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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]I've never understood why it is considered "dumb" to pay off a mortgage. Not everyone is good at investments or following the stock market. If you have a mountain of cash doing nothing in a bank account then pay your mortgage off.[/quote] I have a mountain of cash (OK, not a mountain, maybe a small hill) in the bank earning anywhere from 4.3% to 5% interest. My mortgage is 2.625% interest. It would be dumb for me to use that money to pay off the mortgage. Now, if you have a lot of cash in a legacy checking account, earning 0.25% - *that* is dumb. [/quote]
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