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09-29-2021, 10:06 AM
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#21
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Senior Member
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B 2020 Toyota Highlander XLE
Posts: 17,136
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I also have no mortgage, maintain a line of credit. The balance for it is $0. I wanted to get rid of it but was advised not to because it would be difficult to get another at my age and on a pension.
__________________
What happens to the hole when the cheese is gone?
- Bertolt Brecht
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09-29-2021, 11:33 AM
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#22
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Senior Member
Join Date: Apr 2009
Location: North Vancouver, British Columbia
Trailer: 2017 Escape 21
Posts: 282
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Then it was the farmer who won a million dollars on the lottery.
One of his friends asked.: Hey Bill, what are you going to do now when you won a million dollars.?
The answer was: I guess I keep farming until it's all gone.!
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Allan Bornestig
North Vancouver
Trailer Escape 21
2017
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09-29-2021, 03:06 PM
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#23
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Junior Member
Join Date: Dec 2016
Location: Minneapolis, Minnesota
Trailer: 2017 Escape 19
Posts: 24
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I'm clearly in the minority here, but I'm in no hurry to pay off my mortgage with a rate of 2.75%. I'll keep that money invested in the market, and with even modest returns of 8% or so, just the earnings on the investments will entirely pay for the house. You have to have some cushion to ride out a downturn in the market to do this and/or income adequate to pay the mortgage in the meantime, but it's just hard to pass up money at these historically low mortgage rates.
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10-26-2021, 08:50 AM
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#24
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Senior Member
Join Date: Aug 2020
Location: mediapolis, Iowa
Trailer: 2021
Posts: 442
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Modest return of 8% ? Where do i sign up ? Might be modest this year, but would take that every year.
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10-26-2021, 11:23 AM
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#25
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Junior Member
Join Date: Dec 2016
Location: Minneapolis, Minnesota
Trailer: 2017 Escape 19
Posts: 24
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The stock market has returned 10% annually over the past 100 years, and almost 11% per year over the past 30 years. Obviously any year can vary, sometimes dramatically, from that, but to "sign up" simply invest in a broad-based stock market fund. I say 8% is modest since that would be 2 to 3% less than the stock market average and requires only about half of your portfolio in equities (stock) and the other half in fixed return assets (bonds, municipal funds, etc.). Over time, it's not much of a stretch to realize an 8% annual return with just a moderately aggressive portfolio.
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10-26-2021, 03:00 PM
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#26
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Senior Member
Join Date: Jun 2020
Location: St. Louis, Missouri
Trailer: "Side Effect" 2022 21C
Posts: 1,371
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Quote:
Originally Posted by chuckwhanson
The stock market has returned 10% annually over the past 100 years, and almost 11% per year over the past 30 years. Obviously any year can vary, sometimes dramatically, from that, but to "sign up" simply invest in a broad-based stock market fund. I say 8% is modest since that would be 2 to 3% less than the stock market average and requires only about half of your portfolio in equities (stock) and the other half in fixed return assets (bonds, municipal funds, etc.). Over time, it's not much of a stretch to realize an 8% annual return with just a moderately aggressive portfolio.
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I have a close Union Carpenter friend who cannot wrap his head around why I invest in the market. He doesn't understand why I would risk losing money when I show him a chart like this.
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10-26-2021, 06:36 PM
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#27
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Senior Member
Join Date: Aug 2015
Location: Benton County, Iowa
Trailer: 2013 Escape 21 Classic Number 6, pulled by 2018 Toyota Highlander
Posts: 8,259
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Hmmmmm
Quote:
Originally Posted by Allan Bornestig
Then it was the farmer who won a million dollars on the lottery.
One of his friends asked.: Hey Bill, what are you going to do now when you won a million dollars.?
The answer was: I guess I keep farming until it's all gone.!
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Reminds me of the group of farmers setting in the basement complaining about high equipment costs and low commodity prices. They call that a whine cellar.
Iowa Dave
__________________
Ain’t no trouble jacking a double Burma Shave
Dave
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10-26-2021, 07:08 PM
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#28
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Senior Member
Join Date: Aug 2020
Location: mediapolis, Iowa
Trailer: 2021
Posts: 442
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Good one Dave !
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10-26-2021, 08:30 PM
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#29
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Senior Member
Join Date: Aug 2015
Location: Benton County, Iowa
Trailer: 2013 Escape 21 Classic Number 6, pulled by 2018 Toyota Highlander
Posts: 8,259
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Hi Johnny
Do you know why farmers wear their ballcap with a tightly rolled bill?
So they can stick their head in the mailbox to get the next government check.
Iowa Dave
__________________
Ain’t no trouble jacking a double Burma Shave
Dave
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11-30-2021, 08:10 AM
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#30
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Senior Member
Join Date: Feb 2018
Location: alpharetta, Georgia
Trailer: 2014 21' Escape
Posts: 494
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I made my final house payment in June of this year and that is last thing I own that I was paying on so happy to be debt free before 60 . To me being semi retired I would rather be this way so why I worked hard to pay off a mortgage at 2.75%, with my income so small rather not have any debt.
What I worry about the most other then health is how much savings is enough? Yes I've used every calculator I can find about this is how much I need to live to..... but what if I live to 100, did not calculate that far out.
Enjoy the journey,
Steve
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11-30-2021, 08:40 AM
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#31
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Senior Member
Join Date: Apr 2013
Location: Emerson, Manitoba
Trailer: 2016 Escape 5.0TA, 2022 F150 2.7EB
Posts: 1,848
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Quote:
Originally Posted by stratos175
I made my final house payment in June of this year and that is last thing I own that I was paying on so happy to be debt free before 60 . To me being semi retired I would rather be this way so why I worked hard to pay off a mortgage at 2.75%, with my income so small rather not have any debt.
What I worry about the most other then health is how much savings is enough? Yes I've used every calculator I can find about this is how much I need to live to..... but what if I live to 100, did not calculate that far out.
Enjoy the journey,
Steve
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Congratulations on becoming mortgage free Steve. I know the feeling, especially at 57 we took on the biggest mortgage we'd ever had at around 5%, but only for six years until I completed my second career then moved to a much cheaper home in a small town.
We have already been drawing on our retirement savings, a minimal amount and we've found that with our savings properly invested they continue to grow despite drawing on them. Fortunately I have a good pension from my railway days so that certainly helps. Of course your situation may be quite different.
__________________
Adrian (and Beth)
We are all travellers in the wilderness of this world, and the best we can find in our travels is an honest friend.
Robert Louis Stevenson
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11-30-2021, 01:23 PM
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#32
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Senior Member
Join Date: Jan 2021
Location: Hazelwood, Missouri
Trailer: 2021 5.0
Posts: 780
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Quote:
Originally Posted by stratos175
I made my final house payment in June of this year and that is last thing I own that I was paying on so happy to be debt free before 60 . To me being semi retired I would rather be this way so why I worked hard to pay off a mortgage at 2.75%, with my income so small rather not have any debt.
What I worry about the most other then health is how much savings is enough? Yes I've used every calculator I can find about this is how much I need to live to..... but what if I live to 100, did not calculate that far out.
Enjoy the journey,
Steve
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Congratulations, now start putting money away for next years property tax and insurance payment.
It really sneaks up on you fast that first year you are responsible for sending in those checks…
Hopefully you do live till 100, don’t spend those years in worry.
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12-13-2021, 09:37 PM
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#33
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Member
Join Date: Sep 2016
Location: Fort Collins, Colorado
Trailer: 2022 21C Escape
Posts: 71
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Quote:
Originally Posted by cpaharley2008
Passed a milestone this year, my debts are finally less than my investments, including my house mortgage. It is a funny feeling but now I'm hoping my health will allow me to enjoy it awhile! I hope others can enjoy the sense of relief from stopping their water treading and breathing freely!
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CONGRATULATIONS!!! Freedom is yours !!! I am now allergic to debt. To each his own but getting up every day knowing I "don't owe" is the greatest feeling, being retired is the 2nd one on the list.. Let's stay healthy and enjoy our dreams!
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