# 30 years old and debt free



## Savingmoney (Dec 28, 2009)

Last friday was my last mortgage payment, finally debt free, what a feeling. Now to work on my nest egg and hopefully retire real early. I do owe my thanks to Canadian money forum, so much usefull information. Thank you


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## Financial Cents (Jul 22, 2010)

That is some stellar work. VERY well done! 

We're in our late-30s and our mortgage should be done in another 12 years. 

Any (nest) eggs in the basket yet?

Again, congrats to you - a great Christmas gift


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## DanFo (Apr 9, 2011)

Sounds like a happy New Year is ahead!! well done.


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## Plugging Along (Jan 3, 2011)

Congrats! That's quite a task at such a young age. We just paid off our mortgage this year (at 37), and it was a great feeling.


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## jamesbe (May 8, 2010)

Congrats! That really must be a nice a feeling.

Mortgage is my only debt but it's nearly $350k... but whatcha' going to do eh?  LOL

Interest rates are so low now I'm focussing on RRSP and TFSA then Mortgage.


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## Financial Cents (Jul 22, 2010)

I hear ya jamesbe.

Hard to be overly aggressive on the mortgage when some of your (our) investments can yield more than what mortgage rate is. That said, we're focusing on both themes (debt payments and investing) in 2012:

1) Putting more lump-sum payments on mortgage
2) Intending to maximize TFSA
3) Optimize RRSP

If we didn't have a similar fat mortgage, we'd be in great shape. Such is life. We need a house. Too cold to be outside in Ottawa today. Whatta messy day weather-wise.


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## mind_business (Sep 24, 2011)

Wow, mortgage free at 30. Impressive. Congratulations! It took me till this year (45 years old) to be mortgage free. It's a great feeling! 

So are you targetting a specific age to retire early?


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## Jon_Snow (May 20, 2009)

I love seeing posts like this - a young person bucking the trend of Canadian indebtedness... I am also a member of the debt free, early retirement wannabe crowd. Well, technically I still hold a small mortgage (80k) but that is out of choice... wife and I have approximately 7 times this amount in cash, RRSP's, and non reg investments. Our mortgage term is up in April, and unless we can squeeze an ultra low rate our of our bank, we may just pay the thing off. Or not.


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## Savingmoney (Dec 28, 2009)

I got a little saved up for retirement already, hopefully be retired by 35.


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## Jon_Snow (May 20, 2009)

I hope you have more than a "little" saved up for retirement if you hope to retire at 35, five years from now. My own nest egg is considerable and I don't think its a slam dunk that I can pull it off....


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## jamesbe (May 8, 2010)

Retire at 35 would be sweet that is for sure. Not going to happen for me that's for sure! You'd need a few mil to do that you would think.


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## Sampson (Apr 3, 2009)

35 seems a little young to retire.
Why is there this obsession with extreme early retirement? Why not spend 10-15 years figuring out what you enjoy while getting paid to do?


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## Jon_Snow (May 20, 2009)

Obsession? 

All that I know is that I've been working like a dog for more than 20 years, and yes, at the ripe ol' age of 39 I know that I don't really want to work any longer than I have to. Very few people are probably even in a position to consider this, but a unique series of life events have given me the opportunity to pursue this goal, and I am determined to do it.


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## Sampson (Apr 3, 2009)

Maybe Financial freedom is really the sentiment we are are looking for. I know Jon, you have expressed that you don't particularly like your job, but you don't strike me as the sort that will sit idle during retirement.

My point is only that if you become 'free' at 45 and turn your focus/energy to hobbies or other modes of joy for the following 40 years, why not do that type of thing throughout your life and not work like a dog for the 25 years?


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## Savingmoney (Dec 28, 2009)

I'll probably end up semi-retired, after along break, figure out a way to make money with something i would love to do, not have to do. lol


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## londoncalling (Sep 17, 2011)

I empathize with those that are seeking "super early" retirement. I also find it sad that one would choose to work so hard just to "get out" so early. I was in a similar position a few years ago where I was making great money for a job that was considerably hard work and long hours. Aside from the $ and a few of the people I met, it was mostly unrewarding. At that time in my career I didn't understand frugality although I wasn't completely reckless with my cash. It wasn't till I was forced to change careers that I realized I didn't need to make over 6 figures a year to have financial freedom. In fact my job took away most of the freedom I was trying to find. More importantly my forced career change enabled me to find a job that I truly enjoy. I am also home every night with my family. It is true that I do have to "watch" my spending a little more closely but I should have been doing that all along. All things considered, I feel retired at 36 even though I am still gainfully employed. I think those that are seeking early retirement, in their 30s, may find that 50+ years of retirement is far too long not just from a financial perspective but also from a time perspective. As mentioned elsewhere on this forum by those seeking retirement at a young age, they haven't excluded a possible return to work eventually, however they have expressed a wish for a rest and change of employment.

Good luck to all no matter what your goal is. I still have a debt millstone (vehicle and mortgage) around my neck which is getting lighter each payday but I do have the security of an economic plan, an emergency fund, and a growing nest egg. 

BTW, Congrats on being mortgage free and becoming a true "homeowner"


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## Four Pillars (Apr 5, 2009)

I think it depends on the profession - some people work in jobs where it is "all or none". They don't really have the option of having a normal life unless they change jobs.

I can see how it would make sense for someone like that to save as much as possible so they can "retire" or more likely, change jobs at a relatively young age.


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## Jon_Snow (May 20, 2009)

You pretty much nailed my situation, Four Pillars... my job situation is such that I am stuck with it until I decide to stop. So yeah, miserable as I am much of the time at work, the compensation and perks (juicy DB pension, vehicle with unlimited gas) are such that I will keep going, saving and investing, paying off the mortgage etc.

I could envision a scenario where, after "retiring" I take a few years to recover my sanity and then seek out a job that coincides with some of my interests and values.

Quite simply, I want more control of my life... that's what I hope financial independence will bring.


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## hystat (Jun 18, 2010)

Sampson said:


> 35 seems a little young to retire.
> Why is there this obsession with extreme early retirement? Why not spend 10-15 years figuring out what you enjoy while getting paid to do?


for me, in my 30's it was not wanting to live where the work in my field was. felt trapped.


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## canehdianman (Apr 7, 2009)

Wow, that's fantastic!

The wife and I have 80k in student loans still, as well as a 300k mortgage.

And I'm 33! (Wife is only 27 though)


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## hystat (Jun 18, 2010)

the trick now is to resist the temptation to "move up" to a more expensive home. 
For some reason, that "movin' on up" mortgage seems much harder to ditch than the initial one.


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## larry81 (Nov 22, 2010)

Four Pillars said:


> I think it depends on the profession - some people work in jobs where it is "all or none". They don't really have the option of having a normal life unless they change jobs.


that's me and i enjoy every minute of it so do my banker


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## uptoolate (Oct 9, 2011)

Congratulations! Quite an accomplishment at your age.


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## DIYGUY (Jan 5, 2012)

hystat said:


> the trick now is to resist the temptation to "move up" to a more expensive home.
> For some reason, that "movin' on up" mortgage seems much harder to ditch than the initial one.


I totally agree with this point. Moving up and 'keeping up'...it's a slippery slope and most people are oblivious that they are doing it. Financial freedom and peace of mind is where its at.


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## Savingmoney (Dec 28, 2009)

Thanks everyone for the feedback, it's nice to here different opinions.

I recently quit my job, it was getting to much, just hated every minute of it. I found a new one in the same field, less pay, less hours but 'm enjoying every minute of it, my boss treats me really good and appreciates me, bring me coffee every day. I'm finally love going to work again and feel apreciated what a difference.


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## piano mom (Jan 18, 2012)

hystat said:


> the trick now is to resist the temptation to "move up" to a more expensive home.
> For some reason, that "movin' on up" mortgage seems much harder to ditch than the initial one.


That's not necessarily true. We paid off our condo mortgage at 29, moved to a detached 1800 sf house and paid that mortgage ($130,000) off within 3 years and then moved to this current almost 4000 sf house with a ($66,000) mortgage and paid that off within 1.5 years. We have been mortgage free for 6 years now and we're 43 and 44 years old. It's amazing how we did it, considering I quit working almost 12 years ago and left all the earning to my husband whose average salary was about $80,000 (+- $10k annual bonuses)

I think when you've started the "save hard and pay down the mortgage" attitude, the momentum just gets faster and of course, it helps if you have a good paying job too.

I say go for the upgrade. You can do it!


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## Montrealer (Sep 13, 2010)

Wow Savingmoney, that is awesome! I am 29 and am far from paying off a mortgage.

All the best to you, keep it up.


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## Savingmoney (Dec 28, 2009)

Well my plan is to save up enough money to retirer, invested in dividend paying stocks and move back home where prices of houses are 60 000$ to 100 000$. With no mortgage here it will be easy to save up.


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## blin10 (Jun 27, 2011)

Savingmoney said:


> Well my plan is to save up enough money to retirer, invested in dividend paying stocks and move back home where prices of houses are 60 000$ to 100 000$. With no mortgage here it will be easy to save up.


just curious what country is that ?


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## HaroldCrump (Jun 10, 2009)

blin10 said:


> just curious what country is that ?


Greece


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