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Old 09-29-2021, 10:06 AM   #21
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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.
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Old 09-29-2021, 11:33 AM   #22
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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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Old 09-29-2021, 03:06 PM   #23
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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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Old 10-26-2021, 08:50 AM   #24
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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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Old 10-26-2021, 11:23 AM   #25
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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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Old 10-26-2021, 03:00 PM   #26
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Originally Posted by chuckwhanson View Post
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.
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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Old 10-26-2021, 06:36 PM   #27
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Hmmmmm

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Originally Posted by Allan Bornestig View Post
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.!
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.
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Old 10-26-2021, 07:08 PM   #28
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Good one Dave !
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Old 10-26-2021, 08:30 PM   #29
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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
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Old 11-30-2021, 08:10 AM   #30
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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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Old 11-30-2021, 08:40 AM   #31
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Originally Posted by stratos175 View Post
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
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.
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Old 11-30-2021, 01:23 PM   #32
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Originally Posted by stratos175 View Post
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
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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Old 12-13-2021, 09:37 PM   #33
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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!

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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