Reply to If paying off your mortgage is dumb, why do so many rich people do it?

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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][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not paying off a mortgage is financially the right decision.  However, the emotional aspect to finances is real and for some folks putting the mortgage in the rear view mirror brings a lot of relief.  No judgement here.[/quote]

In hot real estate markets, the only way to buy a house is to have a cash offer.  And if you don't get the mortgage when you buy, you cannot just go get a mortgage on a home later.

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+1000

Haven't had a mortgage in over a decade and haven't had a car loan in over 2 decades.  [b]It's nice to jump off the American way of financing everything.[/b]  [/quote]

You are #goals. [/quote]

Thanks!

I was wrong—we did get one car loan, because only way to get the $1500 cash back was to “finance” at 0.9%.  So I got the loan and paid it off the first month.  Seemed silly to not get the $1500 rebate otherwise

Once you jump off the financing trail it’s liberating.  And east to not take car loans—keep them 7-10 years, save for next one and sell the used car for $10-20k (we buy luxury cars now). 
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I had a car loan when it was 0% and there were rebates.  I just put the cash for the car in an account earning more than that and set it on autopay.  I do the same thing with my 2.49% mortgage I have more than that in 100% safe investments earning more than that and have set it at autopay.  I'll walk away with 30k+ more that way.[/quote]

I know I could earn more with safe investments, but now at point it doesn’t matter.  At point where I only need 30-40% in stocks, rest can be in Mm and homes and still earn millions off the safe stuff yearly.  Given we are still working, no reason to take more risks.

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If you’re at this point it doesn’t matter and you can choose the path of least resistance. [/quote]

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