Good for you and your decision is a sound one for sure.
After my Mother passed away about 10 years ago we inherited just enough money to pay off our Mortgage and that is just what we did.
Our payments were about $455.00 every two weeks( we chose the accelerated payment plan) so paying off our Mortgage freed up almost $1000.00 per month
which we put aside today just like we are still paying the Mortgage.
We also had tons of free advice and almost all of it was directed at investing it. We both were raised in loving homes but we shared the same money
situation as kids, we got hand me downs and never a new bike.
I still wear T shirts and stuff the wife buys at the second hand store and have no problem doing so.
So since 10 years ago we have banked over 100 K and never have felt the "squeeze" that some of our friends feel right now.
One 10 year old car and one Truck that is 5 years old and we bought them both used and with cash.
We use one credit card (ESSO Visa) simply because we get a 5% discount on all our gas purchases.
This card is paid off in full every month and we don't fear the mail man
Looking at the financial markets today compared to 10 years ago I don't believe that us investing the money would have turned out all that great, I
doubt very much that we would have over 100k in that account today.
Just last month we needed a new roof badly so we got 5 quotes and picked the one we liked.
Got the roof put on the next week and paid full in cash and went to bed that night and slept great as usual.
No stress no dealing with payments through the roofing company or the bank......Hell that felt good.
Our deciding to continue the putting aside of the money after the Mortgage was paid in full came naturally to us both and took no discipline at
I do realize that a lot of people would go right out and buy a new car/boat whatever and that is just fine but you have got to look down the road in
Anyways we hope you enjoy your soon to be new life that is sure to be much less stressful.
edit on 10-9-2012 by Iwinder because: (no reason given)