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Money and Finances
Reply to "Paying off the morgatge, good or bad idea?"
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[quote=Anonymous][quote=Anonymous]There are two considerations: emotional and financial. For many people there is a sense of pride and security in owning a house outright, and that is fine. The financial side is a little more complicated. Essentially it makes sense if you are very conservative in your assessment of likely returns in the market.[/quote] I think it is often more complex. Our retirement and post tax investment accounts are healthy (about $2.5 million) but we thought our mortgage debt ($800k at the time) was a limiting factor if we wanted to step off the hamster wheel and try a new career or retire early. Although we are still putting the max away in our 401k accounts and a very limited amount in our post tax accounts, all extra funds are being directed to our mortgage to get that off the books. I am not saving money for the sake of saving money. I am saving money so that I have financial freedom. A large monthly bill limits that freedom.[/quote]
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