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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]There are liquid risk free (or nearly so) bonds that pay more than legacy mortgages (which statistically most mortgage borrowers have). When people talk about “investments can tank” or “I don’t want all my money in the stock market”, it kills me because it’s as if muni’s, CD’s, I-bonds, treasuries, IG corporates, CLO AAA, etc don’t exist. Go forth and lend, collect tasty coupons from the borrowers of America! Liquidity has value. If you’re so rich and liquid, say house asset value = <20% of NW, it probably doesn’t matter but if you’re a typical mass affluent with a couple milsky’s and thinking about paying off that sexy long legged 2 3/4% 28 year amortizing inflation hedging borrower friendly almost free mortgage, don’t do it![/quote]
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