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Archive for November, 2017

Mortgage Principal Reduction update

November 22nd, 2017 at 03:37 pm

To date:

Paid $1,528.52 extra on the principal

Money saved in interest: $3,414.11

We did it!!!

November 22nd, 2017 at 03:33 pm

The Lofty Savings Goal is officially funded!!!! Hard work, sacrifice and determination helped us accomplish this goal. From this point forward, we will continue saving but not as intensely as before. All our efforts are now focused on killing that mortgage.

2017 has been a really rough year for me but I am thankful for everything we have and I just want to continue being a good steward to all of the financial blessings bestowed upon us. I am grateful for all that I have because I know that there are many without basic necessities.

Happy Thanksgiving to all of you! I am definitely thankful for all of you.

Lofty goal/Mortgage Principal

November 20th, 2017 at 09:58 am

I allocated $1500 to send as an extra principal mortgage payment this month (November). The goal is to replace those $1500 every month in order to pay extra on the principal every month. If I don't replace the money, I will not send any extra until I do. This goal will keep me motivated and gazelle intense.

The "Lofty Savings Goal is at 99.4%. We should be able to fully fund it with our next paycheck. My sons, husband and I decided not to buy gifts this year for Christmas and will just do stockings. We decided to do a big family outing in the spring to New York City to see a Broadway Show and dinner in lieu of Christmas gifts. We all feel that it'll be more memorable.

Just in case I do not post anything else this week, I want to wish all of you in the United States, a Happy Thanksgiving!!!

Updating

November 16th, 2017 at 09:59 am

We now sit at 98.5% of our "Lofty Savings Goal". Hopefully it will reach the 100% mark by December 31st. We are so close, I can almost taste it. I am making the first significant extra principal mortgage payment on December 1st. I'll just have to wait until payday to come up with a figure. I'm feeling excited about setting goals and working towards accomplishing them?

Update

November 10th, 2017 at 12:19 pm

We are a little less than 7% away from meeting our Lofty Savings Goal. I'm hoping to be done with it by February of 2018 or sooner. I keep a visual aide to help me keep motivated and excited about meeting goals. I can't wait to color fill the 100% line on my savings thermometer. Smile

We closed on the investment property today and we went out for lunch to celebrate. Just a meal at our favorite pizza place. We are simple people. I am already preparing for Thanksgiving and I have the ham in the freezer as I write. We are going to our son's house for Thanksgiving and Christmas at home.

I received a picture of my sister's grandchildren today and I can't believe how big they are. I could not help to think about my dear sister and how much she adore her kiddos. I'll be sending them Christmas gifts on her behalf "from heaven". It's hard to understand why our love ones depart from us suddenly, but I trust that God's timing is perfect.

The Mortgage Principal Reduction Extravaganza begins next month. We may use a portion of our savings down the line to reduce the principal even more, but not yet. I don't like feeling cash poor. My mom is still with us and going home for her is not an option since the island is making little progress as they recover from the aftermath of Maria. She is not very happy about the cold weather but I told her she has to rough it out until I feel she can go back. If there is progress in the months ahead, I will take her for a visit in March. But it all depends.

Well, this is it for today. I hope you all have a great weekend.

Real Estate

November 3rd, 2017 at 07:22 pm

We've been working on a purchase of a two-family home since late August and if everything goes according to plan, we are set to close on this property next Friday. After a little bit of haggling back and forth, we came to an agreement on a purchase price. I know that investment properties are not the easiest to deal with but we've owned rental properties since 1998.

We are aware of all the pitfalls of owning them and the good and the bad that comes with them. We will still have a healthy emergency after we bring 20% of the purchase price to closing. We would not do it unless we have money in the bank to cover our own personal emergencies and anything that comes up with the rental properties. Eventually, we would like to make enough money to cover my income or a good portion of it so that I can perhaps take on reduced work hours or change career paths. Although I love my job, it has become more and more trying as the years go by. I only have one life to live and I want to make the most of it.

On a side note, we have an umbrella policy to help us mitigate any issues.