ne cede malis, sed contra audentior ito ˇ fiat justitia, ruat caelum ˇ sic semper tyrannis
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  4. #3

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    Congrats! Plant a garden and you'll bring that 1k figure down a bit, I'd imagine. Save some money up for a really efficient fireplace (if you don't have one) and you'll be even better off.

  5. #4
    Member Zippyjuan's Avatar
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    I am lucky enough to live in a moderate climate where I don't have to worry much about heating or cooling- a mile from the California coast. There is radiant heat in the ceiling which I have never used (never officiallly hits 32 degrees even in winter- "cold" weather means wearing long pants instead of shorts- not at all like Colorado winters where I grew up where yes I did walk two miles to school in two feet of snow and below zero temperatures) and in summer fans are enough to keep cool on most days. My utility bill runs about $35 a month year round. Work and the grocery store are easy walking distance so I don't need or have a car (no gas, insurance payments).
    Last edited by Zippyjuan; 11-15-2012 at 10:14 PM.
    I am Zippy and I approve of this message. But you don't have to.

  6. #5

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    Congrats Zippyjuan. Now as long as California doesn't tumble into the sea or the government turn all out totalitarian and confiscate it you're lookin' good.

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  7. #6
    Member donnay's Avatar
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    Congrats Zippy. Just make sure you pay your dreaded property tax--or they'll show you how fast the property is theirs!
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  8. #7

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    Very cool - congrats, I paid it off last year... before you say "its mine" remember that failure to pay property tax can land you in jail and homeless... so technically its the states, they just will rent it to you for the price of the property tax....

  9. #8

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    Quote Originally Posted by Origanalist View Post
    Congrats Zippyjuan. Now as long as California doesn't tumble into the sea or the government turn all out totalitarian and confiscate it you're lookin' good.

    Was that sarcasm? lol
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  10. #9

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    Congrats!
    But if you are paying property taxes, its not yours. Its the Kings property.
    Stop paying him his tax/rent, and he'll send his shire reeve to remove you.
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  11. #10

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    Congrats man!

    Now sell it to a sucker and move down here to Texas. There's plenty of room.

  12. #11
    Member Cleaner44's Avatar
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    Well done!

    I am on a 15 year and more than half of each payment goes toward principle. I love it. Can't wait to be paid off.
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  13. #12

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    Hurrah! You've mentioned you were doing that several times over the years, and it's awesome you were able to stay focused on your goal. I know the world is full of shiny things....

    So congratulations!
    .[QUOTE]"Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won." - Ayn Rand, The Fountainhead[/QUOTE]
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  14. #13

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    Jealous, totally. Yay, zippy!
    Quote Originally Posted by Ron Paul
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  15. #14

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    Still paying taxes on it? Nope, it's not yours.

    Congrats on no longer paying the bank though.

  16. #15

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    Good work, man.
    It doesn't end with this election cycle. Commit to long term change, and you won't see all the GOP state convention shenanigans as the end of the Ron Paul Revolution--but as the end of the neocon control of the GOP, (and the beginning of the Ron Paul Revolution). Hang in there for another year or so, and you'll start to see some absolutely amazing results for all of our efforts. ~Ninja Homer

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  18. #17
    Contributing Member Henry Rogue's Avatar
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    Quote Originally Posted by Zippyjuan View Post
    Personal finance milestone.
    (which it did when my company went on strike for five months- I was able to keep up with my payments during the whole time)
    Did your company go on strike or did your union go on strike. Sorry I could not resist. Congratulations Zippyjuan.
    Last edited by Henry Rogue; 11-16-2012 at 07:45 PM.
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    Peace.

  19. #18

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    "It's Mine!" lol
    Quiz: Test Your "Income" Tax IQ!

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    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

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    Except as to the rule of apportionment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  20. #19

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    Quote Originally Posted by Danke View Post
    "It's Mine!" lol
    Low Value Post. Malksum is coming for you.
    Quote Originally Posted by Ron Paul
    The government is incapable of doing what it's supposed to do. A job like the provision of security is something best left to private institutions.
    My music/art page is here"government is the enemy of liberty"-RP
    That which doesn't kill me has made a grave tactical error
    Quote Originally Posted by Anti Federalist View Post
    This whole board is a thoughtcrime in progress.
    Quote Originally Posted by danke View Post
    I carry my man purse for fashion, not function.

  21. #20

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    You didn't build that!
    __________________________________________________ ________________
    this space for rent

  22. #21

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    It's only yours if you have enough guns to defend it--good luck!

  23. #22

  24. #23

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    Quote Originally Posted by Zippyjuan View Post
    I am lucky enough to live in a moderate climate where I don't have to worry much about heating or cooling- a mile from the California coast. There is radiant heat in the ceiling which I have never used (never officiallly hits 32 degrees even in winter- "cold" weather means wearing long pants instead of shorts- not at all like Colorado winters where I grew up where yes I did walk two miles to school in two feet of snow and below zero temperatures) and in summer fans are enough to keep cool on most days. My utility bill runs about $35 a month year round. Work and the grocery store are easy walking distance so I don't need or have a car (no gas, insurance payments).
    definitely a good place to host your FEMA party.

  25. #24

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    This is freaking awesome. I hope to be in your shoes one day. I can only imagine what it would be like to have a paid off home and the ability to survive on very few expenses. You are very right about the ability of lessening your expenses = higher savings. Good luck man.

  26. #25

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    Congrats! We're in a similar situation. We paid cash for a fixer-upper this summer. We'll be putting the final touches on it over the next month and moving in right before Christmas. 1 1/2 rent payments to go here at the apartment in the meantime and then we'll be living rent/mortgage free. It's an extremely liberated feeling, but the guys are right, $1640 in property taxes every year will be a harsh reminder that we're only renting it from the government.

  27. #26

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    Congrats! I hope you are buying physical with some of the extra cash in your pockets now.

  28. #27
    Member Zippyjuan's Avatar
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    Quote Originally Posted by Henry Rogue View Post
    Did your company go on strike or did your union go on strike. Sorry I could not resist. Congratulations Zippyjuan.
    We were locked out so you could say it was the company.

    As for property taxes, even renters pay that- it is in the rent cost but a renter gets nothing to show for the money they spend on rent while a buyer does.
    (half of my property taxes are due next month).
    Thanks everybody!
    I am Zippy and I approve of this message. But you don't have to.

  29. #28

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    With interest rates at record lows, I would refinance it and by physical with the cash. You can get a 30 year fixed at 3% and the loan is even assumable by an approved buyer. After calculating true inflation the 3% loan is negligible. Just keep your balance at 78% Loan To Value to avoid PMI. If you ever get hard pressed to make a payment just sell some of the physical. The last thing in the world I would do is pay off a 3% home mortgage. Cheap money. Your loan balance will never increase but the value of your dollar is sure to decline. You will pay that loan back with devalued dollars.

  30. #29

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    Quote Originally Posted by Zippyjuan View Post

    As for property taxes, even renters pay that-
    Exactly, almost no one owns anything.

  31. #30

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    Quote Originally Posted by cubical View Post
    Exactly, almost no one owns anything.
    not when there's rent control or low demand.

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