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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][quote=Anonymous]I have about $1 million in my retirement account, plus another $500,000 in Vanguard mutual funds, plus enough in 529s to pay for my kids' college. My monthly principal and interest payment on my mortgage is $1,750, and I have a $428,000 balance. And with those number, I feel a lot more secure and free with $500,000 of liquid funds and a monthly mortgage bill of $1,750 than I would if I paid off my mortgage and had no monthly payment but only $80,000 of liquid investments[/quote] What if your 500k dropped to 250k in a deep recession amid layoffs and you still owed 400k? [/quote] If this happens I will deal with the situation. As long as I owe the $400k at an interest rate lower than what I can make with my $250k on the market, I’m fine because I know it’s the better position from a pure financial angle. I’m able to put emotions aside. [/quote]
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