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Reply to "If paying off your mortgage is dumb, why do so many rich people do it?"
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[quote=Anonymous][quote=Anonymous]I'm paying off my mortgage extremely quickly. It makes absolutely no sense to do. The interest rate is 2.5% and even my savings account earns 3.3%. I have a phd in finance. But it just doesn't matter me - I want that mortgage gone. It's like asking why do I spot clean 20 areas of my house every single day when I know the maid will clean it - clearly a waste of time and effort from a rational perspective. Don't care. Need to make sure it is clean constantly[/quote] I have the same urge to pay off my mortgage, but I don't because I know it's dumb. But I appreciate that you're honest about it--recognizing there is less genuine security in paying off your mortgage and is not cost-effective--it's just an itch you need to scratch. That's fine in my book since you're not pretending to give 'good financial advice' to others.[/quote]
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