Moving really has taken up most of my mind for the last couple of months. But now we are pretty settled and I feel myself getting back to normal. First order of business, kicking Jason’s booty with our mortgage payoff race.
Our Bet / Mortgage Payoff Race
Jason from Live Real, Now and I decided to make a bet at the last Financial Blogger Conference. We are racing to see who can pay off a mortgage first. Mr. BFS and I had about $24,500 left on the mortgage on our rental house (it is so cool to be able to call it that…). Jason had a similar amount left on his home loan. The rules on my end were that I needed to pay for our closing costs for the new house, save up $20,000 of padding again, and then pay off the first mortgage without touching any of that padding. Whoever loses has to be the one to visit the other person’s place…and I rather not pay to visit the arctic
Back in the Game
Closing took FOREVER. Then unpacking took up my mind. But Jason, I didn’t forget about you. One of the only good things about this “3 month house build” taking 6 freaking months was that we had a bit of extra time to save. So, we waved adios to nearly $50,000 on the day we closed. Then we doled out nearly $4000 in moving costs, blinds, sodding, etc.
But thanks to that extra time, last week I was able to bring back up our padding accounts to $20,000 (barely). So steps 1 (closing) and 2 ($20,000) are all wrapped up. Now we just have to kill that first loan. We actually aren’t bringing in the crazy big income numbers anymore (as my newsletter subscribers know – hint, hint), so we are going to have to hit the loan persistently to get it paid off next year like we planned. In fact, I am truly aiming to have it paid off by July 2013. It will just be a matter of making sure that any extra we bring in stays in until that wicked witch of a loan is dead.
So Jason, consider this my gauntlet re-toss, lol.
Are any of you tackling any big goals this year? How are you doing?