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Money and Finances
Reply to "Why not pay down the mortgage?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]A friend of mine had his parents die and he inhereited about 100k. He owed 200k on his home. I told him to put it in principal but he said it’s a better deal to invest. He put some into CD’s and some in the stock market. 7 years later he’s down to 15k because he spent it on a new car, several nice vacations, and gave a bunch to his kid Who got into credit card debt. Paying off your house is better than keeping your money in investments.[/quote] Your friend didn't keep money in investments, he invested it for a period and then spent it.[/quote] Right, that’s exactly what I’m getting at. Many people are not able to invest. “Money is burning a hole in his pocket” is a phrase for a reason. I think people here think everyone is just like them but in truth a large part of the population doesn’t have the willpower.[/quote]
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