I am tired of working at a large corporation, so I'm going to quit. But first, I need to become financially independant. Follow my journey to financial freedom.

Saturday, September 19, 2009

Small Mortgage Paid Off!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I just balance my budget and my small mortgage is paid off!!!!!! And so is my credit card!!!  Woohoo!!!!

I bought my condo with 2 mortgages: 1 for $299,000, and the other for $56,000 because I didn't have enough for a down payment as well as closing costs. The small one was a balloon mortgage that was very close to an interest-only mortgage (yuck!).

These are the windfalls I got that allowed me to pay off the small mortgage, finish off the credit cards, AND have enough cash to get hubby his new work clothes:
  • The T-Bill that matured (that I had forgotten about): $1000
  • The rental income from the condo. My budget had called for that money going into repairs, but it turns out all repairs were completed last month: $1520
In other news, I decided to cash in a CD my mom had bought me for Christmas years ago. I sent it to Jeepy (the car loan). So now I only owe $8700 on the car. Woop Woop.

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I spent 2002 through 2003 paying off $20k in credit card. I was able to do it in 1 year. Now I want to find financial freedom by weaning off my corporate paycheck. Let's see if I can reach my goal of NO MORTGAGE NO RENT

A Year's Worth of Mortgage Payments