Reply to How much debt you have? Mortgage and student loans included.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How do people have such low mortgage balances in the DC area? Are the people responding people who have owned their homes 20+ years? [/quote]

I think this thread is getting more responses from people pleased with their lack of debt.

Like me!  Zero.  Paid off mortgage on $1m property by age 35, paid off $75k student loans by age 27.

I value a debt-minimal life because it allows us to be able to afford private school comfortably on a 250k HHI, as well as decent travel a few times per year.  We pay cash for vehicles.[/quote]

Nothing to be proud of.  You poured money into an illiquid vehicle that was likely to appreciate anyway and you could take out extremely cheap debt to cover, missing out on putting all that extra free cash flow into the stock market, which has had a massively historic run up, nearly doubling.  You’d have enough cash in the market now to more than pay your house note and would be sitting on - 2.5%-3% rate.

You lost millions in net worth.  But at least you can brag about being debt free!
[/quote]

Also get to avoid the risk of retirement and all that boredom! [/quote]

Right, lord knows it’s better to retire with a lower net worth and no mortgage than to have a higher net worth and a mortgage…[/quote]

I don't plan to have a mortgage in retirement: I can rent out my current house for much more than my monthly mortgage payment, or sell it, and I will live in my second paid for house I will buy for cash.[/quote]

And by not utilizing debt, you’ll be poorer for it.[/quote]

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