Reply to If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?

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Reply to "If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This is kind of an interesting question from the perspective of economic class. Like most people, I will never be worth $2 million and don't have any living relatives worth that much (our parents are dead anyway).  I owe over $100k on my low interest mortgage and probably WOULD pay it off if I magically came into a huge windfall.

My reasoning is this: In my tiny experience, life has a way of chewing away at any money that might accumulate. An unexpected layoff, child's medical emergency, parental dementia, broken cars. At some point down the road, I know that the money will be all gone and the best move I can make for my mood is to remove that mortgage debt hanging over my head.

It's not rational but I know I'm not as clever as most of the folks on DCUM.[/quote]

it is indeed a very very class based response.  yours is a mentality of someone who will never create wealth and never teach your children how to create wealth. This is because you come from a scarcity mindset and have an emotional bond with money. Money sis. tool to create more resources not a resource ti spend down. you never spend more money than you are creating after you get to a certain point. [/quote]

Whatever helps you sleep at night, bro.  DP.  MANY, MANY rich people carry no mortgage—at least on their primary residence, if not on all of their properties.  I know a guy who is a C-level exec at one of the biggest Fortune 500 companies in the DC area, and he has previously held the same position with other Fortune 100 companies.  He has no mortgage.  Each of his stints lasts 3-4 years, and he is never sure if he will get another one (though he has been lucky to date). He makes a ton but is never sure if it will last.  Plus, anyone can get MeToo'ed or DEI'ed out of a job with almost no notice.

The same mindset applies to other high-earners like business owners.  Businesses don't last forever, and good times do not always abound.  These owners are more than happy to take the safe return of a paid-off house to balance out the inherent risk of being self-employed and having an irregular income—and it's not like they don't also have sizable investments in the market as well.[/quote]

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