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Home > Well, its done (sorta)

Well, its done (sorta)

June 2nd, 2011 at 03:40 am

Well the mortgage has hit the dust (more or less). I left a few hundred in to pay this coming month, so I would have time to contact the credit union and get from them the list of what paperwork I should be able to expect from them, and to know if I need to go there in person to get anything. I figure that late payment will cost me less than $2, so I can live with that.

What to do with the excess funds? Next month (July) I have the half year property taxes due, which if they are similar to last year... will be about $1,500. But I get 3 paydays in July, so that should make up for that expense.

And other news...

Markets look to be going haywire today. Shame I don't have a ton of money to put into a Roth IRA today, although I guess it would be a day until the funds cleared, and who knows, the market may go flying back up tomorrow.

Looks like summer has finally hit in the past week. I've been feeling drained most days by the afternoon, I guess my body hasn't gotten used to the hotter temps yet.

And lastly I changed the contributions to my 457 plan. Since they now have the option to have a Roth 457, I have split my contributions 2/3 traditional, 1/3 Roth. I want to see how much of a tax hit that causes, then I will adjust until I hit a comfortable split between the two. I figure I'll probably do a 50/50 split when its all said and done, but for now this is an initial test.

12 Responses to “Well, its done (sorta)”

  1. Petunia 100 Says:
    1306984972

    I think it is smart to have both Roth and traditional retirement "pots" of money.

    Congrats on paying off the mortgage!

  2. snafu Says:
    1306989329

    Paying off your mortgage is a huge accomplishment, I hope you'll have a mortgage burning ceremony and give yourself a major reward.

    There is no good news in the economic figures that encourages new investment. Why not hold off new investment until we're more certain that things are not continuing their downward trend unless you have an established 5 yr. program.

  3. LuckyRobin Says:
    1306991637

    Congratulations on paying off your mortgage. That must feel wonderful!

  4. NJDebbie Says:
    1307017205

    Congrats on your mortgage payoff! That must be liberating!!

  5. creditcardfree Says:
    1307021612

    Yipee! A paid off mortgage. Smile

  6. MonkeyMama Says:
    1307027756

    Woohoo!

    I'd think that mortgage payoff by itself is VERY rewarding.

    50/50 with the ROTH is probably a good strategy for the long run.

  7. patientsaver Says:
    1307040126

    Well, hip hip hooray on the mortgage! That's huge! Pls let us know if you do get some sort of final paperwork indicating you paid it off; i often wondered about that myself.

  8. baselle Says:
    1307123500

    Yay with the mortgage. You really are a home-owner!

    I have a tax deferred and a tax free pot of money. Check out the Vanguard podcasts, especially the one where they strategize how one draws down money after retirement. It could give you ideas on the relative sizes of the pools of tax deferred/tax free money you want to end up with, which will give you an idea of how much you want to put in.

  9. Jerry Says:
    1307131823

    baselle said it right... your efforts have now lead you to be a TRUE homeowner! Lots of people call themselves homeowners when they get the mortgage, and that's just a misnomer. The bank owns the place, really, until you reach that awesome point where you have it paid off! There are so many options for you now that the mortgage is gone (IRAs, annuities, whatever you choose), and I wish you well in making your decisions!
    Jerry

  10. rob62521 Says:
    1307199222

    It's awesome on paying off the mortgage! Congrats!

  11. Apprentice Bliss Hunter Says:
    1307481033

    Congratulations !!!

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