Too Much Month At The End Of The Money

I lunched today with some electrical engineering designers. I review their designs for consistency with transmission protection practices, and for the most part have only ever engaged them professionally. Today, I got to know them on a personal level.

And wouldn't you know it, there isn't one who's anywhere near paying off their mortgage...not even close. I really don't mean to boast about my own personal finances, but I do...I admit it. I do, only because I spent the better part of the last fifteen years having too much month at the end of the money from overpaying my mortgage.

I can't tell you how many times I've overdrafted my bank account because I willingly overpaid the mortgage first; how many times the wife bitched at me for not having sufficient funds; how many times I've gone without American-style splurges in wanton consumption.

But...now only eight [seven?] months from the end, I will willingly boast about this because I must be the only one in my generation who's done this. When I discuss matters with my financial advisor at Edward Jones -- he's there to remind me how he has no other client my age who has $450k outside their housal unit saved for retirement. The only one? I've not ever really focused on putting money away but I have always put money away...so what are the rest in my generation doing, huh? Driving Acuras? Buying window coverings? Getting stoned? Holidaying in Hawa'ii? There's a time and place for that but jeez -- save first.

Today I walked over to my [foreclosed] neighbor's house to dump last weekend's party trash into their trash cans (a hidden benefit of forclosures -- use of these now "free" garbage facilities). On their door was a notice of default -- balance at $191,545 on a deed of trust dated 2/23/2003. For seven years a couple lived here, making payments, now all of which have evaporated into thin air. They had the wherewithal to purchase another home in Sonoma before the crash so they simply elected to drive away from this one. Take the credit hit -- they got a new housal unit and immediately eliminated $60k in underwater debt -- strategic.

But they, along with all my co-workers, all are multi-decades away from amorting their debts. Is this just the way it is?