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Reply to "What share of your NW is your house?"
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[quote=Anonymous]Now it’s down to probably around 50%, but until it was paid off, it was 100% of my net worth. I took out a HELOC so I didn’t even have to have an emergency fund. I firmly believe that once you have a paid-off house and $100K in cash, you immediately enter the upper middle class. I now have hundreds of thousands of dollars in stocks outside of retirement accounts, but I feel no wealthier than when I had only a paid-off house and $100K in cash. They’re all just numbers on a screen that go up and down — I hope to access them one day after a lot of compounding, but nothing takes the place of a paid-off house and $100K in cash. Don’t listen to these wannabe, pseudo-hedge fund managers telling you that a 3% mortgage is some magical, wondrous gift and your ticket to wealth. That’s just some pablum they repeat to justify buying a more expensive house than they should. If you want true freedom, pay off your house ASAP.[/quote]
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