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Life on the other side

December 8th, 2011 at 11:12 am

Once you hit the point of no mortgage payments life is so.... Oh I don't know.... relaxed. Oh I still have property taxes (boooo!), income taxes, and yes - I have yet to pay off a nice 2010 used car I bought this summer. Still, not sending out that big chunk of money every month still is so odd. Its like I work for me now, instead of others. What a concept!

This hit home when I left for a week's vacation to near DisneyWorld. Yes, I paid my mother to use her timeshare, but that was almost all of the expenses for the trip. There was gas (using gift cards I earned, the balance put on my credit card was about $100), food ($40 @ Aldi's in the Orlando area), eating out was nothing (used gift cards I got for free for Subway and Burger King), and the parks were free (excess tickets my mother had that she gave me and my girlfriend). And then when I returned home there were no bills, just a regular paycheck from work. I even had the power off for the week, so no expenses at all! Only bad part was returning to the office on Monday.

Yes, there will be expenses coming down the road (take down some trees, replace the driveway, replace the flooring in the house, and I'm sure there'll be more), but when you know you don't have to keep running on that hamster wheel you can live life in the moment so much easier - it's great.

Oh, and to make this a finance posting --- If you get to the point I am (no mortgage), seriously consider an umbrella insurance policy. I hate paying money for this but.... intellectually I know its a good idea, and for about $10/mo. its not going to kill me.

8 Responses to “Life on the other side”

  1. creditcardfree Says:

    Thanks for sharing!! Very exciting prospect.

  2. NJDebbie Says:

    That's the life I want to have and I'm working on it. Life is grand for you now and you've worked hard. Enjoy it!

  3. PatientSaver Says:

    I am getting close to sharing Nirvana with you! It'll be under $10,000 next month!

    You must be my alter ego. I also need to cut down trees and replace the driveway.

    But what exactly does an umbrella policy do?

  4. Joan.of.the.Arch Says:

    Mm, sounds good.

  5. Shiela Says:

    I so envy you.

  6. bennyhoff Says:

    Umbrella insurance is to give you extra coverage on auto and home insurance, plus to protect your assets from lawsuits. I'm sure there is more its good for, just do a search on it for better info.

  7. monkeymama Says:

    Is there any reason you recommend an umbrella policy with a paid off house and not before?

    We of course have an umbrella policy. I think it is important, regardless.

  8. bennyhoff Says:

    I believe I read that when you have a mortgage anyone that sues you would have a tought time getting your house with another entity (mortgage holder) in the picture, and one that can lawyer up big time if needed. But you're right, that's no guarantee that someone couldn't go after your home even with a mortgage attached, as well as other assets. You need to calculate when you feel the need to spend the extra money. For example, when you're not in any of the high risk categories the insurers ask about, and you have a mortgage, and you have alot of your savings in protected retirement accounts, the value of this type of insurance can be questioned. Your mileage may vary.

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