I’d like to say that since I started this blog, we’ve been on a mission to pay off our debt. But the truth is that I started blogging under the impression we were mostly debt free because our cars were almost paid off…and I didn’t realize a mortgage was debt.
Once I came to terms with reality, I realized that we, too, had six figures of debt. Multiple six figures! At the ripe old age of 26, a bank decided that I–a single third year teacher–qualified for a $214,000 loan. So that was our starting point.
And now, not even nine years later, we’ve hit a mortgage milestone that felt impossibly far away just a few short years ago.
Our mortgage balance currently stands at just over $48,000.
That means that in nine years, two teachers shoveled $166,000 at our mortgage principal. And that’s not all we’ve paid. The overall total we’ve put toward debt is actually considerably higher. I just haven’t come to terms with the interest yet.
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Along the way, we’ve also made some other important financial moves, such as:
- Dramatically increasing both our teacher salaries (I’m still winning but theoretically we aren’t keeping score)
- Freelancing more strategically
- Maxing out our Roth IRAs each year
- Starting to invest in a 403b
- Increasing our charitable giving
- Adding one baby and getting ready for a second
- Traveling a bit
- Making some home repairs and updates
- And generally enjoying life.
I know over the next few weeks, we’ll do plenty of reflecting and maybe even some celebrating. But right now, we’re just savoring the milestone.
We know the unexpected of a new baby is nearly upon us, as is the start of my unpaid leave. So while it’s tempting to pay down the rest of the mortgage immediately, we are just staying the course for now.
A little extra here and a little extra there is what got us this far. I’m confident it’ll take us over the finish line when the time is right.
And yes, we’ll keep on investing as well.
So Tell Me…Are you celebrating any financial milestones?