I live rent free on the "lower level" of my parents raised ranch. no mortgage. No bills. the big 4-0 just around the bend. No girls, but plenty of moola$$$
I live rent free on the "lower level" of my parents raised ranch. no mortgage. No bills. the big 4-0 just around the bend. No girls, but plenty of moola$$$
I have a paid off home after doing a plain risk/return calculation. I had a jumbo mortgage at 3.25%. Adjust for tax benefits and the "effective rate" is closer to 2.5%.
A 2.5% GUARANTEED return is on par or slightly better then other like assets in the low risk category. Given where the equity markets are now (in my opinion over bought) as well as other easy entry investments (bond funds, etc) I don't mind the return I am getting.
Yes I have other more risky investments (muni bond ladder for my taxable account and a good mix of equity/debt/hard assets in my non taxable account) so paying off my house could be considered a diversifying strategy.
I laugh about all the "smartest guys in the room" who throw B-School terms around or worse yet, insults about others investing strategy. Each to their own.....all I can say is that I was comfortable with my decision to pay off my home and I have never been considered stupid by any objective measure.
Not me. About $600,000 to go. I figure it will be paid off by the time I retire.
Tommy2Nuttz wrote:
When, how much, and how old were you when you were all done?
Still working on mine, have 6 more yrs to go.
So, Tommy
How much do you have left?
How old are you?
I'm 44 and 26 years to go. (done at 70 at this pace)
I may refi at some point, though.
And I see myself doing a reverse mortgage at age 70.
Don't think I will ever have a paid off mortgage.
I don't want to die with full equity. What a waste of potential cash that could be spent.
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