Well, Hubster and I were having a lovely discussion this weekend about having to do SOMETHING with his 401-K rollover that has been sitting in cash. We are cash heavy and he likes it that way, and I don't. I would like to invest it and get it to earning, dagnabit! He'd be happy with it all sitting in CDs or buried in the back yard. I want growth and have a larger risk capacity than he does. We are constantly trying to meet in the middle. Can you say BALANCED investment profile? I'm trying to!
In the midst of this discussion I was AGAIN mentioning that if we have this cash sitting in our MM, why not pay off the mortgage in case the economy totally tanks and it's all Confederate dollars after the war is over. If that's the case, then I'd rather have my house PAID FOR than worthless blips on a computer screen.
All of a sudden the man (GOD I LOVE HIM) turns to me and says, "Let's just get this one point out of the way first, would you like to pay off the house?"
Duhhhhhhhhhhh, (I didn't say that part out loud, but I thought it! )
"YEAAAAAAAAAAAHHHHHHH! That's what I've been petitioning (some might say arguing) for, for the last six or so years, isn't it????"
He said, "Then do it!"
"Payoff the house?"
"Okay, I will - Monday morning first thing!"
"Now let's get back to the discussion about the 401-K."
"I'll have to think about that some more."
So, the 401-K rollover money is still up for discussion, but I am leaving my house RIGHT NOW and going to the bank to wire the money to our mortgage company (was Countrywide, now Bank of America after a takeover).
Can you believe it?
The man is slow to come around, but he finally gets it that we are earning diddly on our cash and paying 6.75% interest!!!
Can you say INFLATION RISK????? Opportunity Cost????
LOSER at the banking game?????
Well, no more. Today, the mortgage will be retired!
I am SOOOOOOOOOOOO EXCITED!!!
I will let you know how it goes. I have accessed the payoff amount and instructions on the BOA website, I have hand-written them AND printed off their page, and I have called my bank and they can do the wire transfer if I'm there before 3:00 p.m.
It is now 9:47 a.m. and I'm off to pay off my mortgage.
You faithful readers know that this has been my dream since before Day 1 here at SavingAdvice.com!
Now this, people, is what excitement is all about for us who are frugal, conservative, and interested in some type of security that can only come from being TOTALLY DEBT FREE!!
(BTW, he is still on unemployment AND may be getting ready to push the early Social Security button - he was laid of in January '09 and has only been granted TWO interviews in that time. TWO! Extended unemployment is about to run out. He is 63 yrs and a few months. Likely we will start his SS at 63 years and 6 months. Discounted but income. We have yet to meet with a financial planner (can't get Hubster rousted around for it) AND we have other retirement money that we may decide to tap into first...all that needs DISCUSSION. He'd rather enjoy his unemployment and play video games instead! Hurumphhhhhhhh!!! He has been trying for work as our plan was for him to work til 70 - he loved his job.)
Even though those BTW facts are disturbing ME, I will not let them cloud this day's EXCITEMENT!! I am here testifying to the fact that continual discussions in a marital relationship between not only May/Dec romantics, but those of differing risk aversions, can be fruitful. Stay the course and keep petitioning for the best LONG-TERM financial outcome for your family! The war may be a long one, but if you pick your battles carefully and execute strategies with a sense of cooperation and try to be sensitive & concilatory throughout the process, things can get accomplished!
Would it be better to keep the money and keep it invested at a rate greater than inflation in some kind of conservative instruments? Probably so! But Hubster was never EVER going to go that route. He just likes the feeling of having cash around. AND, there is no telling how far down the U.S. economy might go. We are buying a sense of security here I suppose.
I am going to be doing the happy dance ALL THE WAY TO and FROM the bank!!