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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]Investments tank. No one can take away a house I own. I don’t need to optimize the return on every dollar. I need to sleep at night. - 2 houses and 3 rentals, $1.5M in retirement, zero debt[/quote] [b]The government can and will take away your home if you don’t pay the property taxes[/b]. If all your money has gone to pay your mortgage down and you have nothing left to live on when you lose your job you will either be forced to sell the property or stop paying some of your bills. Not caring about optimizing your return is perfectly valid if it helps you sleep well at night.[/quote] This is true but property taxes are typically a small amount of money. I live in a town with high taxes and pay $25k a year. I could float this for a very long time without even drawing down any principle. It’s roughly $2k a month and even unemployment where I live is more than that a month. $2k is very different than a $10k mortgage. [/quote]
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