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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]I think the point is that if you're rich enough, it's not an either / or. You have a paid off house AND a ton of money in the market. I mean in theory you could keep a mortgage and make more in the market on the margins, but if it's only a tiny percentage of your net worth, it doesn't hurt to diversify. I'm trying to figure out this balance myself. We want to upgrade our house and I think we could pay for it in cash, but it would be a huge chunk of our net worth and so that feels risky. So I want to take out a mortgage, but I don't know how much. The point is, though, that I'm not the super super wealthy. Deciding how to optimize $1 mil means a LOT to me. To someone else, it might just be a fraction of their portfolio. [/quote]
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