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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]The only "rich" persons I know who have not paid off the mortgage are practicing "stealth wealth". There is zero mortgage (and they pay cash for all else) but they want everyone around them to think they are "just like them" with a fake mortgage. BTW...I'm one of them. Home paid off but never reveal how rich we really are. [/quote] That may be true for the middle class 'rich' but not for the upper class 'rich'. The middle class 'rich' are afraid of debt. They understand that any moment a wrong move can push them back to being poor. So, they don't take fewer risks. The upper class 'rich' aren't afraid of debt. In fact, they embrace debt and use it as a leverage. Most of them got where they are by leveraging good debt. They don't live in fear of losing it.[/quote]
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