Reply to If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?

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Reply to "If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]DH and I inherited $3M in 2021 after having just refinanced our $750K mortgage into a 2.4% 30-year fixed. [b]We donated half of it to charity (as I assume you did as well, OP), which left us with $1.5M.[/b] We used half of that to pay off our mortgage so that we have no debt of any kind. The remaining $750K was invested in the stock market and we now have almost $3M again…plus no debt and the satisfaction of having donated $1.5M to help those less fortunate than us. [/quote]

DP but yeah, uh, no.  If I receive a potentially life-changing inheritance, it's going to be used to...actually change my life and that of my family.  Especially if I still have a mortgage!

I honestly don't understand charity.  I do know for sure that once I've achieved financial independence, I wouldn't continue the same meaningless job in the financial industry and could very well end up working in some low-paid endeavor in which I strongly believe.  But that's totally different from giving up half of the money that would actually give me the independence.[/quote]

Ironic that you’re willing to accept a gift but you aren’t willing to give one to someone else. It’s called greed and it’s one of the seven deadly sins: congrats!! Your talk of financial independence sounds strikingly similar to not wanting to work. That’s called sloth and now you’re 2 for 7.

Guess we can thank people like you for everything that is wrong in our society. [/quote]

What a crazy comment!
My mom and dad worked hard to leave me an inheritance, should I now give a big chunk of it away? Why can't I leave what was left to me to my child so she can have a good life?[/quote]

You can---that is what 99% of people would do.  If your parents wanted it gifted to charity, they would have done so before giving you your inheritance. Save for yourself and set your kids up for college paid for and weddings paid for, and whatever else you value.  
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