I am working toward paying off my mortgage.
After long consideration of the pros and cons of investing vs paying off my mortgage, or buying rental property vs paying it off, I made my decision 3 years ago and have been attacking that motherfucker diligently. If I stick to my plan, I’ll have it paid off 2 years from now exactly.
After 3 years, I can tell you definitively: it’s boring. Not much happens except that I send the same amount to the bank month after month after month.
Every month, I watch my principle go down, and my end date get closer. I get a little thrill, and then….nothing. Until the next month.
So I stick to the plan…and wait.
When I first got my finances in order, there was something exciting all the time.
I made a budget, and then I mastered it. I made a debt repayment plan, and tweaked my budget to squeeze more and more and more. And then my debts were gone, and it felt great!
I calculated how to max out my 401k, and then I figured out how to do the same with my Roth IRA. Heck, even figuring out what a Roth IRA is took some research, and then I had to figure out where to open one and what to do with it once I put some money in it. It was fun!
I saved and bought a car in cash. I learned about and opened an HSA. I built my emergency fund – that was loads of fun, strategizing where to put it, how much I should have in it. I mapped out CD ladders, researched the highest interest savings accounts.
All of this took years. Researching, brainstorming, strategizing, doing, succeeding.
But all of those things are now set and automated. I tweak periodically, but mostly, they just happen. There’s nothing to decide – I’ve already decided.
So now I put send my check to the mortgage every month, and I sit and I wait.
I check my budget to see if I can squeeze any more out of it, and I confirm that I can’t (won’t). I recalculate my mortgage end date and confirm that my previous 3 years of calculations are correct.
It’s so boooring.
Here’s how I motivate myself to stick with it:
What do you do to stay motivated?