Diaper Swappers

SenoraE · 08-09-2012, 01:57 PM

This is scheduled to happen mid-to-late 2014. We'll be done with mortgage, student loans, and we already have no car loans or balances on any ccards. I guess I am not sure I will be able to (or want to) change how we currently live. So do we just load up the retirement accounts so that we can leave our children $ when we pass away? I can't imagine wanting to live a different life retired either. Thankfully we already have pretty decent retirement accounts started, and I will receive a pension as well. I feel like we will just be saving and saving and saving, but not really having anything to safe for. I suppose eventually we will want or need new vehicles, but I can't imagine taking loans out for those.

What is your plan when everything is paid off? Besides

that is.

nichey · 08-09-2012, 02:03 PM

We we get stuff paid off my plan is to save to buy a rental property or save to buy a property to fix up. After that, I would start taking awesome vacations, saving to pay for kids college (I'd still probably make them pay for part of it though), and pay for nicer new vehicles paid for in cash. Basically do all the things that everyone else goes into debt to do.

kbz2002 · 08-09-2012, 02:13 PM

I'm planning on retirement, or well my own business (I don't actually want to retire, I sort of like working but maybe just on a smaller level or my own business).

But yes I agree, once you pay everything off... Go ahead and bump up those retirement plans and the education plans for your children, give yourself some amazing vacations. Save money for a new car, etc.

Enjoy splurging on some nicer and finer things in life. A full day at the salon, etc.

I'm totally jealous, we were on track to pay off everything in about 5 years, now with a new baby on the way my whole surplus is pretty much going to be eatten up by daycare. But oh well that's okay it's worth it! Looks like I'm at like a 15 year plan.

minneapolisite · 08-09-2012, 03:16 PM

We haven't reconciled our post-mortgage goals yet. Assuming our income/expenses remain fairly steady, we are set to pay off our dream house in 7 years.

My wish list:
* quit my job (in my spare time I would like to work on some of my own entrepreneurial ideas)
* college savings (we plan on having our children fund their own education, but I want to have liquidity so they can borrow from us, rather than the bank)
* regular family vacations (different destinations)
* new cars (nothing fancy, just new cars to replace our old clunkers)
* splurge more regularly (a full day at the spa sounds wonderful!!!)

My husband's wish list:
* a vacation home in Colorado
* fund a scholarship at his alma mater

Fortunately I have 7 years to convince him I'm right....I mean for us to weigh the pros/cons of his wants vs. my wants.

Hungry Caterpillar · 08-09-2012, 04:09 PM

We have tentatively agreed to do the following when all is paid off in a few years:

Bulk up retirement to a degree where we are fairly home-free.

Keep this home as a rental for now, and then purchase a much larger home with a lot of space, where we plan to have as our home base for the next 35 or so years. This is where we envision kids coming back for holidays, indulging in projects that take more space (I would love a large heirloom veg garden, my husband wants a game room, etc) and ideally our kids would grow up most of their lives there. We currently have only our first child so far and he is only 10 months. When we are older and it's harder to get around, we will retire back to this home as it's only 1350 sq feet and one story - easy to clean and maintain.

Travel more extensively and with the option to heavily pay for convenience so we are able to experience the places however we wish to experience them. There is a 55 day Holland America cruise from LA to Australia that I have my eye on. I want to do this SO badly, I have no idea why, lol.

Fund college for the kids but not tell them about it. We want the option to see what they are doing before we decide if we are going to pay for it or want them to. We probably will.

My husband wants a vacation home. My bff and I have actually spoken about doing this together, and buying a three bedroom home somewhere where we can both get major use out of it. We would give all the kids the master bedroom and build a bunch of bunk beds, and then the other two rooms for me and DH, and her and her husband.

Before we do what's above, we will most likely though need to purchase a place for my DH's grandparents which we will keep as a rental property when they pass away.

We probably will not live with the idea of bulking up a large amount of cash to leave to our children. My parents do not believe in inherited wealth and have made it very clear that their gift to us was an excellent education, being exposed to as much culture as possible, and good credit established when we were in HS (example - credit card in my name, that my parents paid for. Only put things on it that they were paying for anyways, and I had excellent credit by the time I was in college. This was truly a gift. They put doctor co-pays, prescription co-pays, plane tickets, my school clothes, camp fees, sports equipment and fees, whatever was for me but they were paying for, and then paid it off every month). My parents think that the knowledge that there may be a large chunk of change for you waiting may inhibit your growth and ambition - I really don't know how I feel about this, but I understand their point and it's their money, but I think it's affected how I am viewing what we are doing, and we probably won't endeavor to leave our kids a chunk of money either. We'd probably use it to help enrich them as people as much as we can and probably fund education.

Sorry, long. I am too tired to be concise.

Dawndelion · 08-09-2012, 04:12 PM

I want to take build up the kids college funds, add to my retirement account which has been languishing since I have been a SAHM, fix up the house (now that stuff like a new roof, boiler and hot water tank have been taken care of, I'd like to do some cosmetic things), and take some awesome vacations.

Mostly I want to be my parents when I grow up, and I am lucky to have such great role models.

KrisM · 08-09-2012, 04:15 PM

We will save for new cars, kitchen, vacation, college, etc. We will only have about $15000 a year extra.

Fishie Kisses · 08-09-2012, 04:18 PM

I feel like that's an eternity away lol Combined we have about $50k in student loans, plus about $9k in cc/loan debt and a new car ($20k). cc and loan will be paid off by spring, then snowball to my car, but DH has been promised a new truck. His current car is 12 years old, and by the time mine is paid off it will be more like 15. So he deserves it. The hope is to use tax refunds and such to pay off my car even faster and hopefully we can save up a chunk of a down payment for him

but, to answer your question, when this debt is gone, we will buy a house (neither of us have ever owned) and we will focus on paying that off as quickly as possible. Then we will focus on college funds and retirement and enjoying ourselves. I want my kids to be able to do activities. I wasn't ever able to do cheerleading because of the cost...I don't want that to be the reason my kids don't do something

Fishie Kisses · 08-09-2012, 04:18 PM

I feel like that's an eternity away lol Combined we have about $50k in student loans, plus about $9k in cc/loan debt and a new car ($20k). cc and loan will be paid off by spring, then snowball to my car, but DH has been promised a new truck. His current car is 12 years old, and by the time mine is paid off it will be more like 15. So he deserves it. The hope is to use tax refunds and such to pay off my car even faster and hopefully we can save up a chunk of a down payment for him

but, to answer your question, when this debt is gone, we will buy a house (neither of us have ever owned) and we will focus on paying that off as quickly as possible. Then we will focus on college funds and retirement and enjoying ourselves. I want my kids to be able to do activities. I wasn't ever able to do cheerleading because of the cost...I don't want that to be the reason my kids don't do something

neatokimmo · 08-09-2012, 04:27 PM

We are going to upgrade everything. Vacations will be a little nicer. Clothes will be a little nicer. Cars will be too. I will work fewer hours. I might have a hobby (now I am just talking crazy!). We are already in our forever home and it is being remodeled now with quality items that will last. We have investment property plans but that won't wait until we are 100% mortgage free.

08-09-2012, 01:57 PM	#1
SenoraE Registered Users Join Date: Feb 2009 Location: Buffalo, NY Posts: 3,044 Ratings: 14 Feedback: 100%	What happens when everything is paid off? This is scheduled to happen mid-to-late 2014. We'll be done with mortgage, student loans, and we already have no car loans or balances on any ccards. I guess I am not sure I will be able to (or want to) change how we currently live. So do we just load up the retirement accounts so that we can leave our children $ when we pass away? I can't imagine wanting to live a different life retired either. Thankfully we already have pretty decent retirement accounts started, and I will receive a pension as well. I feel like we will just be saving and saving and saving, but not really having anything to safe for. I suppose eventually we will want or need new vehicles, but I can't imagine taking loans out for those. What is your plan when everything is paid off? Besides that is. __________________ Get $10 to spend at Vitacost & get free dipes, wipes, vitamins, food - you name it! Big brother Colt + Little brother Mad Max + my DH + me = our happy, thrifty family.EBATES SWAG ME! I've earned over $250 in amazon.com gift cards in 2 years! Muchas gracias/Thanks so much!

08-09-2012, 02:03 PM	#2
nichey Registered Users Join Date: Jun 2010 Posts: 851 Ratings: 33 Feedback: 100%	Re: What happens when everything is paid off? We we get stuff paid off my plan is to save to buy a rental property or save to buy a property to fix up. After that, I would start taking awesome vacations, saving to pay for kids college (I'd still probably make them pay for part of it though), and pay for nicer new vehicles paid for in cash. Basically do all the things that everyone else goes into debt to do.

08-09-2012, 02:13 PM	#3
kbz2002 Registered Users Join Date: Jul 2008 Location: CNY Posts: 13,619 Ratings: 188 Feedback: 100%	Re: What happens when everything is paid off? I'm planning on retirement, or well my own business (I don't actually want to retire, I sort of like working but maybe just on a smaller level or my own business). But yes I agree, once you pay everything off... Go ahead and bump up those retirement plans and the education plans for your children, give yourself some amazing vacations. Save money for a new car, etc. Enjoy splurging on some nicer and finer things in life. A full day at the salon, etc. I'm totally jealous, we were on track to pay off everything in about 5 years, now with a new baby on the way my whole surplus is pretty much going to be eatten up by daycare. But oh well that's okay it's worth it! Looks like I'm at like a 15 year plan. __________________ -Kathy, a WOHM mom to Victoria (11/11/07) and Lukas James (11/6/2012)! If you have any Similac Checks I would love to put them to use, I can't pump out enough at work. Please PM me.

08-09-2012, 03:16 PM	#4
minneapolisite Registered Users Join Date: Dec 2009 Location: Minneapolis Posts: 3,654 Ratings: 6 Feedback: 100% My Mood:	Re: What happens when everything is paid off? We haven't reconciled our post-mortgage goals yet. Assuming our income/expenses remain fairly steady, we are set to pay off our dream house in 7 years. My wish list: * quit my job (in my spare time I would like to work on some of my own entrepreneurial ideas) * college savings (we plan on having our children fund their own education, but I want to have liquidity so they can borrow from us, rather than the bank) * regular family vacations (different destinations) * new cars (nothing fancy, just new cars to replace our old clunkers) * splurge more regularly (a full day at the spa sounds wonderful!!!) My husband's wish list: * a vacation home in Colorado * fund a scholarship at his alma mater Fortunately I have 7 years to convince him I'm right....I mean for us to weigh the pros/cons of his wants vs. my wants. __________________ Wife of DPK (10/2006) Mother of DAK (10/2011) natural birthing, cloth diapering, breastfeeding, babywearing, Catholic, full-time mom

08-09-2012, 04:09 PM	#5
Hungry Caterpillar Registered Users Join Date: Sep 2011 Location: Southern California Posts: 2,867 Ratings: 2 Feedback: 100%	Re: What happens when everything is paid off? We have tentatively agreed to do the following when all is paid off in a few years: Bulk up retirement to a degree where we are fairly home-free. Keep this home as a rental for now, and then purchase a much larger home with a lot of space, where we plan to have as our home base for the next 35 or so years. This is where we envision kids coming back for holidays, indulging in projects that take more space (I would love a large heirloom veg garden, my husband wants a game room, etc) and ideally our kids would grow up most of their lives there. We currently have only our first child so far and he is only 10 months. When we are older and it's harder to get around, we will retire back to this home as it's only 1350 sq feet and one story - easy to clean and maintain. Travel more extensively and with the option to heavily pay for convenience so we are able to experience the places however we wish to experience them. There is a 55 day Holland America cruise from LA to Australia that I have my eye on. I want to do this SO badly, I have no idea why, lol. Fund college for the kids but not tell them about it. We want the option to see what they are doing before we decide if we are going to pay for it or want them to. We probably will. My husband wants a vacation home. My bff and I have actually spoken about doing this together, and buying a three bedroom home somewhere where we can both get major use out of it. We would give all the kids the master bedroom and build a bunch of bunk beds, and then the other two rooms for me and DH, and her and her husband. Before we do what's above, we will most likely though need to purchase a place for my DH's grandparents which we will keep as a rental property when they pass away. We probably will not live with the idea of bulking up a large amount of cash to leave to our children. My parents do not believe in inherited wealth and have made it very clear that their gift to us was an excellent education, being exposed to as much culture as possible, and good credit established when we were in HS (example - credit card in my name, that my parents paid for. Only put things on it that they were paying for anyways, and I had excellent credit by the time I was in college. This was truly a gift. They put doctor co-pays, prescription co-pays, plane tickets, my school clothes, camp fees, sports equipment and fees, whatever was for me but they were paying for, and then paid it off every month). My parents think that the knowledge that there may be a large chunk of change for you waiting may inhibit your growth and ambition - I really don't know how I feel about this, but I understand their point and it's their money, but I think it's affected how I am viewing what we are doing, and we probably won't endeavor to leave our kids a chunk of money either. We'd probably use it to help enrich them as people as much as we can and probably fund education. Sorry, long. I am too tired to be concise. __________________ Andrea Wife of E, Mom of B (10/11) Enjoying the smile that wakes me up every morning.