Celebrate When You Achieve Your Goals!
This month I was able to check off my number one goal. I paid off my mortgage early! I have been diligently making extra principal contributions to target a payoff date, and joyously watched the balance decrease over time. I knew that at some point the balance would be a small(ish) amount and I’d just pay it off anyway in a lump sum. As it turned out, my dad wanted to kick me some extra cash which made the decision to pay the mortgage off very easy. He had recently downsized to a smaller house and received the proceeds from the sale of my childhood home which he shared with us kids.
I first had to call my bank for the payoff amount. Interest accrues daily, so they have to tell you the exact amount based on the day you’ll drop off the check. I was initially taken aback when the lady at the bank told me the interest accrued each day. Of course, I can do the math based on the statement, but it was a little jarring to hear it put that way. It made me wish I could have dropped off the check Wednesday instead of Friday. I could have had a sandwich with the difference.
I was so jittery all morning. Not nervous, but the anticipation knowing something I had always wanted was just about to be realized. I got to the bank at the appointed time, and while the guy there was super nice—he remarked that I was paying off the loan (instead of dropping off a monthly check) and double-checked the payoff amount—he didn’t acknowledge how big this was for me. How could he when I didn’t tell him, right? He said that the cashed check serves as my receipt, and that was it. Done.
I wasn’t actually expecting confetti and balloons, but that would have been awesome. Even a “congratulations” would have been nice. Perhaps I’ll suggest it for these momentous occasions. Everyone should be able to make a big deal out of even their tiniest successes. Meeting a goal should always be celebrated to acknowledge the hard work put into them. I made up my mind that when I get that statement with the zero balance I will celebrate with some bubbles and a toast to my dad.
My colleague Jim Ludwick, founder of MainStreet Financial Planning, Inc. reminded me to be on the lookout for my Deed of Reconveyance which is what you get in California to show you’ve got clear title to the property and your note and deed of trust has been repaid. This came in the mail a couple of weeks later. It is a little different in other states, but the payoff needs to be recorded at the county level to show your mortgage has been repaid. With the Deed of Reconveyance, I also received a copy of my Promissory Note with a big, red “Paid in Full” stamp at the top.
Congratulations to everyone that has achieved an important goal, big or small. Cheers!