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Old 02-08-2013, 11:16 AM   #6
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Join Date: Feb 2009
Location: Buffalo, NY
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Re: When the house is paid off... then what?

Originally Posted by MamaJules View Post
If you have that much extra money each month, then once your house is paid off you can do absolutely whatever you want! I can't imagine ever being in that position (we are 3 years into a 30 year mortgage, and are not able to pay any above the monthly payment, so it's going to be a long time!) I would say to start thinking about your priorities/wants now. Have you been putting off contributing to your retirment, or putting in less than you should, in order to pay off your mortgage? If so, I would start socking away the maximum amount there as soon as the mortgage is gone. Other than that, travel would be a big one for me.
DH and I both have around $50k in retirement each, plus I have a pension coming (if the state holds out that long). I guess I didn't realize how well we have managed our money (we are in our early 30's). We are both lucky to have good jobs, even in this crazy economy, and we NEVER buy anything new, shop at Aldi's, coupon at drug stores, etc, so we have tried not to take our income for granted. My parents will leave us a very large inheritance, but I really want to be able to match that for our boys, so a conservative lifestyle is where it's been at for us! I can't imagine splurging... I am getting scared!
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