A bit of background, I have posted about Finance and the magic of compounded interest on my blog before, we live below our means, in the case of economic downturns we are able to weather them without too much trouble. Even though I am running on a 30 hours a week with the commensurate reduction of pay, it is a minor nuisance not a catastrophe. I learned this after my assembly plant shut down, it was a shock, I remember getting hired on and being told "Welcome to the last job that you will ever have until you retire"
Well 13 years later, I was walking out of there for the last time, as the plant was shutting down. I have blogged before about the Taurus and my time at Atlanta Assembly, and it was a shot to the gut when I left the plant, I was having to scratch until I got hired by my present employer. The experience was an eye opener for me, Ford gave me a good severance package, but it still was a shock, I learned from that experience to never take anything for granted.
I saw this finance article and it resonated with me so I shamelessly clipped it and decided to post it.
On Monday, Rep. Alynna Pressley, D-Mass, claimed canceling student debt represents a “racial justice issue.” The following day, I submitted a contrary piece of evidence: I paid off my mortgage — with a balance far exceeding the average American’s student loan balance — seven years early.
But as someone who specifically decided against going to an Ivy League school due to the additional debt that would rack up, I recognize that incurring student debt ultimately represents a choice. Indiscriminately negating the effects of those choices does an injustice to those students who made tough decisions — working their way through school or starting out at a community college to save money — to avoidtaking on massive amounts of student debt in the first place.
Numerous Small Decisions
I’ll admit that I occasionally took this attitude to extremes, like the time many years ago I woke up to a frigid apartment and found the thermostat read 48 degrees. (I did turn the heat on immediately.) But as with many goals, I wouldn’t have accomplished mine without focusing on the main priority (paying off my mortgage), and subsuming other financial goals to that bigger picture.
The Opposite of ‘More’
Most importantly, I look forward to giving back in both time and treasure to the people and causes that matter to me. That means taking more time to spend with friends, and hopefully (post-pandemic) travel with them too. It also means increasing my charitable contributions now that I don’t have a mortgage payment.