Tuesday, September 2, 2014

Update - September 2014

London was brilliant!  That, along with "lovely", were expressions we heard often.  Indeed, London is a culturally diverse city rich in history.  The buildings have so much character that you could spend all your time just admiring the architecture and facades of yesteryear.  My wife and I thought it was a "lovely" place and we would go back in an instant. 

Westminster Palace and The Tower of Big Ben - England

Ireland was also an extremely marvelous country and the cliffs of Moher ("Cliffs of Insanity" as they were referred to in the movie "Princess Bride") were incredible.  Castles dot the landscapes and buildings hundreds of years old are still infants by their standards.  If only my rental houses could last so long...

Cliffs of Moher - Ireland
Cost of 12 day trip (Airfare, Hotels, Taxi. Spending money): ~$7,500.00  
Airfare was paid some months back and I just sent off a payment for the credit card for the remaining purchases.  No carry-over debt from this trip!  It was cash-flowed and that made it even sweeter.  

The people were very kind and we fell in love with everyone.  We can now add Europe to our list of places visited.  To date we've spent time in England, Ireland, Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia and the Dominican Republic.  What tremendous human diversity exists between those places. We wouldn't trade them for anything.  Next stop...Italy.  But that's another story.


Jan 1, 2013 (Beginning Bal)                           September, 2014                       Amount Paid Off
House #1 - $70,908                                         House #1 - $64,498                     $  6,410
House #2 - $57,619                                         House #2 - $19,418                     $38,201
House #3 - $49,123                                         House #3 - $ 0                             $49,123
-----------------------------                                    -----------------------------               -----------------------------
Total:       $177,650                                                            $83,916                    $93,734 (-52.76%)

Obviously it would have been nice to have applied the $7,500 we spent on the European vacation toward the payoff of house #2, but this is when you have to balance the quality of life and the value of the experiences that mold us and our attitudes toward the world around us with frugality and debt paydown.  


The interest portion of the mortgage payment for house #2 was a whopping $74.44.  Just nine months ago in January of this year the interest portion of each payment was $203.12.  That's the beauty of the debt-payoff-snowball in action.  Compounding in reverse.  It is the wind at your back, adding its efforts to your additional principle to create an even faster payoff.  

As it stands now, I am hoping to have House #2 paid off by next February.  We have other plans in the works that may help us get the last house paid off by Summer of next year.  I can't share those details with you yet, so stay tuned!