The numbers are in for last month and I exceeded my income expectations by $1070.38. All of which is going to the mortgage prepayment cause. Currently we own 52% of our house and ski condo and 100% of the cottage.
Our current mortgage cooperative goal / turning 40 financial plan is not to renew the mortgage when it comes up in 3 years or so and put the remainder in a line of credit (the rate is at prime)as we are hoping the outstanding balance at that time to be under $40000. This amount should take about a year for us to clear.
Our yearly savings goals have been shrunk to $20000/yr ($5000 each in our non tax account, $5000 in my non registered and $5000 automatically deducted from D's pay) for the next 3 yrs in order to make this plan a reality. We are skipping our registered retirement accounts for now.
This depends heavily on my income and D's job security. Jobs are getting scarce in my neck of the woods and more jobs are scheduled to be lost in surrounding areas which may impact on my business. You can only plan what you can and move from there.
The above would be the best case scenario. If I should win a lottery, that would make things different. I guess I would have to bring myself to buy a ticket first... : )
Have a great weekend everyone!
I have that same lottery dream. ;) But I too need to buy a ticket first. LOL
ReplyDeleteReminds me of my mother who's now living in one of the adult communities (Charlotte) in North Carolina. She retired in an early age of 40. She's very frugal when she was young, that's why she was able to invest a lot. I remember the times when she would tell us that she made a $25000 savings in a month. Now, she's enjoying her senior living with my dad in Charlotte.
ReplyDeleteHi Tom;
ReplyDeleteThanks for stopping by. Wow, retirement at age 40! I'm jealous. Good for her and I'm glad to hear she is enjoying the fruits of her labor with your dad. I'd love to be able to have such investment saavy.