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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][b]If they roll the cash over they avoid capital gains tax too. [/b]Buying with cash is certainly different than paying off a mortgage early. I hate debt so I have a hard time with this. But out mortgage rate is 2.6% so I understand why that’s cheap money. It’s just feel nice to not have that bill. This isn’t a discussion for us for awhile, but I certainly don’t want to wait 28 years to pay it off (we refinanced in 2020 at the rock bottom). [/quote] I don’t know what this is trying to say, but there’s no avoiding capital gains taxes by doing something with cash. [/quote]
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