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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]Paying off a mortgage is only freeing if you overspent on your house and the mortgage is a burden. My mortgage isn’t a burden. I could pay off the balance if I needed to. My life insurance from my employer would cover it. It’s an absolute pleasure to pay my mortgage every month because it’s only 2.75% and the asset is worth 40% more than I paid for it. On the other hand, if I didn’t have a large amount of assets and the mortgage was a large % of my take home, I’d be pretty nervous. That’s why I bought a house well under my means. If you inherit 2M, your remaining mortgage is not a major factor. I see no reason to give up a small amount of very affordable leverage. Use your 2M to begin compounding and just take on appropriate risk with the right asset mix.[/quote]
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