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A Mortgage Payoff Race – A.K.A. Snow Ain’t For Me

You may have noticed in my Financial Blogger Conference 2012 breakdown that a small group of us hung out quite a bit.  During the pizza party on Saturday, Jason from Live Real, Now and I decided to make a bet.

Mortgage Payoff Race

Specifically, we decided to start a mortgage debt payoff race.  We technically both have the cash on hand to pay off our current mortgages, but we also both have other big expenses and cash padding to consider.  We also each have no other debts.  So the bet is to see which one of us will pay off our balance first after handling our upcoming big expenses and building up some basic cash reserves again.

I will be using a huge chunk of change to pay for the 20% down payment on our new house at the end of this month.  Jason will be laying down a lot of money for home renovations on the house he just inherited and needs to fix up for rental income.

In the end, we are racing to see who can pay off around $25,000 of mortgage debt and still have enough padding to be secure.  For me, that means needing to close on our new house, do some basic work on our current house to get it rented, build up another $20,000 in cash padding, AND THEN I will pay off our current home loan.

The Bet

I like visiting blogging buddies more often than just at the conference.  I’ve already visited Suba from Wealth Informatics twice since FinCon 11.  But getting those trips together can be a hassle and the airplane tickets are a bit expensive.  Jason has a family of five to travel with and doesn’t like heat and humidity, but they do have a couple of family members that live near me.  I really never liked snow and would be perfectly happy never seeing any of the super northern states.  So the loser of our debt payoff race will have to visit the winner.  Snow ain’t for me, so I will be sure to kick his butt.  😉

Have you ever made a bet with anyone to accomplish something positive?  What were your terms?



FYI:  I worked at a dead end cubicle job from 2005-2011 for about $30,000 a year.  I went self-employed in July 2011 and make between $80,000-$100,000 through blogging, a rental home, and professional pet sitting.  If you’d like to start your own site (link to my free step-by-step guide), I highly suggest checking out Bluehost (my referral link with a nice discount for you).  I even have all of my favorite tools on a resource page - I hope they help you too. This all gives me the time to be with my aging family members, the flexibility to stay close with my friends and family, and it should help if we finally get pregnant too!  Please contact me any time at budgetingfunstuff*at*gmail*dot*com with questions or just to brainstorm! I’d love to help!
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11 thoughts on “A Mortgage Payoff Race – A.K.A. Snow Ain’t For Me

  1. Good luck avoiding the snow. Might be nice to get out of the house though. But if you win you get a vistor to your new house. Sounds win win to me!

  2. This sounds like a great idea! I’ve never made a bet like this (I don’t know anyone else IRL who’s trying to pay off debt as aggressively as I am), but I’m constantly challenging myself to make financial progress. Only 3 or so more months until I’m student loan debt-free!

  3. I don’t think I have ever bet on anything quite like that. We do have a bet with ourselves that we will get a renter before October 1. If we win, renter pays mortgage payment, lose it’s on us 🙁 I bet you’ll win, but snow isn’t that bad if you don’t. I bet they won’t even make you shovel.

  4. This is a really good bet. I would say that it is motivating for sure. So good like, wish you to win only. But no matter what, paying off the martage is already a victory.

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