zt: paying off your debts

http://www.fatwallet.com/forums/finance/952265/

Our daughter was diagnosed with Autism last year. Since then we have been paying off all our debts to keep off the stress and wants to know if we are doing a right thing. we had investments into real estate, stocks, CDs, ESPP, ESOP, mutual funds etc. Ever since we heard the news, stopped investing further into real estate and stocks but continued the rest as it doesn't need much of our attention on a day-to-day basis. And, we wouldn't be able to take any further surprises atleast for time being.

Coming to loans, we owed 21k on credit cards, 14k on car, and 178k on mortgage. In the past year we were managed to pay off the credit cards, car and 32k on the mortgage (total of ~65k). We lived on rice 'n beans and cut off all the unnecessary expenses to reach the goal. The good thing is, we both enjoyed being living simple and celebrated every time we closed a loan. It also helped us to lose some weight and keeping us healthy 'n in shape.

So why are we doing it, and whats the plan going forward?
TWO main reasons - Peace and Planning for future. We would like to pay off all the debt, and start building wealth for my child that can last even after us. We would like to have a plan/system that supports through her life. I am 32 yrs and my wife(at-home) is 30 with one child(autistic) with an household income ~90k. Our next goal is to pay off around 50k further on the mortgage that brings down the loan to 100k. And, pay the whole mortgage in the following 2 yrs. We aren't open for any risky investments at this point and at the same time doesn't want to leave money in Savings/CD that yields 1-3% interest, rather payoff mortgage loan with 6% rate.

Please advice/suggest if we are doing a right thing, and let me know if you need further info.

I do see topics on paying off mortgage/debt etc, but its more on investment perspective and the family situations doesnt match with ours. Apologize if this is not the right forum to ask such questions, and appreciate if you could direct me to the right one.


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Awesome progress so far. Just keep doing what you are doing... paying off your debts is a guaranteed return with no market risk.