Quote:
Originally Posted by onewhippedpuppy
True, but.......... If you lose your job, you can quit paying into your investments. You can't quit paying your mortgage. Would you borrow against your house and use that money for investing? Because by not paying off your mortgage, that's essentially what you're doing. Not saying that your approach is wrong, but there's some risk involved.
There's a reason why those who are debt free sleep better at night.
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Yep. I retired last year at 50 with no debts. Like everyone else I'm taking a beating in the market, but with no mortgage or other debt I don't need as much to get by. I'm sure glad I decided to pay off the house instead of invest the money elsewhere. The tax write off is only good for the amount greater than the standard deduction. In my case I was paying 5% and at the time there were few places that would guarantee that rate for 15 yrs.
My Dad is 74 yrs old and has never had a credit card. He retired at 57 and is doing fine. He use to say if you cant pay cash you can't afford it. He did have lines of credit at the bank and at local business's but always paid them off at the end of the month.