On August 18, 2015, I had made two big decisions: to pay off my mortgage as quickly as possible and to contribute $3,000 per year to my Roth IRA account. On that same day, I also set a goal to pay off my mortgage by the end of 2019. It has now been a little under a year and I have done it! I have officially paid off my mortgage today! I can't even describe how wonderful the feeling is... it's like this weight has been lifted off my shoulders. I feel this sense of freedom and joy I never imagined I would feel. I now can sleep better knowing that if something were to happen to me or I were to lose my job (God forbid), at least my family would have a roof over their head.
When you're the sole breadwinner, there's always the fear of losing your job because you never know how long it might take for you to find another job. And while you're searching for a new job, there's this daily pressure of making sure you have enough money to cover your bills. Now that this debt is gone, the worry of losing my job is nowhere near as great as before. Thank and praise the Lord for enabling me to pay off my mortgage much quicker than I imagined. Words cannot express how great I feel today.
Now that I have paid off my mortgage, I have depleted pretty much all my cash so I'll have to rebuild it up to a decent amount in case of emergencies. Once I have done that, I will begin aggressively investing in dividend growth stocks (I'm so pumped about this). The other good news is that even though I told myself I would invest only $3,000 to my Roth IRA on August 18, 2015, I still ended up contributing the maximum $5,500 to my Roth IRA for the 2015 tax year. And now that I have paid off my mortgage, I plan on maxing out my Roth IRA and my spouse's Roth IRA every year, beginning with this tax year (assuming I will have saved enough money for the emergency fund and still have $11,000 leftover to invest).
In any case, I'm so happy to be debt free and to have my mortgage paid off much earlier than I expected! I'm also really excited about the future when I can commence investing hardcore in dividend growth stocks. Looking back, I'm so glad I made the decision to aggressively pay off my mortgage as soon as possible.