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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]Here is something that hasn't been brought up. The last time we went house shopping, we didn't qualify for a mortgage, although our NW was in the 10s of millions of dollars. Why? Because as business owners, our AGA was too low for the house we were trying to buy. So, we would have to go through an unconventional route to get financing, and it wasn't worth the hassle. Paid in cash. Before we were wealthy, we still prioritized paying off the mortgage. Both of us are debt averse, having come from circumstances where we have seen wealth disappear in short order. As a consequence, we are completely debt free. We have no loans of any kind, and the CC that we use are paid off in full every time.[/quote]
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